Santa Barbara Market Conditions by Jeff Reeves of Village Properties Montecito

April 2009 Average and Median Sales Prices in Southern SB County. The median sales price in April 2009 is down 29% when compared to April 2008.  Santa Barbara's median sales price dropped 22% and Goleta dropped 20%.  And most importantly, the high end is finally starting to show signs of the reality of the market.  Montecito dropped 38% in April 2009.  We are near the bottom, maybe another 10-15% more at most.  Be careful because interest rates are going to rise within the next year or so. There are some great opportunities out there and some very desperate sellers.  If you are a buyer you have a huge advantage as sellers realize they have to move on price if they want to sell their home. If you are interested in any additional information please feel free to email me at JRinSB@Cox.net or call me at (805) 689 2058. Best regards, Jeff Reeves