The Condo market for the Hope Ranch Real Estate area of Santa Barbara estate saw now activity.
For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estate there have been fewer homes on the market this year for a drop of 22%. But the new listings are only down by 10%. This slight drop in the numbers of new listings is also accompanied a drop in the numbers of escrows by 64% but a drop in the numbers of sold properties by 30%. The average sold price is also down by 20% but this is due to some rather large sales early in ’07. I think it will turn out to be another good year for Hope Ranch despite some of the current down numbers.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate saw no activity.
The Condo market for the West of State St area of Santa Barbara Real Estate has a slight decline in inventory year over year. This approximately 4% drop is offset by the 5% rise in new listings that have come on the market this year. But there’s been a huge reduction in the numbers of escrows where we see them off by about 46%. Interestingly enough while the escrows are down by 46% the sales are down by only 38%. Further cloud the issue is the fact that while both of those important numbers are down the average sales price is up by 8%. The condo numbers for the West Side are tilted by the number of very large sales which have occurred in the first part of ’08. Except for those $2 million plus sales the overall market price is down for the rest of the area.
For Home Estates in the Santa Barbara Real Estate area of West of State the inventory is also almost exactly where it was at this time last year show about a 1% drop. And the new listings that came on the market this year are down by just 2%. Unlike the condos however the decline in escrows is nowhere as extreme. This year we’ve seen a 17% drop in escrows but a 39% drop in sales. My hunch is that substantially more of those escrows will close sooner or later but for now that almost 40% drop in sales is substantial. The Average Sales Price is also down but now quite as significantly as the drop in sales and escrows. Currently we’re looking at a 4% drop from last year.
The PUD market for the Santa Barbara Real Estate area of West of State St there are 57% fewer listings overall and 66% fewer new listings. These numbers are deceptive because what we’re really talking about is 7 listings last year and 3 this year. The numbers of escrows are off by 50% but again that only means we had 2 last year and 1 this year. The sales are off by 100% but this means 1 sale last year and 0 this year. With so few PUDs on the market these numbers can be easily skewed.
For Condos in the Santa Barbara Real Estatearea of East of State the overall numbers of condos available for sale is down by 7% and the numbers of new listings is down by 13%. The real declining numbers however are the escrows which have fallen by 50% and the sold condos which are down by 53%. At this point in the year only 15 condos have closed escrow for the entire East Side. This lack activity is despite the falling average sales price which has dropped by 9% for the year. This 9% drop gives us a sales price of $819,467 which is still a substantial amount of money for a condo and represents only a 3% drop in the sales price to last price ratio. The East Side area condo market has been hit most dramatically and it’s not clear at this point what it will take to get it moving again.
The Home Estate market for the East of State St area of Santa Barbara Real Estateshow us an inventory which is up by 11% but new listings are down by 2%. But numbers of escrows which is down by 40% is slightly better than the condo market and the numbers of closed escrow which is down 39% is definitely better than the condo market. Interestingly enough the average sales price is only off 2% year over. At this time the sellers of both condos and home estates are holding to their prices which currently mean that sales and escrows will remain down.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the numbers of total listings is exactly where it was last year at this time when we saw 33. The numbers of new listings is down slightly however by about 16%. Even though the list numbers are close the numbers of escrows and sales is not. Escrows are down by a whopping 63%. At this time there have been only 4 escrows this year and so far only 3 of those escrows has closed. Because of the huge surge of activity last year this means that currently the numbers of sales is down by 80%. The amazing number is that even though the sales are almost non-existent the average sales price is up by 11% rising to $1.85 million dollar.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the overall listings are up only slightly by 1%. But the numbers of new listings is down slightly by 4%. So with the numbers of listings basically at a wash numbers of escrows has declined by 21% and the numbers of sold properties is down by 23%. But just like with condos in Montecito the properties that have sold have pushed the average sales price up. The average sales price has risen by an astounding 29%. Home prices in Montecito continue to rise for both Home Estates and Condos.
For the Santa Barbara area of Carpinteria Real Estate/ Summerland Real Estate for the condo there are about 13% more listings than there were in ’07. Even more dramatic is the increase in new listings where we see 26% more this year. These increases contrast markedly to the decline in properties that have gone into escrow. This number is down by 33% and the sold condos are down even farther at -38%. To add insult to injury the average sales price is down by 17% for the year. So, even though the sellers have come down dramatically in their price the numbers of sales have not come risen. This is basic economics. If there is more of something then the price falls.
For Home Estates in Carpinteria Real Estate/ Summerland Real Estate the total numbers of listings is also up by 10%. But the numbers of new listings that came on the market this year is down by 14%. The listings that have gone into escrow are down also by about 13%. But the numbers of homes that have closed escrow is down by a more dramatic 37%. The average sales price is difficult to gauge because of a number of very large sales early in ’07. At this point last year the Average Sales Price was $4.6 million and currently it’s $2.4 which is still a huge number. But nevertheless that’s a 47% decline. The decline in the numbers of sales may be somewhat short time because of the substantial numbers of properties that have entered escrow. Presumably these homes in escrow haven’t closed yet.
For Santa Barbara Real Estate’s Goleta Real Estate North area the Median Sales price for the period of Jan. 1 through Apr. 15 for Home Estate/PUDs has been $797,500 compared to the ’08 number of $920,000. The numbers of sales is off slightly from 42 last year to 36 this year.
The gap between the Median List price of $1,029,999 and the Median Sales price of $797,500 is almost cavernous. A difference of about $250,000 on a sales price of about $800,000 is big. This gap is more telling than the 90.4% difference between the Sales Price to Original List Price ratio.
What’s very interesting to me is that the inventory is actually below where it was last year. In ’08 we’ve got 93 Home Estates on the compared to the ’07 number of 96. The days on the market is also down this year with sellers getting an accepted offer in 77 days compared to 85 days for last year.
Hopefully Goleta North is leading the way for the recovery of the area’s Home Estate market. The interesting part of the phenomenon is that with Home prices declining people who were interested in buying a Condo are now looking at purchasing a House instead.
For Santa Barbara Real Estate’s Goleta Real Estate North area for the condo market in ’08 has seen only 7 sales compared to the ’07 number of 15. Accompanying the drop in the numbers of sales we also see a decline in the Median Sales price down to $470,000 for the year so far. This compared to the figure of $550,000 for the same time period in ’07.
The number that is very close to that posted last year is the number of listings available. In ’08 on April 15 there were 32 condos on the market and in ’07 there were 31. The difference is in the median list price for those two periods. Last year that figure was $549,000 and this year that number is $505,000.
The Days on the Market have declined this year however. Currently it has taken 63 days for the sellers to get an accepted offer compared to the 74 days it took last year.
The gap between the Sales Price to List Price is pretty close at this time. The Median List Price is currently $505,000 compared to the Median Sold Price of $470,000. These numbers are very good for people looking at purchasing a condo. We’ll have to see however whether they are now at a level which will spur sales. Or, if they have to come down further to get the ball rolling.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price for time period for Jan. 1 through Apr. 15 shows us 26 Home Estate/PUD sales for ’08 compared to 24 for ’07. But with the numbers of sales rising for this year the Median Sales price has declined. In ’08 so far it’s been $782,500 compared to the ’07 number of $852,000.
The really interesting number to me is the Sales Price to Original List price ratio. For ’08 it’s been 94.32% compared to the ’07 number of 95.27%. What this tells me is that the sellers are coming closer to the right number from the beginning of the listing instead of doing the traditional method of bringing it on higher then reducing the price as time goes on.
The hot market right now particularly in Goleta is $600,000 to $800,000. This figure brings a lot more people into the market place that have previously been priced out of the market. The gap between Sales Price and List Price is a lot closer in Goleta. Currently the Median List Price is $839,000 and the Median Sold Price is $782,500.
The inventory numbers for both years are also a lot closer than we’ve seen in other districts. Last year there were 53 Home Estates on the market in the area and this year there are 60. The only number that has changed substantially is Days on the Market. Last year that number was 62 and currently it is at 91.
For Santa Barbara Real Estate’s Goleta Real Estate South area for the condo market the numbers are also close. In ’07 there were 23 sales and in ’08 we’ve seen 21. Interestingly enough the Median Sales Price is up ’08 to a $615,000 compared to the ’07 number of $560,000.
With the Median Sales price and numbers of sales close so is the gap between sales price and list price. The Median List price for the area is $589,900 compared to the $615,000 median sales number. This approximately $25,000 difference is well within the 91.88% sales price to original list price ratio.
Also unlike the other districts the inventory is up only slightly from 44 condos available last year at this time to the 50 that are currently on the market. And the really good news is that the average days on the market have shrunk from the ’07 number of 88 to the current level of 72.
Hopefully the Goleta South area condo market is pointing the way to recovery for the condo market in the rest of the area.
For Santa Barbara Real Estate’s Hope Ranch Real Estatearea the Median Sales price for Home Estate/PUD market shows us 7 sales so far for the year compared to 8 for last year. The Median Sales prices are also rather close. In ’08 it’s been $2,259,080 and in ’07 it was $2,627,500.
The sellers have been likely to reduce their price in ’08 as we’ve seen a 90.77% Sales Price to Original List price ratio compared to the ’07 number of 93.62%. The good news for ’08 is the Days on the Market have been dramatically reduced from 137 last year to just 78 this year. There’s about a $300,000 gap between the Median List price and the Median Sales price but with a $2.25 million Median Sales price but this translates to only about 15%.
The inventory has remained constant when looking at the Year over Year numbers. In ’07 there had been 20 homes on the market and in ’08 there have been 18. Basically at this time the Hope Ranch Home Estate market is stable making really no movement up or down for price, inventory and median sales price.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.
For the Santa Barbara Real Estate area of West of State St area the Median Sales price for Home Estate/PUDs for the period of Jan. 1 to Apr. 15 this year is $924,500. This is a decline of about $80,000 from last year. The gap between the Median List price and the Median Sales price is about $225,000 and at this time last year the gap was only $68,000.
With the widening gap of Sales Price to List Price the sales have dropped from 60 last year to just 32 this year. As the sales dropped by about half the inventory has increased by about 20%. Currently we’ve got 119 Home Estate/PUDs that have come on the market this year compared to the 101 that were on last year at this time. Usually when you have more of something the price drops, but on the West Side last year the Median List price was $1,075,000 and this year it’s $1,149,000.
With the rise in price has also come a lengthening in the Days on the Market. Last year it took an average of 78 days to get an accepted offer, this year it has taken 96. The only statistic which has remained the same year over year is the Sales Price to Original List Price ratio. In ’08 it’s been 90.75% and in ’07 it was 90.34%.
For the Santa Barbara Real Estate area of West of State St area for the same period in the Condo market we’ve also seen a decline in the numbers of sales. Last year at this time we had 23 condos close and this year there have been 14. With the decline in the numbers of sales the Median Sales price has also dropped by about $100,000. In ’07 the Median Sales price was $640,000 and this year it is $546,250.
Like Home Estates the Sales Price to Original List price ratio has been relatively constant. This year it has been 90.89% and last year it was 92%. On the bright side the Days on the Market has gone down substantially from 96 in ’07 to 78 in ’08.
The number that really jumps out at me is the gap between the Median Sales price of $546,250 and the Median List price of $698,000. This $150,000 difference is a huge gulf that I’m not sure will be closed at any time in the near future.
The condo market remains in the doldrums and I’m not sure what it’s going to take to get it moving again in 2008.
For the Santa Barbara Real Estate area East of State St area the Median Sales price through April 15 has been $1,195,000 which is up about $150,000 at this time. The sales however are down from 60 last year at this time to the current number of 37. This difference becomes even more evident when we see that the numbers of listings is up to 183 this year from the 132 of last year. The Median List price is down slightly this year to $1,499,000 from the ’07 mark of $1,519,000 but the gap between List Price and Sales Price was even larger last year than it is currently.
With the Median Sales price up for the area it tells me that the homes farther down in the price level are the ones that are not currently selling. This group of people would generally be more susceptible to market fluctuations and so at present are not participating in the buying for the year.
The gap between the current Median Sales price of $1,195,000 and the current Median List price for the entire inventory of $1,499,000 is almost $300,000. This means that the gap between the two prices is approximately 13%.
For Santa Barbara Real Estatearea of East of State St area through April 15 there have been almost half the numbers of sales as there were in the previous year. The Median Sales price is also down from $775,000 last year to the current $699,000. At present there really is not gap between the Median List price of $712,000 and the Median Sales price of $699,000 but this is the same condition that existed last year at this time.
Unlike other areas that have seen a huge rise in the inventory the East of State St district is only slightly ahead with 57 listings this year compared to 48 last year. With this modest increase in the numbers of listings the Median List price has declined from $795,000 last year to the current $712,000. I keep thinking that the condo market will start to rebound but so far that is not the case.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through April 15 ‘08 is up dramatically for the Home Estate/PUD market from last year. Currently that number stands at $3,801,250 compared to the ’07 number of $2,800,000. The sales are off about 25% however with 44 this year compared to 59 last year at this time. The comparison of the Media Sales Price of $3.8 million is right in line with the current Median List price of $3.89 Million so there is no gap for the Home Estate/PUD market.
But while the numbers of sales is down by about 25% the numbers of listings is up by about 25%. Currently there have been 166 homes listed for ’08 compared to 133 for ’07. Also in ’07 the Median List price was $3.49 Million which gave us a pretty healthy gap between the Sales Prices and List Prices.
The only number which is exactly the same as last year is the Days on the Market. For both years it took an average of 106 days to get an accepted price of an offered listing. In ’08 despite the fact that the sales are down from ’07 Montecito is leading the way in the Santa Barbara market.
For Santa Barbara Real Estate’s Montecito Real Estate area for the time from the first of the year until April 15 the condo market has not performed in ’08. As of the middle of April only 3 condos have closed escrow which means that a total of 4 have closed since last November. The Median Sales price for those 3 is up substantially from last year when the number was $1,475,000. Currently the median sales price stands at $1,750,000 with the average sales price even higher at $1,853,333.
For ’08 despite the lack of production there is no gap between the Median List price of $1,780,000 and the Median Sales price $1,750,000. Interestingly enough in ’07 the Median Sold price was actually $200,000 above the Median asking price $1,275,000.
Just like Home Estates the condo inventory is up for ’08. So far this year we’ve seen 22 condos come on the market compared to the 15 of last year. I think the condo market will start to pick up in Montecito because of the closeness of the Median List and Median Sales prices. Also, there are some good values on the market for people with the ability to act.
For Santa Barbara Real Estate’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price for ’08 through April 15 has been $946,125 for Home Estate/PUDs. This compares to a year ago for the same time period when the Median Sales price was $1,615,000. This substantial drop illustrates two things. First the number of sales on the high end is down and also the overall value for the area has diminished. Interestingly enough the Median List price of $1,399,000 for ’08 is substantially higher than the Median List price of ’07 which was $1,029,000. So this tells us that the houses farther up on the scale have been listed but presently not that many have sold.
The gap between the current Median Sales price of $946,125 and the current Median List price for the entire inventory of $1,399,000 is almost $450,000 which gives us a gap of about 50%. I think this gap will diminish throughout the year as higher priced homes start to sell but currently that’s a rather wide chasm between what people are willing to pay and what people are willing to sell for.
The numbers of sales which were dramatically down earlier in the year have started to come back for the area. Last year at this time there were 19 sales of Home Estate/PUDs compared to the current number of 13 which is in contrast to the inventory which is larger than it was last year when there were 60 properties listed compared to the current 72.
For Santa Barbara Real Estate’s Carpinteria Real Estate/Summerland Real Estate area for the condo market the picture is a little starker. In ’08 we’ve seen only 8 sales through April 15 compared to 11 for the same period in ’07. The Median Sales price has also dropped substantially with the Median Sales price currently residing at $472,500 compared to a year ago when it was $598,000.
The gap between the Sales Price and the Median List price is also substantial. Currently the Median List price is $679,000 which gives us a gap of over $200,000 between the Median Sales price.
This gap was definitely not as pronounced last year when the Median List price stood at $579,900 compared to the Median Sales price of $598,000. So our interesting phenomenon is that last year people were asking less and getting more and in ’08 they’re asking more and getting less.
For the Santa Barbara Real Estate area of Goleta Real EstateNorth for the first 3 months of ’08 we’ve seen 32 home estates close escrow with a median sales price of $795,000 and an average sales price of $1,000,764. For the same period in ’07 we saw in the Single Family Home market 33 homes closed escrow with a median sold price of $915,000 and an average sold price of $1,216,220. Thus far in ’08 there have been 76 home estate listings come on the market with a median asking price of $899,000 and average asking price of $1,169,939. For ’07 69 homes came on the market with a median asking price of $1,150,000 and an average asking price of $1,638,769. Also for that period in ’07 48 properties went into escrow, 4 were withdrawn from the market, 9 listings cancelled, 21 expired and 13 came back on the market. For the same period in ’08 37 home estates have entered escrow with 8 listings canceling, 30 listings that expired and 18 coming back on the market. Currently there are 72 homes for sale in the area with a median list price of $929,000 and an average list price of $1,502,442.
For the Santa Barbara Real Estate area of GoletaGoleta Real Estate North for the first three months of ’08 6 condos have closed escrow with a median sales price of $494,750 and an average sales price of $526,416. In ’07 for the same period in the Condo market 11 condos closed escrow with a median sold price of $569,000 and an average sold price of $536,336. So far in ’08 we’ve seen 28 new condo listings come on the market with a median asking price of $529,000 and an average asking price of $534,010. In ’07 for the same period those numbers were 22 condos came on the market with a median asking price of $570,000 and an average asking price of $593,913. Also for that period in ’07 13 properties went into escrow, 4 were withdrawn from the market, 7 listings cancelled, 8 expired and 2 came back on the market. This compares to the ’08 numbers when we’ve seen 7 condos go into escrow, 2 listings get withdrawn, 3 listings get cancelled and 7 expire with only 3 coming back on the market. Currently there are 29 condos for sale in the area with a median list price of $499,999 and an average list price of $524,344.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 3 months of ’08 there have been 17 home estate sales with a median sales price of 780,000 and an average sales price of $1,042,764. For the same period last year there were 21 homes closed escrow with a median sold price of $850,000 and an average sold price of $1,004,047. So far in ’08 41 new listings have entered the market place with a median asking price of $849,000 and an average asking price of $1,079,136. For the same period in ’07 those numbers showed up as 50 homes came on the market with a median asking price of $929,000 and an average asking price of $1,127,859. So far in ’08 there have been 23 home estates that entered escrow with 3 listings being withdrawn and 5 cancelled. 13 listings cancelled and 9 came back on the market. For that same period in ’07 there were 25 properties that went into escrow, 3 were withdrawn from the market, 7 listings cancelled, 9 expired and 7 came back on the market. Currently there are 51 homes for sale in the area with a median list price of $899,000 and an average list price of $1,447,752.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first three months of ’08 16 condos have closed escrow with a median sales price of $617,500 and an average sales price of $582,656. For the same period in ’07 those numbers were 18 condos closed escrow with a median sold price of $544,500 and an average sold price of $560,416. Thus far in ’08 36 new listings have appeared on the market with a median asking price of $574,000 and an average asking price of $576,713. In ’07 we saw 36 condos come on the market with a median asking price of $539,000 and an average asking price of $551,293. Also for that period in ’07 20 properties went into escrow, 2 were withdrawn from the market, 6 listings cancelled, 12 expired and 6 came back on the market. In ’08 as a comparison 22 condos have gone into escrow, with 0 withdrawn from the market and 7 listings cancelled with 10 expiring and 5 coming back on the market. Currently there are 39 condos for sale in the area with a median list price of $574,000 and an average list price of $579,661.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 3 months of ’08 there have been 7 home estate sales with a median sales price of $2,259,080 and an average sales price of $2,719,154. This compares to the same time period for home estates in ’07 when we saw in the Single Family Home market 6 homes closed escrow with a median sold price of $2,627,500 and an average sold price of $3,284,166. So far in ’08 11 new home estate listings have come on the market with a median asking price of $2,595,000 and an average asking price of $3,147,454. In ’07 those numbers were12 homes came on the market with a median asking price of $3,195,000 and an average asking price of $5,159,916. Thus far in ’08 there have been 4 home estates go pending, 0 listings cancelled and 2 expired, with 2 coming back on the market. For ’07 those numbers were 10 properties went into escrow, 1 was withdrawn from the market, 1 listing cancelled, 7 expired and 3 came back on the market. Currently there are 14 homes for sale in the area with a median list price of $2,850,000 and an average list price of $5,603,928.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first three months of ’07 in the Condo market there was no activity
For the Santa Barbara Real Estatearea of West of State St for the first 3 months of ’08 we’ve seen 26 home estates go into escrow with a median sales price of $900,000 and a average sales price of $1081,250. For that same time frame in ’07 in the Single Family Home market 47 homes closed escrow with a median sold price of $999,000 and an average sold price of $1,123,164. So far in ’08 85 new listings have come on the market with a median asking price of $1,025,000 and an average asking price of $1,240,525. In ’07 for that same period 80 homes came on the market with a median asking price of $1,150,000 and an average asking price of $1,336,121. So far in ’08 we’ve send 40 home estates go pending, 8 listings got withdrawn 17 were cancelled and 28 expired with 13 coming back on the market. During ’07 for that period 58 properties went into escrow, 8 were withdrawn from the market, 28 listings cancelled, 25 expired and 12 came back on the market. Currently there are 88 homes for sale in the area with a median list price of $1,149,000 and an average list price of $1,297,824.
For the Santa Barbara Real Estatearea of West of State St for the first three months of ’08 12 condos have been sold with a median sales price of $605,000 and an average asking price of $751,500. For the same time period in ’07 for the Condo market 14 condos closed escrow with a median sold price of $640,000 and an average sold price of $606,821. So far in ’08 we’ve seen 41 new condo listings come on the market with a median asking price of $629,000 and an average asking price of $815,129. For the same period in ’07 there were 39 condos that came on the market with a median asking price of $679,000 and an average asking price of $810,317. In ’08 we’ve seen only 11 listings go into escrow, 1 go withdrawn, 5 cancelled and 16 expired with 3 coming back on the market. That compares to ’07 when for the same period 22 properties went into escrow, 4 were withdrawn from the market, 9 listings cancelled, 18 expired and 14 came back on the market. Currently there are 48 condos for sale in the area with a median list price of $649,000 and an average list price of $905,652.
For the Santa Barbara Real Estate area of East of State St for the first 3 months of ’08 30 homes estates have closed escrow with a median sold figure of $1,185,000 and an average sold price of $1,303,016. This compares to’07 in the Single Family Home market 51 homes closed escrow with a median sold price of $1,000,000 and an average sold price of $1,154,664. So far in ’08 111 new listings have appeared on the market with a median list price of $1,395,000 and an average list price of $1,590,540. For ’07 those numbers looked like 112 homes came on the market with a median asking price of $1,295,000 and an average asking price of $1,659,606. In ’08 so far we’ve seen 40 home estates go into escrow with 13 withdraws, 18 listings cancelled and 49 expired with 26 coming back on the market. For the same period in ’07 those numbers looked like 67 properties went into escrow, 15 were withdrawn from the market, 14 listings cancelled, 29 expired and 18 came back on the market. Currently there are 137 homes for sale in the area with a median list price of $1,529,000 and an average list price of $1,803,779.
For the Santa Barbara Real Estate area of East of State St for the first three months of ’08 only 12 condos have closed escrow with a median sales price of $687,000 and an average sales price of $814,000. For the same period in ’07 those numbers were 23 condos closed escrow with a median sold price of $749,000 and an average sold price of $812,152. In ’08 we’ve seen 38 new listings appear on the market with a median list price of $712,000 and an average list price of $868,386. In ’07 for the same period 43 condos came on the market with a median asking price of $829,000 and an average asking price of $964,446. So far in ’08 we’ve seen 13 condos go into escrow, with 14 listings being withdrawn, 3 cancelled and 16 expired with only 5 coming back on the market. For the same period in ’07 we saw 26 properties went into escrow, 7 were withdrawn from the market, 7 listings cancelled, 11 expired and 9 came back on the market. Currently there are 41 condos for sale in the area with a median list price of $719,000 and an average list price of $833,223.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 3 months of ’08 there have been 35 sales with a median sold price of $3,850,000 and an average sold price of $4,908,600 that compares to the ’07 numbers in the Single Family Home market when 45 homes closed escrow with a median sold price of $2,800,000 and an average sold price of $3,637,555. For ’07 84 homes came on the market with a median asking price of $3,325,000 and an average asking price of $5,106,498. During that same period for ’08 91 new listings came on the market with a median list price of $3,495,000 and an average list price of $4,803,703. So far in ’08 we’ve seen 38 Home Estates go into escrow, 16 get withdrawn from the market, 32 listings cancelled and 34 expired with only 24 coming back on the market. This compares to the same period in ’07 when for that same period 50 properties went into escrow, 10 were withdrawn from the market, 18 listings cancelled, 33 expired and 23 came back on the market. Currently there are 135 homes for sale in the area with a median list price of $4,000,000 and an average list price of $6,281,251.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first three months of ’08 3 condos have closed escrow with a median sales price of $1,750,000 and average sales price of $1,853,333. This compares to ’07 in the Condo market when 10 condos closed escrow with a median sold price of $1,500,000 and an average sold price of $1,666,000.
So far in ’08 9 new listings have come on the market with a median list price of $1,895,000 and an average list price of $1,926,666. This compares to ’07 for the Montecito condo market when 13 condos came on the market with a median asking price of $1,369,000 and an average asking price of $1,627,461. For ’08 so far 3 condos have gone pending, 0 have been withdrawn from the market, 2 listings canceled and 6 expired with only 1 returning to the market. This compares to that same that same period in ’07 when 7 properties went into escrow, 2 were withdrawn from the market, 2 listings cancelled, 5 expired and 0 came back on the market. Currently there are 14 condos for sale in the area with a median list price of $1,895,000 and an average list price of $2,222,785.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 3 months of ’08 11 homes closed escrow with a median sold price of $964,125 and an average sales price of $%2,362,365 compared to ’07 when 15 homes closed escrow with a median sold price of $1,615,000 and an average sold price of $5,923,333. For ’08 31 new homes came on the market with a median asking price of $998,000 and an average asking price of $2,194,414 while in ‘07 that number was 32 with a median asking price of $1,250,000 and an average asking price of $3,815,184. In ’08 so far 14 homes went pending, 7 were withdrawn 3 canceled and 25 expired with 6 coming back on the market. For ’07 those numbers were 18 properties went into escrow, 7 were withdrawn from the market, 4 listings cancelled, 13 expired and 6 came back on the market. Currently there are 46 homes for sale in the area with a median list price of $1,350,000 and an average list price of $3,791,823.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first three months of ’07 in the Condo market 9 condos closed escrow with a median sold price of $570,000 and an average sold price of $580,000 compared to the ’08 numbers of 6 sold condos with a median sales price of $472,500 and an average sales price of $492,583. 44 condos came on the market with a median asking price of $589,000 and an average asking price of $610,599 in ’07 and in ’08 23 came on the market with a median asking price of $559,000 and an average asking price of $572,300. During ’08 so far 9 properties went pending, 6 were withdrawn and 7 cancelled, 15 expired with 11 coming back on the market. Compared that to the same period in ’07 when 15 properties went into escrow, 2 were withdrawn from the market, 7 listings cancelled, 17 expired and 5 came back on the market. Currently there are 36 condos for sale in the area with a median list price of $565,000 and an average list price of $623,937.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 12 with a Median Sales Price of $800,499 and an Average Sales Price of $907,249. The Sales Price to Original List Price ratio has remained high however showing up at 92.26%. Even better news is that the Days on the Market dipped down to 59. Entering the market for the period were 31 Home Estate/PUDs with a Median List Price of $895,000 and an Average List Price of $1,200,302. On the down side replacing those 12 sales were only 9 Homes that went into escrow. Those 9 had a Median List Price of $825,000 and an Average List Price of $958,755 but getting those higher numbers took a while longer with the Days on the Market showing up at 84. Currently there are 74 Home Estate/PUDs on the Market with a Median List Price of $925,000 and an Average List Price of $1,486,049.
For condominiums in the Goleta Real Estate North area of Santa Barbara Real estate there was only 1that closed escrow with a sales price of $519,500. The Sales Price to Original List Price ratio on this property was 99.05% and it took only 43 Days to get an accepted offer. Coming on the market were 18 new properties with a Median List Price of $529,000 and an Average List Price of $529,049. The area is moving in the right direction with 2 condos replacing the 1 that closed escrow. But the Median List Price of the pending properties was $499,000 with the Average List Price showing up at $553,450. Currently there are 29 Condos available in the area with a Median List Price of $499,999 and an Average List Price of $524,344. Those currently available condos have an Average Days on the Market of 100.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market there were 8 that closed escrow. The Median Sold Price slid down however to $743,000 with the Average remaining strong at $959,125. The Sales Price to Original List Price ratio was also high at 95.32% with the Days on the Market remaining steady at 69. Coming on the market were 12 new listings with a Median List Price of $839,000 and an Average List Price of $1,101,733. Replacing the 8 sold properties were 8 that entered escrow. Those entering escrow slid up to a Median List Price of $839,000 and an Average List Price of $1,131,975. Currently there are 49 Home Estate/PUDs active in the area with a Median List Price of $899,000 but an Average List Price of $1,460,395. Those 128 Homes have an Average Days on the Market of 128.
For Condominiums in the Goleta Real Estate South area of Santa Barbara Real Estate there were 9 that closed escrow with a Median Sold Price of $620,000 and an Average Sold Price of $586,833. The Sales Price to Original List Price ratio has remained high at 93.46% and the Days on the Market have slid down to 55. Coming on the market were 8 Condos during the same period with a Median List Price of $515,000 and an Average List Price of $601,987. Unfortunately replacing the 9 closed condos were only 4 that went into escrow. The properties entering escrow had a Median List Price of $629,000 and an Average List Price of $547,475. The good news is that it took only 41 days for those condos to go into escrow. Currently there are 37 units available with a Median List Price of $574,000 and an Average List Price of $585,115. Those 37 Condos have an average days on the market of 84.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the last 30 days there were 2 sales with a Median and Average Sold Price of $2,084,540. The Sales Price to Original List Price ratio for those 2 was an amazing 99.5% and it took only 12 days to get an accepted offer. Coming on the market for those 30 days were 3 Homes with a Median List Price of $2,450,000 and an Average List Price of $2,732,333. Unfortunately replacing those 2 sold homes was nothin’. 0 Homes entered escrow for the period. Currently there are 14 Home Estate/PUDs active in Hope Ranch with a Median List price of $2,850,000 and an Average List Price of $5,611,071. The Average Days on the Market for 14 is 135.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
Analysis of Santa Barbara Real Estatethrough the end of March ‘08 including Goleta Real Estate, Carpinteria Real Estate/ Summerland Real Estate, Montecito Real Estate and Hope Ranch Real Estate.
There were more Home Estate/PUD sales in March than there were in February but the numbers did not reflect the substantial surge of activity that occurred in the last 3 weeks of February. Last month we saw 52 Home Estates close escrow and in March there were 67. Most of the increase can be attributed to the natural seasonal increase in activity rather than what could be termed a trend. The Median Sales price for March came down to $1,140,000 from the $1,335,500 mark of February which meant that there was more activity slightly father down the price scale than was evidenced in the previous month. 39 of the 67 sales came in below $1,000,000 with 19 from $1 to $2 million and 19 above $2 million. The upper end remained strong however with 4 sales over the $5 million mark but definitely the real action for the month was in the $600,000 to $800,000 range.
The Sales Price to Original List Price rise rose in March up to 93.65% meaning that the sellers gave away only about 6.5% of their expected sales price compared to the 88% mark of the previous month and it took on average only 70 Days for those sellers to get an acceptable price.
During the month of March an amazing 153 Home Estate/PUDs came on the market with a Median List Price of $1,399,000 and an Average List Price of $2,242,677. The Median List Price of those 153 New Listings is about $250,000 above what the Median Sales Price of the 67 Homes that closed escrow, which opens up a considerable gap between what people are willing to pay and what people want for their homes.
During March we saw 74 Home Estate/PUDs enter escrow with a Median List Price of $1,050,000 and an Average List Price of $1,513,329. These 74 homes replace the 67 that closed escrow which means we’re seeing just slightly more homes going pending than are closing escrow and when you figure in the Fall Through rate it means that the month will be about a wash.
Looking at the numbers Year over Year shows us that the overall Inventory of Total Active Listings for the year is up about 10% but the New Listings that came on the market this year is almost exactly where it was last year. The Median List Price is also almost exactly where it was in ’07 but the numbers of sold properties has dipped by about 41%. That huge rush of activity which happened in the first 2 quarters of last year really warp the comparisons to this year’s numbers but interestingly enough the Median Sales Price for ’08 is up about 6% rising to $1,197,500. When you take Montecito and Hope Ranch out of the mix however that median sales number goes down to $892,500. This is a decline of about 9% compared to last year. The comparison becomes even more dramatic when you look at the ’07 Average Sales Price of $1,992,449 compared to the ’08 number of $2,150,696, which is a rise of about 8%. But, when you take Hope Ranch and Montecito out of the mix the Average Sales Price declines by about 23% for ’08 down to $1,244,546.
As of the end of March from Carpinteria to Goleta there were 546 Home Estate/PUDs on the market with a Median List Price of $1,599,000 and an Average List Price of $3,017,979. The inventory has definitely been expanding since the first of the year and the gap between both the Average and Median List Prices and Sales Prices is widening. Currently the Average Days on the Market for those 546 homes is 120 Days compared to the 70 Days it took for the homes that closed escrow to get an accepted offer.
At this time the Home Estate market is moving forward slightly but not at the hoped for pace that showed up at the end of February. There are some of what could be termed bargains in town but those are predominantly in the sub $1 million range.
Looking at the condo market, the hoped for surge during the month of February also did not come to fruition. We saw 23 condos close escrow during March with a Median Sales Price of $575,000 and an Average Sales Price of $701,413. It took an average of 78 Days for the condo sellers to get an accepted offer and they had to give up more than 10% of their asking price when the Sales Price to Original List Price Radio dipped to 89.49%.
During the month 65 new condo listings came on the market with a Median List Price of $575, 000, which matches exactly the Median Sold Price of the homes that closed escrow.
The disappointing news for the month comes in the pending number, which fell to 19. With sales coming in at 23 and condos entering escrow falling to 19 it looks like the condo market is still having a rough time. The interesting figure for the homes entering escrow is that the Median List Price for those properties was $629,000 or about $50,000 above the condos that closed.
The overall inventory when compared to ’07 is down about 7% and the new condos that came on the market this year are down by about 14%. The Median List Price has declined by about 5% Year Over Year but the number of properties that entered escrow is off 35% with the number that has closed escrow down by 38%.
Despite the huge drop in numbers of sales the Median Sales Price for ’08 is only down 2.4% and the Average Sales Price is down by 5.4%, and amazingly enough without the Montecito Condos in the mix the average sales price is up by 1.1%. Even though the inventory overall is down it took a huge surge in March up to 251 units from the February number of 181.
The condo market is still in the doldrums with banks requiring more from a buyer than they have required in previous years. In time this will be a good thing because you will have a stronger group of owners with firmer financial footing. But until we get to that place it could continue to be tough for the condo buyer.
In the Santa Barbara area from Carpinteria to Goleta the market is not surging forward, but it’s also not declining and it’s definitely in better shape than most of the rest of the country. For those with good credit it remains a good time to buy with inventories moving upward and the interest rates remaining down particularly in the Home Estate/PUD market where there are opportunities that we’ve haven’t seen in about a decade.
Gary Woods
For the Santa Barbara Real Estate areas of West of State St for Single Family Homes
There were 13 Homes Estate/PUDs that closed escrow with a Median Sales Price of $910,000 and an Average Sales Price of $988,038. The Sales Price to Original List Price radio remained sold at 94.1% and the Days on the Market slid down to 63. Coming on the market for the same 30 day period were 22 properties with a Median List Price of $999,000 and an Average List Price of $1,206,450. Replacing those 13 properties were 18 that entered escrow. The Median List price for those homes in escrow incremented up to $1,049,000 with the Average rising to $1,264,277. It did however take 80 days to get them into escrow as opposed to the 63 for the ones that closed. Currently there are 88 Home Estate/PUDs available on the West Side with a Median List Price of $1,085,000 and an Average List Price of $1,283,949.
For Condominiums in the West of State St area of Santa Barbara Real Estate there were 4 that closed escrow with a Median Sales Price of $537,500 and an Average Sales Price of $552,500. The really good news for those 4 is that the average days on the market for them was 14.The Sales Price to Original List Price rise is even higher than the Home Estate showing up at 96.17%. Coming on the market were 11 condos for the 30 day period with a Median Sales Price of $629,000 and an Average Sales price of $618,545. The worrisome news is that only 1 condo went into escrow during the 30 days. That property had a List Price of $525,000. Currently there are 51 Condos available on the West Side with a Median List Price of $649,000 and an Average List Price of $885,554.
For Santa Barbara Real Estate East of State St for Single Family Homes there were 13 sales with a Median Sold Price of $998,000 and an Average Sales Price of $1,068,423. The Sales Price to Original List Price Radio also slid down to 88.94% and the Days on the Market remained constant at 92. During those 30 days 39 new Homes came on the market with a Median List Price of $1,639,000 and an Average List Price of $1,811,653. The really good news is that replacing those 13 properties was 19 that entered escrow. The ones entering escrow remained constant with a $995,000 Median List Price and an Average List Price of $1,146,783. Currently active on the East Side are 137 Home Estate/PUDs with a Median List Price of $1,809,516.
For Condominiums in the East of State St area of Santa Barbara Real Estate there were only 4 sales for the same period. The Median Sold Price slid down to $533,500 and the Average Sold price also took a tumble to $710,500. Just like Home Estate the Sales Price to Original List Price ratio was 88.95% and it took a huge 126 days to get an accepted on the 4 condos. Coming on the market were 9 new Condos with a Median List Price of $619,000 and an Average List Price of $633,888. Replacing the 4 closed Condos were 4 that went into escrow. But the ones that went in rose to an $850,000 Median List Price and an Average list price of $924,500. Currently there are 50 Condos available on the East Side with an Median List Price of $740,000 and an Average List Price of $1,000,323.
Santa Barbara Real Estate’s areas of Montecito Real Estate for Home Estate/PUDs there were 12 sales with a Median Sold Price of $3,097,500 and an Average Sales Price of $3,486,583. The Sales Price to Original List Price ratio is up to 93.78% and the Days on the Market was only 84. Coming on the Market in the same 30 day period were 35 Homes with a Median List Price of $2,950,000 and an Average List Price of $4,397,999. Replacing the 12 Sold Homes were 11 Homes that entered escrow. The Median List Price of those Homes has also slid down slightly to $2,795,000 and the Average has fallen even further to $2,584,000. Currently in Montecito there are 138 Home Estate/PUDs available with a Median List Price of $3,975,000 and an Average List Price of $6,310,391.
Montecito Real Estate Condominiums in the Santa Barbara Real estate saw 2 closed escrows with a Median Sales Price of $1,905,000 and remarkably an Average Sales Price of $1,905,000. To get the deals put together the sellers Sales Price to Original List Price ratio slid way down to 83.37% and the Days on the Market zoomed up to 213. During that 30 day period 4 New Condos came on the market with a very low Median List Price of $799,950 but an Average List Price of $1,174,975. The good news is that instead of 213 Days it took ONLY 142 days to enter escrow. Currently there are 15 Condos for Sales in Montecito with a Median List Price of $1,995,000 and an Average List Price of $2,231,266.
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 for the period of 2/29 through 3/29 6 homes closed escrow. The Median Sold Price for those 6 homes has moved up to $1,780,000 and the Average Sales Price and even more amazing $2,525,833. Even with all that activity the Sales Price to Original List Price Ratio has moved up to 94.11%, but the Days of the Market has also moved up to 136 Days. 10 New Homes have come on the market in the same time period but at a more modes $914,900 Median List Price, but the Average List Price remains high coming in at $2,627,200. The only real fly in the ointment is that the Properties that went pending in that time period dipped to 2 with the Median List Price also sliding to $914,000 and the Average sliding to $1,140,780. Currently there are 42 Home Estate/PUDs on the market in the area with a Median List Price of $1,350,000 and an astounding Average List Price of $4,105,193.
For the condo market of Carpinteria Real Estate/ Summerland Real Estate for Santa Barbara Real Estate the number of sales for the past 30 days has been 3. The Median Sales Price has remained steady at $525,000 but the Average has fallen to $475,166. The Sales Price to Original List Price ratio has dipped markedly to 85.42% but the Days on the Market have also fallen to 66. There have been 12 Condos come on the market in the last 30 days with a Median List Price of $565,000 and an Average List Price of $584,658. Replacing the 3 sold condos were 3 pending condos. The only difference is that the ones that went in to escrow had a Median List Price of $499,000 with the Average even farther down at $459,000. Currently there are 35 Condos for sales in Carpinteria/Summerland with a Median List Price of $565,000 and an Average List Price of $622,737.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate there have been 3 fewer sales this year as opposed to last year. In ’08 we’ve seen 28 properties close escrow as opposed to the 31 we saw last year. The Median Sales price has dropped over a hundred thousand to $795,000 this year compared to $905,000 last year. The Average Sales numbers are very close however. In ’08 it’s been $1,015,873 compared to the ’07 number of $1,016,621. The Days on the Market is also very close. In ’08 it took 71 days to get an accepted offer compared to the ’07 number of 73 days.
For Condominiums on the North Side of Goleta Real Estate things are dramatically different. For ’08 we’ve seen only 5 sales compared to the 11 of last year. The Median Sales price has also dipped to $470,000 this year compared to the ’07 number of $550,000. The Average Sales price however is very close together. This year it’s been $527,800 compared to the ’07 average of $524,427. The real diversity however is the Days on the Market. For ’08 it’s only taken an average of 33 days to get an accepted offer compared to the ’07 number of 95.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate the sales are 3 behind of the numbers posted in ’07. This year there have been 14 sales compared to 17 that were posted last year. The Median Sales price is also down from the $850,000 number posted in ’07 compared to the current number of $787,500. The Average Sales price however tilts toward ’08 when we see a $1,113,367 number compared to $977,176 for ’07. In ’08 it has taken 83 days to get an accepted offer compared to ’07 when it took only 63 days.
For Condominiums for Goleta Real Estate South the numbers of has been 12 this year compared to the 19 of last year. But the Median Sales price this year is up to $602,500 compared to the ’07 Median Sales price of $560,000. The Average Sales price is also up this year to $592,666 compared to the ’07 number of $562,973. The Days on the Market has about 2 weeks in ’08 to 86 days compared to the 102 days it took in ’07.
For Hope Ranch Real Estate the sales are up this year by 2 homes. 6 homes have closed escrow so far in ’08 compared to 4 for the same period in ’07. The Median Sales price is slightly down however with the ’08 number posting at $2,392,040 compared to the ’07 number of $2,627,500. The Average Sales price is also down from the ’07 number. This year the Average Sales price has been $2,887,346 compared to the ’07 number of $3,588,750. The only saving grace has been that it has taken only 86 Days on the Market to get an accepted offer in ’08 compared to the 118 Days it took in ’07.
For Condominiums in Hope Ranch Real Estate there was no activity.