BEST ANSWER
Hello Molly,
We do know that based on our sales statistics, home sales in all of Santa Barbara were at their lowest level in February of this year, and we have seen a slight increase in median home prices and sales volume and velocity since that time. While we have no insight into what appraisers may have been looking at in terms of comparable sales in your area at the time of your appraisal, we can look at what consumers did pay for homes in your immediate area this year. Since February 2009, there have been 9 sold homes ranging in price from $759,000-$990,000 excluding those homes located on Shoreline Drive. There are currently four pending sales ranging between $875,000-$1,375,000 at this point in time. However, we do not yet know exactly what the final sold price will be on these homes. In general, there are 3% fewer listings in your area than in January, and there has been a slight 1% increase in sales in September over January of this year on the Westside in general. We do know that the average slaes price is down 21% from the first of the year. This tracks with our market intelligence which tells us that sales activity has been stronger in the below $1 million range in the past 9 months. However, inventory is shrinking and that someimes signals a potential increase in values.
Molly, should you wish to discuss the specific market trends further, please feel free to give me a call at your convenience at 805-895-1422. I would be pleased to help you better identify your home's value and sales potential should that be of interest to you. Also, you can view all current listings in Santa Barbara including in your area at my website, http://www.joypbean.com , at your convenience. I hope this helps.
Best,
Joy Bean
Mon Oct 12 2009, 18:46
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