Greetings and happy 2011! Although we are clearly not out of trouble, it appears that locally, the worst of our real estate woes are behind us. Along the south coast, 2010 saw 4% increases in both median and average prices to $734,000 and $1,140,000 respectively. Inventory levels remained relatively constant at 3,329 listings. The number of properties sold increased 7% to 1,357, and overall sales volume increased 10% to $1,546,840,000. On average, local listings sold for 90% of their last asking price.
In Montecito, inventory levels remained constant at 563 active listings. Median and average prices were virtually unchanged at $2,075,000 and $3,185,000, respectively. However, the number of sales increased 14% to 160, and overall sales volume increased 15% to $509,893,721 (almost 1/3 of total sales volume along the entire south coast.)
Expectations for 2011
Concerns for the future include: the number of loan defaults, short sales and foreclosures; interest rate levels; availability of jumbo loans; the overall economy; and, most importantly, the unemployment rate. Local economists expect our area’s economic recovery to lag behind the rest of the nation, and the rest of California. Despite these concerns, real estate prices along the South Coast should remain relatively stable throughout 2011, and sales activity should show slight improvement.
P.S. Despite difficult market conditions, I had 27 closed sales for 2010 and sold more Montecito listings than any other agent. My listings sold, on average, for over 97% of their last asking price – many with multiple offers. If you would like to sell your property, call me at 565-4896 to discuss the personalized marketing and advertising I can provide to get your property sold! All calls will be confidential.