For the Santa Barbara Real Estate areas of Carpinteria Real Estate/ Summerland Real Estate for Single Family Homes there were 4 that closed escrow in the last 30 days with a Median Sales Price of $1,897,500 and an Average Sales Price of $2,768,750. The average Days on the Market for those properties was 209. 17 properties came on the market with a Median Asking Price of $899,000 and an Average Asking Price of $1,585,852. 5 properties went into escrow with a Median Asking Price of $1,595,000 and an Average Asking Price of $2,460,400. The average Days on the Market for those properties is 212. Currently there are 48 Single Family Residents for sale in the area with a median asking price of $979,000 and an average asking price of $2,553,423. The average Days on the Market for those properties is 86.
For the Santa Barbara Real Estate areas of Carpinteria Real Estate/ Summerland Real Estate for Condominiums there were 4 that closed escrow in the last 30 days with a Median Sales Price of $559,500 and an Average Sales Price of $604,750. The average Days on the Market for those properties was 119. 13 properties came on the market with a Median Asking Price of $595,000 and an Average Asking Price of $572,761. 3 went into escrow with a Median Asking Price of $469,000 and an Average Asking Price of $581,000. The average Days on the Market for those properties is 190. Currently there are 57 Condominiums for sale in the area with a median asking price of $595,000 and an average asking price of $620,380. The average Days on the Market for those properties is 99.
In the Goleta Real Estate North area of Santa Barbara Real Estate for the Condo Market the number of total listings for ‘06 versus what was on the market last year at this time is exactly the same for a total of 50 properties that have been active this year but the New Listings that came on this year are down by 10 for a -30% decrease. The number of sales is exactly the same for a 0% increase, but the Average Sales Price is down. Last year at this time it was $649,333 and this year it’s at $540,063 for a decrease of -16%.
In the Single Family Home market for the Santa Barbara Real Estate area of Goleta Real Estate North there are 27 more properties that have been active this year as opposed to last year for a total of 144, and there are more new listings this year with 78 for last year vs. 83 for this year. The sales are up with 39 this year vs. 37 last year for a 5% increase. And the Average Sales Price is up from $1,053,801 last year to $1,213,353 this year for a 15% increase.
In the Planned Unit Development Market of the Santa Barbara Real Estate area of Goleta Real Estate North there are 4 more properties that has been active this year as opposed to last year for a total of 10 but there is 1 less new listing with 6 for last year vs. 5 for this year. The sales are up with 4 this year vs. 0 last year for a 100% increase. And the Average Sales Price is up from $0 last year to $788,750 this year for a 100% increase.
In the Goleta Real Estate South area of Santa Barbara Real Estate for the Condo Market the number of total listings for ‘06 versus what was on the market last year at this time is down by 7 for a total of 67 properties that have been active this year and the New Listings that came on this year are down by 2 for a -4% decrease. The number of sales is up by 4 for a 20% increase, but the Average Sales Price is down. Last year at this time it was $596,075 and this year it’s at $587,938 for a decrease of -1%.
In the Single Family Home market for the Santa Barbara Real Estate area of Goleta Real Estate South there are 4 more properties that have been active this year as opposed to last year for a total of 77, and there are more new listings this year with 47 for last year vs. 55 for this year. The sales are down with 21 this year vs. 25 last year for a -16% decrease. And the Average Sales Price is down from $1,073,260 last year to $1,061,143 this year for a -1% decrease.
In the Planned Unit Development Market of the Santa Barbara Real Estate area of Goleta Real Estate South there is 1 less property that has been active this year as opposed to last year for a total of 5 and there are 2 fewer new listing with 6 for last year vs. 4 for this year. The sales are up with 4 this year vs. 2 last year for a 100% increase. And the Average Sales Price is down from $1,123,000 last year to $871,750 this year for a -22% decrease.
In the Hope Ranch Real Estate area of Santa Barbara Real Estate for the Condo Market there was no activity.
In the Single Family Home market for the Santa Barbara Real Estate area of Hope Ranch Real Estate there are 6 more properties that have been active this year as opposed to last year for a total of 33, and there are more new listings this year with 13 for last year vs. 19 for this year. The sales are up with 9 this year vs. 3 last year for a 200% increase. And the Average Sales Price is up from $2,336,667 last year to $3,597,778 this year for a 53% increase.
In the Planned Unit Development Market of the Santa Barbara Real Estate area of Hope Ranch Real Estate there was no activity.
In the West of State St area of Santa Barbara Real Estate for the Condo Market the number of total listings for ‘06 versus what was on the market last year at this time is up by 11 for a total of 93 properties that have been active this year and the New Listings that came on this year are down by 9 for a -14% decrease. The number of sales is up by 5 for a 29% increase, and the Average Sales Price is down. Last year at this time it was $708,965 and this year it’s at $674,784 for a decrease of -4%.
In the Single Family Home market for the Santa Barbara Real Estate area of West of State St there are 14 more properties that have been active this year as opposed to last year for a total of 186, and there are fewer new listings this year with 112 for last year vs. 101 for this year. The sales are up with 61 this year vs. 58 last year for a 5% increase. But the Average Sales Price is up from $1,133,715 last year to $1,167,222 this year for a 2% increase.
In the Planned Unit Development Market of the Santa Barbara Real Estate area of West of State St there are 4 more properties that have been active this year as opposed to last year for a total of 8 and there is 1 more new listing with 3 for last year vs. 4 for this year. The sales are up with 2 this year vs. 10last year for a 100% increase. And the Average Sales Price is up from $0 last year to $1,237,000 this year for a 100% increase.
In the East of State St area of Santa Barbara Real Estate for the Condo Market the number of total listings for ‘06 versus what was on the market last year at this time is down by 16 for a total of 94 properties that have been active this year and the New Listings that came on this year are down by 16 for a -32% decrease. The number of sales is up by 2 for an 8% increase, and the Average Sales Price is down. Last year at this time it was $708,965 and this year it’s at $674,784 for a decrease of -5%.
In the Single Family Home market for the Santa Barbara Real Estate area of East of State St there are 2 fewer properties that have been active this year as opposed to last year for a total of 240, but there are more new listings this year with 143 for last year vs. 145 for this year. The sales are down with 62 this year vs. 78 last year for a -20% decrease. And the Average Sales Price is down from $1,519,412 last year to $1,179,385 this year for a -22% decrease.
In the Planned Unit Development Market of the Santa Barbara Real Estate area of East of State St there are 2 fewer properties that have been active this year as opposed to last year for a total of 1 and there are 2 fewer new listing with 2 for last year vs. 0 for this year. The sales are exactly the same with 0 this year vs. 0 last year for a -0% increase. And the Average Sales Price is the same with $0 last year to $0 this year for a -0% decrease.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the number of total listings for ‘06 versus what was on the market last year at this time is down by 4 for a total of 32 properties that have been active this year and the New Listings that came on this year are down by 3 for a 15% decrease. The number of sales is up by 8 for a 133% increase, and the Average Sales Price is up. Last year at this time it was $1,531,667 and this year it’s at $1,657,857 for an increase of 8%.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate there are 7 more properties that have been active this year as opposed to last year for a total of 228, but there are fewer new listings this year with 121 for last year vs. 110 for this year. The sales are up with 62 this year vs. 54 last year for a 14% increase. And the Average Sales Price is down from $3,594,516 last year to $3,392,694 this year for a -5% decrease.
In the Planned Unit Development Market of the Santa Barbara Real Estate area of Montecito Real Estate there are exactly the same numbers of properties that have been active this year as opposed to last year for a total of 1 and there are exactly the same numbers of new listing with 0 for last year vs. 0 for this year. The sales are exactly the same with 1 this year vs. 1 last year for a -0% increase. And the Average Sales Price is up from $1,250,000 last year to $2,325,000 this year for an 86% increase.
In the Carpinteria Real Estate/ Summerland Real Estate area of Santa Barbara Real Estate for the Condo Market the number of total listings for ‘06 versus what was on the market last year at this time is up by 25 for a total of 93 properties that have been active this year and the New Listings that came on this year are up by 17 for a 47% increase. The number of sales is down by 3 for a -20% decrease, and the Average Sales Price is down. Last year at this time it was $675,382 and this year it’s at $610,750 for a decrease of -9%.
In the Single Family Home market for the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate there are 9 fewer properties that have been active this year as opposed to last year for a total of 77, and there are fewer new listings this year with 44 for last year vs. 37 for this year. The sales are up with 23 this year vs. 16 last year for a 43% increase. And the Average Sales Price is up from $3,041,719 last year to $4,538,891 this year for a 49% increase.
In the Planned Unit Development Market of the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate there are 2 more properties that have been active this year as opposed to last year for a total of 4 and there are 3 more new listing with 0 for last year vs. 3 for this year. The sales are exactly the same with 1 this year vs. 1 last year for a -0% increase. And the Average Sales Price is down from $850,000 last year to $630,000 this year for a -25% decrease.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Scales price for the first 3 months of the year for Home and Estates/PUDs was $909,000 and for January through March 2006 it was $972,500. This is a 6.6% decline from year to year. Looking at the Median List price for 2007 it’s been $1,249,000 as compared to the 2006 Median List price of $1,450,000. This is a 13.9% difference year over year.
The gap between the current Median Sales price of $909,000 and the current Median List price for the entire inventory of $1,249,000 is $258,000. This means that the gap between the two prices is 27.3%. This is a very interesting number because the List Price is above the Sold Price telling me that the Prices could possible continue to rise throughout the first part of the year.
The fact to keep in mind is that for the Goleta Real Estate South areas there were only 35 properties sold so all the numbers are going to move around quite a bit. The Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 35, was 84 days.
For Santa Barbara Real Estate’s Goleta South area for the 1st quarter of the year for Condos the Median Sales price was $559,500. This can be compared to the 2006 figure of $630,000. The gap between the current Median Sales price of $559,500 and the current Median List price for the entire inventory of $567,000 is $7,500. The Median List price for 2007 is $567,000 compared to the Median List price for 2006, which was $585,000.
The gap between the Median Sales price of $559,500 and the Median List price $567,000 therefore is 1.4%.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Scales price for the first 3 months of the year for Home and Estates/PUDs was $850,000 and for January through March 2006 it was $939,500. This is a 9.6% decline from year to year. Looking at the Median List price for 2007 it’s been $1,017,500 as compared to the 2006 Median List price of $999,000. This is a 1.8% difference year over year.
The gap between the current Median Sales price of $850,000 and the current Median List price for the entire inventory of $1,017,500 is $167,500. This means that the gap between the two prices is 16.5%. This is a very interesting number because the List Price is above the Sold Price telling me that the Prices could possible continue to rise throughout the first part of the year.
The fact to keep in mind is that for the Goleta Real Estate South areas there were only 21 properties sold so all the numbers are going to move around quite a bit. The Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 21, was 61 days.
For Santa Barbara Real Estate’s Goleta South area for the 1st quarter of the year for Condos the Median Sales price was $544,500. This can be compared to the 2006 figure of $579,500. The gap between the current Median Sales price of $544,500 and the current Median List price for the entire inventory of $525,000 is $18,500. The Median List price for 2007 is $525,000 compared to the Median List price for 2006, which was $559,000.
The gap between the Median Sales price of $544,500 and the Median List price $525,000 therefore is 3.7%.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Scales price for the first 3 months of the year for Home and Estates/PUDs was $2,627,500 and for January through March 2006 it was $1,755,000. This is a 49.7% rise from year to year. Looking at the Median List price for 2007 it’s been $3,600,000 as compared to the 2006 Median List price of $4,950,000. This is a 27.3% difference year over year.
The gap between the current Median Sales price of $2,627,500 and the current Median List price for the entire inventory of $3,600,000 is $972,500. This means that the gap between the two prices is 27.1%. This is a very interesting number because the List Price is above the Sold Price telling me that the Prices could possible continue to rise throughout the first part of the year.
The fact to keep in mind is that for the Hope Ranch areas there were only 6 properties sold so all the numbers are going to move around quite a bit. The Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 6, was 104 days.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area for the 1st quarter 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 first 3 months of the year for Home and Estates/PUDs was $1,000,000 and for January through March 2006 it was $1,055,000. This is a 5.3% rise from year to year. Looking at the Median List price for 2007 it’s been $1,099,000 as compared to the 2006 Median List price of $1,189,000. This is a 7.6% difference year over year.
The gap between the current Median Sales price of $1,000,000 and the current Median List price for the entire inventory of $1,099,000 is $99,000. This means that the gap between the two prices is 9.1%. This is a very interesting number because the List Price is above the Sold Price telling me that the Prices could possible continue to rise throughout the first part of the year.
The fact to keep in mind is that for the West of State St areas there were only 51 properties sold so all the numbers are going to move around quite a bit. The Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 51, was 86 days.
For Santa Barbara Real Estate’s West of State St area for the 1st quarter of the year for Condos the Median Sales price was $640,000. This can be compared to the 2006 figure of $675,000. The gap between the current Median Sales price of $640,000 and the current Median List price for the entire inventory of $687,500 is $47,500. The Median List price for 2007 is $687,500 compared to the Median List price for 2006, which was $675,000.
The gap between the Median Sales price of $640,000 and the Median List price $687,500 therefore is 7.4%.
For Santa Barbara Real Estate’s East of State St area the Median Scales price for the first 3 months of the year for Home and Estates/PUDs was $1,012,500 and for January through March 2006 it was $1,335,000. This is a 25% decline from year to year. Looking at the Median List price for 2007 it’s been $1,595,000 as compared to the 2006 Median List price of $1,545,000. This is an 3% difference year over year.
The gap between the current Median Sales price of $1,012,500 and the current Median List price for the entire inventory of $1,595,000 is $572,500. This means that the gap between the two prices is 26.4%. This is a very interesting number because the List Price is way above the Sold Price telling me that the Prices could possible continue to rise throughout the first part of the year.
The fact to keep in mind is that for the East of State St areas there were only 52 properties sold so all the numbers are going to move around quite a bit. The Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 52, was 90 days.
For Santa Barbara Real Estate’s East of State St area for the 1st quarter of the year for Condos the Median Sales price was $749,000. This can be compared to the 2006 figure of $830,000. The gap between the current Median Sales price of $749,000 and the current Median List price for the entire inventory of $795,000 is $46,000. The Median List price for 2007 is $795,000 compared to the Median List price for 2006, which was $1,125,000.
The gap between the Median Sales price of $749,000 and the Median List price $795,000 therefore is 5.7%.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Scales price for the first 3 months of the year for Home and Estates/PUDs was $2,800,000 and for January through March 2006 it was $2,370,000. This is an 18.1% rise from year to year. Looking at the Median List price for 2007 it’s been $3,775,000 as compared to the 2006 Median List price of $3,495,000. This is an 8% difference year over year.
The gap between the current Median Sales price of $2,800,000 and the current Median List price for the entire inventory of $3,775,000 is $975,000. This means that the gap between the two prices is 25.9%. This is a very interesting number because the List Price is way above the Sold Price telling me that the Prices could possible continue to rise throughout the first part of the year.
The fact to keep in mind is that for the Montecito Real Estate areas there were only 45 properties sold so all the numbers are going to move around quite a bit. The Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 45, was 96 days.
For Santa Barbara Real Estate’s Montecito Real Estate area for the 1st quarter of the year for Condos the Median Sales price was $1,500,000. This can be compared to the 2006 figure of $1,562,500. The gap between the current Median Sales price of $1,500,000 and the current Median List price for the entire inventory of $1,275,000 is $225,000. The Median List price for 2007 is $1,275,000 compared to the Median List price for 2006, which was $1,165,000.
The gap between the Median Sales price of $1,500,000 and the Median List price $1,275,000 therefore is 17.6%.
For Santa Barbara Real Estate’s Carpinteria Real Estate/Summerland Real Estate area the Median Scales price for the first 3 months of the year for Home and Estates/PUDs was $1,615,000 and for January through March 2006 it was $1,475,000. This is a 9.4% rise from year to year. Looking at the Median List price for 2007 it’s been $1,089,000 as compared to the 2006 Median List price of $1,195,000. This is a 8.9% difference year over year.
The gap between the current Median Sales price of $1,615,000 and the current Median List price for the entire inventory of $1,089,000 is $534,000. This means that the gap between the two prices is 52%. This is a very interesting number because the List Price is way below the Sold Price telling me that the Prices could possible continue to fall throughout the first part of the year. At this point however sales are continuing at a good pace.
The fact to keep in mind is that for the Carpinteria/Summerland areas there were only 17 properties sold so all the numbers are going to move around quite a bit. The Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 17, was 119 days.
For Santa Barbara Real Estate’s Carpinteria Real Estate/Summerland Real Estate area for the 1st quarter of the year for Condos the Median Sales price was $570,000. This can be compared to the 2006 figure of $649,500. The gap between the current Median Sales price of $570,000 and the current Median List price for the entire inventory of $655,000 is $85,000. The Median List price for 2007 is $599,000 compared to the Median List price for 2006, which was $655,000.
The gap between the Median Sales price of $570,000 and the Median List price $599,000 therefore is 5%.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 3 months of ’07 in the Single Family Home market 33 homes closed escrow with a median sold price of $915,000 and an average sold price of $1,216,220. 69 homes came on the market with a median asking price of $1,150,000 and an average asking price of $1,638,769. Also for that period 48 properties went into escrow, 4 were withdrawn from the market, 9 listings cancelled, 21 expired and 13 came back on the market. Currently there are 68 homes for sale in the area with a median list price of $1,249,000 and an average list price of $1,800,317.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first three months of ’07 in the Condo market 11 condos closed escrow with a median sold price of $569,000 and an average sold price of $536,336. 22 condos came on the market with a median asking price of $570,000 and an average asking price of $593,913. Also for that period 13 properties went into escrow, 4 were withdrawn from the market, 7 listings cancelled, 8 expired and 2 came back on the market. Currently there are 22 condos for sale in the area with a median list price of $567,000 and an average list price of $578,859.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 3 months of ’07 in the Single Family Home market 21 homes closed escrow with a median sold price of $850,000 and an average sold price of $1,004,047. 50 homes came on the market with a median asking price of $929,000 and an average asking price of $1,127,859. Also for that period 25 properties went into escrow, 3 were withdrawn from the market, 7 listings cancelled, 9 expired and 7 came back on the market. Currently there are 35 homes for sale in the area with a median list price of $949,000 and an average list price of $1,299,671.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first three months of ’07 in the Condo market 18 condos closed escrow with a median sold price of $544,500 and an average sold price of $560,416. 36 condos came on the market with a median asking price of $539,000 and an average asking price of $551,293. Also for that period 20 properties went into escrow, 2 were withdrawn from the market, 6 listings cancelled, 12 expired and 6 came back on the market. Currently there are 31 condos for sale in the area with a median list price of $525,000 and an average list price of $535,203.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 3 months of ’07 in the Single Family Home market 6 homes closed escrow with a median sold price of $2,627,500 and an average sold price of $3,284,166. 12 homes came on the market with a median asking price of $3,195,000 and an average asking price of $5,159,916. Also for that period 10 properties went into escrow, 1 was withdrawn from the market, 1 listing cancelled, 7 expired and 3 came back on the market. Currently there are 12 homes for sale in the area with a median list price of $5,495,000 and an average list price of $6,794,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first three months 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 3 months of ’07 in the Single Family Home market 47 homes closed escrow with a median sold price of $999,000 and an average sold price of $1,123,164. 80 homes came on the market with a median asking price of $1,150,000 and an average asking price of $1,336,121. Also for that period 58 properties went into escrow, 8 were withdrawn from the market, 28 listings cancelled, 25 expired and 12 came back on the market. Currently there are 66 homes for sale in the area with a median list price of $1,099,000 and an average list price of $1,397,203.
For the Santa Barbara Real Estate area of West of State St for the first three months of ’07 in the Condo market 14 condos closed escrow with a median sold price of $640,000 and an average sold price of $606,821. 39 condos came on the market with a median asking price of $679,000 and an average asking price of $810,317. Also for that period 22 properties went into escrow, 4 were withdrawn from the market, 9 listings cancelled, 18 expired and 14 came back on the market. Currently there are 44 condos for sale in the area with a median list price of $687,500 and an average list price of $838,972.
For the Santa Barbara Real Estate area of East of State St for the first 3 months of ’07 in the Single Family Home market 51 homes closed escrow with a median sold price of $1,000,000 and an average sold price of $1,154,664. 112 homes came on the market with a median asking price of $1,295,000 and an average asking price of $1,659,606. Also for that period 67 properties went into escrow, 15 were withdrawn from the market, 14 listings cancelled, 29 expired and 18 came back on the market. Currently there are 92 homes for sale in the area with a median list price of $1,674,000 and an average list price of $1,856,586.
For the Santa Barbara Real Estate area of East of State St for the first three months of ’07 in the Condo market 23 condos closed escrow with a median sold price of $749,000 and an average sold price of $812,152. 43 condos came on the market with a median asking price of $829,000 and an average asking price of $964,446. Also for that period 26 properties went into escrow, 7 were withdrawn from the market, 7 listings cancelled, 11 expired and 9 came back on the market. Currently there are 39 condos for sale in the area with a median list price of $824,900 and an average list price of $943,079.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 3 months of ’07 in the Single Family Home market 45 homes closed escrow with a median sold price of $2,800,000 and an average sold price of $3,637,555. 84 homes came on the market with a median asking price of $3,325,000 and an average asking price of $5,106,498. Also for that period 50 properties went into escrow, 10 were withdrawn from the market, 18 listings cancelled, 33 expired and 23 came back on the market. Currently there are 105 homes for sale in the area with a median list price of $3,650,000 and an average list price of $6,183,676.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first three months of ’07 in the Condo market 10 condos closed escrow with a median sold price of $1,500,000 and an average sold price of $1,666,000. 13 condos came on the market with a median asking price of $1,369,000 and an average asking price of $1,627,461. Also for that period 7 properties went into escrow, 2 were withdrawn from the market, 2 listings cancelled, 5 expired and 0 came back on the market. Currently there are 10 condos for sale in the area with a median list price of $1,275,000 and an average list price of $1,610,300.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for the first 3 months of ’07 in the Single Family Home market 15 homes closed escrow with a median sold price of $1,615,000 and an average sold price of $5,923,333. 32 homes came on the market with a median asking price of $1,250,000 and an average asking price of $3,815,184. Also for that period 18 properties went into escrow, 7 were withdrawn from the market, 4 listings cancelled, 13 expired and 6 came back on the market. Currently there are 37 homes for sale in the area with a median list price of $1,095,000 and an average list price of $2,992,344.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for the first three months of ’07 in the Condo market 9 condos closed escrow with a median sold price of $570,000 and an average sold price of $580,000. 44 condos came on the market with a median asking price of $589,000 and an average asking price of $610,599. Also for that period 15 properties went into escrow, 2 were withdrawn from the market, 7 listings cancelled, 17 expired and 5 came back on the market. Currently there are 51 condos for sale in the area with a median list price of $599,000 and an average list price of $627,976.
For the first three months of the year 2007 for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate – Summerland Real Estateand Goleta Real Estate some numbers are up and some are down. The number of sales of Home Estate/PUDs is up to 225. This is about 5% ahead of where we were at this time last year and almost up to the where we were in 2005. The Median Sales price is down however. At this time in 2006 we were at $1,175,000 and for 2007 we’re at $1,129,000. The only part of the area which is up is Montecito which continues to grow at about a 10%-12% rate. This growth is particularly evident in the $3,000,000 and up range.
The number that really jumps out at me is the number of Homes that have gone into Escrow or are Pending as we like to say. For 2007 we’re at 283 properties as opposed to last year’s 237. This is almost a 25% increase in the number of homes entering escrow. The really good news is that those properties for the most part complete the sale process and do indeed close. One indicator that is definitely good news is what’s called the Fall Through rate is down. This rate is the percentage of properties that fall out of escrow. For 2006 this number was 12.6% and for 2007 it’s down to 9.8%.
The number of new listings that have come on the market this year is at 443 slightly behind the 2006 pace of 455 which was a high water mark for past few years. The median list price for those properties that have come on the market this year is at $1,349,000 slightly above the 2006 number of $1,329,000 but below the 2005 number of $1,495,000.
Looking at the entire area at this time last year the median sales price was $1,175,000 right now it’s $1,129,000. This is a drop of about 4% in the median sales price. The median list price of homes on the market currently stands at $1,349,000 and last year it was $1,329,000 for an increase of 1.5%. Again the number that really stands out to me is the gap between the median sales price of $1,129,000 and overall inventory median list price of $1,695,000. This means that the amount people are willing to pay is more than a half a million dollars less than what people are asking for a percentage of 33.4%.
For Home Estate/PUDs the market is looking very good right now. Sales are up about 25% but the Median Sales price is down about 4%. The interest rates appear to be stable at this point so it looks like we’ll have a good year. The number of Sales will probably be slightly lower than the 2004 rate but definitely ahead of where we were in 2006.
Over on the Condo side of the ledger the picture is not quite as good on the Home Estate market. Sales are up about 10% from where they were last year but below the 2004 and 2005 levels. The median sales price is down about 8% from last year. Currently it’s at $632,500 and in 2006 it was $684,500.
Just like with Home Estates the number of homes entering escrow is up. Last year at this time it was 82 and right now it’s at 102 for an increase of about 20%. The bothersome number is the Fall Through rate is up fairly dramatically. Currently it stands at 12.7% up from the 2006 level of 9.7% and way ahead of the 2004 level of .9%. There are a lot of factors that go into this number including tightening of lending requirements and a general concern over where the market is going. People see that the prices have come down and they wonder if they will continue to come down. This causes people to pull back from sales and leads to a reticence to go forward with a purchase.
The number of listings that have come on the market is down slightly from 2006 which was a robust 212 at this time but currently the number of 199 which is still substantially ahead of the 2004 and 2005 levels. The Median List price of $649,000 is below the 2006 level of $698,000 but it’s more than $100,000 over the 2004 level of $539,000.
Currently the condo median sales price of $632,500 is 7.6% below the 2006 price of $684,500 and the median list price of $649,000 is 7.1% below the 2006 list price of $698,000. But unlike Home Estates where we saw a huge gap between the Median List Price and the Median Selling Price the current Median Sales Price of $632,500 if 2.7% below the Median List Price for the entire inventory of $650,000.
The condo market looks like it’s going to stay exactly where it’s been. For all of 2006 we averaged 20 condo sales per month and currently we’re still right at that level thus far in 2007. There is an increase of properties that are going into escrow, but there is also an increase in the number of properties falling out of escrow. This means that basically there is not an increase or decrease in the number of units sold.
The Median Sales Price has dropped, but this drop has not seemed to spur buyers to act. It will probably take a further decrease in price to get this market moving. The problem would be if the prices start dropping dramatically and it spurs a panic in the market. I don’t see this happening but there could still be a gradual trickling down of condo prices. Again, basically I see the condo market staying exactly where it’s been for over a year with prices going down gradually.
Santa Barbara Real Estate Podcasts
For the Santa Barbara Real Estate areas of Goleta Real Estate North for Single Family Homes there were 18 that closed escrow in the last 30 days with a Median Sales Price of $954,500 and an Average Sales Price of $1,409,187. The average Days on the Market for those properties was 97. 27 properties came on the market with a Median Asking Price of $1,100,000 and an Average Asking Price of $1,577,388. 10 properties went into escrow with a Median Asking Price of $995,000 and an Average Asking Price of $1,077,350. The average Days on the Market for those properties is 76. Currently there are 63 Single Family Residents for sale in the area with a median asking price of $1,249,000 and an average asking price of $1,805,771. The average Days on the Market for those properties is 88.
For the Santa Barbara Real Estate areas of Goleta Real Estate North for Condominiums there were 2 that closed escrow in the last 30 days with a Median Sales Price of $615,000 and an Average Sales Price of $615,000. The average Days on the Market for those properties was 56. 3 properties came on the market with a Median Asking Price of $569,000 and an Average Asking Price of $569,000. 3 went into escrow with a Median Asking Price of $559,000 and an Average Asking Price of $569,000. The average Days on the Market for those properties is 102. Currently there are 25 Condominiums for sale in the area with a median asking price of $569,000 and an average asking price of $577,352. The average Days on the Market for those properties is 132.
For the Santa Barbara Real Estate areas of Goleta Real Estate South for Single Family Homes there were 7 that closed escrow in the last 30 days with a Median Sales Price of $850,000 and an Average Sales Price of $932,000. The average Days on the Market for those properties was 40. 13 properties came on the market with a Median Asking Price of $1,019,000 and an Average Asking Price of $1,203,538. 9 properties went into escrow with a Median Asking Price of $889,000 and an Average Asking Price of $996,555. The average Days on the Market for those properties is 49. Currently there are 28 Single Family Residents for sale in the area with a median asking price of $949,000 and an average asking price of $1,261,857. The average Days on the Market for those properties is 49.
For the Santa Barbara Real Estate areas of Goleta Real Estate South for Condominiums there were 8 that closed escrow in the last 30 days with a Median Sales Price of $472,500 and an Average Sales Price of $519,812. The average Days on the Market for those properties was 112. 11 properties came on the market with a Median Asking Price of $560,000 and an Average Asking Price of $575,881. 7 went into escrow with a Median Asking Price of $519,000 and an Average Asking Price of $589,542. The average Days on the Market for those properties is 32. Currently there are 29 Condominiums for sale in the area with a median asking price of $525,000 and an average asking price of $539,306. The average Days on the Market for those properties is 68.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Single Family Homes there were 4 that closed escrow in the last 30 days with a Median Sales Price of $2,627,500 and an Average Sales Price of $2,701,250. The average Days on the Market for those properties was 109. 4 properties came on the market with a Median Asking Price of $3,195,000 and an Average Asking Price of $5,833,750. 5 properties went into escrow with a Median Asking Price of $3,498,700 and an Average Asking Price of $4,578,739. The average Days on the Market for those properties is 230. Currently there are 11 Single Family Residents for sale in the area with a median asking price of $6,395,000 and an average asking price of $6,771,181. The average Days on the Market for those properties is 140.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums was no activity.
For the Santa Barbara Real Estate areas of West of State St for Single Family Homes there were 22 that closed escrow in the last 30 days with a Median Sales Price of $997,000 and an Average Sales Price of $1,052,863. The average Days on the Market for those properties was 90. 26 properties came on the market with a Median Asking Price of $1,199,000 and an Average Asking Price of $1,472,876. 26 properties went into escrow with a Median Asking Price of $1,225,000 and an Average Asking Price of $1,465,780. The average Days on the Market for those properties is 54. Currently there are 61 Single Family Residents for sale in the area with a median asking price of $1,099,000 and an average asking price of $1,407,990. The average Days on the Market for those properties is 92.
For the Santa Barbara Real Estate areas of West of State St for Condominiums there were 7 that closed escrow in the last 30 days with a Median Sales Price of $585,000 and an Average Sales Price of $549,714. The average Days on the Market for those properties was 119. 10 properties came on the market with a Median Asking Price of $585,000 and an Average Asking Price of $708,800. 9 went into escrow with a Median Asking Price of $729,000 and an Average Asking Price of $846,100. The average Days on the Market for those properties is 67. Currently there are 37 Condominiums for sale in the area with a median asking price of $680,000 and an average asking price of $812,064. The average Days on the Market for those properties is 92.
For the Santa Barbara Real Estate areas of East of State St for Single Family Homes there were 20 that closed escrow in the last 30 days with a Median Sales Price of $1,057,500 and an Average Sales Price of $1,221,405. The average Days on the Market for those properties was 86. 36 properties came on the market with a Median Asking Price of $1,395,000 and an Average Asking Price of $1,858,250. 36 properties went into escrow with a Median Asking Price of $1,279,000 and an Average Asking Price of $1,650,022. The average Days on the Market for those properties is 87. Currently there are 94 Single Family Residents for sale in the area with a median asking price of $1,595,000 and an average asking price of $1,805,685. The average Days on the Market for those properties is 87.
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 $700,000 and an Average Sales Price of $879,375. The average Days on the Market for those properties was 134. 11 properties came on the market with a Median Asking Price of $824,000 and an Average Asking Price of $898,263. 5 went into escrow with a Median Asking Price of $959,000 and an Average Asking Price of $959,400. The average Days on the Market for those properties is 89. Currently there are 39 Condominiums for sale in the area with a median asking price of $769,000 and an average asking price of $936,438. The average Days on the Market for those properties is 86.
For the Santa Barbara Real Estate areas of Montecito Real Estate for Single Family Homes there were 16 that closed escrow in the last 30 days with a Median Sales Price of $2,850,000 and an Average Sales Price of $3,625,687. The average Days on the Market for those properties was 93. 25 properties came on the market with a Median Asking Price of $3,600,000 and an Average Asking Price of $4,841,480. 18 properties went into escrow with a Median Asking Price of $2,850,000 and an Average Asking Price of $3,866,494. The average Days on the Market for those properties is 140. Currently there are 109 Single Family Residents for sale in the area with a median asking price of $3,775,000 and an average asking price of $6,150,110. 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 3 that closed escrow in the last 30 days with a Median Sales Price of $1,200,000 and an Average Sales Price of $1,341,666. The average Days on the Market for those properties was 181. 2 properties came on the market with a Median Asking Price of $996,000 and an Average Asking Price of $1,073,000. 1 went into escrow with a Median Asking Price of $1,850,000 and an Average Asking Price of $1,850,000. The average Days on the Market for that property is 36. Currently there are 9 Condominiums for sale in the area with a median asking price of $1,275,000 and an average asking price of $1,389,444. The average Days on the Market for those properties is 65.