A seller’s market has emerged in many parts of the country, and the Santa Barbara area is no exception! According to recent articles featured by Realtormag.com, low inventories have resulted in increasing asking prices across the country, but California has seen some of the most dramatic increases year-over-year. Santa Barbara, taking the #2 spot in rising list prices, has seen the median asking price increase 38% since February 2012 according to MLS data, with the current median asking price rising to $698,950.
As in several other cities in California, inventory in the areas of Santa Barbara and Montecito continues to sink and buyer traffic is picking up rapidly. Recently, Montecito real estate team Riskin Associates opened escrow on a charming country style home which was only on the market for 12 days. The Spring selling season is in full force!