Looking at 1/1/2007 through 2/22/2007 for Home and Estates/PUDs for Carpinteria Real Estate/ Summerland Real Estate there were 12 properties that went into escrow for the same period of time for 2006 there were 11, for 2005 there were 5 and for 2004 there were 14.
For that same period of time for 2007, 1 of those 12 properties fell out of escrow for a 8.3% fall through rate. For 2006 1 or those 11 homes fell out of escrow for a 9% fall through rate. For 2005, 0 of those 5 fell out of escrow for a 0% fall through rate and for 2004, 0 or those 14 properties fell out of escrow for a 0% fall through rate.
On the condo side of the ledger for Carpinteria Real Estate/ Summerland Real Estate 12 condos went into escrow for 2007. For 2006, 6 went into escrow, for 2005, 8 went into escrow and for 2004, 19 went into escrow. In 2007, 0 of those 12 fell out of escrow for a 0% fall through rate. For 2006, 1 of those 6 fell out of escrow for a 16% fall through rate, for 2005, 0 of those 8 fell out of escrow for a 0% fall through rate. And for 2004, 0 of those 8 fell out of escrow for a 0% fall through rate.
On the Home and Estate/PUD side we see Escrows at about the same rate as 2005 and not quite 2004 numbers, but the Fall Through rate of 8% is higher for 2007 as opposed to the 0% of 2005 and 0% rate of 2004.
For Condos we are above the level of activity that occurred in 2004 and the Fall Through rate is the same with 0% in 2004 0% in 2007.
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For the Santa Barbara Real Estate areas of Goleta Real Estate North for Single Family Homes there were 7 that closed escrow in the last 30 days with a Median Sales Price of $915,000 and an Average Sales Price of $933,700. The average Days on the Market for those properties was 86. 20 properties came on the market with a Median Asking Price of $1,150,000 and an Average Asking Price of $2,081,194. 28 properties went into escrow with a Median Asking Price of $899,000 and an Average Asking Price of $1,377,457. The average Days on the Market for those properties is 100. Currently there are 54 Single Family Residents for sale in the area with a median asking price of $1,279,000 and an average asking price of $1,886,603. The average Days on the Market for those properties is 102.
For the Santa Barbara Real Estate areas of Goleta Real Estate North for Condominiums there were 4 that closed escrow in the last 30 days with a Median Sales Price of $550,750 and an Average Sales Price of $551,625. The average Days on the Market for those properties was 75. 11 properties came on the market with a Median Asking Price of $570,000 and an Average Asking Price of $577,809. 3 went into escrow with a Median Asking Price of $599,000 and an Average Asking Price of $582,633. The average Days on the Market for those properties is 84. Currently there are 29 Condominiums for sale in the area with a median asking price of $579,000 and an average asking price of $598,131. The average Days on the Market for those properties is 84.
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For the Santa Barbara Real Estate areas of Goleta Real Estate South for Single Family Homes there were 5 that closed escrow in the last 30 days with a Median Sales Price of $840,000 and an Average Sales Price of $1,117,000. The average Days on the Market for those properties was 78. 18 properties came on the market with a Median Asking Price of $859,000 and an Average Asking Price of $975,993. 10 properties went into escrow with a Median Asking Price of $849,000 and an Average Asking Price of $879,400. The average Days on the Market for those properties is 46. Currently there are 22 Single Family Residents for sale in the area with a median asking price of $899,000 and an average asking price of $1,260,608. The average Days on the Market for those properties is 46.
For the Santa Barbara Real Estate areas of Goleta Real Estate South for Condominiums there were 5 that closed escrow in the last 30 days with a Median Sales Price of $681,503 and an Average Sales Price of $632,700. The average Days on the Market for those properties was 96. 17 properties came on the market with a Median Asking Price of $539,000 and an Average Asking Price of $550,352. 7 went into escrow with a Median Asking Price of $485,000 and an Average Asking Price of $536,428. The average Days on the Market for those properties is 115. Currently there are 27 Condominiums for sale in the area with a median asking price of $529,000 and an average asking price of $538,757. The average Days on the Market for those properties is 54.
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Looking at 1/1/2007 through 2/22/2007 for Home and Estates/PUDs there were 187 properties that went into escrow for the same period of time for 2006 there were 156, for 2005 there were 181 and for 2004 there were 213.
For that same period of time for 2007, 25 of those 187 properties fell out of escrow for a 13.3% fall through rate. For 2006 19 or those 156 homes fell out of escrow for a 12.1% fall through rate. For 2005, 12 of those 181 fell out of escrow for a 6.6% fall through rate and for 2004, 10 or those 213 properties fell out of escrow for a 4.69% fall through rate.
On the condo side of the ledger 74 condos went into escrow for 2007. For 2006, 29 went into escrow, for 2005, 68 went into escrow and for 2004, 79 went into escrow. In 2007, 8 of those 74 fell out of escrow for a 10.8% fall through rate. For 2006, 4 of those 29 fell out of escrow for a 13.7% fall through rate, for 2005, 3 of those 68 fell out of escrow for a 4.4% fall through rate. And for 2004, 1 of those 68 fell out of escrow for a 1.4% fall through rate.
On the Home and Estate/PUD side we see Escrows at about the same rate as 2005 and note quite 2004 numbers, but the Fall Through rate of 13% is substantially higher for 2007 as opposed to the 6.6% of 2005 and 4.69% rate of 2004.
For Condos we are about at the same level of activity as occurred in 2004 but just like with Home and Estate/PUDs the Fall Through rate has increased from 4.69% in 2004 to 10.8% in 2007 but below the 2006 rate of 13.7%.
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For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Single Family Homes there were 0 that closed escrow in the last 30 days with a Median Sales Price of $0 and an Average Sales Price of $0. The average Days on the Market for those properties was 0. 0 properties came on the market with a Median Asking Price of $0 and an Average Asking Price of $0. 3 properties went into escrow with a Median Asking Price of $2,795,000 and an Average Asking Price of $2,761,666. The average Days on the Market for those properties is 99. Currently there are 11 Single Family Residents for sale in the area with a median asking price of $6,850,000 and an average asking price of $6,422,427. The average Days on the Market for those properties is 214
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity
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For the Santa Barbara Real Estate areas of West of State St for Single Family Homes there were 9 that closed escrow in the last 30 days with a Median Sales Price of $980,000 and an Average Sales Price of $985,000. The average Days on the Market for those properties was 105. 27 properties came on the market with a Median Asking Price of $1,100,000 and an Average Asking Price of $1,223,109. 27 properties went into escrow with a Median Asking Price of $924,000 and an Average Asking Price of $1,015,481. The average Days on the Market for those properties is 86. Currently there are 72 Single Family Residents for sale in the area with a median asking price of $1,199,000 and an average asking price of $1,422,103. The average Days on the Market for those properties is 95.
For the Santa Barbara Real Estate areas of West of State St for Condominiums there were 6 that closed escrow in the last 30 days with a Median Sales Price of $680,500 and an Average Sales Price of $666,250. The average Days on the Market for those properties was 113. 17 properties came on the market with a Median Asking Price of $687,500 and an Average Asking Price of $885,435. 5 went into escrow with a Median Asking Price of $599,000 and an Average Asking Price of $566,200. The average Days on the Market for those properties is 70. Currently there are 40 Condominiums for sale in the area with a median asking price of $679,000 and an average asking price of $846,895. The average Days on the Market for those properties is 83.
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For the Santa Barbara Real Estate areas of East of State St for Single Family Homes there were 19 that closed escrow in the last 30 days with a Median Sales Price of $1,000,000 and an Average Sales Price of $1,169,623. The average Days on the Market for those properties was 124. 41 properties came on the market with a Median Asking Price of $1,295,000 and an Average Asking Price of $1,612,873. 27 properties went into escrow with a Median Asking Price of $1,149,000 and an Average Asking Price of $1,321,111. The average Days on the Market for those properties is 98. Currently there are 87 Single Family Residents for sale in the area with a median asking price of $1,495,000 and an average asking price of $1,789,159. The average Days on the Market for those properties is 102.
For the Santa Barbara Real Estate areas of East of State St for Condominiums there were 8 that closed escrow in the last 30 days with a Median Sales Price of $607,500 and an Average Sales Price of $644,437. The average Days on the Market for those properties was 176. 16 properties came on the market with a Median Asking Price of $699,000 and an Average Asking Price of $998,737. 8 went into escrow with a Median Asking Price of $825,000 and an Average Asking Price of $827,000. The average Days on the Market for those properties is 143. Currently there are 42 Condominiums for sale in the area with a median asking price of $695,000 and an average asking price of $903,909. The average Days on the Market for those properties is 93.
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For the Santa Barbara Real Estate areas of Montecito Real Estate for Single Family Homes there were 10 that closed escrow in the last 30 days with a Median Sales Price of $2,500,000 and an Average Sales Price of $4,201,400. The average Days on the Market for those properties was 112. 33 properties came on the market with a Median Asking Price of $3,350,000 and an Average Asking Price of $6,316,393. 19 properties went into escrow with a Median Asking Price of $4,200,000 and an Average Asking Price of $4,697,368. The average Days on the Market for those properties is 120. Currently there are 100 Single Family Residents for sale in the area with a median asking price of $3,625,000 and an average asking price of $6,217,810. The average Days on the Market for those properties is 115.
For the Santa Barbara Real Estate areas of Montecito Real Estate for Condominiums there were 6 that closed escrow in the last 30 days with a Median Sales Price of $1,887,500 and an Average Sales Price of $1,860,000. The average Days on the Market for those properties was 154. 8 properties came on the market with a Median Asking Price of $999,000 and an Average Asking Price of $1,537,374. 4 went into escrow with a Median Asking Price of $1,095,000 and an Average Asking Price of $1,858,500. The average Days on the Market for those properties is 115. Currently there are 10 Condominiums for sale in the area with a median asking price of $1,275,000 and an average asking price of $1,443,999. The average Days on the Market for those properties is 110.
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For the Santa Barbara Real Estate areas of Carpinteria Real Estate/Summerland Real Estate for Single Family Homes there were 3 that closed escrow in the last 30 days with a Median Sales Price of $975,000 and an Average Sales Price of $3,023,333. The average Days on the Market for those properties was 62. 10 properties came on the market with a Median Asking Price of $1,179,000 and an Average Asking Price of $1,563,800. 6 properties went into escrow with a Median Asking Price of $999,000 and an Average Asking Price of $7,692,333. The average Days on the Market for those properties is 109. Currently there are 37 Single Family Residents for sale in the area with a median asking price of $1,489,000 and an average asking price of $2,247,291. The average Days on the Market for those properties is 133.
For the Santa Barbara Real Estate areas of Carpinteria Real Estate/Summerland Real Estate for Condominiums there were 2 that closed escrow in the last 30 days with a Median Sales Price of $515,000 and an Average Sales Price of $515,000. The average Days on the Market for those properties was 279. 18 properties came on the market with a Median Asking Price of $649,000 and an Average Asking Price of $642,333. 6 went into escrow with a Median Asking Price of $525,000 and an Average Asking Price of $562,500. The average Days on the Market for those properties is 109. Currently there are 46 Condominiums for sale in the area with a median asking price of $599,000 and an average asking price of $623,793. The average Days on the Market for those properties is 117.
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For Santa Barbara Real Estate’s Goleta Real Estate North area the Median Scales price for the 1st month of the year for Home and Estates/PUDs was $825,000 and for January 2006 it was $967,500. This is a -15.5% decline from year to year. Looking at the Median List price for 2007 it’s been $1,150,000 as compared to the 2006 Median List price of $985,000. This is a -0.4% decline year over year.
The gap between the current Median Sales price of $825,000 and the current Median List price for the entire inventory of $1,175,000 is $350,000. This means that the gap between the two prices is 29.8%.
The fact to keep in mind is that for the Goleta Real Estate North areas there were only 4 properties sold so all the numbers are very volatile at this time. And the Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 4 was 51 days. With the Days to Close or the escrow period being 44 which gives us a total Marketing Time of 95 days.
For Santa Barbara Real Estate’s Goleta Real Estate North area for the 1st month of the year for Condos the Median Sales price was $532,500. This can be compared to the 2006 figure of $610,000. The gap between the current Median Sales price of $532,500 and the current Median List price for the entire inventory of $579,000 is $46,500. The Median List price for 2007 is $560,000 compared to the Median List price for 2006, which was $630,000.
The gap between the Median Sales price of $532,500 and the Median List price $579,000 therefore is a -8.1%. Again, just like with Home and Estate/PUDs the numbers are very premature and will start moving around quickly.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Scales price for the 1st month of the year for Home and Estates/PUDs was $850,050 and for January 2006 it was $915,000. This is a -7.1% decline from year to year. Looking at the Median List price for 2007 it’s been $899,000 as compared to the 2006 Median List price of $1,050,000. This is a -14.4% decline year over year.
The gap between the current Median Sales price of $850,050 and the current Median List price for the entire inventory of $929,000 is $78,950. This means that the gap between the two prices is 8.5%.
The fact to keep in mind is that for the Goleta Real Estate South areas there were only 7 properties sold so all the numbers are very volatile at this time. And the Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 7 was 66 days. With the Days to Close or the escrow period being 48 which gives us a total Marketing Time of 114 days.
For Santa Barbara Real Estate’s Goleta Real Estate South area for the 1st month of the year for Condos the Median Sales price was $560,000. This can be compared to the 2006 figure of $610,000. The gap between the current Median Sales price of $560,000 and the current Median List price for the entire inventory of $499,000 is $61,000. The Median List price for 2007 is $499,000 compared to the Median List price for 2006, which was $595,000.
The gap between the Median Sales price of $560,000 and the Median List price $499,000 therefore is a -12.2%. Again, just like with Home and Estate/PUDs the numbers are very premature and will start moving around quickly.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Scales price for the 1st month of the year for Home and Estates/PUDs was $6,900,000 and for January 2006 it was $960,000. This is a 618.8% rise from year to year. Looking at the Median List price for 2007 it’s been $2,150,000 as compared to the 2006 Median List price of $2,950,000. This is a -27.1% decline year over year.
The gap between the current Median Sales price of $6,900,000 and the current Median List price for the entire inventory of $3,498,700 is $3,401,300. This means that the gap between the two prices is -97.2%.
The fact to keep in mind is that for the Hope Ranch Real Estate areas there was only 1 property sold so all the numbers are very volatile at this time. And the Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for that 1 was 175 days. With the Days to Close or the escrow period being 57 which gives us a total Marketing Time of 227 days.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area for the 1st month of the year for Condos there was no activity.
For Santa Barbara Real Estate’s West of State St area the Median Scales price for the 1st month of the year for Home and Estates/PUDs was $1,015,000 and for January 2006 it was $948,000. This is a 7.1% rise from year to year. Looking at the Median List price for 2007 it’s been $1,100,000 as compared to the 2006 Median List price of $1,100,000. This is a 0% rise year over year.
The gap between the current Median Sales price of $1,015,000 and the current Median List price for the entire inventory of $1,149,000 is $134,000. This means that the gap between the two prices is 11.7%.
The fact to keep in mind is that for the West of State St areas there were only 14 properties sold so all the numbers are very volatile at this time. And the Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 14 was 78 days. With the Days to Close or the escrow period being 33 which gives us a total Marketing Time of 111 days.
For Santa Barbara Real Estate’s West of State St area for the 1st month of the year for Condos the Median Sales price was $635,000. This can be compared to the 2006 figure of $675,000. The gap between the current Median Sales price of $635,000 and the current Median List price for the entire inventory of $680,000 is $45,000. The Median List price for 2007 is $649,000 compared to the Median List price for 2006, which was $639,000.
The gap between the Median Sales price of $635,000 and the Median List price $680,000 therefore is a -6.7%. Again, just like with Home and Estate/PUDs the numbers are very premature and will start moving around quickly.
For Santa Barbara Real Estate’s East of State St area the Median Scales price for the 1st month of the year for Home and Estates/PUDs was $900,000 and for January 2006 it was $1,280,000. This is a -29.7% decline from year to year. Looking at the Median List price for 2007 it’s been only $1,262,500 as compared to the 2006 Median List price of $1,545,000. This is a -18.2% decline year over year.
The gap between the current Median Sales price of $900,000 and the current Median List price for the entire inventory of $1,495,000 is $595,000. This means that the gap between the two prices is 40%.
The fact to keep in mind is that for the East of State St areas there were only 14 properties sold so all the numbers are very volatile at this time. And the Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 14 was 96 days. With the Days to Close or the escrow period being 39 which gives us a total Marketing Time of 135 days.
For Santa Barbara Real Estate’s East of State St area for the 1st month of the year for Condos the Median Sales price was $749,000. This can be compared to the 2006 figure of $730,000. The gap between the current Median Sales price of $749,000 and the current Median List price for the entire inventory of $690,000 is $59,000. The Median List price for 2007 is $775,000 compared to the Median List price for 2006, which was $992,000.
The gap between the Median Sales price of $749,000 and the Median List price $690,000 therefore is a -8.5%. Again, just like with Home and Estate/PUDs the numbers are very premature and will start moving around quickly.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Scales price for the 1st month of the year for Home and Estates/PUDs was $2,900,000 and for January 2006 it was $2,167,500. This is a 33.8% rise from year to year. Looking at the Median List price for 2007 it’s been $3,822,000 as compared to the 2006 Median List price of $2,995,000. This is a 27.6% difference year over year.
The gap between the current Median Sales price of $2,900,000 and the current Median List price for the entire inventory of $3,750,000 is $850,000. This means that the gap between the two prices is 22.7%.
The fact to keep in mind is that for the Montecito Real Estate areas there were only 13 properties sold so all the numbers are very volatile at this time. And the Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 13 was 117 days. With the Days to Close or the escrow period being 76. This gives us a total Marketing Time of 193 days.
For Santa Barbara Real Estate’s Montecito Real Estate area for the 1st month of the year for Condos the Median Sales price was $1,475,000. This can be compared to the 2006 figure of $1,395,000. The gap between the current Median Sales price of $1,475,000 and the current Median List price for the entire inventory of $1,850.000 is $375,000. The Median List price for 2007 is $1,895,000 compared to t he Median List price for 2006, which was $1,395,000.
The gap between the Median Sales price of $1,475,000 and the Median List price $1,850,000 therefore is 20.3%. Again, just like with Home and Estate/PUDs the numbers are very premature and will start moving around quickly.
For Santa Barbara Real Estate’s Carpinteria Real Estate/ Summerland Real Estate area the Median Scales price for the 1st month of the year for Home and Estates/PUDs was $1,615,000 and for January 2006 it was $1,142,500. This is a 9.4% rise from year to year. Looking at the Median List price for 2007 it’s been only $895,000 as compared to the 2006 Median List price of $1,995,000. This is a whopping 57% difference year over year. This number is definitely an anomaly and will close dramatically very shortly.
The gap between the current Median Sales price of $1,615,000 and the current Median List price for the entire inventory of $1,179,000 is $472,500. This means that the gap between the two prices is 36%. This is a very interesting number because the List Price is way below the Sold Price telling me that the Prices will continue to fall at least through the first part of the year.
The fact to keep in mind is that for the Carpinteria Real Estate/ Summerland Real Estate areas there were only 5 properties sold so all the numbers are very volatile at this time. And the Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 5 was 50 days. With the Days to Close or the escrow period being 52, which gives us a total Marketing Time of 102 days.
For Santa Barbara Real Estate’s Carpinteria Real Estate / Summerland Real Estate area for the 1st month of the year for Condos the Median Sales price was $460,000. This can be compared to the 2006 figure of $460,000. The gap between the current Median Sales price of $460,000 and the current Median List price for the entire inventory of $460,000 is $0. The Median List price for 2007 is $589,000 compared to t he Median List price for 2006, which was $715,000.
The gap between the Median Sales price of $460,000 and the Median List price $589,000 therefore is 28%. Again, just like with Home and Estate/PUDs the numbers are very premature and will start moving around quickly.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first month of ’07 in the Single Family Home market 4 homes closed escrow with a median sold price of $870,000 and an average sold price of $881,750. 19 homes came on the market with a median asking price of $1,150,000 and an average asking price of $1,907,883. Also for that period 16 properties went into escrow, 0 were withdrawn from the market, 2 listings cancelled, 8 expired and 2 came back on the market. Currently there are 64 homes for sale in the area with a median list price of $1,149,999 and an average list price of $1,732,054.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first month of ’07 in the Condo market 7 condos closed escrow with a median sold price of $532,500 and an average sold price of $498,528. 10 condos came on the market with a median asking price of $560,000 and an average asking price of $590,210. Also for that period 5 properties went into escrow, 2 were withdrawn from the market, 3 listings cancelled, 3 expired and 1 came back on the market. Currently there are 26 condos for sale in the area with a median list price of $579,000 and an average list price of $604,003.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first month of ’07 in the Single Family Home market 6 homes closed escrow with a median sold price of $852,000 and an average sold price of $953,833. 15 homes came on the market with a median asking price of $899,000 and an average asking price of $1,072,391. Also for that period 11 properties went into escrow, 1 was withdrawn from the market, 2 listings cancelled, 5 expired and 4 came back on the market. Currently there are 22 homes for sale in the area with a median list price of $929,000 and an average list price of $1,264,539.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first month of ’07 in the Condo market 6 condos closed escrow with a median sold price of $620,751 and an average sold price of $604,750. 17 condos came on the market with a median asking price of $499,000 and an average asking price of $526,173. Also for that period 5 properties went into escrow, 2 were withdrawn from the market, 5 listings cancelled, 7 expired and 1 came back on the market. Currently there are 22 condos for sale in the area with a median list price of $499,000 and an average list price of $524,801.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first month of ’07 in the Single Family Home market 1 home closed escrow with a median sold price of $6,900,000 and an average sold price of $6,900,000. 4 homes came on the market with a median asking price of $2,150,000 and an average asking price of $3,698,500. Also for that period 2 properties went into escrow, 1 was withdrawn from the market, 1 listing cancelled, 5 expired and 1 came back on the market. Currently there are 12 homes for sale in the area with a median list price of $3,498,700 and an average list price of $6,120,141.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first month of ’07 in the Condo market there was no activity.
For the Santa Barbara Real Estate area of West of State St for the first month of ’07 in the Single Family Home market 14 homes closed escrow with a median sold price of $1,150,000 and an average sold price of $1,327,035. 30 homes came on the market with a median asking price of $1,100,000 and an average asking price of $1,362,733. Also for that period 18 properties went into escrow, 5 were withdrawn from the market, 13 listings cancelled, 14 expired and 4 came back on the market. Currently there are 79 homes for sale in the area with a median list price of $1,149,000 and an average list price of $1,388,403.
For the Santa Barbara Real Estate area of West of State St for the first month of ’07 in the Condo market 4 condos closed escrow with a median sold price of $648,500 and an average sold price of $608,375. 8 condos came on the market with a median asking price of $649,000 and an average asking price of $626,687. Also for that period 9 properties went into escrow, 3 were withdrawn from the market, 1 listing cancelled, 14 expired and 11 came back on the market. Currently there are 34 condos for sale in the area with a median list price of $680,000 and an average list price of $853,755.
For the Santa Barbara Real Estate area of East of State St for the first month of ’07 in the Single Family Home market 12 homes closed escrow with a median sold price of $935,000 and an average sold price of $999,083. 40 homes came on the market with a median asking price of $1,262,500 and an average asking price of $1,637,782. Also for that period 25 properties went into escrow, 7 were withdrawn from the market, 6 listings cancelled, 16 expired and 7 came back on the market. Currently there are 82 homes for sale in the area with a median list price of $1,495,000 and an average list price of $1,806,578.
For the Santa Barbara Real Estate area of East of State St for the first month of ’07 in the Condo market 6 condos closed escrow with a median sold price of $749,000 and an average sold price of $707,416. 13 condos came on the market with a median asking price of $775,000 and an average asking price of $894,115. Also for that period 12 properties went into escrow, 0 were withdrawn from the market, 2 listings cancelled, 4 expired and 5 came back on the market. Currently there are 36 condos for sale in the area with a median list price of $690,000 and an average list price of $885,205.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first month of ’07 in the Single Family Home market 13 homes closed escrow with a median sold price of $2,900,000 and an average sold price of $3,564,423. 37 homes came on the market with a median asking price of $3,822,000 and an average asking price of $5,801,918. Also for that period 15 properties went into escrow, 4 were withdrawn from the market, 7 listings cancelled, 21 expired and 8 came back on the market. Currently there are 108 homes for sale in the area with a median list price of $3,750,000 and an average list price of $6,098,722.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first month of ’07 in the Condo market 5 condos closed escrow with a median sold price of $1,475,000 and an average sold price of $1,377,000. 7 condos came on the market with a median asking price of $1,895,000 and an average asking price of $1,764,142. Also for that period 3 properties went into escrow, 1 was withdrawn from the market, 1 listing cancelled, 4 expired and 0 came back on the market. Currently there are 11 condos for sale in the area with a median list price of $1,850,000 and an average list price of $1,640,363.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for the first month of ’07 in the Single Family Home market 5 homes closed escrow with a median sold price of $1,615,000 and an average sold price of $3,088,000. 9 homes came on the market with a median asking price of $859,000 and an average asking price of $948,333. Also for that period 5 properties went into escrow, 3 were withdrawn from the market, 2 listings cancelled, 5 expired and 2 came back on the market. Currently there are 34 homes for sale in the area with a median list price of $1,179,000 and an average list price of $1,967,908.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for the first month of ’07 in the Condo market 0 condos closed escrow with a median sold price of $0 and an average sold price of $0. 9 condos came on the market with a median asking price of $589,000 and an average asking price of $590,444. Also for that period 5 properties went into escrow, 1 was withdrawn from the market, 3 listings cancelled, 8 expired and 1 came back on the market. Currently there are 36 condos for sale in the area with a median list price of $589,000 and an average list price of $611,541.
For Santa Barbara Real Estate in Goleta Real Estate North the Price Range Statistics for 1/1/2007 to 1/27/2007 show that there are currently 70 Home and Estate/PUDs on the market. The average price for the 70 properties is $1,719,721; the highest priced listing is $13,500,000, the median listing price is $1,150,000 and the lowest priced listing is $224,777. The average market time for those properties is 105 days.
There were 12 properties that entered escrow in the same time period. The average price for those homes that entered escrow is $1,544,566. The highest price house is $8,200,000, the median price is $974,900 and the lowest priced house is $259,000. The average market time for the homes is 91.
One the Sales side there has been 3 properties close escrow. The average price of those 3 home is $870,666 the highest price is $975,000, the median price is $825,000 and the lowest priced property is $812,000. The average market time for these homes is 56 days.
For Santa Barbara Real Estate for Goleta Real Estate North the Price Range Statistics for Condominiums there are currently 25 condos currently on the market. The average price for the 25 properties is $605,768; the highest priced listing is $1,050,000 the median listing price is $579,000 and the lowest priced listing is $439,000. The average market time for those properties is 123 days.
There was 1 condo that entered escrow in the same time period. The average price for that home that entered escrow is $559,000. The highest price house is $559,000 the median price is $559,000 and the lowest priced house is $559,000. The average market time for the homes is 292.
One the Sales side there has been 6 properties close escrow. The average price of those 6 homes is $492,866, the highest price is $665,000, the median price is $500,000 and the lowest priced property is $213,200. The average market time for these homes is 101 days.
For Santa Barbara Real Estate in Goleta Real Estate South the Price Range Statistics for 1/1/2007 to 1/27/2007 show that there are currently 26 Home and Estate/PUDs on the market. The average price for the 26 properties is $1,218,779; the highest priced listing is $4,500,000, the median listing price is $929,000 and the lowest priced listing is $619,000. The average market time for those properties is 53 days.
There were 6 properties that entered escrow in the same time period. The average price for those homes that entered escrow is $861,166. The highest price house is $1,150,000, the median price is $845,000 and the lowest priced house is $675,000. The average market time for the homes is 81.
One the Sales side there has been 6 properties close escrow. The average price of those 6 home is $953,833, the highest price is $1,420,000, the median price is $850,000 and the lowest priced property is $814,000. The average market time for these homes is 116 days.
For Santa Barbara Real Estate for Goleta Real Estate South the Price Range Statistics for Condominiums there are currently 22 condos currently on the market. The average price for the 22 properties is $506,543; the highest priced listing is $725,000 the median listing price is $490,000 and the lowest priced listing is $325,950. The average market time for those properties is 55 days.
There were 4 condos that entered escrow in the same time period. The average price for those homes that entered escrow is $620,500. The highest price house is $765,000 the median price is $619,000 and the lowest priced house is $479,000. The average market time for the homes is 127.
One the Sales side there has been 5 properties close escrow. The average price of those 5 homes is $588,700, the highest price is $712,000, the median price is $560,000 and the lowest priced property is $465,000. The average market time for these homes is 146 days.
For the first month of the year 2007 for Santa Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate – Summerland Real Estate and Goleta Real Estate there were some good signs and some disturbing ones. We began the year with 55 closings of Home and Estate/Planned Unit Development properties. This number is down slightly from the past 3 months, which means we’re still seeing a decline in the number of units sold. For all of 2006 we averaged 75 sales per month but in the fourth quarter that number went down to approximately 60 per month. So 55 is a movement still lower.
The median price for those 55 sales was $1,250,000 so it’s gone up almost 10% from the previous year. This is indicative of the fact that the higher priced properties are still the ones that are selling. The Median List price for those properties was $1,295,000, which gives us a Sold Price to List Price ratio of 96.6%. Again up from the previous year.
The really good number for the Real Estate industry is the number of properties that went into escrow in January 2007. This number was up to 92 for a substantial increase. If this trend continues we’ll be looking at an overall increase in sales for the year. But it’s obviously too early to tell if this is a real trend or just a blip on the radar. Looking more closely at the number of sales we see that of the properties that went into escrow the Median List price was $1,049,000 that means that the slightly less expensive homes are starting to move now. This could definitely be a good sign because there are always more lesser priced houses for sale than more expensive ones.
The overall inventory, or total number of homes for sale was about the same from the previous month with 399 homes on the market at the end of the month. The bothersome number is that the Median List price for those almost 400 home is $1,665,000 meaning that the gap between what people are willing to pay and what people are willing to sell for is still about 25%. Until that gap really starts to narrow it will restrict dramatically the number of properties that sell.
Looking more closely at the Median Sales price we see that the highest Sold Price for a property for the month of January was $7,900,000 for a home out in Summerland area and the lowest Sold Price was $455,000 for one close to downtown Santa Barbara.
The average sales price for those 55 homes was a whopping $1,972,636 and the Average Market time, which is the time from when the property is listed until it closes escrow, was 136 days.
To give you a little perspective on the numbers in 2004 there were 77 sales in January for 2005 there were also 77, for 2006 there were 64 and for 2007 55. The median sales price went from $952,500 in January 2004 to $1,170,000 for 2005 to $1,125,000 for 2006 and to $1,250,000 for 2007.
As I mentioned the encouraging numbers to me are the properties that entered escrow in the month. For 2004 there were 99, then it dropped to 86 for 2005, then declined further in 2006 to 77 and then rose in 2007 to 92. We’ll have to get a little deeper into the year to see whether this trend continues, but as of now this looks very good.
Over on the Condo side of the ledger there were 28 that closed escrow in the first month of the year. This number is down slightly from the past 3 months, which means we’re still seeing a bit of a decline in the number of units sold. For all of 2006 we averaged about 30 sales per month and in the fourth quarter those numbers were right at that same level. So 30 seem to the current magic number for condos to be sold per month.
The median sales price for those 28 condos was $663,500 so it’s stayed right about where it’s been for the past few months. A percentage or two up, but basically right at the same level for the previous year. The condo market is almost always more volatile than the home and estate market so maybe we’ve reached a leveling off which could entice the buyers back into the market. The Median List price for those sold properties was $669,000, which gives us a Sold Price to List Price ratio of 95.33%. This is again right about where we’ve been for the previous year.
The really good number for the Real Estate industry is the number of condos that went into escrow in January 2007. This number was up to 39 for a substantial increase of about 25%. If this trend continues we’ll be looking at an overall increase in sales for the year. But just as with Single Family dwellings, it’s way too early to tell if this is a real trend or just a blip on the radar. Looking more closely at the number of sales we see that of the properties that went into escrow the Median List price was $669,000 which means that the slightly more expensive homes are starting to move now. If this trend holds we’ll start seeing an increase in the overall Median Sales price for condos. It would be more significant if we had more homes in the $400,000 to $500,000 range moving, but for now we’ll take what we get.
The overall inventory, or total number of condos for sale has risen slightly from the previous month with 170 condos on the market at the end of the month. The bothersome number is that the Median List price for those 170 condos is still below the median sold price and that could mean that the market is continuing to pull down. The gap for condos which is again what people are willing to pay as opposed to what people are willing to sell for is about -2% which is very close but still below.
Looking more closely at the numbers for median sale price we see that the highest Sold Price for a property for the month of January was $2,425,000 for a condo in the Montecito area and the lowest Sold Price was $213,200 for one in the unincorporated area of the county.
The average sales price for those 28 homes was $738,614 and the Average Market time, which is the time from when the property is listed until it closes escrow, was 140 days. This number is still larger than that which the Home and Estates took, but the gap is definitely diminishing.
To give you more perspective on the numbers in 2004 there were 40 sales in January for 2005 there were also 29, for 2006 there were 28 and for 2007 28. The median sales price went from $545,000 in January 2004 to $627,000 for 2005 to $675,000 for 2006 and to $662,000 for 2007.
As I mentioned the encouraging numbers to me are the condos that entered escrow in the month. For 2004 there were 34, then it dropped to 27 for 2005, then declined further in 2006 to 26 and then rose in 2007 to 39. We’ll have to get a little deeper into the year to see whether this trend continues, but as of now this looks very good.
Well that’s about it for Santa Barbara Real Estate for the month of January 2007. Things are definitely starting to point in the right direction for the market to be picking up so hopefully the trend will continue.
For Santa Barbara Real Estate in Hope Ranch Real Estate the Price Range Statistics for 1/1/2007 to 1/27/2007 show that there are currently 12 Home and Estate/PUDs on the market. The average price for the 12 properties is $6,128,474; the highest priced listing is $14,900,000, the median listing price is $3,498,700 and the lowest priced listing is $1,999,000. The average market time for those properties is 185 days.
There were 2 properties that entered escrow in the same time period. The average price for those homes that entered escrow is $2,745,000. The highest price house is $2,995,000, the median price is $2,495,000 and the lowest priced house is $2,495,000. The average market time for the homes is 96.
One the Sales side there has been 1 property close escrow. The average price of that 1 home is $6,900,000, the highest price is $6,900,000, the median price is $6,900,000 and the lowest priced property is $6,900,000. The average market time for these homes is 232 days.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums there are currently 0 condos currently on the market. The average price for the 0 properties is $0; the highest priced listing is $0 the median listing price is $0 and the lowest priced listing is $0. The average market time for those properties is 0 days.
There were 0 condos that entered escrow in the same time period. The average price for those homes that entered escrow is $0. The highest price house is $0 the median price is $0 and the lowest priced house is $0. The average market time for the homes is 0.
One the Sales side there has been 0 properties close escrow. The average price of those 0 homes is $0, the highest price is $0, the median price is $0 and the lowest priced property is $0. The average market time for these homes is 0 days.
For Santa Barbara Real Estate in West of State St the Price Range Statistics for 1/1/2007 to 1/27/2007 show that there are currently 77 Home and Estate/PUDs on the market. The average price for the 77 properties is $1,404,712; the highest priced listing is $6,500,000, the median listing price is $1,149,000 and the lowest priced listing is $659,000. The average market time for those properties is 90 days.
There were 14 properties that entered escrow in the same time period. The average price for those homes that entered escrow is $982,964. The highest price house is $1,535,000, the median price is $899,000 and the lowest priced house is $599,999. The average market time for the homes is 121.
One the Sales side there has been 12 properties close escrow. The average price of those 12 homes is $1,359,041, the highest price is $2,530,000, the median price is $1,015,000 and the lowest priced property is $551,000. The average market time for these homes is 102 days.
For Santa Barbara Real Estate for West of State St the Price Range Statistics for Condominiums there are currently 34 condos currently on the market. The average price for the 34 properties is $859,917; the highest priced listing is $2,395,000 the median listing price is $680,000 and the lowest priced listing is $424,000. The average market time for those properties is 101 days.
There were 6 condos that entered escrow in the same time period. The average price for those homes that entered escrow is $667,666. The highest price house is $915,000 the median price is $649,000 and the lowest priced house is $465,000. The average market time for the homes is 118.
One the Sales side there has been 3 properties close escrow. The average price of those 3 homes is $578,166, the highest price is $662,000, the median price is $635,000 and the lowest priced property is $437,500. The average market time for these homes is 135 days.