I truly believe the most successful home Buyer or Seller is a knowledgeable one. Here I have gathered a wealth of information on both the local and national real estate markets and encourage all of my clients, both current and prospective, to familiarize themselves with the state of the industry.
- All Montecito Sales 2009
- All Hope Ranch Sales 2009
- Real Estate Market Archives
- Informative Articles
- In the Spotlight
MONTECITO & HOPE RANCH SALES IN 2009:
A list of properties sold in both Hope Ranch & Montecito so far in 2009.
ARCHIVES:
Dan is consistently hailed as one of the foremost authorities on Santa Barbara Real Estate, and he lends this knowledge to both his clients and existing and potential residents of the area. Each year Dan tracks the housing markets of Santa Barbara (including activity in Montecito, Hope Ranch, and Goleta), and compares the data on a month-to-month, seasonal, and yearly basis. The result is sound pattern recognition of the area's housing trends, which Buyers and Sellers alike find invaluable when considering their real estate options. Look to Dan's Quarterly Real Estate Updates to better understand the dynamic Santa Barbara housing market by visiting our our "Archives" where we have catalogued his Updates since 1995.
ARTICLES:
To maintain his expertise on the current Real Estate market as a whole, Dan understands the need to pay close attention to both local and national press on the subject. Given the importance the housing market has in the overall economy there has been a lot of press coverage as of late. To view a selection of articles regarding the health of Real Estate in Santa Barbara and our nation, view our "Articles" page.
SPOTLIGHT:
For years Dan has been selected to write for the California Economic Project, and lends his expertise of Santa Barbara Real Estate to their "Economic Forecast" which summarizes the previous year and offers predictions for the flow of the market throughout the upcoming year. He is also commonly requested to provide comments and insight into our local market by the press. Please visit our "In The Spotlight" page to view articles and newscasts that feature Dan's recommendations for Buyers and Sellers in the Santa Barbara area. |
Daniel Encell's
Quarterly Real Estate Update
1st Quarter 2010
Greetings and happy 2010! Nationwide, low interest rates and federal tax credits for first-time buyers helped stabilize the real estate market in most parts of the country. However, many western states, including California, continued to suffer, and locally 2009 was another tough year for real estate.
2009 vs. 2008 in Review
On a positive note, inventory levels declined 3% along the South Coast as sales increased 9%. However, prices continued to slide, as the median price dropped 17% to $707,500 and average prices plummeted 27% to $1,076,360. Hardest hit was the high end market, where the overall trend of lower inventory and increased sales was reversed. In Montecito, inventory levels increased 5% and sales declined 20%. Median prices slipped 29% to $2,045,000 and average prices fell 23% to $3,122,216. Total sales volume along the South Coast declined over $346 million – Montecito sales volume alone fell over $280 million.
Despite these bleak statistics, 2009 actually finished on a strong note and 4th quarter figures show significant improvement. For the entire South Coast, the number of active listings fell 11% while the number of sales soared 43% compared to the 4th quarter of 2008. Median and average sales prices both declined, but overall sales volume climbed 28%. In Montecito, active listings were almost unchanged, but the number of sales rose 24%!
Expectations for 2010
Mortgage interest rates should stay low. The real estate recovery is too fragile and too dependent on low interest rates to allow any significant increase. We should see increased sales in the second quarter of the year as Buyers scramble to take advantage of available tax credits, currently scheduled to expire April 30, 2010. The luxury market should see an overall increase in the number of sales for 2010. This absorption of inventory will lead to a stabilization of prices.
P.S. Despite difficult market conditions, I had 29 pending and closed sales for 2009, totaling over $106 million. 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.
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