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South Coast Median Home Cost Hits $900,000
| Yup, that's the headlines in today's Santa Barbara News Press. It's been an interesting year for Real Estate in Santa Barbara. The number of listings are up about 12% from this point last year, but the number of sales are down about 25%. The interesting part is that even though the number of sales are down, the overall dollar volume is up. This means that the homes that have sold have sold for significantly more than the previous year. What seems to occur is that a home either comes on the market and sells right away, or it just sits there. The hottest market in Santa Barbara is the $600,000 to $900,000. Above $1,000,000 things have gotten pretty quiet, and above $2,000,000 the silence is defeaning. Couple all this information with the Fed reducing the interest rate yet again and there doesn't seem to be a break in this trend for the near future. If you'd like to get a look at the economic outlook for Santa Barbara County click here |