Fourth Quarter, 2003
For the first nine months of 2003, real estate activity on the South
Coast has been consistent: declining sales and rising prices. Year to date,
there have been 1,798 sales (13% more sales occurred in 2002 (2,037) and
26% more sales in 2000 (2,270)). However, the average sale price of
$994,888 is up 11% and the median price of $702,250 is up 15%, as
compared with 2002. So far this year, there have been 482 sales over one
million, compared with 413 in 2002, which is an increase of 17%.
In Montecito, 208 sales have closed with an average price of $2,123,276 and a median price of $1,662,500. These figures show a decline of 15% in sales, an 11% increase in the median price, and average price remaining the same, as compared with 2002. There have not been many large sales to pull the average price up. In fact, September was the first time I had ever seen the median price ($1,912,500) higher than the average price ($1,898,115). Despite these statistics, activity for larger properties has increased recently, so I expect the year to finish on a stronger note for estate properties.