South Coast home sales market continues to defy gravity
The median price of homes across the South Coast fell from $ 1.5 million last July to $ 2 million in May. In the meantime, the number of days properties have been on the market has dropped from 25 to nine. This is according to a gleaning of offers found in the South Coast’s Multiple Listing Service, The Bible for All Realtors.
According to Santa Barbara area real estate agent Mort Maizlish, who has spent the past four decades working in the local real estate industry, only five single-family homes are currently on the market for $ 1 million or less; in contrast, there are 77 listings at $ 3 million or more. Based on her reading of the tea leaves, Maizlish said the median price of single-family homes has increased 77% in the past two years. (This is significantly lower than the 83% increase reported by the California Association of Realtors for Santa Barbara County over the past year.)
“The last 12 months have seen a market frenzy that caught us all off guard,” commented Maizlish. “If you sell now, you have little competition,” he added. “If you buy, the affordable choices in the market on any given day are pretty slim.”
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