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Montecito Real Estate from 2000 to 2005 for the first 10 months of each year
from: Gary WoodsMontecito Real Estate from 2000 to 2005 for the first 10 months
of each year
There's been a lot written and said about how the numbers of
Montecito Real Estate sales are off when you compare them to
2004. Since it's always a good idea to stand back and get a
little perspective to see where we've been I thought I'd go back
to 2000 and look at each subsequent year to today.
Okay, so looking at Montecito Real Estate for 2000 from Jan. 1
through October 31 we see 196 sales with a median price of $1.54
million. The number of listings for the same time period was 282
with a median list price of $1.745. This means that the median
sales price was about $200,000 below that of the median list
price.
For 2001 for the same time period sales were slightly slower
with 145 properties closing escrow from 1/1 to 10/31. The median
sales price was up ever so slightly to $1.565 million. The
number of homes that came on the market for that time period was
335 with a median list price of $2.08. this means that the
expectations of the sellers in 2001 increased but buyers
restrained that enthusiasm keeping the selling prices almost
flat from '00 to '01.
So what happened in 2002 as far as sales were concerned? From
1/1 to 10/31 there were 183 houses that closed escrow. The
median sales price at that time stayed pretty close to the 2001
level coming in at $1.72 million. The number of listings was 328
year to date for 2002 with a median list price of $2.25 million.
That means from 2001 to 2002 sales and prices were increasing
marginally.
In Montecito Real Estate for 2003 the number of sales dipped
slightly to 166 while the median sales price rose again to $1.92
million. The numbers of listings for that time period were up
slightly at 339 and the median list price was about where it was
in 2002 with a slight rise to $2.61 million.
Moving into 2004 what happened? Well in 2004 at that time we had
175 sales with a median sales price of $2.39 million. So sales
inched up from the previous year but the sales price moved up
dramatically. On the listing side 312 properties came on the
market and the median asking price zoomed up to $2.92 million.
So both the sales and particularly the listing prices moved up.
Now in 2005 where are we with Montecito Real Estate? Well sales
are up by 4 from 2004 for a total of 179 and the median sales
price is only slightly ahead at $2.58. The numbers of listings
are off to 43 for a total of 269 and the median list price is up
to $3.1.
So looking back from 2000 to 2005 we had 196, 145, 183, 166 and
175 sales respectively. This is really a pretty remarkable
example of stability. The median sales price from 2000 to 2005
went, $1.54, $1.565, $1.72, $2.39 to $2.58 with the big jump
coming between '03 and '04.
So as far as Montecito Real Estate is concerned the figures look
pretty stable to me, and I certainly don't see a bubble there.
Well that's it for Montecito Real Estate for now!!!
About the author:
Gary Woods is a Realtor in Santa Barbara CA and he is the
Trainer for the Santa Barbara Association of Realtors. He can be
heard on Radio 1290 AM in Santa Barbara from 9-10AM Monday
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