Beautiful Santa Barbara Blog

Santa Barbara Real Estate for the first Month of ’10 for Goleta South

For the Santa Barbara Real Estate area of Goleta Real Estate South for the first month of ’10 in the Single Family Home market 7 homes closed escrow compared to 6 in ’09. The median sales price this year is $540,000 with an average sales price $555,285. In ’09 the median sales price was $787,350 and the average sales price was $807,450. Last year there were 11 open escrows with a median list price of $659,000 and this year there are just 3 open escrows with a median list price of $825,000. Right now there are just 31 Home Estate/PUDs available for purchase with a median list price of $989,000 and an average list price of $1,126,351.

For the Santa Barbara Real Estate area of Goleta Real Estate South for the first month of ’10 in the Condo market 3 condos closed escrows compared to 2 in ’09. The median sold price dropped however from $657,250 last year to $465,000 this year. The average also fell from $657,250 in ’09 to $385,000 this year. There have been 4 pended condos this year with a median list price of $259,000 whereas last year there were 4 pended properties with a median list price of $349,900. Right now there are just 6 condos available for purchase with a median list price of $549,000 and an average list price of $538,579.
Santa Barbara Real Estate Statistics

Santa Barbara Real Estate for the first Month of ’10 for Hope Ranch

For the Santa Barbara Real Estate area of Hope Ranch Real Estatefor the first month of ’10 in the Single Family Home market there have been 2 sales with a median and average sales price of $3,582,125 and last year there was just 1 sale for $2,175,000. But this year there is just 1 open escrow with a list price of about $1.7 million compared to ’09 when there were 2 open escrows with a median list price of $2.55 million. Right now there are 17 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.425 million and an average list price of $4,648,411.

For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first month of ’08 in the Condo market there was no activity.

Santa Barbara Real Estate through the end of January 2010 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland

Starting 2010 for the Home Estate/PUD market in Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate January ended with about 60 sales. This is a drop from 95 in December which is to be expected but substantially ahead of the 44 that closed in January ’09. The decline in the number of sales was most evident in the $1 to $2 million category which went from 27 in December to less than 8 in January. But the below $1 million price range also declined from over 50 sales in December to 44 in January and the $2 million and up category went from 11 sales in December to 7 in January with 2 of those sales over $5 million compared to 6 in December.

Accompanying the decline in the numbers of sales is a drop in the median sales price which for the month of January ’10 went down to about $750,000. This drop to the $750,000 level has occurred every other month for the past 6 months falling from about $850,000 in December ’09.

The number that really jumps out at me however is the Sales Price to Original List Price ratio which dipped down to just about 75% for January. That means if a property was listed for $1 million the average sales price was about $750,000. Certainly a lot of the sales in January were the ones left over from the end of ’09 with a significant number of foreclosures and short sales in the mix but a 75% Sales Price to Original List Price ratio is as low as I have ever seen it and even the Sales Price to List Price ratio which normally hovers around the mid 90th percentile is below 85%.

There were however about 56 escrows opened for the month with the median list price for those properties around $825,000 so we’ll have to see if the Median Sales price for February bounces back up to the mid $800,000 mark as it has done every other month for the last six months.

Looking at the districts, Carpinteria/Summerland has 8 sales already compared to 1 last January and the median sales price has gone from $500,000 in ’09 to $675,000 this year. In Montecito there have been 7 sales so far this year with a median sales price of $3.3 million compared to ’09 when there were 6 sales but the median sales price was about $1.7 million. I think that $3.3 million median sales price is an anomaly however because the 8 homes that went into escrow in January had a median list price of about $1.6 million which means the median sales price should continue to trend downward.

Sales on the East Side have jumped up from 10 in ’09 to 20 in ’10 but the median sales price has dipped from $970,000 last year to $839,000 this year. The West Side on the other hand has fewer sales with 8 this year compared to 10 in ’09 and the median sales price has also dropped from $886,000 last year to $727,500 this year.

Hope Ranch has 2 sales so far this year with a median sales price of about $3.6 million while in ’09 there was just 1 sale for $2.175 million. But, just as with Montecito the price trend is downward with the 1 escrow that opened in January displaying a list price of about $1.7 million compared to ’09 when there were 2 escrows opened with a median list price of about $2.5 million.

Goleta South has 8 sales so far this year compared to 6 last year but the median sales price has dropped substantially from about $790,000 last year to approximately $550,000 this year. And finally Goleta North has 9 sales this year compared to 11 last year with the median sales price falling from $700,000 in ’09 to $674,000 in ‘10

There is still a lot of activity in the marketplace but until the foreclosures and short sales have left the inventory this descending price trend should continue and unfortunately it looks like those distressed properties will continue to appear.

For the condo market, ’09 started with about 12 sales but in 2010 the number is over 20. But, last year those 12 sales had a median sales price of about $480,000 and this year the median sales price is closer to $375,000. Just like with the Home Estate/PUD market there are a substantial number of short sales and foreclosures that are part of that mix which is driving the price down but even so that’s still the lowest 1 month median sales price in years.

It looks like the median sales price should come back up however because in January there were 27 escrows opened with a median list price of $429,000. The Sales Price to Original List Price ratio is also a lot stronger compared to the Home Estate number of 75% with condos currently hovering around the 92nd percentile.

Condo prices have been fairly stable since quarter 2 of ’09 going anywhere from about a $450,000 median sales price to a $500,000+ median sales price each month with a slight upward pressure until this January. At this point I tend to think the big drop in median sales price this January is an anomaly rather than a trend.

What is a trend however, is the decline in the upper end of the condo market. Of the 21 sales in January, 19 were from $510,000 down with the least expensive condo selling for $215,000. Above $510,000 there were only 2 sales, 1 for $815,000 on the East Side of Santa Barbara and 1 for $1,050,000 in Montecito. Of the 319 condo sales in ’09 less than 20 of them were for $1 million or over with most of the higher priced properties selling either in downtown Santa Barbara or Carpinteria not Montecito.

Looking at the districts, Carpinteria/Summerland had 5 sales in January ’10 compared to 3 in ’09 with the median sales price falling slightly from $340,000 last year to $330,000 this year. In Montecito there was the 1 sale in January that I mentioned for $1,050,000 compared to none in ’09.

On the East Side of Santa Barbara January had 7 sales this year compared to 3 in ’09 but the median sales price fell from $850,000 last year to just $310,000 this year. On the West Side of town there were 4 sales in ’09 compared to 2 in ’10 with the median sales price dropping from $496,000 last year to $443,000 this year.

For Goleta South there were 3 sales in January ’10 compared to 2 in ’09 but the median sales price fell from $667,250 last year to $465,000 this year. And for Goleta North there were 3 sales this year with a median sales price of $459,000 compared to last year when there were none.

The condo market for the greater Santa Barbara area looks like it’s going to continue with between 25 and 30 sales a month and for the foreseeable future the median sales price should be about $450,000 with some slight upward pressure. The inventory after falling to an all time low of only 111 available units from Carpinteria to Goleta in December is starting to come back but this lack of inventory is the one element that would keep this portion of the market from moving forward.

For both Home Estate/PUDs and Condos the median sales price in January 2010 took a beating primarily because of the significant number of foreclosures and short sales that were a substantial part of the sales figures. There are definitely more properties in both categories coming on the market but whether it’s a flood or a trickle will determine whether prices remain where they are currently or move in one direction or the other.

Gary Woods

Santa Barbara Real Estate for the first Month of ’10 for West of State St

For the Santa Barbara Real Estatearea of West of State St for the first month of ’10 in the Single Family Home market 7 properties closed escrow with a median sales price of $727,500 and an average sales price of just under $920,000. In ’09 there were 10 sales with a median sales price of $886,000 and an average list price of $966,800. This year there have been 12 open escrows with a median list price of $625,000 and last year there were 16 open escrows with a median list price of just under $750,000. Right now there are 54 Home Estate/PUDs available for purchase with a median list price of $975,000 and an average list price of just under $1.4 million.

For the Santa Barbara Real Estatearea of West of State St for the first month of ’10 in the Condo market 1 closed escrow with a sales price of $435,000. Last year there were 4 closed escrows with a median sales price of just under $500,000 and an average sales price of just under $580,000. But this year there are 7 open escrows with a median list price of about $435,000 compared to last year when there were 2 open escrows with a median list price just under $400,000. Right now there are just 38 Condos available for purchase on the West Side of Santa Barbara with a median list price of $625,000 and a median list price of $882,583.

Santa Barbara Real Estate for the first Month of ’10 for East of State St

For the Santa Barbara Real Estate area of East of State St for the first month of ’10 in the Single Family Home market 17 homes closed escrow with a median sales price of $839,000 and an average sales price of $862,397. In ’09 there were just 9 sales with a median sold price of $970,000 and an average sales price of just over $1 million. The pending numbers also look good this year with 15 open escrows with a median list price of $840,000 compared to ’09 when there were 8 pending properties with a median list price of about $1.5 million. Right now there are 100 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of $1.4 million and an average list price of just under $1.8 million.

For the Santa Barbara Real Estate area of East of State St for the first month of ’10 in the Condo market 6 sales have occurred but the median sales price slid down to $307,500 with the average hovering around $420,000. In ’09 there were just 3 sales but the median sales price was $850,000 with the average showing up at $736,000. This year there are 3 open escrows with a median list price of $435,000 while last year there were 4 open escrows with a median list price of $639,000. Right now there are just 34 Condos available for purchase on the East Side of Santa Barbara with a median list price of $650,000 and an average list price of $821,615.

Santa Barbara Real Estate for the first Month of ’10 for Montecito

For the Santa Barbara Real Estate area of Montecito Real Estate for the first month of ’10 in the Single Family Home market 5 homes closed escrow compared to 6 in ’09. But last year the median sales price was about $1.72 million and this year it’s gone up to $3.3 million. The average sales price also rose from $2,150,666 in ’09 to $5,218,600 in ‘10. The pending properties however are above last year’s number with 8 homes currently in escrow with a median list price of just under $1.6 million compared to last year when there were 6 homes in escrow with a median list price of $2.45 million. Right now there are 166 Home Estate/PUDs available for purchase in Montecito with a median list price of just under $4 million and an average list price of $5.67 million.

For the Santa Barbara Real Estate area of Montecito Real Estate for the first month of ’10 in the Condo market there was 1 sale for $1,050,000 and last year there were no sales. This year there were also 2 open escrows in the area with a median list price of $1.2 million and last year there were no open escrows. Right now there are just 14 condos available for purchase in Montecito with a median list price of about $1.3 million and an average list price of $1.43 million.

Santa Barbara Real Estate for the first Month of ’10 for Carpinteria/Summerland

For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first month of ’10 for the Home Estate/PUD market there were 8 sales compared to just 1 in ’09. The median sales price also went up from $500,000 for that 1 sale last year to $790,000 for those 8 closed properties. The average sales price was even higher showing up at just under $1.2 million. For Jan. ’10 there are 5 homes in escrow compared to 2 in ’09 and the median list price on those properties was about $670,000 last year compared to about $770,000 this year. Right now there are 68 Home Estate/PUDs available for purchase in the area with a median list price of about $1.4 million and an average list price of just under $4 million.

For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first month of ’10 in the Condo market there were 5 sales compared to 3 in ’09 but the median sales price slid slightly from $340,000 last year to $330,000 this year. The average sales price slid even further from $355,000 in ’09 to $317,800 in ’10. The pending numbers this year also look good with 5 this year compared to 2 last year and the median list price in ’09 was $255,500 and this year that median list price for pended listings is just under $400,000. Right now there are just 25 condos available for purchase in Carpinteria/Summerland with a median list price of just under $500,000 and an average list price of $664,034.

Goleta North from 1/1/2010 to 1/25/2010 Price Range Statistics for Santa Barbara Real Estate

For Goleta North area of Goleta Real Estate Real Estate for the Home Estate/PUD market through January 25 there are 61 properties available with an average list price of about $2.08 million. The most expensive property available in the area is listed for $22 million while at the other end of the spectrum there’s a home on the market for $180,000. The median list price for Goleta is $995,000.

There are 6 that are in escrow right now with an average list price for those homes of about $800,000. The highest priced listing in escrow is on the market for $1.095 million while the least expensive property is listed at about $660,000. The median list price for homes in the area is just under $749,000.

Through January 25 there have been 7 Home Estate/PUD sales on the North Side of Goleta with an average sales price of about $620,000. The highest priced sale was for $685,000 while the least expensive sale was for $515,000 giving us a median sales price of $600,000.

For the condo market in Goleta Real Estate North through January 25 there are just 11 properties available with an average list price of about $475,000. The highest priced condo is on the market for $1,059,000 and the least expensive home can be had for just $202,800. The median however is right at $439,000.

Right now there are 2 condos in escrow with an average list price of about $348,550. The highest priced condo in escrow right now is listed at $469,000 while the least expensive condo is on the market for $228,100

Through January 25 there have been 2 condo sales with an average sales price of just under $464,500. The higher priced sale was for $470,000 and the less expensive sale was for $459,000.

Goleta South from 1/1/2010 to 1/25/2010 for Price Range Statistics for Santa Barbara Real Estate

In the Goleta Real Estate South area through January 25 there are only 32 Home Estate/PUDs available for purchase with an average list price of about $1.2 million. The most expensive listed property can be purchased for $1.85 million while the least expensive property is listed for just $260,000. The median list price for the area is about $989,000.

There are 5 homes in escrow with an average list price of about $549,000. The most expensive property in escrow is listed for $765,000 while the least expensive property is on the market for just $392,500. The median list price for Goleta South properties in escrow is just under $525,000

Through January 25 there have been 5 sales with an average sales price of about $549,000. The highest priced sale was for $765,000 with the least expensive sale going out for $392,500. The median sales price for Goleta South through the end of January is $525,000

For condos on the South Side of Goleta Real Estate through January 25 there are only 6 available properties with an average list price of about $490,000. The highest priced condo in the area is one the market for $679,900 while the least expensive condo can be purchased for $259,000 giving us a median list price of $525,000.

With 6 available properties there are 2 in escrow with an average list price for those 2 of $377,000. The highest priced listing in escrow is on the market for just under $459,000 while the least expensive condo in escrow is listed for $295,000. The median list price for condos in escrow in Goleta South is $295,000.

There have been 2 condo sales in Goleta South through January 25 with an average sales price of $470,000. The more expensive sale was for $475,000 and the lesser priced home sold for $465,000.

Hope Ranch from 1/1/2010 to 1/25/2010 Price Range Statistics for Santa Barbara Real Estate

For Hope Ranch Real Estate for Home Estate/PUDs through January 25 the inventory stands at 13 homes with an average list price of $4.7 million. The highest priced listing is on the market for just under $10 million while the least expensive property is available for $1.795 million which gives us a median list price of just under $4 million.

Right now there is 1 property in escrow with a list price of $1,699,000.

Through January there have been 2 sales in Hope Ranch with an average sales price of $3,582,125. The most expensive home sold for $3,664,250 while the less expensive home sold for $3.5 million.

For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity.

West of State St from 1/1/2010 to 1/25/2010 Price Range Statistics for Santa Barbara Real Estate

In the West of State St area of Santa Barbara Real Estate through January 25 there are 53 Home Estate/PUDs available for purchase with an average list price of about $1.4 million. The highest priced listing on the West Side is on the market for about $6.9 million while at the other end of the spectrum is a property listed for just under $400,000 which gives us a median list price of about $1.1 million.

There are 8 properties currently in escrow with an average list price of about $1,016,000. The most expensive property in escrow is listed at about $1.9 million while at the other end is one listed for $519,000. When you mush all this together you get a median list price for homes in escrow of $679,000.

Through January 25 there have been 3 sales on the West Side with an average sales price of about $1 million. The most expensive home sold for $1.85 million while the least expensive sale was $519,000 which gives us a median sales price so far this year of $679,000.

For the Condo market on the West Side of Santa Barbara Real Estate through January 25 there are 37 properties available for purchase with an average list price of $871,853. The highest priced listing is available for $2.75 million and the least expensive listing can be had for just under $350,000 which gives us a median list price of $625,000.

There are 4 condos in escrow on January 25 with an average list price of just over $500,000. The most expensive condo in escrow right now is listed just under $700,000. The least expensive home in escrow is on the market for just under $400,000 which gives us a median list price of the 4 condos in escrow of $419,000.

Through January 25 there have been no Condo sales on the West Side of Santa Barbara.

East of State St from 1/1/2010 to 1/25/2010 for Santa Barbara Real Estate Price Range Statistics

For the East of State St area of Santa Barbara Real Estate through January 25 there are 100 Home Estate/PUDs available for purchase with an average list price of about $1.8 million. At the top of the charts is a home listed for $12.75 million while at the other end of the spectrum is a home that can be purchased for $395,000. All this gives us a median list price of just under $1.4 million.

With all those listings there are 11 homes in escrow with an average list price of about $875,000. The most expensive home in escrow is on the market for $1.275 million while the least expensive home in escrow is listed at $600,000. All this gives us a median list price for homes in escrow of $839,000.

Through January 25 there have been 12 sales with an average sales price of $874,895. The highest priced sale was $1.275 million and the least expensive sale was for $600,000. The median sales price for homes on the East Side is $839,000 so far this year.

The condo market for the East Side of Santa Barbara Real Estate through January 25 shows us 37 properties on the market with an average list price of $821,792. The most expensive condo is on the market for $2.8 million while the least expensive listing is for just $361,900 which gives us a median list price of $679,000.

There are 2 condos in escrow right now with an average list price of $432,000. The highest price property in escrow is $435,000 and the least expensive listing was on the market for $429,000 giving us a $429,000 median list price.

This year through January 25 there have been 5 condo sales with an average sales price of about $405,000. The highest priced sale was for $825,000. The least expensive property sold for $290,000 giving us a median sales price thus far this year of $305,000.

Montecito from 1/1/2010 to 1/25/2010 for Price Range Statistics of Santa Barbara Real Estate

For Santa Barbara Real Estate in the Montecito Real Estate area through January 25 there are 167 Home Estate/PUDs available in the area with an average list price of about $5.7 million. Topping the list is a home on the market for $29 million and on the other end of the spectrum is property that can be purchased for just $875,000 but the median list price for the area is just under $4 million.

With all those listings we have 3 homes that are in escrow right now with an average list price of about $2.7 million. The most expensive home in escrow is listed at $5.45 million and the least expensive home is listed at $772,900. The median list price on homes in escrow right now is about $1.6 million.

Through January 3 there have been 3 Home Estate/PUD sales in Montecito with an amazing average of over $10 million. Topping the charts is a property that sold for $15.5 and on the other end is one sold for $943,000 this gives us a whopping $15 million median sales price.

For the Condo market in Montecito Real Estate there are currently 13 properties available with an average list price of about $1.47 million. The highest priced condo listing is a whopping $2.5 million and the least expensive condo can be snapped up for under $600,000 which gives us a median list price for Montecito of about $1.4 million.

Right now there are 2 condos in escrow in Montecito with an average list price of $1.125 million. The higher priced condo in escrow is listed for $1.2 million and the other one in escrow is on the market for $1,050,000 which gives us a $1,050,000 median list price.

There has been 1 condo sale for $1,050,000.

Carpinteria/Summerland of Santa Barbara Real Estate for 1/1/2010 to 1/25/2010

For Santa Barbara Real Estate in Carpinteria Real Estate/ Summerland Real Estate for the Home Estate/PUD market through January 25 ’10 there are 62 properties available for purchase with an amazing average list price of about $4.15 million. Topping the charts in the area is 1 home listed for $29 million and on the other end of the scale you is a home you can get for just $359,900. When you mix it all together you get an approximately median list price for Carpinteria/Summerland is $1.495 million.

In escrow currently there are 4 homes with an average list price of $556,850. The most expensive home which has started the buying process is listed at $769,000 and the least expensive home of the 4 is listed at $373,500. The median list price for home currently in escrow is $535,000.

Looking at Sold properties through January 25 there have been 6 that completed the buying process with an average sales price of $1,463,333. Topping the list is a property that sold for $4 million and the other end of the scale is a property that sold for $675,000. Starting off the year the median sales price for the area has gone up substantially currently residing at $905,000.

For the condo market in Carpinteria Real Estate/ Summerland Real Estate 23 properties are available with an average list price of about $580,000. Right at the top of the list is 1 condo on the market for $1.875 million and at the other end is a condo on the market for $320,000 but the median list price for the area is $487,000.

In escrow right now are 5 properties with an average list price of $$408,200. The highest priced condo in escrow right now is listed at $569,000 and the least expensive condo in escrow is listed for just under $300,000 but the median list price for condos in escrow is just under $400,000.

Through January 25 there have been 3 condo sales with an average sales price of about $325,000. The highest priced condo sold for $375,000 and the least expensive condo sold for $269,000. Right about in the middle is the median sales price thus far in ’10 is $330,000.

Goleta North from 1/1/10 to 1/16/10 compared to ’09 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 through January 16 this year there have been 16 active listings compared to 23 last year. There were also 6 new listings compared to only 1 this year. But, both years saw 2 escrows opened but only ’10 had 1 sale with none posted for ’09. That 1 sale this year was for $459,000.

For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings through January 16 this year there have been 68 active listings compared to 56 for last year. In ’09 there were 11 new listings compared to 14 in ‘10 but ’09 there were 9 opened escrows compared to 3 this year. The sales for both years were the same however with 5 in both skeins. The average sales did drop however from $748,000 in ’09 to $629,000 in ’10.

The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory through January 16 ’10 has seen 6 active listings compared to 3 in ’09 and 2 new listings compared to 0 last year. But there was 1 escrow opened in ’09 with 0 for ’10 and now sales were rung up for either year.