South Coast House Prices Jump 18.6 Percent

The median house price on the Santa Barbara South Coast increased by a whopping 18.6 percent last year, jumping from $945,000 to $1,120,500 and topping $1 million for the first time since 2008. At the start of 2013, the median price stood at $795,000, which means sales figures skyrocketed 41 percent in just two years.

The Santa Barbara Association of Realtors published those numbers and others last week in its annual Real Estate Year in Review. “Home values have appreciated, plus more high-end homes have sold in 2014, causing this significant increase in the median,” explained Kalia Rork with Berkshire Hathaway HomeServices California Properties in a prepared statement.

The City of Santa Barbara saw the largest median price increase (19 percent, from $903,250 to $1,075,000) while Goleta experienced the smallest (3.7 percent, from $775,000 to $803,500). Condo prices throughout the South Coast rose 10.3 percent ($507,500 to $560,000). The median price in Montecito went from $2,400,000 to $2,700,000 (12.5 percent) and in Hope Ranch it shot from $2,375,000 to $2,812,500 (18.4 percent). The median Carpinteria/Summerland price grew from $852,500 to $922,500 (8.2 percent).

Rork said she predicts prices at the top end of the market to continue rising as the economy improves, and that figures toward the lower end will level out. Overall, she said, expect a more modest increase in 2015 compared to the last couple of years. “Also, I think the lessons of the recent boom and bust in real estate are still fresh in people’s minds, leading buyers to be cautious,” she said.

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