For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 6 properties close escrow in the last 30 days. In August/September for the same period there was just one more of 11. Currently the Median sales price for homes in the area is $904,945 and two months ago it was only slightly more at $889,000. During the last 30 days 12 homes entered escrow as opposed to 5 properties 2 months ago. At the time those 5 properties entered escrow the Median Asking price was $969,000 and now it has slid slightly to $879,000. Currently there are 90 Home Estates available in Goleta South and in August/September there were 89. The Median Asking price two months ago was $995,000 and now it is slightly lower at $950,000.
For condominiums in the Goleta Real Estate North area of Santa Barbara Real estate there were 3 that closed escrow in September/October. In August/September there were 8. The Median Sales price of the 8 was $515,500 and now it’s risen to $750,000. Also during August/September 5 Condos went into escrow while in September/October 3 entered escrow. The inventory has remained almost exactly where it was for the past two months. In August/September there were 24 condos for sale and currently there are 23. Two months ago the Median Listing price was $549,000 and currently it is exactly the same.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market there were 2 homes that closed escrow in the last 30 days. For the same period 2 months ago there were 9 properties. The Median Sales price of those 2 homes was $1,052,500 as opposed to two months ago when the Median Sales price was $1,095,000. During that same period in August and September there were 6 properties that entered escrow and currently there are 3. The Median asking price of those 3 homes is $849,000 and in September it was $859,000. The current inventory in Goleta South shows us 42 Home Estates and in September there were 51 properties available. The current Median List price is $899,900 and two months ago it was very similar at $859,000.
For Condominiums in the Goleta Real Estate South area of Santa Barbara Real Estate there were 3 that closed escrow in September and October as opposed to 8 in August and September. The Median sales price currently is $441,250 and two months ago it was $617,000. In the last month 5 properties entered escrow as opposed to 5 in August/September. But the inventory has decreased from 47 in August/September to the current 31. The Median asking price currently is $619,000 which is up from where it was two months ago at $599,999.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the last 30 days 5 Home Estates have closed escrow. At this time last month there were 8 that closed. The Median Sales price has gone up slightly from $2,970,000 in September to the current $3,000,000. Also in the last 30 days, 1 property entered escrow which is with 6 going into escrow in September. The Hope Ranch inventory has declined from 9 available Single Family dwellings in September to the current 8 now available. The Media Asking price for those 9 properties two months ago was $2,695,000 which is exactly the same number we see currently.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate areas of West of State St for Single Family Homes there were 13 that closed escrow in the last 30 days as opposed to 10 in September. The Median sales price two months ago was $1,107,000 but currently its $875,000. So while the numbers of properties completed the sales cycle went up the Median Sales price fell. Also in the last 30 days 15 properties entered escrow which is more than entered escrow in September when it was 12. The inventory has contracted somewhat with currently 105 properties available as opposed to two months ago when there were 103 for sale. The Median List is exactly where it was, $1,195,000 in September and $1,195,000 now.
For Condominiums in the West of State St area of Santa Barbara Real Estate there were 3 properties that closed in the last 30 days as opposed to 11 that closed escrow in September. The Median Sold price is exactly where it was in September at $675,000. Also in September we saw 2 condos enter escrow just like the 2 we saw this month. The inventory is going down slightly with September showing 46 condos available with a $725,000 median list price. Compared to 45 properties available currently with a Median List price or $679,000.
For Santa Barbara Real Estate East of State St for Single Family Homes 21 properties closed in the last 30 days as opposed to 18 two months ago. The Median Sales price is down slightly from $1,285,000 in September to $1,267,000 currently. The numbers of homes that were in escrow two months ago was 13 and in the last 30 days it’s been 15. Median asking price of those homes in escrow has fallen from $1,269,000 to the current $1,190,000. The inventory has decreased however from 139 in September to 135 now. Usually at this time of year the inventory starts to shrink but currently not by much. The Median Listing price of the inventory has increased only slightly. Right now it’s $1,495,000 down from $1,499,000.
For Condominiums in the East of State St area of Santa Barbara Real Estate the number of properties that closed escrow in the last 30 days was 6 as compared to 6 for September and the Median Sales price of those homes that closed escrow was $1,227,000 as compared to $589,500 in September. During the current period 6 properties entered escrow but during September 6 went into escrow. Currently there are 43 condos available on the East Side but in September there were 47. Of those currently active condos the Median List price is $995,000 and two months ago the Median List price was $879,000.
Santa Barbara Real Estate’s area of Montecito Real Estate for Home Estate/PUDs for the middle of September to the middle of October shows us that there were 12 sales as opposed to 18 the previous 30 days. The median sales price is also almost exactly the same with $2,795,000 in September to the current $2,775,000. The average days on the market has decreased from 92 two months ago to 86 currently. But the really good news is that in September there were 8 properties that entered escrow and currently there are 13. The inventory is up slightly from 111 in September and currently it’s 114. The Median Listing price of that inventory is down, two months ago $4,200,000 and currently its $3,600,000.
Montecito Real Estate Condominiums in the Santa Barbara Real estate has changed. In September there were 2 closings and currently there are 0. The Median Sales price of the condos has come down dramatically. In September it was $1,900,000 and in October it’s $0. When you’re only dealing with 2 sales the numbers can be greatly skewed so I don’t think this is a trend, just an anomaly. The inventory is exactly where it was two months ago, with 15 condos currently available then and now. The Median Listing price of the currently available properties is down however. Right now it’s $1,449,000 and in September it was $1,825,000.
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For the Santa Barbara Real Estate areas of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs there were 4 properties that closed. Compare that to the 7 that closed for the period of Mid August to September. The Median Sales price is also down slightly from $885,000 a couple of months ago to $817,750 for the current period. The number of properties that came on the market was is 14 for the current period compared to 7 two months ago, but the properties that went into escrow are down from 7 to 5. The inventory is up slightly from 50 properties in August to 58 currently but the Median Listing price is way down from $1,299,000 to $809,000.
For the condo market of Carpinteria Real Estate/Summerland Real Estate Santa Barbara Real Estate areas the number of sales is also up from what it was in September. 2 months ago there were 8 condos that closed but currently there are 10. Even though more properties closed Median Sales price is down from $589,000 to the current $482,500. The big change is that the average days on the market were 125, but currently it’s at 94. The bad news is that the number of condos that went into escrow in September was 10 but currently we’re looking at 3. The inventory is up from September when it was 42 available condos with a Median Listing price of $579,900 to the 46 currently with a Median Listing price of $615,000.
The year 2007 has seen mostly gains in the number of sales for Home Estates/PUDs for the Santa Barbara Real Estate area of Goleta Real Estate North. The Numbers of sales was up 16% in January followed by exactly the same number of sales in February as the ones we saw in ’06. March was off 10% but April was ahead 20%. In May there was a big push increasing the number by 50% but then June saw a decline of 33%. July was also off 33% but August gave us a 100% increase. Unfortunately September fell off 70%. The Median Sales price was another story altogether. January fell off 7%, February was off 24%, March was off 7% and April was off 9%. In May things turned around a bit with a small rise of 2% followed in June by another 2% rise. Unfortunately July saw a 2% decline but August came up by 4% and September rose a whopping 84%. So just like Goleta North, sales up are, but the Median Sales price is trickling down.
On the condo side for Goleta Real Estate North the sales picture has been up most of the time just like Goleta South. Every month except February posted a gain. January started out with a 20% increase, March rose 166%, April was up 20%, May was up 16%, June was up 14%, July was up 125% and September was up 66%. The only down month was February when sales were off 33%. And August posted the exact same numbers as we saw in ’06. The Median Sales price however was another story. The down months were January with 8%, February with 19%, April with 28%, May with 18% and August with 2%. The up months were March with a meager 1%, June with a healthier 8%, July with 41% and September with a huge 80% gain. Sales are definitely up for the District, but prices have declined about 6-7% year over year.
The year 2007 has been about a wash for sales for Santa Barbara Real Estate’s Goleta Real Estate South district. In January we started out 16% ahead and in February we had exactly the same number of sales as we experienced in 2006. March saw a 10% decline but April brought us a 20% increase. In May there was a 50% increase in the number for sales but June had a 33% fall off. Likewise July experienced a 33% reduction but August showed us a 100% increase. But the biggest drop off we saw was in September when sales declined 70%. As far as the Median Sales price is concerned we saw four up months and 5 down months. Starting the year in January we saw a 6% declined followed by a 24% decline. Then March came in and we fell off 7% followed by April’s 9% down turn. May had a very slight increase of 2% followed by the same number for June. July fell by about the same number with August increasing by 4%. But the best was saved for September when the Median Sales price rose 84%. Taking all that into consideration the Median Sales price for the District is almost exactly where it was last year at this time.
On the condo side for Goleta Real Estate South the sales picture the sales are up for every month except February when they fell by 33%. Starting in January the numbers were up 20%, then March jumped up by 166% followed by April’s 20% rise, May’s 16% rise and June’s 14% rise. The big jump was reserved for July however when there was a 125% increase in the number of units sold. August was exactly where it was in ’06, but September saw another 66% increase. The Median Sales price saw January off 8%, February off 20%, April off 28%, May was 18% and August was off 2%. The up months weren’t up very much. In March there was a 1% rise, June had an 8% increase, July saw a big rise with 41% but the real winner was September with an 80% increase. The bottom line is a lot more condos sold, but the price was significantly less than the previous year.
The year 2007 has seen mostly gains in the number of sales for Home Estates/PUDs in the Santa Barbara Real Estate area of Hope Ranch Real Estate. We started out the year slowly just as we did in 2006 but in March 2007 there were 4 sales compared to last year. Then April saw another 100% followed by May which saw 3 sales compared to 0 for last year. The trend continued in June with another 100% gain followed by July with a 200% gain. August has been the only down month with a 40% decline, but September again shot forward with a 600% rise. The Median Sales price has also risen substantially. Starting off in January there was a 618% rise, February saw a 4% rise, March a 100% rise, and then the only down month of April had a 38% drop off. May again shot forward with a 100% rise and June and July experienced a 126% and 29% rise respectively. Finally in September the Median Sales price was up 65%. All in all it’s been a great year for Hope Ranch Real Estate.
On the condo side for Hope Ranch there was no activity.
The year 2007 has seen mostly gains in the number of sales for Home Estates/PUDs in the Santa Barbara Real Estate area of West of State St. We started off slowly with a 27% decline in January, but February saw a 66% rise, March a 20% rise and April a whopping 60% gain. Not to be out done May posted a 66% decline but June came romping back with a 162% rise in the number of sales. July also posted a 73% rise but August and September fell back 34% and 9% respectively. The Median Sales price however was down almost every month. In January we had a 7% rise, but February was down 22% and March was down 1%. April jumped up with a healthy 15% gain, but May fell by 18% and June by 16%. July popped its’ head out with a 7% gain, but August and September were down 16% and 10%. Overall the trend has been basically flat despite all those highs and lows for the area.
On the condo side for West of State St for Santa Barbara Real Estate the sales picture has been up most of the time with January, June, July and September being the exceptions. January declined 50% but February was up 150%. March was totally flat compared to ’06 but April sales jumped up 500%. May also had a healthy 125% rise, but June and July declined 37% and 12% respectively. August again rose by 28% but September declined 30%. Overall there have been a substantially more condos sold this year as opposed to last. The Median Sales price however has declined every month except for February and August. The declines have not been substantial with 6% in January, 6% in March, 16% in April, 2% in May, 16% in June, 2% in July and 5% in September. In February we saw a rise of 4%, but August brought us a 64% gain. Overall the trend of the Median Sales price of condos has been down slightly from ’06 to ’07.
The year 2007 started off exactly where we began 2006 for the Santa Barbara Real Estate area of East of State St’s Home Estate/PUD market. In February we jumped up 25% but March saw a decline by 32%. April, May and June all saw increases of 4%, 166% and 8% respectively. July fell back slightly by 5% and the slide deepened in August falling to 23%. September continued the trend by falling 50%. Despite the reduced number of units in July, August and September the overall sales numbers are still up for the 2007 compared to 2006. The Median Sales price however is another story. January through June saw a decline in every month ranging from a 29% down to a low of a 1% drop. But interestingly enough while the sales declined in July-September the Median Sales price began to surge. It went up 4% in July, 11% in August and 24% in September.
On the condo side for the Santa Barbara Real Estateare of East of State St it’s a little different. January and February were ahead 50% and 66% respectively. Then March and April fell 11% and 18% respectively. But May and June surged forward with increases of 25% and 100%, and in the months of August and September sales numbers slid by 50% and 40%. Overall there have been more sales in 2007 compared to 2006 even though it’s not been consistent throughout the year. The Median Sales price also moved around quite about. In January it was up by 2% then down in February 22%, down in March 1% and down in April 6%. Then May and June surged forward posting gains of 29% and 26%. July also posted a gain but a much more modes 2%. But September saw a huge 50% drop. Overall we’ve seen about a 6-7% decline in the Median Sales price of Condos for the year.
The year 2007 started off with a bang for Home Estate/PUDs in Montecito Real Estate. The year began off slightly behind ’06 with a 6% decline for January. February saw exactly the same numbers of sales as occurred in the previous year and March had a 5% increase. In April we saw a huge rise however. Almost 93% above where we were in ’06 for the same month. We cooled off in May showing exactly the same number of properties closing escrow as the previous year. June edged forward with a 7% increase followed by July with an 18% rise. But August slid back with a 6% decline followed by a 23% drop off in September. The Median sales price was trending down in 4 months and up in 5. Starting in January there was a 32% increase but February saw a 39% decline. March came back with an 18% rise followed by a whopping 72% increase for April. May fell off 10%, but June came right back with a 30% increase. July fell 17% followed by a 23% drop for August. In September we saw a slight rise by about 5%. The numbers of sales is about where it was last year at this time, but the Median Sales price continues to go up.
On the condo side for Montecito Real Estate it’s a different picture. Every month except March had more sales than 2006. Starting off with January we had a 400% rise, then a 50% gain for February. March saw a drop of 33%, but April had a 100% increase, May a 300% increase, June another 100% increase and July yet again a 100% increase. August saw no sales at all for either ’06 or ’07, but September finished strong with another 100% increase. The Median Sales price split right down the middle. Four months up, four months down and one exactly where we were last year. The up months were January with a 6% increase, February with a 30% rise, June with a 39% adjustment and July with a 100% climb. The down months were March with a 20% drop, April falling off 44%, May with a 67% decline and September with a 57% turn down. All in all the numbers of sales is way up but the Median Sales price is just about flat from last year.
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The year 2007 started off with a bang for Home Estate/PUDs in Carpinteria Real Estate/Summerland Real Estate. Sales started off 66% ahead in January, 25% ahead in February and 16% in March. In April they slid to 40% behind ’06 but May showed a 20% gain. The June sales figures dipped by 42% but July showed a 500% gain. August also posted a substantial 100% gain but September slid down 25%. The Median Sales price however had a more downward trend month to month with the exception of February and April. These two months were strong because of the sale of some expensive properties in the Beach Area. Overall for Home Estate/PUDs for Carpinteria/Summerland the number of sales has been strong for most of the year while the Median Sales price has trended downward.
On the condo side for Carpinteria Real Estate/Summerland Real Estate it’s a different picture. Every month except March, April and June have fewer sales than 2006. But the month of April saw a huge 250% increase in the number of sales while March was 18% ahead and June 12% in front of the previous year. The Median Sales figures are much more of a mixed bag. January, April, May and September was behind the 2006 numbers while February March June, July and September were ahead. The general trend is down about 6-7% for the year.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 9 months of ’07 in the Single Family Home market 112 homes closed escrow with a median sold price of $960,000 and an average sold price of $1,217,010. 213 homes came on the market with a median asking price of $989,000 and an average asking price of $1,435,192. Also for that period 117 properties went into escrow, 21 were withdrawn from the market, 41 listings cancelled, 58 expired and 48 came back on the market. Currently there are 99 homes for sale in the area with a median list price of $950,000 and an average list price of $1,759,952.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first nine months of ’07 in the Condo market 35 condos closed escrow with a median sold price of $539,000 and an average sold price of $542,296. 61 condos came on the market with a median asking price of $570,000 and an average asking price of $602,779. Also for that period 36 properties went into escrow, 4 were withdrawn from the market, 14 listings cancelled, 23 expired and 9 came back on the market. Currently there are 27 condos for sale in the area with a median list price of $569,000 and an average list price of $617,329.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 9 months of ’07 in the Single Family Home market 62 homes closed escrow with a median sold price of $921,000 and an average sold price of $1,136,112. 128 homes came on the market with a median asking price of $899,000 and an average asking price of $1,098,324. Also for that period 61 properties went into escrow, 8 were withdrawn from the market, 28 listings cancelled, 37 expired and 25 came back on the market. Currently there are 52 homes for sale in the area with a median list price of $859,000 and an average list price of $1,159,248.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first nine months of ’07 in the Condo market 62 condos closed escrow with a median sold price of $543,450 and an average sold price of $563,827. 107 condos came on the market with a median asking price of $579,000 and an average asking price of $581,466. Also for that period 59 properties went into escrow, 12 were withdrawn from the market, 15 listings cancelled, 36 expired and 23 came back on the market. Currently there are 45 condos for sale in the area with a median list price of $619,000 and an average list price of $590,453.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 9 months of ’07 in the Single Family Home market 30 homes closed escrow with a median sold price of $3,275,000 and an average sold price of $4,638,500. 36 homes came on the market with a median asking price of $3,195,000 and an average asking price of $4,638,500. Also for that period 33 properties went into escrow, 4 were withdrawn from the market, 3 listings cancelled, 10 expired and 10 came back on the market. Currently there are 9 homes for sale in the area with a median list price of $2,695,000 and an average list price of $6,957,222.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first nine 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 9 months of ’07 in the Single Family Home market 148 homes closed escrow with a median sold price of $1,038,750 and an average sold price of $1,199,510. 261 homes came on the market with a median asking price of $1,125,000 and an average asking price of $1,254,559. Also for that period 150 properties went into escrow, 24 were withdrawn from the market, 65 listings cancelled, 66 expired and 42 came back on the market. Currently there are 102 homes for sale in the area with a median list price of $1,195,000 and an average list price of $1,326,197.
For the Santa Barbara Real Estate area of West of State St for the first nine months of ’07 in the Condo market 63 condos closed escrow with a median sold price of $645,500 and an average sold price of $782,462. 121 condos came on the market with a median asking price of $699,000 and an average asking price of $875,205. Also for that period 66 properties went into escrow, 21 were withdrawn from the market, 35 listings cancelled, 47 expired and 32 came back on the market. Currently there are 46 condos for sale in the area with a median list price of $749,000 and an average list price of $959,223.
For the Santa Barbara Real Estate area of East of State St for the first 9 months of ’07 in the Single Family Home market 174 homes closed escrow with a median sold price of $1,206,000 and an average sold price of $1,407,594. 350 homes came on the market with a median asking price of $1,299,000 and an average asking price of $1,580,299. Also for that period 180 properties went into escrow, 46 were withdrawn from the market, 53 listings cancelled, 83 expired and 87 came back on the market. Currently there are 154 homes for sale in the area with a median list price of $1,495,000 and an average list price of $1,725,832.
For the Santa Barbara Real Estate area of East of State St for the first nine months of ’07 in the Condo market 72 condos closed escrow with a median sold price of $802,500 and an average sold price of $889,839. 117 condos came on the market with a median asking price of $859,000 and an average asking price of $1,082,042. Also for that period 75 properties went into escrow, 12 were withdrawn from the market, 19 listings cancelled, 27 expired and 16 came back on the market. Currently there are 39 condos for sale in the area with a median list price of $829,000 and an average list price of $1,145,856.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 9 months of ’07 in the Single Family Home market 146 homes closed escrow with a median sold price of $2,900,000 and an average sold price of $3,647,826. 228 homes came on the market with a median asking price of $3,195,000 and an average asking price of $4,834,458. Also for that period 146 properties went into escrow, 30 were withdrawn from the market, 37 listings cancelled, 73 expired and 56 came back on the market. Currently there are 114 homes for sale in the area with a median list price of $3,695,000 and an average list price of $6,651,751.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first nine months of ’07 in the Condo market 21 condos closed escrow with a median sold price of $1,250,000 and an average sold price of $1,700,238. 32 condos came on the market with a median asking price of $1,474,000 and an average asking price of $1,791,687. Also for that period 16 properties went into escrow, 3 were withdrawn from the market, 4 listings cancelled, 10 expired and 6 came back on the market. Currently there are 16 condos for sale in the area with a median list price of $1,474,000 and an average list price of $1,778,812
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For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 9 months of ’07 in the Single Family Home market 52 homes closed escrow with a median sold price of $1,060,000 and an average sold price of $2,701,765. 104 homes came on the market with a median asking price of $1,195,000 and an average asking price of $2,632,013. Also for that period 52 properties went into escrow, 13 were withdrawn from the market, 19 listings cancelled, 37 expired and 20 came back on the market. Currently there are 5 homes for sale in the area with a median list price of $1,595,000 and an average list price of $4,017,528.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first nine months of ’07 in the Condo market 43 condos closed escrow with a median sold price of $559,000 and an average sold price of $575,296. 101 condos came on the market with a median asking price of $595,000 and an average asking price of $616,688. Also for that period 50 properties went into escrow, 10 were withdrawn from the market, 23 listings cancelled, 56 expired and 18 came back on the market. Currently there are 43 condos for sale in the area with a median list price of $615,000 and an average list price of $657,708.
For the Goleta Real Estate North area of Santa Barbara Real Estate the Condo inventory remains exactly where it was last year at this time and there are 11% fewer new listings available to sell. With the number of fewer new listings to sell I would have expected to see a decline in the number of escrows but it’s been a lot smaller decline than I would have thought. The 2% decline in the number of escrows becomes even more interesting when we see a 9% rise in the number of sales. To add even more to this schizophrenia we see a 10% drop in the Average Sales price.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the inventory is up by about 5% but the number of New Listings is down by about 3%. The more bothersome numbers are the Escrows which are down by 5% and the Sales which are down by 10%. But even with the decline in sales we see a rise in the Average Sales price by a substantial 14%.
For Goleta Real Estate North for the PUD market for Santa Barbara area the inventory is only up by 1 property and the numbers of new listings is down by 23%. But even with fewer properties to sell the numbers of escrows has risen by 50% and the numbers of sales is up by 66%. Even the Average Sales price has come up by 9%.
The Santa Barbara Real Estate area of Goleta Real Estate South shows us that the inventory is just about where it was last year at this time. The overall available Condos are down by about 5% but the number of new condos that became available is only down by 2%. What’s interesting about those numbers is that despite the decline of available homes the numbers of escrows is up by 17% and the numbers of sales is up by an even more dramatic 26%. Despite this increase in activity the Average Sales price is down by about 1% for the area.
For Goleta Real Estate South for Home Estates in the Santa Barbara Real Estate area the existing inventory is almost exactly where it was and the number of new properties available is up by a mere 2%. Unfortunately even the inventory is about where it’s been the number of escrows has declined by 22% and the numbers of sales is down by 15%. What has happened with this reduced numbers of sales is the Average Sales price has rise by about 12%. This tells us that the houses on the upper end of the market are the ones that are continuing to sell.
For Goleta Real Estate South for the PUD market for Santa Barbara area we’ve seen only a slight rise in the number of available properties but a 23% in the number of new properties. The rise in the number of new properties has spurred the numbers of escrows which is up by 50% and the numbers of sales which is up by 66%. The Average Sales price for the area has also risen and is up by 9%.
The Santa Barbara Real Estate area of Hope Ranch Real Estate there was no activity.
For the Home Estate market of Santa Barbara’s Hope Ranch Real Estate there have been 5% fewer properties to sell and 11% fewer properties have come on the market. Even with this reduced inventory the numbers of escrows has increased 142% and the number of sales an even larger 150%. With the increased numbers of sales I would have thought the Average Sales price would have declined but it also has risen by 62$ to top out at the current $4,620,167.
For the Santa Barbara area of Hope Ranch Real Estate for the PUD market has a decline in the inventory by 100%. Also the number of new properties that came on the market this year is off by 100%. Not unremarkably the number of sales is down by 100% as is the Average Sales price.
For the Santa Barbara Real Estate area from Goleta Real Estate to Carpinteria Real Estate/ Summerland Real Estate as well as Montecito Real Estate and Hope Ranch Real Estate for Home Estate/PUDs the general slowing in the number of units that have changed hands which has been occurring in the rest of the country has finally hit Santa Barbara. In the month of September for Home Estate/PUDs there were only 48 properties that closed escrow. The median sales price for those homes was $1.7 million which means that predominantly the action was on the high end. 21 out of 48 properties that closed escrow were sold for $2 million and above. Interestingly, there were 7 dwellings that closed in the $850,000 to $899,000 price range as well as 4 in the $1,000,000 to $1,099,000 range and 4 in the $1,200,000 to $1,299,000 range. Other than those price levels there were only 11 below the $2 million mark which completed the sales process.
The sales statistics are always a look at the market 30 to 60 days ago, whereas the pending numbers are more indicative of what happened in the last 30 days. Unfortunately the pending numbers are exactly what the sales numbers were with 48 homes entering escrow during September matching the 48 that closed escrow. This becomes particularly troublesome when you look at the same period for ’06 when we saw 79 homes close escrow for September compared to the 48 in ’07 and even more dramatically were the 100 dwellings that went into escrow. Those 100 homes that went pending in September ’06 were the start of a surge which lasted through the first two quarters of ’07 and even into part of quarter 3.
That surge that started in ’06 still shows the market ahead of where it was at this time last year. Even though the inventory is slightly down from where it was in ’06 the properties that went into escrow are up 4.1% and the number of sold properties is up 6% and the median sales price is also up 5% for the entire area. Even without the price surges of Hope Ranch and Montecito the median sales price is up from $1.048 million last year to $1.050 million this year.
The number that really jumps out at me is the overall Sold Volume for ’07. That number currently stands at $1.403 billion which doesn’t even include the $100 million sale of the Jalama Beach property, compared to $1.290 billion for ’06 at this time. This is a rise of 11.8% year over year.
The inventory should start to decline throughout the rest of the year as people start to take their homes off the market for the holidays. So we’ll have to see whether this will continue the generally slowing of the number of sales. Or, whether some decline in the asking price for homes will start to spur sales forward. We’re starting to see homes particularly in the Goleta area that were priced in the $900,000 range slipping to the low $800,000s and some even down into the $700,000s. These reductions should bring more people into the marketplace but we’ll have to see what the October numbers looks like.
Over on the condo side of the ledger the picture is one of amazing stability. In the month of September 29 condos closed escrow compared to this time last year when 30 closed escrow. The Median sales price was $650,000 for the month compared to $639,500 for ’06 and the Days on the Market for ’07 was 71 compared to 72 for ’06.
We see a slight decline year over year in the number of properties that entered escrow however. In ’07 there were 23 that went pending as opposed to the 27 in ’06. While this number is down it’s certainly not as dramatic as what we saw with Home Estates. The predominant price range for condos in September was between $450,000 and $799,000 where 19 of the 27 properties changed hands.
The highest priced condo that closed in September for $2.4 million was a new structure in the downtown area and the least expensive condo was out in the Carpinteria area and sold for $387,500.
Overall the numbers for condos remain strong. While the numbers of listings is down from ’06 to ’07, the numbers of properties entering escrow is up 19.7% the numbers of sold properties is up 21.9% and the sold volume is up a whopping 23.5%. The median sales price is down however by 6.7% from ’06 but the average sales price is up slightly by 1.16%. When you take Montecito Condos out of the mix a slightly different picture emerges. The median sales price is down 6.4% and the average sales price is down 3%.
Every district in the Santa Barbara area except for West of State St has seen more sales in ’07. Even West of State St is exactly where it was last year at this time with 180 units changing hands. With that increased activity we’ve seen a decline in the average sales price in every area except Montecito which rose about 1%. The average sales price has fallen anywhere between 2 and 9 percent, with the largest reductions in Carpinteria and Goleta North.
The Santa Barbara Real Estate Market area is somewhat cloudy at this time. I believe this uncertainty is as a result of overall negative national press not the conditions that exist in the South County. The area’s economy while not robust is certainly not suffering. Unemployment is still low and for those entering the market to buy a home they’re able to find lenders willing to lend to qualified buyers. The subprime market was never a big portion of the sales in Santa Barbara but we have seen a slight increase in the numbers of foreclosures which makes some people jittery.
I think we’re going to see a continued gradual decline in prices for the Home Estate market particularly below $2 million for the next 6 months or so. This decline should bring more buyers into the market particularly when they see that they can make a loan to purchase a home. The Real Estate professional job is to convince them that any rise in the interest rates would more than offset any further decline in prices.
On the condo side of the ledger the stability continues. I think we’ll start seeing a stiffening of condo prices although they may continue to slide slightly. The question then becomes will that stiffening of continued slight decline effect the numbers of sales or will we keep going at the stead 30 condos per month for the foreseeable future?
Santa Barbara Real Estate has always been, and I believe always will be a good investment over the long haul. The fluctuations occurring in the Home Estate market notwithstanding, if you purchase a home in the area and intend to stay in the home for 5 to 10 years then I think it’s a good time to buy.
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The Santa Barbara Real Estate area of West of State St the existing Condo inventory is within 2 properties of where it was last year but the number of new properties is off by about 14%. The good news is that even with fewer new properties to sell the number of escrows is up 29% and the number of sales is up 24%. This increased sales activity has also spurred the Average Sales price to rise about 9%.
For West of State for Home Estates in the Santa Barbara Real Estate area the overall inventory is down by 1% but the new properties are down by 9%. But, just like with Condos, the Home Estate market has seen a rise in the number of escrows by 3% and an increase in sales by 2%. To offset that rise in sales we see a decline in the Average Sales price by about 8%.
The PUD market for the Santa Barbara Real Estate area of West of State St has seen a whopping 111% rise in the total inventory and an 87% increase in the number of available properties that came on the market this year. To go with the increased inventory we see a 150% increase of escrows, but only a 50% increase in the number of sales. The really good news for this sector shows at 28% rise in the Average Sales price for PUDs.
The East of State St area of Santa Barbara Real Estate estate has seen about a 9% declined in the inventory of available Condos and a 17% in the number of new listings. In contrast to that decline of the number of available properties the numbers of escrows are up 10% and the number of sales is up 7%. With that increased sales activity we’ve seen a slight decline of 3% in the Average Sales price.
For Home Estates in the Santa Barbara Real Estate area of East of State there are almost exactly the same number houses available for purchase as were available last year. Likewise the number of new listings is very close to the previous year. Mirroring the inventory numbers is the numbers of escrows and sales which are within 1% of the numbers posted last year. The only number that is off is the Average Sales price which has dropped about 13%.
The PUD market for the Santa Barbara Real Estate area of East of State St the inventory for existing available properties and new properties is exactly where it was last year. The numbers of escrows however have declined by 1 which is the identical number for sales. To go with the slight decline in sales we see a 4% drop in the Average Sales price.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the number of total listings is down 17% and the number of new listings is off even further to 21%. Despite that lack of inventory the number homes entering escrow is up by 75% and the number of sales is up a dramatic 177%. This major increase in sales is offset slightly by a modest 4% increase in Average Sales price.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate there inventory is almost exactly where it was last year at this time. But there about 5% fewer new properties that came on the market. In contrast to the fewer listings that appeared this year, the number of escrows is up by 20% and the number of sales is up by 18%. The interesting anomaly to the increased numbers of sales is that the Average Sales price has declined about 2%.
In the Santa Barbara Real Estate area of Montecito Real Estate for the Planned Unit Development Market the inventory is way down. The number of available properties is off by 80% and the number of new properties is off by 100%. With that dramatic a drop of properties available to sell it’s no surprise that the number of escrows is down by 66% as are the number of sales. The only bright spot in the PUD area is that of the properties that sold the Average Sales price is up by 25%.
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For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market ’07 looks almost exactly like ’07. The number of Total Active Listings and New Listings is within a couple of properties. The properties that have entered escrow are about 37% up, but the properties that have closed escrow are up only 2%. The Average Sales price has dropped 8% from $640,545 to $585,519 which mirrors the decline in the Average List price.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the inventory is down about 17% and the new listings are off an even larger 21%. But even thought the number of homes has been reduced the number of properties entering escrow is up by 1 and the number of sales is up19%. To achieve those increased sales we’ve seen a reduction of the Average Sales price by about 18%.
In the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the PUD market the inventory is up by 33% and the new PUDs that came up the market this year are up by 75%. The increased inventory has not been reflected in the number of escrows however because we’ve seen at 33% decline. This decline is also seen in the number of sales which is also off 33%. To mirror this decline in the number of sales we see that the Average Sales price is off 25%.
For the Goleta Real Estate North are of Santa Barbara we’ve seen 109 sales through September compared to 83 through July. This is a very slight decline in the overall number of sales per month. The Median Sales price has also experienced a slight decline for that same time period. Two months ago it was at $975,000 and currently it’s at $950,000. The Average Sales price has declined but at an even smaller rate. It was $1,227,268 in July and now it’s at $1,221,873. The Days on the Market has remained very stable throughout the time period with 69 two months ago versus 67 now. And finally the Sales Price to Original List price shows only .5% difference with 94.99% in July and dropping to the current 94.4%.
The Goleta Real Estate North Condo picture sees the number even closer together. Through July we had 24 sales and through September it’s at 34. There’s only $11,000 separating the Median Sales price where we see two months ago it was at $550,000 and how it has slid down to $539,000. The Average Sales price is even closer. Two months ago it was $544,599 and now it’s at $541,335. Similarly the Sales Price to Original List Price is only .1% apart. In July it was 95.28% and now it’s 95.18%. The biggest disparity is in the Days on the Market and this change is to the good side. Two months ago it took 86 Days to get your condo into escrow and today that number has shrunk to 76.
For Home Estates in the Goleta Real Estate South area of Santa Barbara Real Estate we have seen 61 sales currently as opposed to 47 two months ago. This is about at the percentage we’ve seen for the year. We also see a rise in the Median Sales price from $889,000 in July to the current $919,000. There has also been a rather substantial rise in the Average Sales price to $1,129,098 currently as opposed to $1,074,521 two months ago. The numbers that have remained solid throughout the year are the Sales Price to Original List price ratio at about 96.5% and the Days on the Market which has been exactly 53 throughout the year.
For Goleta Real EstateSouth Condos the numbers have started to accelerate from 44 Condos through July to the 59 through September. With this surge of sales we’ve seen a very slight increase in the Median and Average Sold prices. The Median Sales price was $527,000 two months ago and now it’s at $532,000. The Average Sales price was $552,426 through July and through September it’s been $559,106. The Sales Price to Original List price ratio has varied only slightly. In July it was at 93.59% and now it’s increased to 94.28%. The Days on the Market has declined from 86 two months ago to the current 72. This means it takes about 2 weeks less to get your condo into escrow than it did previously.