For the 7th consecutive year in a row, the Santa Barbara luxury real estate market has exceeded the closed sales volume of the prior year in closed sales. As of September 30, 2007, the Santa Barbara Luxury Real Estate segment of the market exceeded the Luxury Real Estate sales of the entire year of 2006. What is even more astonishing is that the 2006 luxury sales volume was nearly double that of the 2005 luxury sales volume. The Santa Barbara luxury real estate market is defined as property priced at $10 million and above.
Since the year 2000, the Santa Barbara luxury real estate market has exceeded the closed sales revenue of the year prior according to the Santa Barbara Multiple Listing Service - MLS. 2007 has already set the 7th consecutive record as of September 2007, and there are several properties priced above $10 million that are currently in escrow and expected to close by the end of the year so 2007 is expected to show a very impressive year end number in luxury sales volume.
There is very little supply of luxury real estate priced above $10 million in Santa Barbara, and there are consistently many buyers looking. This supply demand environment has created multiple offers and back up offers on properties.
For more statistical analysis or to discuss properties for sale, contact Wendy Gragg, President, Distinctive Real Estate at 805.565.0246 or WGragg@DistinctiveRealEstateOnline.com You can also visit www.DistinctiveRealEstateOnline.com
