For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market ’07 looks very similar to what occurred for the same period in ’07. The number of Total Active Listings shows about 6% of head of last year and the New Listings has ahead by 2 %. The properties that have entered escrow are up dramatically this year by about 25%, however the properties that have closed escrow is up only 8%. The Average Sales price has dropped 9% from $636,239 last year to the $575,599.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings available for sale is down about 4% as are the number of new listings. The number of homes entering escrow is also down by 11% but miraculously the number of sales is up by1%. This increase in sales is accompanied by a dramatic reduction in the average sales price from $3,085,628 last year to $2,635,755 this year which is a 14% decline.
In the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the PUD market the inventory is ahead of the ’06 number by 33% and the new PUDs that came up the market this year are up by 75%. Despite this rise in the inventory the numbers of escrows is down by 25%. But the numbers of sales is exactly where it was last year at this time. Despite equaling the sales number we have seen a decline in the average sales price from $1,016,333 last year to $751,667 this year for a 26% drop off.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 10 properties close escrow in the last 30 days. In September/October for the same period there was just one more of 6. Currently the Median sales price for homes in the area is $792,250 and two months ago it was only slightly more at $904,945. During the last 30 days 9 homes entered escrow as opposed to 13 properties 2 months ago. At the time those 9 properties entered escrow the Median Asking price was $895,000 and now it has slid slightly to $792,250. Currently there are 85 Home Estates available in Goleta South and in September/October there were 78. The Median Asking price two months ago was $995,000 and now it is slightly lower at $959,000.
For condominiums in the Goleta Real Estate North area of Santa Barbara Real estate there were 4 that closed escrow in October/November. In September/October there were 2. The Median Sales price of the 2 was $760,500 and now it’s fallen to $485,000. Also during September/October 4 Condos went into escrow while in October/November 5 entered escrow. The inventory has remained almost exactly where it was for the past two months. In September/October there were 16 condos for sale and currently there are 24. Two months ago the Median Listing price was $549,000 and currently it is 515,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market there were 5 homes that closed escrow in the last 30 days. For the same period 2 months ago there were 2 properties. The Median Sales price of those 5 homes was $790,000 as opposed to two months ago when the Median Sales price was $1,052,500. During that same period in September and October there were 3 properties that entered escrow and currently there are 4. The Median asking price of those 4 homes is $799,000 and in October it was $839,000. The current inventory in Goleta South shows us 52 Home Estates and in October there were 46 properties available. The current Median List price is $899,999 and two months ago it was $925,000.
For Condominiums in the Goleta Real Estate South area of Santa Barbara Real Estate there was 1 that closed escrow in October and November as opposed to 7 in September and October. The Median sales price currently is $580,000 and two months ago it was $565,000. In the last month 1 property entered escrow as opposed to 6 in September/October. But the inventory has decreased from 40 in September/October to the current 37. The Median asking price currently is $599,999 which is exactly the same as where it was two months ago.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the last 30 days 1 Home Estate has closed escrow. At this time last month there were 7 that closed. The Median Sales price has risen markedly from $2,970,000 in October to the current $10,020,000. Also in the last 30 days, 1 property entered escrow with 1 going into escrow in October. The Hope Ranch inventory has risen from 9 available Single Family dwellings in October to the current 10 now available. The Media Asking price for those 9 properties two months ago was $2,750,000 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 14 in October. The Median sales price two months ago was $962,500 but currently its $990,000. So while the numbers of properties completed the sales cycle went down the Median Sales price went up. Also in the last 30 days 17 properties entered escrow which is fewer than entered escrow in October when it was 13. The inventory has contracted somewhat with currently 96 properties available as opposed to two months ago when there were 97 for sale. The Median List is exactly where it was, $1,195,000 in r and $1,195,000 now.
For Condominiums in the West of State St area of Santa Barbara Real Estate there were 5 properties that closed in the last 30 days as opposed to 4 that closed escrow in October. The Median Sold price rose very slightly to $660,000 while in October it was $657,500. Also in October we saw 2 condos enter escrow but in the last 30 days there were 5. The inventory is going up slightly with October showing 41 condos available with a $679,000 median list price. Compared to 43 properties available currently with a Median List price or $698,000.
For Santa Barbara Real Estate East of State St for Single Family Homes 17 properties closed in the last 30 days as opposed to 21 two months ago. The Median Sales price is down slightly from $1,267,000 in October to $1,225,000 currently. The numbers of homes that were in escrow two months ago was 20 and in the last 30 days it’s been 10. Median asking price of those homes in escrow has risen from $1,099,000 to the current $1,595,000. The inventory has increased however from 130 in October to 137 now. Usually at this time of year the inventory starts to shrink but not this year. The Median Listing price of the inventory has increased only slightly. Right now it’s $1,594,000 up from $1,495,000.
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 7 as compared to 4 for October and the Median Sales price of those homes that closed escrow was $1,250,000 as compared to $1,175,000 in October. During the current period 3 properties entered escrow but during October 5 went into escrow. Currently there are 39 condos available on the East Side but in October there were 46. Of those currently active condos the Median List price is $1,049,000 and two months ago the Median List price was $970,000.
Santa Barbara Real Estate’s area of Montecito Real Estate for Home Estate/PUDs for the middle of October to the middle of November shows us that there were 13 sales as opposed to 11 the previous 30 days. The median sales price is also exactly the same with $2,950,000 in October to the current $2,950,000. The average days on the market has increased from 104 two months ago to 122 currently. But in October there were 15 properties that entered escrow and currently there are 13. The inventory is up slightly from 114 in October and currently it’s 122. The Median Listing price of that inventory is down, two months ago $3,925,000 and currently its $3,775,000.
Montecito Real Estate Condominiums in the Santa Barbara Real estate has changed. In October there were 0 closings and currently there are 2. In October the Median Sales price $0 and in November it’s $1,512,000. 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 up from where it was two months ago, with 19 condos currently available and 15 available then. The Median Listing price of the currently available properties is down however. Right now it’s $1,699,000 and in October it was $1,780,000.
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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 2 properties that closed. Compare that to the 5 that closed for the period of Mid September to October. The Median Sales price is way up though from $885,500 a couple of months ago to $1,255,000 for the current period. The number of properties that came on the market was is 8 for the current period compared to 14 two months ago, but the properties that went into escrow are down from 5 to 4. The inventory is up slightly from 56 properties in October to 58 currently and the Median Listing price is up from $1,595,000 to $1,690,000.
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 October. 2 months ago there were 10 condos that closed but currently there are 5. Even though more properties closed Median Sales price is down from $504,500 to the current $487,000. The average days on the market were 129, but currently it’s at 122. The good news is that the number of condos that went into escrow in October was 3 but currently we’re looking at 4. The inventory is down from October when it was 43 available condos with a Median Listing price of $599,000 to the 42 currently with a Median Listing price of $627,000.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate there have been about 15% fewer sales this year as opposed to last year. This year there have been 124 and last year it was at 141. But unlike Goleta South on the North Side of the freeway the Median Sales price is up from $930,000 last year to $944,750 this year. To get your increase of $15,000 however you have to wait about two weeks longer because it has taken 72 days to go into escrow as opposed to 57 last year. The Sold Price to Original List price ratio is almost exactly where it was last year when it was 94.68 compared to this year’s 94.12. So overall it’s been a good news, bad news situation. There are fewer sales but the Median Sales Price is up.
For Condominiums on the North Side of Goleta Real Estate things are almost exactly where they were last year. There have been exactly the same numbers of sales with 40, but he Median Sales Price has fallen from $601,500 last year to $539,000 this year. To get your $62,000 fewer dollars you had to wait a little over a week less but I think you would have preferred waiting a little longer for more money. Overall things are about the same as they were last year on the North Side with exactly the same numbers of sales but a lower Median Sales price.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate the sales are about 10% behind of where they were in ’06 with 77 last year and 68 this year. The Median Sales Price is about where it was with $915,000 last year vs. $899,000 this year. In order to get your $16,000 less for the sale of your house you do have to wait one week longer. In ’06 the Days on the Market was 54 and this year it’s 61. The Sales Price to Original List price ratio is much better than last year when it was 86.63 compared to this year’s number of 95.36. Basically things are about where they were last year at this time with slightly fewer sales, a slightly lower median sales price and slightly longer Days on the Market.
For Condominiums for Goleta Real Estate South the numbers of sales is up by about 10%. Last year there were 56 sales and this year there have been 66. The Median Sold price is down however just like Home Estate from $579,250 last year to $534,500 this year. The Sales Price to Original List price ratio widened out a little this year to 94.55 from 96.7 last year and it took almost a week longer for your home to go into escrow. Last year it took 64 days this year it’s at 70. So just like Home Estate we’re about where we were last year. The big difference is the increase in the numbers of sales from ’06.
For Hope Ranch Real Estate it’s been a very good year. Sales are more than double from ’06 and the Median Sales Price is up about 50%. Last year there were 15 sales to this time and this year there have been 33. The Median Sales Price is up to $3,350,000 from last year’s $2,550,000 and the Sales Price to Original List price radio is down from 88.62 last year to 94.82 this year. The only number that is at variance with ’06 is Days on the Market. Last year it was 83 and this year it’s up to 104. But most people would think waiting an extra 3 weeks to go into escrow was worth it if you got an extra $800,000 in sales price. Things are definitely looking up in Hope Ranch.
For Condominiums in Hope Ranch Real Estate there was no activity.
For West of State St in Santa Barbara Real Estate of Home Estate/PUDs some numbers are up and some numbers are down, but most don’t show a whole lot of difference. In ’07 there have been 165 Home Estate sold and in ’06 there were 106. The Median Sales Price for ’07 has been $1,025,000 and in ’07 it’s at $1,037,500. The Sales Price to Original List price radio has widened out slightly in ’07 to 91.68 from 93.03 in ’06. Even the Days on the Market are almost exactly alike with 68 this year compared to 67 last year. Basically we’ve been treading water over on the West Side of Santa Barbara, but compared to the rest of the country, treading water is pretty darn good.
For Condominiums on the West Side of Santa Barbara Real Estate the picture is rosier for ’07. This year there have been 67 sales and last year there were 60. The Median Sales price is down however from $672,000 last year to $645,500. The Sold Price to Original List price ratio is almost exactly where it was showing up at 94.23 for ’06 as opposed to 94.45 for ’07. The only number that stretched out was the Days on the Market. In ’07 it has been 83 and last year it was 70. That means you have to wait almost 2 weeks longer to $37,000 fewer dollars for your Condominium.
For the East of State St Home Estate/PUDs for Santa Barbara Real Estate the numbers of sales is slightly behind where it was last year at this time. In ’06 to November 10 there were 205 sales and this year there have been 197. Similarly the Median Sales price is down by a small amount from $1,270,000 last year to $1,245,000 this year. To continue on with the theme the Sold Price to Original List Price ratio was 92.39 in ’06 and it’s 92.3 in ’07. To get the slightly reduced Median Sales price you had to wait 8 days longer than in 2006. For ’07 the number of Days on the Market has been 76 and in ’06 it was just 68. Overall ’07 has been a mirror copy of ’06. Sales, Median Sales Price and Days on the Market are basically where they were last year.
For Condominiums in the East of State St area of Santa Barbara Real Estate there are more sales in ’06 and the Median Sales Price is up. Last year at this time there were 72 sales and currently there have been 81. The Median Sales price last year was $797,500 and this year it’s at $817,500. In ’07 there’s been a slightly larger gap between Original List Price and Sold Price. This year it’s at 96.97 and last year it was 97.72. The only number that pops out is the Days on the Market. For ’06 it was 65 and in ’07 it’s 100. This means you have to wait over a month longer to get a $20,000 increase in price. Now that I think about it, most of us don’t make $20,000 a month so it’s worth the wait.
For the Santa Barbara Real Estate area of Montecito Real Estate through November 10 ’07 there have been 162 Home Estate/PUD sales and in ’06 that number was 147. The Median Sales Price for ’07 is up to $2,856,250 from last year’s number of $2,675,000 and the Original List Price ratio of 91.01 is almost exactly what it was in ’06 when it was 91.02. The Days on the Market have stretched out slightly from 95 in ‘06 to 104 in ’07 but I think waiting an extra 10 days to get an increase of $75,000 in the Media Sales price is worth the wait. So overall for Montecito Home Estate/PUDs the numbers of units sold is up and the median sales price is up.
For Condominiums in Montecito Real Estate the sales have almost double when looking at ’06 to ’07 but the Media Sales price has dropped by about $500,000. Last year the Median Sales price was $1,762,500 and this year it’s $1,250,000. The Sold Price to Original list price ratio is very close with 89.69 for ’07 vs. 92.66 for ’06. Similarly to Home Estate the Days on the Market are longer but unlike Home Estates that longer wait doesn’t translate into a higher price.
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Through the middle of November ’07 for Carpinteria Real Estate/Summerland Real Estate we’ve seen 58 Home Estate/PUDs close escrow. This is about 20% ahead of the 49 we saw close in ’06. To get those numbers however we have seen a substantial drop in the Median Sales price from $1,240,000 in ’06 to $1,060,000 in ’07. The interesting part of those two numbers is that in ’06 the Sales Price to Original List Price radio was 84.39% and in ’07 it’s 94.05%. This means in ’07 Realtors have been doing a better job of pricing the listings which is witnessed by the 6% difference between the original asking price and the property sold price. The Days on the Market for the homes that sold in ‘07 stands at 103 and in ’06 it was 99. The escrow period for both years is also very close with only one day separating. I believe the market has responded correctly and show a substantial drop in the Median Sales price which is reflected in the increased number of sales for Carpinteria/Summerland.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate there have been 50 sales in ’07 as opposed to 40 for the same time period last year. The Median Sales price for ’07 is $549,500 compared to the $575,000 number of ’06. This drop in the Median Sales price while not as dramatic as that of Home Estates is still substantial and is the reason that sales have increased year over year. The Original List Price to Sales Price ratio or 92.03 is larger than the Home Estate number of 94.05 which means there has been about an 8% decrease between the price people wanted and what they settled for. The Days on the Market is about 20 higher for ’07 as opposed to ’06. This means it took about 3 weeks longer to go into escrow this year when compared to last year.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 10 months of ’07 in the Single Family Home market 121 homes closed escrow with a median sold price of $949,000 and an average sold price of $1,197,046. 228 homes came on the market with a median asking price of $974,000 and an average asking price of $1,410,740. Also for that period 127 properties went into escrow, 24 were withdrawn from the market, 53 listings cancelled, 69 expired and 51 came back on the market. Currently there are 88 homes for sale in the area with a median list price of $975,000 and an average list price of $1,809,694.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first ten months of ’07 in the Condo market 39 condos closed escrow with a median sold price of $539,000 and an average sold price of $550,292. 64 condos came on the market with a median asking price of $569,000 and an average asking price of $598,436. Also for that period 39 properties went into escrow, 4 were withdrawn from the market, 18 listings cancelled, 25 expired and 10 came back on the market. Currently there are 23 condos for sale in the area with a median list price of $549,000 and an average list price of $564,191.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 10 months of ’07 in the Single Family Home market 67 homes closed escrow with a median sold price of $899,000 and an average sold price of $1,117,298. 128 homes came on the market with a median asking price of $899,000 and an average asking price of $1,089,162. Also for that period 64 properties went into escrow, 9 were withdrawn from the market, 30 listings cancelled, 46 expired and 28 came back on the market. Currently there are 47 homes for sale in the area with a median list price of $849,000 and an average list price of $1,168,240.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first ten months of ’07 in the Condo market 65 condos closed escrow with a median sold price of $532,000 and an average sold price of $557,577. 112 condos came on the market with a median asking price of $579,000 and an average asking price of $581,506. Also for that period 64 properties went into escrow, 17 were withdrawn from the market, 18 listings cancelled, 41 expired and 26 came back on the market. Currently there are 42 condos for sale in the area with a median list price of $619,000 and an average list price of $593.873.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 10 months of ’07 in the Single Family Home market 33 homes closed escrow with a median sold price of $3,350,000 and an average sold price of $4,735,606. 39 homes came on the market with a median asking price of $3,195,000 and an average asking price of $5,044,076. Also for that period 33 properties went into escrow, 4 were withdrawn from the market, 4 listings cancelled, 10 expired and 11 came back on the market. Currently there are 11 homes for sale in the area with a median list price of $2,750,000 and an average list price of $6,483,363.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first ten 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 10 months of ’07 in the Single Family Home market 160 homes closed escrow with a median sold price of $1,031,750 and an average sold price of $1,183,329. 285 homes came on the market with a median asking price of $1,099,000 and an average asking price of $1,233,781. Also for that period 167 properties went into escrow, 29 were withdrawn from the market, 72 listings cancelled, 81 expired and 55 came back on the market. Currently there are 101 homes for sale in the area with a median list price of $1,195,000 and an average list price of $1,305,909.
For the Santa Barbara Real Estate area of West of State St for the first ten months of ’07 in the Condo market 67 condos closed escrow with a median sold price of $645,500 and an average sold price of $771,934. 136 condos came on the market with a median asking price of $689,000 and an average asking price of $870,619. Also for that period 71 properties went into escrow, 23 were withdrawn from the market, 47 listings cancelled, 54 expired and 39 came back on the market. Currently there are 41 condos for sale in the area with a median list price of $699,000 and an average list price of $971,363.
For the Santa Barbara Real Estate area of East of State St for the first 10 months of ’07 in the Single Family Home market 193 homes closed escrow with a median sold price of $1,250,000 and an average sold price of $1,440,230. 370 homes came on the market with a median asking price of $1,299,000 and an average asking price of $1,568,216. Also for that period 194 properties went into escrow, 48 were withdrawn from the market, 72 listings cancelled, 105 expired and 91 came back on the market. Currently there are 137 homes for sale in the area with a median list price of $1,495,000 and an average list price of $1,766,977.
For the Santa Barbara Real Estate area of East of State St for the first ten months of ’07 in the Condo market 80 condos closed escrow with a median sold price of $811,250 and an average sold price of $915,843. 121 condos came on the market with a median asking price of $899,000 and an average asking price of $1,091,826. Also for that period 78 properties went into escrow, 15 were withdrawn from the market, 20 listings cancelled, 29 expired and 18 came back on the market. Currently there are 39 condos for sale in the area with a median list price of $999,000 and an average list price of $1,165,035.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 10 months of ’07 in the Single Family Home market 157 homes closed escrow with a median sold price of $2,800,000 and an average sold price of $3,570,526. 250 homes came on the market with a median asking price of $3,195,000 and an average asking price of $5,012,130. Also for that period 160 properties went into escrow, 34 were withdrawn from the market, 41 listings cancelled, 84 expired and 60 came back on the market. Currently there are 112 homes for sale in the area with a median list price of $3,775,000 and an average list price of $6,681,470.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first ten months of ’07 in the Condo market 22 condos closed escrow with a median sold price of $1,362,500 and an average sold price of $1,705,909. 35 condos came on the market with a median asking price of $1,335,000 and an average asking price of $1,642,357. Also for that period 18 properties went into escrow, 6 were withdrawn from the market, 4 listings cancelled, 11 expired and 9 came back on the market. Currently there are 17 condos for sale in the area with a median list price of $1,335,000 and an average list price of $1,467,382
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For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 10 months of ’07 in the Single Family Home market 57 homes closed escrow with a median sold price of $1,025,000 and an average sold price of $2,572,409. 115 homes came on the market with a median asking price of $1,025,000 and an average asking price of $2,633,828. Also for that period 58 properties went into escrow, 16 were withdrawn from the market, 19 listings cancelled, 40 expired and 22 came back on the market. Currently there are 56 homes for sale in the area with a median list price of $1,595,000 and an average list price of $3,693,604.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first ten months of ’07 in the Condo market 47 condos closed escrow with a median sold price of $550,000 and an average sold price of $565,000. 114 condos came on the market with a median asking price of $595,000 and an average asking price of $599,600. Also for that period 53 properties went into escrow, 10 were withdrawn from the market, 27 listings cancelled, 63 expired and 20 came back on the market. Currently there are 49 condos for sale in the area with a median list price of $623,000 and an average list price of $639,215.
For Santa Barbara Real Estate in Goleta Real Estate North the Price Range Statistics for 1/1/2007 to 10/26/2007 show that there are currently 93 Home and Estate/PUDs on the market. The average price for the 93 properties is $1,801,232; the highest priced listing is $29,500,000, the median listing price is $950,000 and the lowest priced listing is $199,777. The average market time for those properties is 108 days.
There are 14 properties that are currently in escrow. The average price for those homes that entered escrow is $1,207,071. The highest price house is $2,795,000, the median price is $949,000 and the lowest priced house is $710,000. The average market time for the homes is 155.
On the Sales side there has been 117 properties closed escrow. The average price of those 117 homes is $1,204,642, the highest price is $8,200,000, the median price is $950,000 and the lowest priced property is $160,000. The average market time for these homes is 68 days.
For Santa Barbara Real Estate for Goleta Real Estate North the Price Range Statistics for Condominiums there are currently 24 condos currently on the market. The average price for the 24 properties is $588,683, the highest priced listing is $1,249,000, the median listing price is $545,000 and the lowest priced listing is $369,000. The average market time for those properties is 149 days.
There are currently 3 condos that are in escrow. The average price for those homes that entered escrow is $699,300. The highest price house is $839,000, the median price is $759,000 and the lowest priced house is $499,500. The average market time for the homes is 15.
On the Sales side there has been 39 properties close escrow. The average price of those 39 homes is $550,292, the highest price is $1,000,000, the median price is $539,000 and the lowest priced property is $193,200. The average market time for these homes is 69 days.
For Santa Barbara Real Estate in Goleta Real Estate South the Price Range Statistics for 1/1/2007 to 10/26/2007 show that there are currently 47 Home and Estate/PUDs on the market. The average price for the 47 properties is $1,193,704; the highest priced listing is $4,500,000, the median listing price is $899,900 and the lowest priced listing is $599,000. The average market time for those properties is 105 days.
There are 6 properties that are currently in escrow. The average price for those homes that entered escrow is $840,833. The highest price house is $899,000, the median price is $849,000 and the lowest priced house is $770,000. The average market time for the homes is 65.
On the Sales side there has been 65 properties closed escrow. The average price of those 65 homes is $1,126,830, the highest price is $2,595,000, the median price is $919,000 and the lowest priced property is $625,000. The average market time for these homes is 59 days.
For Santa Barbara Real Estate for Goleta Real Estate South the Price Range Statistics for Condominiums there are currently 41 condos currently on the market. The average price for the 41 properties is $600,348, the highest priced listing is $1,095,000, the median listing price is $629,000 and the lowest priced listing is $325,000. The average market time for those properties is 89 days.
There are currently 8 condos that are in escrow. The average price for those homes that entered escrow is $623,062. The highest price house is $778,000, the median price is $579,000 and the lowest priced house is $439,000. The average market time for the homes is 45.
On the Sales side there has been 64 properties close escrow. The average price of those 64 homes is $559,253, the highest price is $1,000,000, the median price is $532,000 and the lowest priced property is $270,000. The average market time for these homes is 70 days.
For Santa Barbara Real Estate in Hope Ranch Real Estate the Price Range Statistics for 1/1/2007 to 10/26/2007 show that there are currently 8 Home and Estate/PUDs on the market. The average price for the 8 properties is $7,597,875; the highest priced listing is $39,500,000, the median listing price is $2,695,000 and the lowest priced listing is $2,000,000. The average market time for those properties is 132 days.
There is 1 property that is currently in escrow. The average price for those homes that entered escrow is $2,175,000. The highest price house is $2,175,000, the median price is $2,175,000 and the lowest priced house is $2,175,000. The average market time for the homes is 179.
On the Sales side there has been 33 properties closed escrow. The average price of those 33 homes is $4,741,060, the highest price is $15,000,000, the median price is $3,350,000 and the lowest priced property is $1,850,000. The average market time for these homes is 104 days.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity
When I sat down at the beginning of November to look at the numbers for the Santa Barbara Real Estate areas from Goleta Real Estate to Carpinteria Real Estate/Summerland Real Estate as well as Montecito Real Estate and Hope Ranch Real Estate and downtown Santa Barbara for Home Estate/PUDs I was concerned that the trends I saw at the end of September would continue into October. Much to my surprise the numbers are a whole lot stronger than I thought they would be. In September we saw 48 Home Estate/PUDs close escrow. For October we see 61 which is an increase of about 20% over the previous month. An even more important number is the properties that went into escrow. For September that number was also 48, but for October it’s at 69.
This means that about a 30% increase in the numbers of properties entering escrow from the previous month. And it also means that 12% more properties entered escrow in October than the 61 that closed escrow in October. This could be pointing the way to an increase in overall sales.
The other numbers that jumped out at me are in September the Median Sales price was $1.7 Million as opposed to October’s number of $1.3 Million. The fact that this is a $400,000 drop does not concern me because what it shows is that the whole market is stronger as opposed to the previous month when it was tilted to the high end. In September, 21 of the 48 properties that sold were at $2 Million and above as opposed to only 15 of the 61 properties for October.
Looking at October ’06 vs. October ’07 we see 91 properties closed escrow in ’06 as opposed to the 61 in ’07. This big jump was as a result of the 100 properties that entered escrow in September ’06. This concerned me until I looked at the numbers that entered escrow in October ’06 and compared them to October ’07. In ’06, 71 went pending and in ’07 69 went pending. The real big different between those two numbers was that in ’06 the Median List Price of properties entering escrow was $1.195 and in ’07 it’s $1.025. Again, I see that as a good sign because it means more people in a wider spectrum of the market place are buying houses as opposed to just the top end.
At this point most of the major indicators are still up as opposed to the numbers in ’06. 2.65% more properties have entered escrow and the number of sold properties is up 1.7%. The Median Sales price is up 5.75% and even without Hope Ranch and Montecito in the mix the Median Sales price is up .5%.
The Average Sales price is also up 7.1% and without Hope Ranch and Montecito it’s still up 1.8%.
The big increase is the overall dollar volume of sales for the area. In ’06 it was at $1.8 Billion through October and in ’07 it’s up to $1.967 Billion an increase of almost 9%. I think the Home Estate/PUD market for the Santa Barbara area is still good and appears to be shaking off the effects of the financial market upheaval that occurred at the end of summer. The numbers of sales are starting to increase throughout the spectrum not just at the high end but I do think we’ll continue to see a decrease in sales price in the Goleta area with prices going into the low $700s and even into the high $600s in some areas. For the rest of the town I think we’re going to see some adjustment in the Median Sales price but not as much as I had previously thought.
In the condo market it’s a whole different picture. We may be seeing the decline of what has been an amazingly consistent run for the last 22 months. In that time period about 30 condos every month closed escrow. In September we started to see a fall off when only 23 condos entered escrow but 29 still closed escrow.
In October we see that those 23 properties entering escrow translated into only 19 closing escrow. To amplify on that thought, only 22 properties entered escrow during October which could point to a downturn in the condo market. The bright side of those numbers sees the Median Sales price of those 19 properties was at $635,000 and the 22 entering escrow had a $709,000 Median List price. To give a little perspective to those numbers, looking at October ’06 we saw 29 properties closing escrow and 31 entering. This is in stark contrast to the 19 that closed in October ’07 and the 22 that went pending in that time period.
Despite the $630,000 Median Sales price there is substantial action in the $400,000 to $650,000 market. 5 properties from $400,000 to $449,000 closed escrow. And 5 properties from $450,000 to $649,000 closed escrow. The highest priced condo at $1.9 Million that closed in October was on the East Side close to Santa Barbara High School and the lowest priced condo at $400,000 was out in the Goleta South area.
Despite this downturn in the numbers of sales the condo market when compared to ’06 is still substantially ahead. The numbers of escrows is up 13.1%, the numbers of sold properties is up 17.1% and the Average Sold price is up 2.1%. On the downside, the Median Sales price is down to $630,000 from $664,895 in ’06 and the Average Sales price without Montecito is down by 1.2%.
The big number is still the huge rise in the overall sales volume which is up almost 20% from $206 Million in ’06 to $246 Million in ’07.
We’ll have to continue to watch the Condo Market to see whether we’re looking at a real trend or just an anomaly over the last couple of months. We’ve already seen about a 5% drop in the Median Sales price for the entire area and I think we’ll see a continued slight drop in that number.
At this point I don’t think the Santa Barbara Real Estate market is at a tipping point. The increased numbers of sales in the Home Estate/PUD market from September to October is encouraging, but the decrease in the number of Condos is bothersome. It will be interesting to see whether the price of Home Estates has to fall to maintain the numbers of sales or whether at this time it can stabilize itself.
On the Condo side, there are a significant number of new units that are coming on the market so it will be interesting to see what those new units do to the sale of existing units.
For Santa Barbara Real Estate in West of State St the Price Range Statistics for 1/1/2007 to 10/26/2007 show that there are currently 106 Home and Estate/PUDs on the market. The average price for the 106 properties is $1,315,243; the highest priced listing is $5,995,000, the median listing price is $1,195,000 and the lowest priced listing is $545,000. The average market time for those properties is 94 days.
There are 19 properties that are currently in escrow. The average price for those homes that entered escrow is $1,123,052. The highest price house is $1,795,000, the median price is $1,099,000 and the lowest priced house is $749,000. The average market time for the homes is 134.
On the Sales side there has been 157 properties closed escrow. The average price of those 157 homes is $1,191,396, the highest price is $4,600,000, the median price is $1,039,000 and the lowest priced property is $521,835. The average market time for these homes is 66 days.
For Santa Barbara Real Estate for West of State St the Price Range Statistics for Condominiums there are currently 50 condos currently on the market. The average price for the 50 properties is $941,428, the highest priced listing is $2,595,000, the median listing price is $689,000 and the lowest priced listing is $399,000. The average market time for those properties is 99 days.
There are currently 2 condos that are in escrow. The average price for those homes that entered escrow is $1,052,500. The highest price house is $1,450,000, the median price is $655,000 and the lowest priced house is $655,000. The average market time for the homes is 138.
On the Sales side there has been 67 properties close escrow. The average price of those 67 homes is $971,934, the highest price is $2,660,000, the median price is $645,500 and the lowest priced property is $410,000. The average market time for these homes is 83 days.
For Santa Barbara Real Estate in East of State St the Price Range Statistics for 1/1/2007 to 10/26/2007 show that there are currently 138 Home and Estate/PUDs on the market. The average price for the 138 properties is $1,769,701; the highest priced listing is $11,950,000, the median listing price is $1,489,000 and the lowest priced listing is $600,000. The average market time for those properties is 95 days.
There are 19 properties that are currently in escrow. The average price for those homes that entered escrow is $1,087,031. The highest price house is $1,950,000, the median price is $974,900 and the lowest priced house is $550,000. The average market time for the homes is 80.
On the Sales side there has been 188 properties closed escrow. The average price of those 188 homes is $1,446,263, the highest price is $9,300,000, the median price is $1,250,000 and the lowest priced property is $455,000. The average market time for these homes is 76 days.
For Santa Barbara Real Estate for East of State St the Price Range Statistics for Condominiums there are currently 41 condos currently on the market. The average price for the 41 properties is $1,171,887, the highest priced listing is $2,550,000, the median listing price is $995,000 and the lowest priced listing is $365,000. The average market time for those properties is 96 days.
There are currently 3 condos that are in escrow. The average price for those homes that entered escrow is $1,646,666. The highest price house is $2,195,000, the median price is $1,750,000 and the lowest priced house is $995,000. The average market time for the homes is 12.
On the Sales side there has been 80 properties close escrow. The average price of those 80 homes is $915,843, the highest price is $1,950,000, the median price is $805,000 and the lowest priced property is $490,000. The average market time for these homes is 101 days.
For Santa Barbara Real Estate in Montecito Real Estate the Price Range Statistics for 1/1/2007 to 10/26/2007 show that there are currently 115 Home and Estate/PUDs on the market. The average price for the 115 properties is $6,616,484; the highest priced listing is $47,000,000, the median listing price is $3,695,000 and the lowest priced listing is $1,283,000. The average market time for those properties is 134 days.
There are 20 properties that are currently in escrow. The average price for those homes that entered escrow is $5,569,000. The highest price house is $20,000,000, the median price is $3,475,000 and the lowest priced house is $1,895,000. The average market time for the homes is 122.
On the Sales side there has been 154 properties closed escrow. The average price of those 154 homes is $3,575,406, the highest price is $18,995,000, the median price is $2,800,000 and the lowest priced property is $675,000. The average market time for these homes is 101 days.
For Santa Barbara Real Estate for Montecito Real Estate the Price Range Statistics for Condominiums there are currently 17 condos currently on the market. The average price for the 17 properties is $1,524,382, the highest priced listing is $2,650,000, the median listing price is $1,335,000 and the lowest priced listing is $799,000. The average market time for those properties is 59 days.
There are currently 3 condos that are in escrow. The average price for the home that entered escrow is $1,510,666. The highest price house is $1,875,000, the median price is $1,335,000 and the lowest priced house is $1,269,000. The average market time for the homes is 222.
On the Sales side there have been 21 properties close escrow. The average price of those 21 homes is $1,700,238 the highest price is $5,000,000, the median price is $1,250,000 and the lowest priced property is $720,000. The average market time for these homes is 108 days.
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For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate the Price Range Statistics for 1/1/2007 to 10/26/2007 show that there are currently 57 Home and Estate/PUDs on the market. The average price for the 57 properties is $3,653,980; the highest priced listing is $27,500,000, the median listing price is $1,595,000 and the lowest priced listing is $635,000. The average market time for those properties is 137 days.
There are 5 properties that are currently in escrow. The average price for those homes that entered escrow is $1,758,600. The highest price house is $4,495,000, the median price is $1,295,000 and the lowest priced house is $709,000. The average market time for the homes is 124.
On the Sales side there has been 57 properties closed escrow. The average price of those 57 homes is $2,572,409, the highest price is $35,000,000, the median price is $1,025,000 and the lowest priced property is $630,000. The average market time for these homes is 105 days.
For Santa Barbara Real Estate for Carpinteria Real Estate/Summerland Real Estate the Price Range Statistics for Condominiums there are currently 48 condos currently on the market. The average price for the 48 properties is $651,317, the highest priced listing is $1,250,000, the median listing price is $627,000 and the lowest priced listing is $329,900. The average market time for those properties is 89 days.
There are currently 6 condos that are in escrow. The average price for those homes that entered escrow is $716,833. The highest price house is $1,395,000, the median price is $499,000 and the lowest priced house is $378,000. The average market time for the homes is 115.
On the Sales side there has been 47 properties close escrow. The average price of those 47 homes is $565,526, the highest price is $850,000, the median price is $550,000 and the lowest priced property is $387,500. The average market time for these homes is 105 days.