A new report released this week from Realtor.com ranks the Santa Barbara metro area as the top region in the country for annual list price increases. Perhaps the high-end Montecito market is driving this number up, as we have seen a resurgence in the $10 million + market with 10 sales closed above this mark already this year. For the month of August, Santa Barbara had the 2nd fastest rising list price increase, with 5.34% month-over-month.
Statewide, California seams to be leading the way for current housing market stability. California was home to 8 of the top 10 metros for year-over-year inventory reductions and 5 of the top 10 metros for year-over-year list price increases last month. In Santa Barbara, inventory is down considerably as our market heats up. Recent numbers from Realtor.com reveal a 35% decrease in inventory year-over-year for the Santa Barbara metro area. To learn more, click here.