The first quarter of 2012 was the strongest real estate market along the South Coast that we have seen in many years. Compared to the first quarter of 2011, inventory levels declined 4% to 1,518 active MLS listings. The Number of Sales jumped 24% to 351, while Overall Sales Volume rose 26% to $382,731,244. Average Sales Price rose 2% to $1,090,402, while Median Sales Price declined 3% to $652,000.
The most encouraging figure is Pending Sales – homes which have entered escrow, but have not yet closed. Pending Sales are up 64%. We finished the first quarter with 359 properties in escrow! That gives us tremendous momentum going into the second quarter of 2012.
Although inventory levels were virtually unchanged in Montecito at 352 properties, the strength of the market is undeniable. The Number of Sales jumped 53% to 52 properties, while Sales Volume skyrocketed 88% to over $173 million. There was tremendous activity in the mega-estate market, with at least four closed sales above $10 million, and five more pending sales. While Median Sales Price dropped sharply to $1,671,500, Average Sales Price climbed an impressive 25% to $3,405,396. Pending Sales are up over 60% to 36 properties, so we are poised for a solid second quarter in Montecito.
Birnam Wood Golf Club
There was one closed sale in Birnam Wood during the first quarter: 470 East Gate Lane for $1,840,000. There are currently eleven active listings in the MLS, ranging from $2,400,000 to $5,695,000. 518 Las Fuentes is a Pending Sale, listed at $2,895,000.
P.S. Creative marketing, extensive advertising, and hard work get the best results in any market. I have been selling Montecito properties full-time for over 23 years, and have sold more than any other agent. 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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