The Condo market for the West of State St area of Santa Barbara Real Estate sees a small raise in the numbers of units available from 46 in 07 to 50 in 08. But the numbers of new properties that came on the market this year went from 5 last year to the current 16 for a 220% rise. The numbers of escrows is down by 4 but the numbers of sales is exactly where it was last year at 3 The Average Sales price rose from $578,167 last year to $896,000 this year for a 54% increase.
For Home Estates in the Santa Barbara Real Estate area of West of State there have been exactly the same numbers of homes to sell. In 07 the total numbers available was 109 and currently its 109. New listings are up with 23 for 07 and 25 for 08 giving us an 8% rise. The overall escrows are down by 5 but the numbers of sales is down by 7. And the Average Sales price is down about 22% from $1,349,350 last year to the current $1,041,667.
The PUD market for the Santa Barbara Real Estate area of West of State St there are fewer properties to sell this year and fewer new properties on the market. The overall inventory is down by 3 and the new properties are down by 1. Escrows are down by 2 and the numbers of sales are exactly where they were at this time last year. Since nothing sold both years there is no Average Sales price.
For Condos in the Santa Barbara Real Estate area of East of State the inventory has raised by a modest 2% and the numbers of New Listings is up by 20%. Unfortunately even thought there have been properties to sell, fewer entered escrow which is down by 75% and fewer were sold which is down by 50%. But the Average Sales price is up by about 19% with a rise from $739,125 last year to $882,000 this year.
The Home Estate market for the East of State St area of Santa Barbara Real Estate as far as inventory is concerned is up by 22% from last year but the numbers of new listings this year is down by 14%. There is also a decline in the numbers of escrows by 58% and a decline in the numbers of sales by 22%. But the Average Sales price has risen by 43% from $1,072,778 in 07 to $1,537,714 in 08.
The PUD market for the Santa Barbara Real Estate area of East of State St we see the inventory up from 1 unit last year to 5 units this year. But the Numbers of New Listings, Escrows and Sales is exactly the same for both years, its 0.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the numbers of listings for all of 08 is down by 3 bit the numbers of new listings is up by 1. The numbers of escrows is way behind this year with 0 as opposed to 3 last year. Also the numbers of sales are down with 1 closing this year as opposed to 5 last year. The Average Sales is up however. Last year it was $1,377,000 and now its $1,750,000 for a 27% gain.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the overall numbers of units for sale is up by a mere 2% but the numbers of new listings is down by 1. We see 1 less escrow this year as opposed to last but 3 fewer sales so far this year. The Average Sales price at this time last year was $3,628,750 and currently its a whopping $5,408,286.
In the Santa Barbara Real Estate area of Montecito Real Estate for the Planned Unit Development Market the numbers of units to sell is off dramatically. Last year there was 1 total property on the market for the year and this year there has been on. And for both 07 and 08 there have been no new listings. Zeros are also posted for 07 and 08 for Escrows and Sales.
Check Out Montecito Real Estate on Squidoo
For the Santa Barbara area of Carpinteria Real Estate/ a href="http://www.santabarbaraproperties.com/Summerland.html" target="_blank">Summerland Real Estate for the condo market 08 looks similar in some ways and different in others to what occurred for the same period in 07. The number of Total Active Listings shows about 9% of head of last year but the New Listings has ahead by 200%. The properties that have entered escrow are down dramatically this year with 0 as opposed to 2 last year. Also the properties that have closed escrow are up by 1. The Average Sales price has gone from $0 last year to $325,000 this year.
For Home Estates in Carpinteria Real Estate/ a href="http://www.santabarbaraproperties.com/Summerland.html" target="_blank">Summerland Real Estate the total numbers of listings available for sale is up about 30% but the number of new listings is down by 33%. The number of homes entering escrow is exactly where it was last year but the number of sales is down by 3. The Average Sales Price is way down from $3,088,000 last year to $798,012 this year which is a 74% decline.
In the Santa Barbara area of Carpinteria Real Estate/ a href="http://www.santabarbaraproperties.com/Summerland.html" target="_blank">Summerland Real Estate for the PUD market the inventory is exactly where it was last year with 1 and the new PUDs are also where there were with 0.
The Escrows are also the same at 0 and the sales likewise at 0 for both years.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 11 properties close escrow in the last 30 days. The Median Sold price for those 11 was $860,000. Replacing those 11 that closed were 11 that entered escrow. The Median List price for those 11 was $899,000. 18 new homes entered the market place and the Median List price for those properties was $869,000. With those 11 houses the total current inventory is now 61. The Median List price for those 61 is $943,000.
For condominiums in the Goleta Real EstateNorth area of Santa Barbara Real estate there were 2 that closed escrow. The Median Sales price for the 2 was $614,500. To replace those 2 that closed 2 entered escrow. The Median List price for those 2 was $589,000. 4 new condo listings occurred in the last 30 days and those 4 have a Median List price of $555,000. With those 4 there are currently 13 condos for sale in the Goleta North area. The Median List price for the inventory is $495,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market there was only 1 property that closed escrow. That home sold for $780,000 and the ratio of the Sales Price to the Original List Price was 78.39%. That means that the seller had to take almost 22% less than they wanted. 2 Homes entered escrow in the last 30 days and those two had a Median List price of $1,125,000. 8 New Homes came on the market and they had a Median List price of $879,000. Those 8 houses contributed to the current inventory of 47 homes with a Median List price of $879,000.
For Condominiums in the Goleta Real Estate South area of Santa Barbara Real Estate there were 5 that closed escrow in the last 30 days. Those 5 had Median Sales price of $450,000. Entering escrow there were also 5 condos, but those 5 had Median List price of $565,000. 17 New properties entered the Market Place with a Median List price of $659,000 and those 17 contributed to the total inventory of 33 condos currently on the market. Those 33 have a Median List price of $659,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the last 30 days there were 2 homes that closed escrow. Those 2 homes had a Median Sales price of $2,080,000. While 2 properties closed escrow only 1 entered escrow. But that 1 property has a Median List price of $4,950,000. There were no new homes entering the market place for the 30 day period so currently the inventory shows us 9 properties with a $2,850,000 Median List price.
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 9 that closed escrow for the previous 30 days. The Median Sales price of those 9 was $845,000. Unfortunately there were only 6 properties going into escrow for the same period and those 6 homes had a Median List price of $850,000. 15 homes came on the market with a Median List price of $1,069,000 which gives us 74 Homes currently listed on the West Side. Those 74 Homes have a Median List price of $1,215,000.
For Condominiums in the West of State St area of Santa Barbara Real Estate there were 3 properties that closed escrow with a Median Sales price of $950,000. Unfortunately replacing those 3 properties was only 1 that entered escrow. That one had a List Price of $469,000. 14 new condos came on the market with a Median List price of $779,000 which gives us currently 43 listings. Those 43 listings have a Median List price of $749,000.
For Santa Barbara Real Estate of East of State St for Single Family Homes there were 12 sales during the period listed above. Those 12 sales had a Median Sales price of $935,635. Unfortunately replacing those 12 properties was only 7 entering escrow. But the good news is that the homes that entered escrow were $1,725,000. Coming on the market for those 30 days was 20 new properties and the Median List price of those 20 properties was $1,150,000. Currently there are 120 homes on the East Side for sale. And those 120 have a Median List price of $1,350,000.
For Condominiums in the East of State St area of Santa Barbara Real Estate there were 4 sales for the 30 days. The Median Sales price for those 4 homes was $659,500. To replace those 4 properties 5 went into escrow and those condos had a Median List price of $699,000. Coming on the market were 16 new condos. The Median List price of those properties was $2,097,000. Currently there are 38 condos available on the East Side with a Median List price of $1,049,000.
Santa Barbara Real Estates areas of Montecito Real Estate for Home Estate/PUDs there were 7 sales with a Median Sold price of $4,500,000. Taking the place of those 7 properties were 10 new listings, but the Median List price for those 10 was $2,100,000. The better news is that 8 homes entered escrow for the period. But again, the Median List price was down. Those 8 homes showed a Median List price of $2,995,000. Currently there are 101 homes for sale in Montecito with a Median List price of $3,600,000
Montecito Real Estate Condominiums in the Santa Barbara Real estate saw only 1 sale for the period listed above, and that property sold for $1,750,000. The worse news is there was nothing entering escrow during the same time. 3 New properties did come on the market with a Median List price of $999,000 which means that currently there are 15 condos for sale in Montecito with a Median List price of $1,779,000.
Check Out Montecito Real Estate on Squidoo
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs there was only 1 property that sold in the last 30 days. The Median Sales price for that sale was $946,125. The number of properties that came on the market was 4 for the current period and those 4 homes had a Median List price of $719,000. The encouraging number is that 5 properties entered escrow but the Median List price of those 5 homes was $799,900. Currently there are 56 and the Median Listing price is $1,885,000.
For the condo market of Carpinteria Real Estate/Summerland Real Estate for Santa Barbara Real Estate the number of sales was 0. Yup, nothin sold in the last 30 days. There were 7 new condos that came on the market with a Median List price of $559,000. Things are looking up however because while nothing sold 2 properties went into escrow. But the two that went into escrow had a Median List price of $434,500. Currently there are 41 condos on the market in the area and those 41 have a Median List price of $615,000.
For the Santa Barbara Real Estate area of Goleta Real Estate North for all of 07 in the Single Family Home market 141 homes closed escrow with a median sold price of $935,000 and an average sold price of $1,170,515. 242 homes came on the market with a median asking price of $969,000 and an average asking price of $1,358,034. Also for that period 152 properties went into escrow, 28 were withdrawn from the market, 64 listings cancelled, 88 expired and 583 came back on the market. Currently there are 52 homes for sale in the area with a median list price of $959,000 and an average list price of $2,157,021.
For the Santa Barbara Real Estate area of Goleta Real Estate North for all of 07 in the Condo market 43 condos closed escrow with a median sold price of $550,000 and an average sold price of $574,520. 65 condos came on the market with a median asking price of $559,000 and an average asking price of $593,921. Also for that period 44 properties went into escrow, 4 were withdrawn from the market, 20 listings cancelled, 27 expired and 10 came back on the market. Currently there are 14 condos for sale in the area with a median list price of $495,000 and an average list price of $543,998.
For the Santa Barbara Real Estate area of Goleta Real Estate South for all of 07 in the Single Family Home market 70 homes closed escrow with a median sold price of $894,000 and an average sold price of $1,104,607. 139 homes came on the market with a median asking price of $899,000 and an average asking price of $1,182,381. Also for that period 69 properties went into escrow, 11 were withdrawn from the market, 37 listings cancelled, 54 expired and 32 came back on the market. Currently there are 42 homes for sale in the area with a median list price of $875,000 and an average list price of $1,500,300.
For the Santa Barbara Real Estate area of Goleta Real Estate South for all of 07 in the Condo market 73 condos closed escrow with a median sold price of $530,000 and an average sold price of $547,156. 118 condos came on the market with a median asking price of $575,000 and an average asking price of $569,826. Also for that period 70 properties went into escrow, 21 were withdrawn from the market, 22 listings cancelled, 56 expired and 30 came back on the market. Currently there are 32 condos for sale in the area with a median list price of $635,900 and an average list price of $608,553.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for all of 07 in the Single Family Home market 34 homes closed escrow with a median sold price of $3,275,000 and an average sold price of $4,655,147. 42 homes came on the market with a median asking price of $2,950,000 and an average asking price of $4,748,309. Also for that period 36 properties went into escrow, 4 were withdrawn from the market, 6 listings cancelled, 13 expired and 14 came back on the market. Currently there are 9 homes for sale in the area with a median list price of $2,850,000 and an average list price of $6,728,111.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for all of 07 in the Condo market there was no activity.
For the Santa Barbara Real Estate area of West of State St for all of 07 in the Single Family Home market 187 homes closed escrow with a median sold price of $1,038,500 and an average sold price of $1,165,129. 293 homes came on the market with a median asking price of $1,099,000 and an average asking price of $1,232,580. Also for that period 183 properties went into escrow, 38 were withdrawn from the market, 79 listings cancelled, 114 expired and 64 came back on the market. Currently there are 73 homes for sale in the area with a median list price of $1,200,000 and an average list price of $1,359,141.
For the Santa Barbara Real Estate area of West of State St for all of 07 in the Condo market 74 condos closed escrow with a median sold price of $645,250 and an average sold price of $762,359. 143 condos came on the market with a median asking price of $697,000 and an average asking price of $878,235. Also for that period 75 properties went into escrow, 23 were withdrawn from the market, 53 listings cancelled, 64 expired and 40 came back on the market. Currently there are 31 condos for sale in the area with a median list price of $699,000 and an average list price of $945,429.
For the Santa Barbara Real Estate area of East of State St for all of 07 in the Single Family Home market 217 homes closed escrow with a median sold price of $1,200,000 and an average sold price of $1,401,163. 393 homes came on the market with a median asking price of $1,299,000 and an average asking price of $1,573,272. Also for that period 215 properties went into escrow, 60 were withdrawn from the market, 88 listings cancelled, 137 expired and 99 came back on the market. Currently there are 109 homes for sale in the area with a median list price of $1,449,000 and an average list price of $1,846,191.
For the Santa Barbara Real Estate area of East of State St for all of 07 in the Condo market 86 condos closed escrow with a median sold price of $821,500 and an average sold price of $934,848. 139 condos came on the market with a median asking price of $929,000 and an average asking price of $1,137,075. Also for that period 87 properties went into escrow, 18 were withdrawn from the market, 31 listings cancelled, 34 expired and 22 came back on the market. Currently there are 37 condos for sale in the area with a median list price of $1,049,000 and an average list price of $1,249,159.
For the Santa Barbara Real Estate area of Montecito Real Estate for all of 07 in the Single Family Home market 175 homes closed escrow with a median sold price of $2,900,000 and an average sold price of $3,743,103. 271 homes came on the market with a median asking price of $3,195,000 and an average asking price of $4,261,518. Also for that period 167 properties went into escrow, 44 were withdrawn from the market, 50 listings cancelled, 105 expired and 74 came back on the market. Currently there are 101 homes for sale in the area with a median list price of $3,600,000 and an average list price of $6,706,143.
For the Santa Barbara Real Estate area of Montecito Real Estate for all of 07 in the Condo market 24 condos closed escrow with a median sold price of $1,225,000 and an average sold price of $1,645,625. 40 condos came on the market with a median asking price of $1,450,000 and an average asking price of $1,759,498. Also for that period 20 properties went into escrow, 6 were withdrawn from the market, 9 listings cancelled, 14 expired and 10 came back on the market. Currently there are 15 condos for sale in the area with a median list price of $1,795,000 and an average list price of $1,971,663.
Check Out Montecito Real Estate on Squidoo
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for all of 07 in the Single Family Home market 62 homes closed escrow with a median sold price of $1,010,000 and an average sold price of $2,487,698. 126 homes came on the market with a median asking price of $995,000 and an average asking price of $2,366,818. Also for that period 64 properties went into escrow, 17 were withdrawn from the market, 23 listings cancelled, 46 expired and 64 came back on the market. Currently there are 47 homes for sale in the area with a median list price of $1,595,000 and an average list price of $4,137,046.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for all of 07 in the Condo market 54 condos closed escrow with a median sold price of $549,500 and an average sold price of $573,273. 119 condos came on the market with a median asking price of $615,000 and an average asking price of $629,114. Also for that period 58 properties went into escrow, 12 were withdrawn from the market, 38 listings cancelled, 74 expired and 25 came back on the market. Currently there are 34 condos for sale in the area with a median list price of $627,000 and an average list price of $649,714.
The Goleta Real Estate North area of Santa Barbara the numbers are actually up for Home Estate/PUD sales. In 06 9 homes closed escrow and 07 11 closed. To get that increase in sales the former home owners had to come down in their price by about $350,000. In 06 the Median Sales price was $1,195,000 and in 07 its been $880,000. The Sales Price to Original List Price ratio is within .05% for both years and the Days on the Market are separated by less than a week.
For Condominiums in the Goleta Real Estate North area the numbers are exactly opposite. In December 07 weve seen only 1 Condo sale compared to 8 in December 06. The good news is that 1 in 07 sale was $759,000 compared to the Median Sales Price in 06 of $612,500. And to amplify on that thought the seller got all of their asking price compared to a 95.15% Sales Price to Original List Price ratio in 06. Also, the 07 property went out in 9 days compared to the 68 Days on the Market that it took in the previous year.
The Goleta Real Estate South area of Santa Barbara looks pretty bleak. In December 06 for Home Estates there were 8 sales and in 07 there was 1. If its any conciliation the Median Sales price did slide up a bit from $821,500 last year to $842,500 this year. But the seller of the one property had to drop the price by almost 18% from the original asking price. Overall for the area the Sales Price to Original List Price ratio was 94.41% in 06 and its 82.2% this year. The largest difference for Goleta South came in the Days on the Market. Last year the average was 56 and the one property that closed this year took 167 days to get an accepted offer.
For Condominiums in the Goleta Real Estate South area the numbers arent quite as bad. In 06 there were 7 condos that closed escrow and in 07 there have been 4. The Median Sales price has taken a big hit to get those 4 sales however. In 06 the Median Sales price was $600,000 and this month its at $423,500. The only good number in that whole mess is that it took two months less time to get an accepted offer this year. In 06 it took 100 Days and in December 07 that number is 31.
The Hope Ranch Real Estate area of Santa Barbara has been a great year both for numbers of sales and increase in the Median Sales price for 07 vs. 06 for Home Estate/PUDs. But it has definitely slowed to a crawl in December 07. This month we have had 1 sale vs. 3 for December 06. And to add insult to injury the Median Sales Price has dipped to a rock bottom (for Hope Ranch) $2,000,000. At this time last year that number was $2,800,000. One of the reasons there were 3 times the numbers of sales in 06 is the sellers were definitely in a bargaining mood. The Sales Price to Original List Price ratio was 80.71% compared to this years 95.47%. The only really good number for this year is the Days on the Market were 0 for the 1 property that sold. This means it came on and went out. Last year the Days on the Market were 154.
For Condominiums in Hope Ranch Real Estate there was no activity.
The West Side of Santa Barbara Real Estate is the one area of town that has held its own in the month of December. For Home Estate/PUDs in 06 there were 13 sales and in 07 weve seen 14. The Median Sold Price has dipped a little from $923,000 last year to $885,000 this year. But even this rate of decline is no where near what it is in other parts of town. The Sold Price to Original List Price is a little higher this year posting a 91.97% ratio as opposed to the 89.06% mark of last year. Even the Days on the Market are very close to what we saw in 06. For 07 it takes 53 days to get an accepted offer on your house and for 06 that number was 59.
For Condominiums on the West Side of Santa Barbara Real Estate the numbers are also very close. In both years there were 2 sales but the Median Sales price is a whole other story. In 06 it was $1,088,000 and in 07 it plummeted to $545,000. And to get that $545,000 the sellers had to drop down to 89.49% Sold Price to Original List Price ratio. The Days on the Market is definitely closer than the Median Sales price, but even so this year Sellers had to wait 91 Days to get and accepted offer as opposed to 79 last year.
For December 06 vs. December 07 for Home Estate/PUDs on the East Side of Santa Barbara Real Estate the numbers are telling. Last year in December there were 22 properties that closed escrow and this year there have been 14. But the biggest number that jumps out at you is the Median Sales Price. Last year in December it was $1,287,500 and this year in December its $842,500. The Sales Price to Original List Price is wider this year posting an 84.37% mark compared to last years 89.34%. This shows a willingness on the part of sellers to cut their price for sales, but the 22 sold in 06 vs. 14 in 07 shows that the buyers arent willing to step up. The biggest diversity is in the Days on the Market figure. In 06 it was 57 days and in 07 it jumps up to 112 days. This means that sellers have to wait almost 2 months longer to get almost $400,000 less for their home.
For Condominiums on the East Side of Santa Barbara Real Estate the numbers are equally as dismal. In December 06 we saw 6 sales and in 07 we see 2. The Median Sold Price for the properties that have sold is substantially up from where it was last year. In 06 the number was $615,000 and in 07 it has gone to $891,250. Interestingly enough the Sold Price to Original List Price ratio is higher this year at 95.12% than it was last year when it was 90.38%. This means the sellers didnt have to give away as much as they did last year to get their condo sold. While they didnt have to give up as much they did have to wait longer. Last year it took 62 days to get a condo in escrow and this year the number has gone up to 89.
Looking at the numbers for Montecito Real Estate in 06 Home Estate/PUD sales were rolling along with 19 properties closing escrow. In 07 we see that number has shrunk to 8. But even though there have been fewer units sold, the Median Sales Prices continue to surge forward. Last year it $2,690,000, this year the Median Sales Price is $3,047,500. An even larger disparity is the Average Sold price of $4,334,312 for 07 vs. $2,830,494 for 06. This shows that the upper end of the market is continuing to be very strong. Finally, the Days on the Market are down from 06 when it took 112 Days to put your home in escrow compared to the 77 Days it has taken in December 07.
For Condominiums in Montecito Real Estate its a different picture. In December 07 only 1 condo has closed escrow compared to the 6 that closed in December 06. And the property that did close was on the lower side if $765,000 can be called low, compared to the Median Sales price posted in 06 of $1,180,000. The Sales Price to Original List price ratio for 07 shows up a 95.74% number compared to the 06 number of 90.97. The only real good number for December 07 is the Days on the Market. This year it took only 31 days to get your condo in escrow compared to the 121 days it took last year.
Check Out Montecito Real Estate on Squidoo
Looking at Home Estate/PUDs for December 06 vs. December 07 in Carpinteria Real Estate/Summerland Real Estate we see a rather dramatic difference. In 06 there were 10 properties that closed escrow compared to the 2 homes that closed escrow in 07. Another dramatic number is the difference in the Median Sales Price. In 06 it was $1,102,500 compared to the 07 number of $917,500. The Sales Price to Original List Price ratio is somewhat closer with an 88.95% in 06 vs. an 84.41% for 07. This number shows that the sellers are willing to deal, but the buyers are still a little stand offish. The biggest disparity between 06 and 07 is the Days on the Market. Last year it took 88 days to get your house in escrow. This year its up to 167 days.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate the numbers are better than with Home Estates. In 06 4 condos closed escrow and in 07 2 closed. The Median Sales price is also closer with a $562,500 price last year vs. the $540,000 price this year. Part of the reason for the smaller number of Condo sales is that the sellers have somewhat drawn a line in the sand. In 06 the ratio was 86.38% and in 07 its gone to 94.25%. Unlike Home Estates, Condos have taken roughly the same amount of time to go into escrow as we saw last year. In 06 it was 177 and in 06 its been 144.
As we start moving into 2008 the numbers for the last month of 07 are not terribly encouraging when it comes to Home Estate/PUDs. In December there were 44 sales with a Median Sales Price of $929,000 and an Average Sales Price of $1,338,937. This is in stark contrast to December 06 when we saw 78 Sales with a Median Sales Price of $1,257,500 and an Average Sales Price of $1,742,192. It must be remembered that in 06 the market was gaining its stride, having started a rally in the 4th quarter of the year. This surge kept up until April and May of 07 when the Sub Prime Mortgage information started to be disseminated.
The Sellers have not stiffened in their price expectations which are demonstrated by the 88.71% Sales Price to Original List Price ratio, but interestingly enough that number is very close to the 90.61% ratio posted in 06. I think theres a general reticence of buyers to step up at this point due to an uncertainty in the market place. Despite the fact that the overall economics are pretty good even though there was an increase in unemployment in December there is a seeming willingness on the part of Congress to deal with the mortgage crisis.
The inventory of Home Estates has been reduced by almost 25% from November to December due mainly to the 20 withdrawn properties, 37 cancelled listings, and 64 expired homes for sale. That contrasts with only 24 Home Estates which Came Back on the Market. Every year at this time the Inventory pulls back, but 07 seems particularly dramatic. Even with all those properties removed from the market the inventory is about 15% larger than it was at this time last year.
The one segment of the market which up until now had been leading the way was the upper end, but in December this area slowed most dramatically. Only 8 of the 44 sales were at the $2,000,000 and above level, and there were no sales of $5,000,000 and above. This contrasts with the 24 properties that were sold at $1,000,000 and below. The trend of more activity below the $1 Million mark is very good, so well have to see whether the cooling of the high end is just an anomaly or a real trend. The highest priced property for December went out at $4,500,000 for a home in Montecito and the lowest price home went for $550,000 for one on the Lower West Side. I see this as a very good trend, because more sales below $600,000 would definitely invigorate that segment of the market.
The Average Days on the Market for the 44 homes that sold was 93, but when you break out the numbers theyre all over the lot. The high was 308 days for a home in the $2,000,000 to $2,249,999 and the low was 11 days for one in the $1,800,000 to $1,899,999 level.
Closing out 07 we see that the numbers of sales finally dipped below those that were posted for the same time period in 06. But the Median Sales price when you look at the entire Santa Barbara Real Estate area saw a gain of 3.4%. But without Hope Ranch Real Estate and Montecito Real Estate in the mix there was a decline of 1.5% year over year.
Most forecasters are saying that the Real Estate downturn will last between 6 and 9 months for the rest of the country. Santa Barbara has definitely fared better than the national numbers would indicate so well have to see whether the turn around here will be sooner rather than later. The mortgage interest rates are still very good and lenders all tell me they have money to be leant for qualified buyers. I think buyers have seen prices fall in the last few months and theyre waiting on the sidelines to see whether there will be further declines.
For Condominiums the numbers have slid from bad to worse. In December we saw only 12 condos close escrow. This compared to the 29 we saw close in December 06. An even more dramatic number is that in 06 the Median Sales Price for the 29 Condos was $635,000 and in 07 that number was $526,000. What this difference points up is that the upper end of the Condo Market has slowed down. There was only 1 sale of a condo in Montecito for December and the new properties on the West Side have slowed down.
In contrast to the fall in the Median Sales Price we see that the Sales Price to Original List Price ratio has stiffened to 93.98%. In 06 that number was 90.77%. This tells me that the Condo Sellers have about reached the end of their rope as far as what they can give back as far as price is concerned. Well have to see whether there is any more room in the price for the Buyers or if those condos that are on the market will be cancelled or withdrawn.
The Condo inventory has not fallen nearly as fast as the Home Estate market; in fact there are only 14 fewer properties for sale than there were in November. Even so we saw 5 condos withdrawn, 21 cancelled and 27 expired with only 5 coming back on the market.
Of the 12 condos that closed escrow all except 1 were below the $1 Million mark. We even saw 2 at the $300,000 to $349,000. The lowest priced condo that sold in December was $307,900 for one in the Goleta South area and the highest priced condo went out for $1,222,500 for one close to East Beach.
The good news is that the average market time was 76 days for those properties that closed escrow. But just like Home Estates, when you break those numbers out you see theyre all over the lot. The high was 194 days for a condo in the $400,000 to $449,999 range and the low was 20 days for one in the $750,000 to $799,999 range.
Even with the big down turn in sales at the end of 07 6.3% more condos sold as compared to 06 even though the sellers had to take about 4% less for those properties that sold. The sales were up for every district in Santa Barbara except Goleta North, which saw a 13% decline. The largest increase was in Montecito which saw a 38% rise and the smallest increase was Carpinteria/Summerland which posted at 3% rise.
Well have to see whether the condo market can right itself in the next few months. It is definitely the area that has been hit most dramatically by the mortgage problems. With a Median Sales price of $526,000 and a low price of about $300,000 some of these condos are really looking like bargains. Whether the buyers see these properties the same way is the real question.
For Goleta Real Estate North area of Santa Barbara Real Estate the Price Range Statistics for 1/1/2007 to 12/14/2007 show that there are currently 68 Home and Estate/PUDs on the market. The average price for the 68 properties is $1,624,122 with the highest priced listing going for $12,500,000. The median listing price for Goleta North Homes is $999,000 and the lowest priced listing is $375,000. Average market time for those properties is 133 days.
17 Home Estate are currently in escrow in Goleta North. Average price for those 17 houses in escrow is $1,078,117 with the highest priced home listed which is currently in escrow at $2,795,000. The median list price for a Goleta North house in escrow is currently $839,000 and the lowest priced house is $639,000. Average market time for 17 homes in escrow in Goleta North is 120.
For Goleta North Sales in 2007 there have been 133 properties close escrow. Average price of those 133 homes is $1,178,831 with the highest priced sale coming in at $8,200,000. The Median sales price for Goleta North is $939,000 and the lowest priced property is $160,000. Average market time for the 133 sales in Goleta North is 71 days.
For Goleta Real Estate North the Condo Price Range Statistics for Santa Barbara Real Estate there are currently 15 condos on the market. Average price for the 15 properties is $555,655 with the highest priced condo listing going for $989,000. The median listing price for a Condo in Goleta North is $515,000 and the lowest priced listing is $369,000. Average market time for those Goleta North condos is 197 days.
There 6 condos in Goleta North that are in escrow. Average price for those 6 condos that have entered escrow is $583,333. Highest price Condo in escrow is $759,000 and the median price is $519,000. The lowest priced condo in escrow in Goleta North is $462,000. Average market time for the 6 condos in escrow is 142 days.
In Goleta North for 2007 there have been 42 condos close escrow. Average price for those 42 condos is $570,128 with the highest price condo going for $1,218,000. The median sales price for a Goleta North condo has been $539,000 and the lowest priced condo sale was $193,200. Average market time for the 42 condo sales has been 67 days.
In the Goleta Real Estate South areas for 1/1/2007 to 12/14/2007 show that there are currently 54 Home and Estate/PUDs on the market. The average price for the 54 properties is $1,407,455 with the highest priced current listing showing up at $15,000,000. Median list price is for Goleta South is $875,000 and the lowest priced listing is $599,000. Average market time for those 54 listings in Goleta South is 108 days.
6 properties in the Goleta South area are now in escrow. Average price for those 6 houses in escrow is $745,666 with the highest price house in escrow coming in at $799,000. The median price for the homes in escrow is $789,000 and the lowest priced house is $649,000. Average market time for Goleta South homes is currently 158.
In Goleta South for 2007 there have been 70 properties closed escrow. Average price for those 70 homes is $1,104,607 with the highest priced Home closing at $2,595,000. The median sales price for Goleta South is $889,000 and the lowest priced property to close $625,000. Average market time for those 70 homes in Goleta South is 62 days.
Goleta Real Estate South the Price Range Statistics for Condominiums for this area of Santa Barbara Real Estate shows that there are currently 27 condos on the market. Average price for the 27 condos is $606,914 with the highest priced Condo listing going for $999,000. The median list price for Goleta South Condos is $594,990 with the lowest priced Condo displaying a $325,000 price tag. Average market time for those 27 condos in Goleta South is 122 days.
8 condos are now in escrow for the Goleta South area. Average price Listing Price for those 8 condos that have entered escrow is $605,333. Highest price condo in escrow is $755,000, and the median list price for Condo in Escrow in Goleta South is $635,000. The lowest priced condo in escrow is $349,000 and the average market time for the 8 condos in escrow is 106.
For Sales in Goleta South area for condos in 2007 there have been 71 properties close escrow. Average price for those 71 condos is $551,597 with the highest price condo sale going out at $1,000,000. The median sales price has been $532,000 and the lowest priced property is $270,000. Average market time for these 71 condos in Goleta South for 2007 has been 70 days.
For Hope Ranch Real Estate for 1/1/2007 to 12/14 /2007 there are currently 9 Home Estates on the market. Average price for the 9 properties is $6,757,444 with the highest priced Home listed for $28,950,000. Median listing price for Hope Ranch is $2,850,000 and the lowest priced listing is $1,929,000. Average market time for current Hope Ranch listing is 108 days.
There are 2 properties currently in escrow in Hope Ranch. Average price for those 2 homes that have entered escrow is $2,750,000 with the highest price home listed for $2,750,000. The median price for Homes currently in escrow is $1,175,000 and the lowest priced house in escrow is $1,175,000. Average market time for the 2 Hope Ranch homes in escrow is 114.
For Sales in Hope Ranch for 2007 there have been 34 Homes close escrow. Average price of those 34 homes is $4,655,147 with the highest price is $15,000,000. The median sales price for 2007 is $3,200,000 and the lowest priced property is $1,850,000. The average market time for the 34 homes that have closed escrow in Hope Ranch for 2007 is 101 days.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity
In the West of State St area for 1/1/2007 to 12/14/2007 for Santa Barbara Real Estate 87 Home and Estate/PUDs are now on the market. Average price for the 87 Homes is $1,362,979 with the highest priced Home being listed for $5,995,000. The current median listing price for Homes is $1,200,000 with the lowest priced Home showing up at $539,000. Average market time for those 87 homes on the West Side is 106 days.
As of 12/14 there are 14 Homes in escrow. Average price for those homes currently is escrow is $937,642. Highest price house in escrow now is $1,529,000 with the median price of a house in escrow slipping down to $865,000. Lowest priced home in escrow is $695,000. For 14 Homes in escrow on the West Side average market time is 107.
In 2007 on the West Side 180 homes have closed escrow. Average price of those 180 homes is $1,175,917 with the highest price home closing at $4,600,000. The median sales prices for 2007 have been $1,040,000 and the lowest priced property is $521,835. Average market time for the 180 homes that have closed escrow is 70 days.
West of State St area for Condominiums for Santa Barbara Real Estate 42 condos currently on the market. Average price for the 42 properties currently available is $947,666 with the highest priced condo listed at $2,595,000. Median Condo listing price is $679,000 and the lowest priced listing is $439,000. Average market time for those 42 condos is 117 days.
3 condos are now in escrow on the West Side and the average price for those 3 homes that have entered escrow is $947,666. Highest priced Condo is escrow is listed for $1,150,000 with the median price of those condos in escrow showing up at $995,000. Lowest priced West Side condo in Escrow is listed for $698,000. And the average market time for the 3 condos is 103.
For West Side condos 74 condos have closed escrow thus far in 2007. Average price of those 74 homes is $762,359 and the highest price West Side condo has been $2,660,000. Median price of the 74 West Side Condos has been $645,000 and the lowest priced property went out at 380,000. Average market time for the 74 closed condos on the West Side has been 86 days.
For the East of State St area of Santa Barbara Real Estate there are currently 129 Home and Estate/PUDs on the market. Average list price for those Home Estates is $1,826,064 with the highest priced Home coming in at $11,950,000. The median list of a Home on the East Side of town is $1,499,000. With the lowest priced Home showing up at $459,000. Average market time for those 129 homes currently for sale is 102 days.
14 properties are now in escrow on the East Side. Average list price of those homes in escrow is $1,142,528 with the highest price home on the market listed at $3,495,000. Median list price is now $974,000. With the lowest priced home priced at a tiny $600,000. Average market time for the homes in escrow is currently 79.
One the East Side of Santa Barbara there has been 211 Homes close escrow thus far in 2007. Average sales price for those 211 price of those 211 properties is $1,409,005 with the highest price is Home going for $9,300,000. Median price of the 211 Homes is $1,212,000. And lowest priced property that has closed escrow in 2007 shows up at a paltry $455,000. Average market time for these 211 homes is just over 76 days or just over 2 months.
For Condominiums in the East of State St area for Santa Barbara Real Estate we have 35 condos on the market right now. Average price for the condos on the market is $961,685 with the highest priced condo listed at $2,395,000. Median listing price for Condos on the East Side is $799,000. With the lowest priced Condo showing up at a miniscule $449,500. Average market time for the 35 condos is currently 99 days.
4 condos on the East Side are now in escrow. Average price for those condos in escrow is $702,000 with the highest price condo listed for $1,075,000. Median price for the Condos in escrow is $569,000 with the lowest priced condo listed at $365,000. Average market time for the 4 condos in escrow is 97.
For Sales on the East Side of Santa Barbara there have been 84 condos close escrow in 2007. Average selling price for those 84 homes has been $943,928 with the highest price condo going out at $2,100,000. The median price for Condos on the East Side of Santa Barbara for 2007 has been $825,000 with the lowest priced property so far in 2007 showing up at $490,000. Average market time for these 84 condos homes has been 97 days.