The information in this report is based entirely on data from the Santa Barbara Association of Realtors Multiple Listing Service and only reflects properties that have been listed with that Service.
Looking at the month of October from Capinteria to Goleta including Montecito Real Estate, Santa Barbara and Hope Ranch Real Estate there were 83 sales of Home and Estates/PUDs. Of those sales the Median Sold price was $1,115,000. The Median Sales Price is determined by ordering the Sales from the Lowest to Highest and going up to the one in the Middle of the List. Of those properties that sold the Median List Price was $1,195,000 which means the Sales Price to List Price ratio is 94.93%. This means that if a property was Listed for $1,000,000 it closed at $949,300.
The Median Sold Price contrasts significantly with the Median List Price, of the 563 properties still currently on the market. That Median List Price is $1,499,000 for a difference of about $300,000 between the Sold Price and List Price. This means that there is about a 20% gap between what Sellers are willing to sell for and what Buyers are willing to buy for.
One of the key numbers to look at is Days on the Market. This is the time from when a property was listed to the time it goes into escrow. Of the properties that sold the Days on the Market of DOM are 87. Of the properties that are currently listed the DOM is 107. This is another marker pointing to the fact that buyers and sellers are not currently finding a middle ground.
At the end of October 05 there were 933 sales of Home and Estates/PUDs and for the same time period in 06 there have been 766 for about a 20% decline. The Median Sales price from Jan. to Oct. 05 was $1,250,000 and currently it is $1,192,500 for a decline of -4.6%. To give a little perspective to these numbers looking at the year 2000 the Median Sales Price was $580,250 which means in that time period the Median Sales Price has more than doubled.
Looking at the Condo side of the ledger we see that for October there were 28 properties that closed escrow. For those properties the Median Sold price was $612,000, and median List Price was $625,000 which means that the Sales Price to List Price ratio is 97.35. This means that if a property was listed for $1,000,000 it closed at $973,500.
Unlike Home and Estate/PUDs the Median Sold Price is not significantly different from the Median List Price. Of the 251 properties still currently on the market, the Median List Price is $659,000 for a difference of about $47,000. This means that there is about an 8% gap between what Sellers are willing to sell for and what Buyers are willing to buy for.
Looking at Days on the Market of the properties that sold, the Days on the Market or DOM was 90. Of the properties that are still currently listed the DOM is 99. That means theres about a 10% gap between the properties currently listed and the ones that have closed escrow.
At the end of October 05 there were 397 sales of Home Condos and for the same time period in 06 there have been 271 for about a 32% decline. The Median Sales price from Jan. to Oct. 05 was $675,000 and currently it is $664,947 for a decline of -1.5%. For perspective on these numbers, looking at the year 2000 the Median Sales Price was $295,000 which means in that time period the Median Sales Price just like with Home and Estates/PUDs has more than doubled.
For both Home and Estates and Condos the Inventory of properties is starting to decline from a high of about 600 in August to 560 now for Home and Estates/PUDs and for Condos a high of about 300 in July to about 250 now. While the Median List prices bounces around from Month to Month the trend right now is generally down for a drop of about .5% from 05 to 06 but Home and Estate/PUDs, and for Condos a decline of about 1.5% from 05 to 06.