Beautiful Santa Barbara Blog

East of State St from 1/1/2008 to 5/8/2008 for Santa Barbara Real Estate Price Range Statistics

For the East of State St area of Santa Barbara Real Estate there are currently 142 Home Estate/PUDs available. The Average List Price for those 142 properties stands at an amazing $1,864,014. The Highest Priced listing on the East Side is on the market for $7,950,000 and the least expensive home estate can be had for a paltry, for Santa Barbara $399,000. Even with this $399,000 home the Median List Price for the East Side comes in at $1,595,000.

It’s been a tough year for the East Side and currently there are just 21 properties in escrow. The prices have not dropped precipitously for the area and the Average List Price for the Pending home is $1,259,190. The highest priced home in escrow is priced at $2,695,000 and the least expensive home that has gone pending is only $512,000. This gives us a Median List Price of $1,175,000 for homes currently in escrow.

Sales on the East Side are down dramatically but 50 homes have closed escrow so far this year with an average sales price of $$1,296,425. The highest priced home to have cleared escrow sold for $3,400,000 and the least expensive home went out at just $400,000. The Median Sales Price for the Santa Barbara East Side through May 8 is $1,175,000.

For Condominiums in the East of State St area for Santa Barbara Real Estate we have 45 condos currently on the Market. On the East Side, listings are up but sales are down. The 45 listed condos have an Average List Price of $817,664 with the highest priced listing coming in at $1,950,000. The least expensive condo currently on the market is listed for $440,000 which gives us a Median List Price for the 45 properties of $699,900.

Currently there are just 8 condos in escrow on the East Side with an Average List Price of $749,609. The highest priced condo that is currently in escrow is listed for $1,089,000 and the least expensive condo is JUST $475,000. For 8 condos in the area that are currently in escrow the Median List Price is $699,000.

Through the first week of May ’08 we’ve seen 17 condos close escrow on the East Side with an average sales price of $817,764. The highest priced condo went out at $2,200,000 and the least expensive condo closed for JUST $290,000. When you put all those numbers together you get a Median Sales Price for the 17 condos of $699,000.

Montecito from 1/1/2008 to 5/8/2008 for Price Range Statistics of Santa Barbara Real Estate

For Santa Barbara Real Estate in the Montecito Real Estate area there are currently 127 Home Estate/PUDs on the market. The prices out in Montecito have taken a big jump this year and the average for active Homes stands at $5,854,196. There have been some very expensive homes on the market this year and currently the top figure is $47,000,000 and the least expensive into exclusive Montecito can be had for the low, low price of $1,100,000. Even so that gives us an active list median price of $3,975,000.

Currently there are 19 Home Estate/PUDs in escrow in Montecito with an Average List Price for those 19 standing at $4,602,052. The highest priced home that is currently in escrow stands at a $9,500,000 List Price and the lowest priced home in escrow is JUST $1,199,000. Even so the Median List Price for homes in escrow in Montecito is $3,750,000.

As of the first week in May 58 homes have closed escrow in Montecito which is about 20% behind last year’s number. Even though the numbers of sales is down all the rest of the numbers are up. The Average Sales Price for Montecito for the first half of ’08 is $4,801,719 with the highest priced listing closing at $21,000,000. Amazingly the least expensive Montecito home went out at only $900,000 but the Median Sales Price still stands at $3,625,000.

For Montecito Real Estate in the Santa Barbara area Condominiums there are currently19 available with an Average List Price of $1,947,473. The highest priced condo is currently at $5,900,000 for a property right on the water but the lowest priced listing can be had for a paltry $745,000. All of that brings us to a current Median List Price for the 19 properties of $1,695,000.

Currently there are only 2 condos in escrow in Montecito with an average list price of $$1,074,975. The highest priced condo in escrow is $1,350,000 and the least expensive condo is listed at JUST $799,950 giving us a Median List Price of $799,055 for the 2 condos in escrow.

As of the second week in May 5 condos have closed escrow in Montecito with an Average Sales Price of $2,248,300. The highest sale, again right on the water was $4,300,000 and the least expensive condo went out at $1,360,000. The Median sales price for the 5 Montecito Condos in ’08 has been $1,750,000.

Carpinteria/Summerland of Santa Barbara Real Estate for 1/1/2008 to 5/8/2008

For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate the Price Range Statistics for 1/1/2008 to 3/15/2008 there have been 48 Home Estate/PUDs on the market. The highest priced listing in the area is $35 million and the least expensive active listing is $499,000 with a Median List Price of $1,245,000. Carpinteria/Summerland is a difficult area to get a handle on price wise because of the huge separation of Homes. The ones on the beach and some of those on the Foothill corridor skew the statistics upward so an Average List Price of $3,574,550 doesn’t accurately reflect the market place.

Currently there are 8 properties that are in escrow with an average list price of $1,863,000. The highest priced Home Estate currently pending has an asking price of $4,750,000 and the lowest priced property is at $710,000 with a Median List Price of $1,250,000.

As we approach the half way mark for 2008 only 18 Home Estates have closed escrow so far with the highest priced home closing at $7,500,000 and the least expensive home going out at $485,000. The Median Sales Price of $899,000 is about half of what the $1,956,945 average sales price. Overall sales have been sluggish in the area so we’ll have to see whether this situation is corrected in the second half of the year.

For Carpinteria Real Estate/Summerland Real Estate area for Condominiums currently there are 81 active listings in the area. The Average List Price of those 81 stands at $679,671 with the highest priced condo topping the charts at $1,995,000. The least expensive condo in Carpinteria is listed at $299,000 and the Median List Price comes in at $679,000. It’s been a tough year for condos in the Carpinteria/Summerland area with the inventory definitely stacking up at this time.

Currently in escrow there are 7 with an Average List Price of $470,771. Topping the charts for condos that have gone pending is one at $620,000 and the least expensive condo in escrow is listed at $309,000. Currently for condos in escrow the Median List Price stands at $484,500.

At almost the half point of the year we see that 11 condos have closed escrow with an average sales price of $513,045. The most expensive condo that has gone out was sold for $895,000 and the least expensive condo closed at $250,500 in April. All that said we have a Median Sales Price of Condos in the Carpinteria/Summerland area of $500,000.

Goleta North for the first 4 Months of ’08 for Santa Barbara Real Estate

For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 4 months of ’08 for Home Estate/PUDs we have seen 42 sales and in ’07 that number was 50. The Median Sales Price for ’08 has been $805,000 and in ’07 that number was $943,250. The difference between this year and last for homes going into escrow is last year at this time 61 has gone pending and last year that number was 55. But last year the median list price was $995,000 and this year the number is $850,000. The days on the market are very closer however. In ’08 it has taken 80 days to get an accepted offer and in ’07 that number was 84. For homes coming on the market the numbers are also very close. In ’08 we’ve seen 105 new enter the market place with a Median List Price of $935,000 and in ’07 there were 98 that came on the market with a Median List Price of 999,998.

For the Santa Barbara Real Estate area of Goleta Real Estate North for the first four months of ’07 in the Condo market there were 17 sales at this time compared to the ’08 number of 10. The Median Sales Price last year was $550,000 and this year it’s been $500,000. For the condos going into escrow the numbers are much closer together. In ’07 16 had entered escrow with a Median List Price of $570,000 and in ’08 that number has been 14 with a Median List Price of $519,500. Coming on the market the numbers are also rather close together. In ’08 we’ve seen 32 new condos come on the market and in ’07 there were 28. The Median List Price last year was $570,000 and in ’08 the Median List Price has been $519,500. The days on the market are the widest chasm of all. In ’08 it has taken 124 days to get an accepted offer and in ’07 that number was 83.

Goleta South for the first 4 Months of ’08 for Santa Barbara Real Estate

For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 4 months of ‘08 for the Home Estate/PUD market we’ve seen 27 sales which is exactly the number that occurred last year. The Median Price of those sales last year was $854,000 and this year that number is down to $785,000. To get that $785,000 has taken considerably longer however. Last year it took 61 days to get an accepted offer, but this year that number is up to 90. The homes that have gone into escrow are also very close to the number which went in last year. In ’07 there were 34 escrows and this year there have been 31. The Median List Price of homes going into escrow in ’07 was $799,500 and last year it was $899,000. Coming onto the market for ’08 there have been 63 new listings with a median list price of $849,000. In ’07 there were 66 new listings but the median list price was $949,000.

For the Santa Barbara Real Estate area of Goleta Real Estate South for the first four months of ’08 in the Condo market there have 22 sales and last year at this time there have been 25. The Median Sales Price currently is $615,000 and last year it was $529,000. While the Median Sales Price has risen it has also taken less time to get an accepted offer. The Days on the market for ’08 have been 68 and it ’07 that number was 85. So far in ’08 we’ve seen 25 condos go into escrow and in ’07 that number was 28. The Median List Price for those 28 was $515,000 and in ’08 the 25 condos Median List Price has been $629,000. With the rise in the Median Sales Price we’ve also seen a decline in the days on the market for ’08. So far this year it has taken 68 days to get an accepted offer and last year it took 85.

Hope Ranch for the first 4 Months of ’08 for Santa Barbara Real Estate

For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 4 months of ’08 for the Home Estate/PUD market we’ve seen 7 sales. In ’07 that number was 10. The Median Sales Price is also close with $2,627,500 for ’07 and $2,259,080 for ’08. The Homes that have gone into escrow are quite different year over year. In ’08 we’ve 7 properties go pending while in ’07 that number was 14. Interestingly the homes that have gone pending in ’08 have a much higher Median List Price of $3,995,000 as opposed to the ’07 number of $2,995,000. Another big difference is the days on the market. In ’07 it took 167 to get an accepted offer whereas in ’08 it’s only taken 78. The numbers of properties that have come on the market are much closer together. This year 17 new homes have come on with a median list price of $3,195,000 as opposed to last year when there were 18 that came on with a median list price of $3,195,000.

For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first four months of ’07 and ’08 in the Condo market there was and has been no activity.

West of State St for the first 4 Months of ’08 for Santa Barbara Real Estate

For the Santa Barbara Real Estate area of West of State St for the first 4 months of ’08 for Home Estate/PUDs we’ve had 44 sales in ’07 for the same period that number was 66. With the decline in sales we’ve also seen a drop in the median sales price from $1,027,000 to the current $932,000. While the Median Sales Price has dropped the Days on the Market have gotten longer. In ’07 it took 79 to get an accepted offer for ’08 it has taken 86. The gap between this year and last is not as pronounced for properties entering escrow. In ’08 we’ve seen 57 homes go into escrow and for ’07 that number was 70. The Median List Price for those houses is also closer together. For ’08 that number has been $999,000 and in ’07 it was $1,035,000. Coming on the market the numbers are also very close together. In ’07 110 new homes came on the market and for ’08 it’s been 113. The median list price for this year as opposed to last year is wider however. In ’07 new homes came on the market at a $1,149,000 level and in ’08 it’s been $999,000.

For the Santa Barbara Real Estate area of West of State St for the first four months of ’08 for the condo market we’ve seen 16 sales and in ’07 there were 25 for the same period. The difference between the Median Sales Price for both years also has been substantial. In ’08 the Median Sales Price has been $546,250 and in ’07 it was $640,000. Interestingly enough the Days on the Market has been substantially lower for ’08. This year that number has been 71 as opposed to last year when it was 101. The condos that have gone into escrow is way down from last year also. In ’08 we’ve seen only 15 condos go pending and in ’07 at this time that number was 29. Last year the condos that went pending had a Median List Price of $659,000 and this year the number has been $525,000. The number of new listings is quite close together however. In ’07 we saw 58 condos come on the market and in ’08 there have been 59. The Median List Price is a lot closer together than the Median Sold Price. In ’08 the Median List Price has been $629,000 and the Median Sold Price was $679,000.

Analysis of Santa Barbara Real Estate through the end of April ‘08 for Santa Barbara, Montecito, Hope Ranch, Carpinteria/Summerland and Goleta

Looking at the Home Estate/PUD market for the Santa Barbara Real Estate area including Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate April ’08 looks a lot like March ’08 with a few differences. The numbers of sales for both months shows about a 10% increase in April from what we saw in March but the Median Sales Price is very close for both months showing only a minor fluctuation.

The Median Sales Price bounces around a lot from month to month but the current mark of close to $1 million means that there have been a substantial number of properties sold below $1 million. Slightly fewer than half the homes sold for April were below $1 million and about a third of the homes were between $1 and $2 million. We saw slightly fewer homes sell in the $2 million and up market but still there were a significant number of homes that closed over $5 million. This compares to the March numbers of 39 of the 67 sold properties closing below $1 million, 19 closing from $1 to $2 million and 19 at $2 million and up.

The Sales Price to Original List Price Ratio took a dive in April dipping below the 93.65% number of March. This dip shows more of a willingness on the part of sellers to come down in their hoped for price. During the month sellers gave away about 11% of the price they would have liked to have seen.

There are a couple of numbers that jump out at me. First is Days on the Market which is the amount of time it takes to get an accepted offer. In April that number was almost at the 100 day level which means it took almost a month longer for a deal to be hammered out as opposed to the March number of 70 days. A lot of factors could explain this longer period. The two factors I think are the most prevalent are 1.lenders are definitely taking a longer time to decide whether they are going to fund a sale and 2.with the increased inventory there are a lot more choices for buyers to consider.

The second number that jumps out at me is the numbers of homes that went into escrow during the month. About 25% more properties went pending in April when compared to March. To expand on that number, the Median List Price for those homes in escrow took a big jump of over a quarter of a million dollars in April. Again, these Median Sales and Median List Prices bounce around a lot, but the raw numbers tell us that more homes farther up the price scale are selling.

A couple of numbers which remained constant for both March and April were the numbers of new listings that came on the market and the overall inventory of Home Estate/PUDs. Over 150 new homes entered the marketplace for both months and the total inventory from Carpinteria to Goleta remains at about 550 as of the end of both months. Now you may ask, how can there be over 150 homes coming on the market for 2 months in a row and the total inventory remains the same? The simple answer is “New” isn’t always new. New could be a listing that was previously listed by another agent and expired or was cancelled and then brought back on with a new Multiple Listing Service number but with that said, we are still definitely seeing a lot of new homes coming on the market.

Looking at the Home Estate/PUD market through the end of April ’08 there are some encouraging signs. The rise in the numbers of properties entering escrow is definitely encouraging and the amount of activity below $1 million is helpful. With the new higher FHA loan maximums coming on line this could be a very opportune time for buyers in the $600,000 to $800,000 range to finally be able to purchase a home. More activity in this area would continue to move the market forward.

For condominiums in the Santa Barbara area the figures for April ’08 are similar to those of the previous month. The numbers of sales is almost exactly what they were in March but the Median Sales Price has risen slightly. Interestingly enough, while the Median Sales Price has risen the Sales Price to Original List Price ratio has dropped by a couple of percentage points. This means that the sellers are still bringing their properties on the market at a higher price point then dropping that price down to where their condo will sell.

The encouraging number that jumps out at me is an almost 50% rise in the numbers of condos that have gone into escrow for April. To achieve that substantial gain the sellers had to settle for slightly less money than the amount agreed to in March, but a big jump in activity is definitely heartening.

To expand on the rise of activity we see that the Days on the Market for the Sold condos was substantially over 100 for April but the Days on the Market for the Condos entering escrow in April was just over 2 months. Combining the numbers of escrows with the decrease in Days on the Market looks like a substantial surge for the condo market. Hopefully this surge will continue to where we will see the same or higher monthly sales figures than we’ve experienced for the past few years. The surge started in February then fell back in March, but maybe this time it will continue.

Most of the condo sales for April were below the $700,000 mark but there were a few in the $1 million range and 1 over $4 million. Condo prices overall have dropped only about 4% year over year but there are some that have come down at a much greater rate. The Montecito area still lags substantially from the pace that was set in ’07, but the condos that have sold in Montecito have had a higher Median Sales Price than what we experienced last year.

This drop in the year over year numbers of sales is not confined to Montecito however. Sales are off about 25% in Carpinteria/Summerland, 50% East of State St, 33% West of State St, 18% in Goleta South and 44% in Goleta North. Even if what we’ve seen in April is a real surge it will take a while to pick up lost ground for the year.

I’m feeling a lot less sure about the condo market than I do about the Home Estate market. Traditionally the condos lead the way in the market place but currently it’s being lead by Single Family Home sales. If the surge we see in condos going into escrow in April holds up it could be a real stabilizing factor in the overall Santa Barbara Real Estate market. Until then as I’ve been saying all year, whatever is happening in Santa Barbara is a whole lot better than what is happening in the rest of the country.

East of State St for the first 4 Months of ’08 for Santa Barbara Real Estate

For Santa Barbara Real Estate area of East of State St for the first 4 months for Home Estate/PUDs for ’08 there have been 48 sales compared to 73 for ’07. The Median Sales Price has risen slightly this year however to $1,185,000 from $1,125,000 in ’07. The numbers of homes that have gone into escrow this year is about half of last year’s numbers. In ’07 we saw 93 go pending and in ’08 that number is 56. There’s only $5,000 difference between the Median List Price of what went into escrow this year compared to last year. In ’08 the Median List Price of homes going into escrow is $1,200,000 compared to $1,195,000 last year. Last year at this time 151 new homes had entered the market place compared to 143 this year. But the Median List Price for the new listings in ’08 stands at $1,399,000 compared to $1,350,000 a year ago. The days on the market is also quite close for both years. In ’08 it has taken 91 days to get an accepted offer compared to 85 days in ’07.

For the Santa Barbara Real Estate area of East of State St for the first four months of ’08 in the condo market we’ve had 17 sales compared to the ’07 number of 33. The Median Sales price has also fallen from $776,000 in ’07 to the current $699,000. The numbers of condos entering escrow is down even farther than the numbers sold. Last year 39 condos had entered escrow compared to only 19 this year. The median list price of those condos entering escrow is down over $100,000. Last year it was $849,000 and this year we’re at $740,000. The interesting number is the days on the market. Last year for condos at this time it 140 days to get an accepted offer compared to 114 this year. There are fewer new listings that have come on the market with the ’08 number being 49 and the ’07 number being 56. And the Median List Price for those new properties is down considerably from $838,000 in ’07 to the current $699,000.

Montecito Real Estate for the first 4 Months of ’08 for Santa Barbara Real Estate

For the Santa Barbara Real Estate area of Montecito Real Estate for the first 4 months of ’08 for Home Estate/PUDs we’ve seen 54 sales compared to 71 for ’07. The Median Sales Price however has gone up substantially from $2,900,000 in ’07 to $4,530,365 in ’08. The numbers of escrows shows a similar gap. In ’07 we had 71 homes go into escrow compared to ’08 when we’ve seen 58 go pending. The numbers of homes that have come on the market this year are up from 114 in ’07 to 120 in ’08. The Median List Price for those homes is up slightly this year to $3.6 million compared to $3.2 million last year. The Days on the Market are relatively close with 100 this year compared to 113 last year.

For the Santa Barbara Real Estate area of Montecito Real Estate for the first four months for the condo market we have had only 4 sales compared to 12 last year. The Median Sales Price however is up to $2.1 million from $1.5 million last year. The Days on the Market are slightly ahead this year with 118 in ’08 compared to 130 in ’07. The numbers of condos going into escrow stands at 5 this year compared to 9 last year but the Median List Price of those condos that have gone into escrow is up substantially from $1.1million last year to $1.5 this year.

Carpinteria/Summerland for the first 4 Months of ’08 for Santa Barbara Real Estate

For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for Home Estate/PUDS for the first 4 months of last year there were 20 sales. This year we’ve seen 17. This is definitely encouraging compared to other districts. The Median Sales Price is also up this year from $1.7 million last year to $1.9 million this year. The numbers of homes that have gone into escrow are also down only slightly from 22 in ’07 to 20 in ’08. The Days on the Market is actually down this year at 101 from 122 last year. The numbers of new listings is down from last year when it was 51 to the current 42 for ’08. And the Median List Price for those new properties is almost exactly where it was last year when it was $995,000 compared to the ’08 number of $998,000

For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for the first four months of the condo market the sales are down from 14 last year to 10 this year. The Median Sales Price has dropped from $584,000 in ’07 to $536,450 this year. The condos that have gone into escrow are slightly behind with the current 15 compared to 18 in ’07. The big difference in ’08 is the time it has taken to get into escrow. The days on the market for condos stands at 136 compared to 100 for ’07.The new condos that have come on the market this year is way up. It’s 74 for ’08 with a Median List price of $675,000 and in ’07 that number was 58 with a Median List Price of $595,000.

Goleta North from 1/1/08 to 4/22/08 compared to ’07 for the same period for the Santa Barbara Real Estate area

The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory has dropped by about 18% year over year but the new listings that have come on the market this year is down by just 6%. Unfortunately the condos that have entered escrow are off by 38% but even more dramatically the numbers of sales is down by 50%. The average sales price is not as dramatic showing up at just.

For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of homes that have been on the market this year is up but by only 3%. The numbers of new listings that came on the market this year is also up but by only 4%. Showing remarkably consistency the numbers of escrows are down only by 3% but the numbers of sales has declined by 13%. The real decline comes in the average sales price which has slipped 20% from the previous year.

The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is down 42% from 7 available properties last year to only 4 this year. But the numbers of new listings is exactly the same with 2 this year vs. 2 last year. Unfortunately the numbers of escrow for ’08 stands at 0 compared to 2 for ’07. But the numbers of sales is only off by 1 with 3 posted last year compared to 2 this year. And miraculously the average sales price of PUDs has risen by 9% over last year. Both Goleta North and South are doing better than the rest of the town but not quite as good as Montecito.

Goleta South from 1/1/08 to 4/22/08 compared to ’07 for the same period for Santa Barbara Real Estate area

The Condo market for the Goleta Real Estate South area of Santa Barbara inventory for the year is slightly ahead with a 6% gain but the numbers of new listings is down about 10%. Also the numbers of condos which have gone into escrow is about 10% behind of where it was in ’07 but the numbers of sales is down by about 16%. This number I expect to grow as the condos that are currently in escrow complete the sales process. The average sales price for the area has drifted down by about 3%.

For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is up by 22% but the numbers of new listings has declined by 4%. The numbers of escrows is down by only 6% and remarkably the numbers of sales is actually up by 8%. Even more remarkably the average sales price is down by only 2%. Currently the sales wise the Goleta South area is the strongest district in town. Both the numbers of sales and the average sales price are holding strong.

The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South shows us that the total numbers of listings is off by 25% and the numbers of new listings is down by a total of 3. Likewise the numbers of escrows is down by three but the numbers of sold PUDs is down by just 1. The average sales price has declined by about 21% however.

Hope Ranch from 1/1/08 to 4/22/08 compared to ’07 for the same period for

The Condo market for the Hope Ranch Real Estate area of Santa Barbara estate saw now activity.

For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estate there have been fewer homes on the market this year for a drop of 22%. But the new listings are only down by 10%. This slight drop in the numbers of new listings is also accompanied a drop in the numbers of escrows by 64% but a drop in the numbers of sold properties by 30%. The average sold price is also down by 20% but this is due to some rather large sales early in ’07. I think it will turn out to be another good year for Hope Ranch despite some of the current down numbers.

The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate saw no activity.