For the East of State St area of Santa Barbara Real Estate there are currently 163 Home Estate/PUDs available with an average list price of just about $2 million. The inventory continues to grow on the East Side of town with sales down sharply. The highest priced home currently available is listed for $10.5 million and the least expensive property can be had for just under $400,000. The Median List price for all of those 163 homes is right at $1.6 million and they’ve been on the market for an average of 94 days.
Currently in Escrow on the East Side there are 22 homes. When you divide 163 by 22 you get a huge backlog of inventory that looks like it’s going to stay around for a while. The average for the homes in escrow is $1.4 million. With the highest priced home currently pending listed for right about $3.5 million. On the lower side we see that the least expensive home in escrow is listed for just about $475,000 but the market is definitely trending upward because the median list price for the 22 homes in escrow is right at $1,276,000. Those homes that did go into escrow took 77 days.
So far this year 71 Home Estates have completed the sales process. The average for those 71 properties is $1,282,343 with the most expensive sale coming in at $4,000,000. On the other side of the scale we see a home that closed for just $400,000. There is definitely more action farther down on the scale because the median sales price shows up at $1,075,000. For those 71 homes it took an average of 71 days to complete the sales process.
For Condominiums in the East of State St area for Santa Barbara Real Estate we have 43 condos currently on the Market. This number has remained steady for a while now meaning that the flow of new properties coming on the marked has decreased. The average list price for those 43 condos is $722,318 with the highest price listing almost reaching the $1.7 million mark. One the other side we see the least expensive property can be scooped up for $399,000 with the median list price right about the $670,000 level. Those condos currently on the market have been there an average of 117 days.
Right now there are just 8 condos in escrow on the East Side with an average list price of $772,318. The highest priced condo in escrow right now is listed for $1,235,000 and the least expensive property shows up at a $543,500 list price. When you put all that together we get a $679,000 median list price for the 8 condos in escrow and see that those homes have been on the market for an average of 163 days.
Finally for sold condos we see only 24 have closed escrow this year with an average sales price of $836,166. There have been some more expensive condos sold on the East Side however with one at $2.2 million topping the list. The least expensive property went out for $290,000 proving there still are bargains in Santa Barbara. The Median Sales Price for those 24 condos is just under $700,000 and it an average of 93 to complete the sales process.