Santa Barbara

May 5, 2010 by  
Filed under Real Estate

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Seal of Santa Barbara County, California
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The Santa Barbara real estate market continues to show signs of strength during the second quarter of the fiscal year. According to an Associated Press article, “The median home price in Southern California rose 14 percent last month from March 2009, as more high-end homes trickled into the region’s sales mix, a tracking firm said Tuesday. San Diego-based MDA DataQuick reported that last month’s median of $285,000 was up from $250,000 in March 2009 and up almost 4 percent from February’s $275,000.” The article, written by Jacob Adelman, continued to state that “The increase came as the proportion of sales tilted away from low-cost foreclosures and toward pricier homes in more expensive neighborhoods. March’s sales of homes priced as $500,000 or more made up 19.4 percent of all transactions, compared with 18.5 percent in February and 14.9 percent in March 2009.”

This same general strength should continue to help Santa Barbara homes for sale recover from the lows reached during the recession. According to an April 15, 2010 article in the Central Valley Business Times, “Home sales and prices continued a steady but pokey climb up from the bottom in Southern California last month as buyers scrambled to take advantage of low prices and low mortgage interest rates, says a report from MDA DataQuick of La Jolla, a real estate information company.” The piece, released in La Jolla, continued to state that “The market is still tilted towards low-cost distress sales, but not by as much as previously, the report says. A total of 20,476 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month.”

Santa Barbara real estate has shown especial strength in the area of home sales, according to an April 13, 2010 article from TheStreet. The piece noted that “the median peaked at $505,000 in mid 2007 and appears, so far, to have bottomed out at $247,000 in April last year. The peak-to-trough drop in the median was due to a decline in home values as well as a shift in sales toward low-cost homes, especially foreclosures.”

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