Nationwide, great selection, discounted prices, and low interest rates are attracting buyers in large numbers. The problem is on the supply-side; there is a tremendous backlog of distressed properties that will take years to be absorbed by buyers. April marked the first time in eight months that average home prices increased in our country's 20 largest metro areas. Average home prices have lost over 32% of their value since their peak in June/July of 2006, bringing values back to 2003 levels.
The national real estate market is a combination of thousands of local markets. Here is what is happening in our area: Along the South Coast of Santa Barbara County, the statistics for the first half of 2011 are mixed.
Inventory levels and new listings remain virtually unchanged at 2,452 and 1,636 respectively.
The number of sales declined 9% to 640 sales. Average and median sales prices dipped 5% and 3% to $1,106,745 and $700,500 respectively. Total sales volume dropped 13% to $708,316,632. On a positive note, pending sales are up 7% to 828, which is a strong way to go into the 3rd quarter.
In Montecito, the number of active and new listings is relatively unchanged at 508 and 294 respectively. The number of sales, 89, is up 18%. Median and average prices moved in opposite directions: median prices rose 11% to $2,350,000, while average prices fell 22% to $2,714,359. Total sales volume slid 8% to $241,578,014. However, activity looks strong going in to the 3rd quarter, with pending sales up 23% to 111.
The first half of 2011 was very active in Birnam Wood. There are currently seven active listings, offered between $2,070,000 and $5,295,000, and two pending sales. There were eight closed sales, reported through the MLS, ranging from $2,350,000 to $4,250,000: 1991 Inverness Lane - $2,350,000; 1990 Lemon Ranch Road - $2,500,000; 552 Crocker Sperry Drive - $2,610,000; 2123 Forge Road - $2,800,000; 2081 China Flat Road - $2,835,000; 520 McLean Lane - $2,850,000; 2069 China Flat Road - $3,200,000; and 1979 Boundary Drive - $4,200,000.
P.S. Now, more than ever, you need the best representation possible to get your property sold. If you are thinking of selling, remember, creative marketing, extensive advertising and hard work continue to get results in any market. I have also developed a strong network of top Realtors around the U.S. and Canada. If you need real estate assistance outside our area, I can help you find an experienced agent!
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