January 23, 2006

86%, Baby!

Posted in General at 10:05 am by Ian

According to the Local Market Monitor, Santa Barbara is the most overpriced housing market in the country.

Woo.

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3 Comments »

  1. Philip said,

    Hey, want to move to El Paso, TX to cash in on the cheap housing there? It’s a bit of a nasty commute from there to Santa Barbara, but we could carpool to save on gas.

    Also it seems strange to me that they say the average home in Santa Barbara costs $573,100. I didn’t realize you could get much of anything around here for a price that low. Is a one bedroom condo considered an average home?

  2. Matt said,

    I think that figure may also be taking into account the cardboad boxes outside the apt. and condo high rises.

  3. Ian said,

    They don’t mean “average” in that sense, Phil. They mean that the total price of homes sold divided by the number of homes sold is that price.

    And it’s an odd measurement. Usually, they give the median home price, which generally serves as a much better measurement of a typical residence, since it is not swayed by a mass of ultra-expensive homes. Given Santa Barbara’s elite, the median price is certainly lower than $570K.

    And that amount would probably buy you a small two bedroom house, which is a reasonable average home, in my opinion.


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