The Santa Barbara real estate market continues its red hot streak! In the wake of the credit crunch and foreclosure news, the Santa Barbara real estate market continues a red hot streak that has been going at an unbelieveable pace for years now. The strongest segment of the Santa Barbara real estate market is the Estate market. The Estate market is generally defined as properties priced above $10 million.
As of the end of August 2007, the Santa Barbara Estate market has generated $195,359,323 in sales volume. This compares with the full year sales volume for 2006 at $219,273,112. Based on the number of Estate properties currently in escrow, 2007 is on pace to set yet another sales volume record.
It is important to note that the Estate market in Santa Barbara has been breaking its own record every year since 2000, when the first sale over $10 million was registered into the Santa Barbara Multiple Listing Service. In the year 2000, the Estate market sale volume was $16 million, in 2001 it was $33.5 million, in 2002 it was $50.3 million, in 2003 it was $64.5 million, in 2004 it was $74.7 million, in 2005 it was $128.8 million, and in 2006 it was $219.2 million. Now, in 2007 we are on pace, once again to beat last years record sales volume.
The Estate buyers in Santa Barbara are clearly among the most wealthy people, who according to many recent reports, are becoming even more wealthy. Some reports have indicated that the most wealthy have so much money, they cannot possibly spend through their fortune in their lifetimes. Given these circumstances, having a beautiful Estate property in Santa Barbara, one of the most beautiful places in the world to live, seems like a likely scenario. The buyer demand continues to be strong, and there are very few Estate properties from which buyers can select from, so when buyers find the right property, they move on it for concern that another Estate property in Santa Barbara may not come up again soon. santa Barbara is a slow growth community. New Estates are built slowly, and just one at a time. There are no large developments in Santa Barbara, which put strong limits our supply of Estate property.
For more statiscal analysis, or to discuss the current inventory of Estate property currently for sale, contact Wendy Elizabeth Gragg, President Distinctive Real Estate. www.DistinctiveRealEstateOnline.com 805.565.0246 730 Anacapa Street, Santa Barbara California 93101
