Real Estate February 15, 2011

Santa Barbara luxury home sales outperform market

A few days ago the Los Angeles Times published that California luxury home sales (homes priced at $1 million or more) jumped 21% in 2010 when compared to 2009, the first increase in five years. To see the full article click here.

Santa Barbara has quietly outperformed just about every luxury market in California, as confirmed at the SBAOR Economic Forecast that was held February 3rd and hosted by Leslie Appleton Young, Vice President and Chief Economist for the California Association of Realtors. In 2009 the city of Santa Barbara saw 134 closings for homes priced over $1 million.  In 2010 the number jumped to 176 which is an increase of 31%.

The trend for Santa Barbara is continuing this year as the number of pending and sold homes in the $1 million and up price range is up 43% from last year. To see Santa Barbara’s most recent luxury home sale pendings click here.