Are The Santa Barbara Real Estate Housing Prices Finally Stable? May 2010

As a real estate agent here in Santa Barbara, I have heard some form of this question or topic on pretty much a weekly basis over the last few years...Is the Housing Market Stable here in Santa Barbara? With all that has happened in the last 10 years with the run up in prices from 1999 through 2007 and then the subsequent sharp drop in prices from 2007/2008, this type of question should be common place.  So where are we today. Here is how the overall pulse of the real estate market is in the Santa Barbara, Goleta, Montecito, Carpinteria, Hope Ranch and Summerland areas. Upper End / Luxury Market In our high end and luxury real estate market from about $2.5 million and up, the jury is still out on where we are at with prices.  Overall the prices have fallen in this part of our market around 30-35%, with some major estates and beach property falling even farther.  In the last 3-4 months we have seen a good amount of sales and this market is finally starting to stabilize in price. Mid Level Market In our mid level market (the bulk of our town) from about $750,000 to $2.5 million, the real estate market has been very strong the last 6-8 months.  Especially in the $750,000 to about $1.5 million price point, we seem to have reached price benchmarks throughout town and prices here feel very stable with a lot of buyers in this market.  Most people feel that this market is quite stable and will most likely remain flat with prices for the rest of the year. Lower End Market In our lower end market from from about $200,000 to $750,000, the market is also very active and stable.  Buyers and sellers are very aware of the value of single family homes and condos in this price range and if homes are priced well, we are seeing several multiple offer situations.  Prices here have seemed very stable now for about the last 4-6 months and most people again feel that they will remain this way throughout the end of the year.  Also, in this price point is the overwhelming majority of our short sales and foreclosures. Further Reading:

  1. Santa Barbara Market Statistics
  2. Santa Barbara Photo Tour
  3. Buyer's Resources for the Santa Barbara area
  4. Seller's Resources for the Santa Barbara area

For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty. Thank you for reading.  I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts. Subscribe to Receive Personal Listings of Santa Barbara Real Estate Search The Santa Barbara Area MLS

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