Distinctive Santa Barbara Real Estate

Recent Uptick in Pending Sales of High End Santa Barbara Real Estate

There has been an uptick in Santa Barbara luxury real estate entering escrow recently.  Currently, the most expensive among them is a beautiful oceanfront home in Hope Ranch. Situated on nearly 8 acres, this oceanfront jewel has been on the market over 200 days.  It was originally listed at $28 million, and then reduced to its current price of $23.5 million before finding its buyer.  Another recent high end escrow is a Montecito home on over 2 ocean view acres with guest house and pool.  It is listed at $15.3 million and has been on the market for just under a year before finding the buyer.   Following that is another Montecito ocean view home with pool and guest house, very near the famed San Ysidro Ranch. It is currently listed just under $15 million.  It was listed in 2008 for about a year with an original asking price of $19.5 million.  It was reduced to $16 million and then to its current asking price of just under $15 million before it found the buyer. The next piece of Santa Barbara luxury real estate in escrow is an oceanfront property at Sand Point in Carpinteria.  Its original asking price was $15.9 million, before being reduced to its current list price of $13.8 million.  Next in the line of high end Santa Barbara real estate in escrow is a bit of a fixer with ocean views, pool & tennis court in Montecito.  This property was originally listed at $10 million about a year ago.  Its current list price is just under $9 million.  This Montecito home went into escrow very quickly following the $1 million price change and fell out.  It has just gone back into escrow again.  Last in the long list of high end Santa Barbara real estate escrows recently is an ocean view Hope Ranch home with pool & tennis court.  Originally listed in 2008 at $10.750 million, it is currently listed at just under $6.5 million.

This significant uptick in Santa Barbara luxury real estate demonstrates that high end buyers feel this is a good buying opportunity.   As you see here, sellers of high end Santa Barbara luxury real estate have made substantial price consessions in their asking prices, and it is highly likely the final sales price will show even more consession on price as well. Recent comparable sales show the Santa Barbara real estate market is in a strong buyers market.   Timing is everything... 

To view Santa Barbara luxury homes for sale, Montecito Estate for sale and Hope Ranch oceanfront homes for sale visit www.DistinctiveRealEstateOnline.com or contact Wendy Gragg at 805.453.3371   

The Year to Date State of the Santa Barbara Real Estate Market

For purposes of this analysis, the Santa Barbara real estate market is defined as all properties in Santa Barbara from Carpinteria through Goleta.  The year to date state of the Santa Barbara real estate market is that the median home price is flat with this same time last year, currently standing at $700,000.  The number of Santa Barbara properties sold is up nearly 13% over this same time last year, while the number of new listings in Santa Barbara is up just over 3% from this same time last year.

The Santa Barbara real estate market still has a good supply of inventory for sale, and there are many eager sellers ready and willing to make a deal.  You can search Santa Barbara real estate matching your specific criteria at  www.DistinctiveRealEstateOnline.com or you can call Wendy Gragg at 805.453.3371. 

Montecito Real Estate Statistics - August 2010

August 2010 marks the third consecutive month of double digit percentage increases in the number of homes sold in Montecito on a year over year basis.   August 2010 also marks the third consecutive month of a decline of new homes listed for sale in Montecito on a year over year basis.

On a year to date basis, the number of Montecito homes sold is up 7.6%, and the number of new listings of homes in Montecito is down 8.2%. 

Clearly, more Montecito homes are selling, and fewer Montecito homes are being listed for sale.   If this continues, the Montecito real estate market will experience a supply/demand imbalance.  Timing is everythng, and now is a great time to buy a home in Montecito.    There is ample supply in every price range, and there are many Montecito sellers anxious to sell.

To view Montecito homes for sale, go to www.DistinctiveRealEstateOnline.com or contact Wendy Gragg at 805.453.3371.