The LA Times reported today that the median home price in Southern California hit its highest point in nearly four years as buyers compete for fewer homes. The median is up over 8% from this time last year, and has been increasing steadily for six consecutive months. Last month’s sales were also up 13.8% over July 2011, with approximately 20,500 properties sold throughout the six-county region.
While home prices in Montecito don’t quite compare to the Southern California media price of $306,000 (according to DataQuick), we have been seeing full price or multiple offers in some high-demand price ranges. And as we reported last week, the high-end market at $10+ million is seeing a local resurgence.