Fourth Quarter, 2004
I am happy to report that it has been another great year for local real estate.
Prices, both average ($1,278,676) and median ($875,000), are at their highest levels
ever for almost all areas along the South Coast. The number of sales is up 9 % over
last year (not quite as good as 2000 and 2002 levels). There have been 725 sales over
1 million so far this year, which is an increase of over 50% compared to 2003, and by
far the most sales over 1 million ever for our area.
In Montecito, the number of sales (246) is up almost 20% over the last year. The average and median prices are at their highest levels ever (average $2,655,697; median $1,962,500). These strong statistics should continue through the holidays.