For Goleta Real Estate North area of Santa Barbara Real Estate the Price Range Statistics for 1/1/2008 to 6/20/2008 show that there are currently 82 Home Estate/PUDs on the market with an Average List Price of $1,631,047. The most expensive Home Estate currently on the market tops the list at $15,750,000 with the least expensive that’s available now way down the list at $319,000. With this huge range of diversity the median list price is a lot close to the $319,000 showing up at $959,000. Average market time for these 82 Home Estates is just about 100 days.
Right now there are 22 properties in escrow in Goleta North with an average list price of $921,218. The most expensive property currently in escrow is $2,249,500 with the least expensive property listed at just $185,000. The movement seems to be downward currently because the median list price for the homes in escrow is $824,500. The good news is that the average market time for those 22 properties is just 29 days.
There have been 73 total sales for Goleta North with an average sales price of just under $1 million. The most expensive property that closed this year went out at $3,740,000 and the least expensive sale was completed for $445,000. The median sales price continues to drift downward and currently stands at $850,000 with an average market time of 77 days.
For Goleta Real Estate North the Condo Price Range Statistics for Santa Barbara Real Estate there are currently 27 properties for sale with an Average Sales Price of $531,255. Topping the list of most expensive condos available in the Goleta North area is one for $1,140,000 with the least expensive property showing up at $399,000. The median list price for the area also continues to drift downward and currently stands at just $480,000 with an average market time of 155 days.
There are just 5 condos in escrow in the Goleta North area with an average list price of $566,200. For those 5 condos the highest priced listing in escrow now stands at $799,000 and the lowest priced listing in escrow is priced at $449,000. The median list price for the 5 bounces up a little bit to $519,000. The good number in the bunch is that it took only an average 35 days to get an accepted offer on the condos that are in escrow now.
For the year we’ve seen just 15 sales in Goleta North with an average sales price of $508,960. The highest priced condo that closed escrow slipped away at $745,000 and the least expensive property flew out of escrow at $265,000. The overall median sales price continues to slide down to $490,000 through the first half of ’08 and the average market time for those 15 sales stands at 100 days.
In the Goleta Real Estate South areas for 1/1/2008 to 6/20/2008 shows that there are currently 52 Home Estate/PUDs available with an average list price of $1.3 million. This inventory has remained relatively stable for the past few months. The highest priced property currently available can be had for $3,095,000 and the least expensive home is available for $550,000. The median list price has dipped below the $900,000 mark and shows up at just $899,000. The average market time for those 52 listings is 92 days.
At present there are 11 Home Estate in escrow in Goleta South with an average list price of $758,609. The highest listed price which is in escrow is just about at $1.1 million and the least expensive property in escrow is listed for $550,000. The median list price for the 11 homes is just below $700,000 and the average market time for those properties is 53 days.
Through ’08 so far 39 Home Estates have changed hands with an average sales price of about $950,000. The lowest priced home that has been sold this year is $600,000 with the median a little farther up at $780,000. For those homes that closed escrow the entire marketing time averaged 77 days.
Goleta Real Estate South the Price Range Statistics for Condominiums for this area of Santa Barbara Real Estate shows that there are currently 47 condos for sale which means that the condo inventory has about leveled off. The average list price for a Goleta South condo is $538,338 with the highest priced unit offered at $919,000. The least expensive condo in Goleta South can be purchased for $265,000 which gives us a median list price of $529,000 and an average market time of 106 days.
Right now there are 5 condos in escrow in Goleta South with an average list price of $453,000. The highest priced property in escrow tops the charts at $725,000 and the list expensive condo is listed for $309,000. The median list price for the 5 properties stands at $407,000 with average market time of 79 days.
So far this year 31 condos have changed hands in Goleta South with an average sales price of $570,467. The highest priced sale for the area shows up at $925,000 with the least expensive sale below $300,000 coming in at $265,000. The median sales price for the area is still a healthy $615,000.
For Hope Ranch Real Estate for 1/1/2008 to 6/20 /2008 there are currently 20 active Home Estate properties for sale with an average list price of $5,368,700. The numbers of listings in Hope Ranch are down rather dramatically for the area but the prices remain high. The most expensive property currently listed in Hope Ranch comes in at $28,950,000. This stratospheric price doesn’t represent the whole market however. The least expensive property is right at $1,695,000 with the Median Price showing up at almost $3 million. The average market time for those 20 active homes is 107 days.
For Hope Ranch there are 3 Home Estates in escrow right now with an average list price for those 3 of about $6.5 million. The highest priced home in escrow is listed at just under $10 million and the lowest priced home tips the scales at $4.5 million. That accounts for two of the homes in escrow which means that the 3rd is our median list price which is $5.1 million.
For all of 2008 we have seen only 9 sales of Home Estates in Hope Ranch. The average sales price for those 9 is $3,447,120 with the highest priced property changing hands for $6,195,000. If Hope Ranch is your desired address the least expensive home went out at $1,635 million giving us a $2,525,000 median sales price. Those nine that went out the average market time was just 61 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 1/1/2008 to 6/20/2008 for Santa Barbara Real Estate and the Home Estate/PUD market there are currently 101 properties available with an average list price of $1.3 million. Currently active on the West Side the most expensive property is listed just under $6 million and the least expensive listing is $479,900. With this wide diversity of listings the median list price is $985,900. The average market time for these 101 listings is 94 days.
Currently in escrow on the West Side there are 17 homes with an average list price of $961,223. This average list price covers a rather substantial range from the most expensive property at $1,495,000 and the least expensive property at $529,000. The median list price comes in just as you would expect about in the middle at $949,000. Right now the average market time on those homes is 95 days.
So far for the year 67 Home Estates have closed on the West Side with an average sales price of almost $1.2 million. The highest priced home tops the list at $5 million and the least expensive sale was just $450,000. With that wide range of sale prices the median comes in right at $1 million for those 67 Home Estates. And showing an amazing consistency the average market time for the closed homes was 93 days.
For the West of State St area for Condominiums Santa Barbara Real Estate there are currently 72 condos for sale. This number has remained steady meaning that the flood of new listings coming on the market has remained stable. This may change however because I know of 35 units ready to come on the market on the West Side. The average list price for a West Side Condo is right at $1 million with the most expensive property at just about $2.6 million. But there are still bargains on the West Side with one property at $354,750. The average market time for those 72 condos is 99 days.
There are just 8 properties in escrow right now on the West Side with the average list price at about $675,000. The most expensive condo in escrow is listed at $1,295,000 and the least expensive property that got snapped up has a $399,000 list price. When you put it altogether you come out with a median list price for $598,500 for those 8 homes in escrow at the present. Average market time for those 8 is 132 days.
Looking at sold condos on the West Side we see 22 so far for the year with an average sales price of $646,795. The highest priced West Side condo went out at $2,150,000 and the least expensive property changed hands at $354,000. The median sales price is $517,500 with a 69 day average market time.
For the East of State St area of Santa Barbara Real Estate there are currently 163 Home Estate/PUDs available with an average list price of just about $2 million. The inventory continues to grow on the East Side of town with sales down sharply. The highest priced home currently available is listed for $10.5 million and the least expensive property can be had for just under $400,000. The Median List price for all of those 163 homes is right at $1.6 million and they’ve been on the market for an average of 94 days.
Currently in Escrow on the East Side there are 22 homes. When you divide 163 by 22 you get a huge backlog of inventory that looks like it’s going to stay around for a while. The average for the homes in escrow is $1.4 million. With the highest priced home currently pending listed for right about $3.5 million. On the lower side we see that the least expensive home in escrow is listed for just about $475,000 but the market is definitely trending upward because the median list price for the 22 homes in escrow is right at $1,276,000. Those homes that did go into escrow took 77 days.
So far this year 71 Home Estates have completed the sales process. The average for those 71 properties is $1,282,343 with the most expensive sale coming in at $4,000,000. On the other side of the scale we see a home that closed for just $400,000. There is definitely more action farther down on the scale because the median sales price shows up at $1,075,000. For those 71 homes it took an average of 71 days to complete the sales process.
For Condominiums in the East of State St area for Santa Barbara Real Estate we have 43 condos currently on the Market. This number has remained steady for a while now meaning that the flow of new properties coming on the marked has decreased. The average list price for those 43 condos is $722,318 with the highest price listing almost reaching the $1.7 million mark. One the other side we see the least expensive property can be scooped up for $399,000 with the median list price right about the $670,000 level. Those condos currently on the market have been there an average of 117 days.
Right now there are just 8 condos in escrow on the East Side with an average list price of $772,318. The highest priced condo in escrow right now is listed for $1,235,000 and the least expensive property shows up at a $543,500 list price. When you put all that together we get a $679,000 median list price for the 8 condos in escrow and see that those homes have been on the market for an average of 163 days.
Finally for sold condos we see only 24 have closed escrow this year with an average sales price of $836,166. There have been some more expensive condos sold on the East Side however with one at $2.2 million topping the list. The least expensive property went out for $290,000 proving there still are bargains in Santa Barbara. The Median Sales Price for those 24 condos is just under $700,000 and it an average of 93 to complete the sales process.
For Santa Barbara Real Estate in the Montecito Real Estate area there are currently 138 Home Estate/PUDs on the market. The inventory continues to edge forward because of the about 20% drop in the numbers of sales from ’07. While the sales are down the prices continue to rise. The average listing in Montecito is about $6.5 million with the top price showing up at $47 million. But you can get a deal in Montecito with the low, low price of $1.1 million. The Median List price however is just under $4 million. Those 138 homes have been on the market an average 129 days.
Currently there are 18 Home Estates in escrow in Montecito with an average price of about $3.4 million. The most expensive Home in escrow is listed just below $9 million and least expensive home just below $1 million at $995,000. Those properties currently in escrow took 117 days to get there.
As we close in on the middle of the year 79 Home Estates have closed escrow with an average sales price of more than $4.5 million. The most expensive property topped the charts at $21 million and the least expensive Home went out at $900,000. These numbers give us a Median Sales Price of $3,625,000 and an Average Market Time of 106 days.
For Montecito Real Estate in the Santa Barbara area Condominiums there are currently17 available with an Average List Price of $1,850,823. Zooming up the charts the most expensive Condo is listed for just under $6 million and the least expensive condo can be snapped up for just $745,000. These numbers gives us a Median List Price for the 17 available properties of $1,749,000 and an average market time of 95 days.
Currently there are no Condos in escrow in Montecito. So the news is short and not so sweet.
For the first 6 months of the year 9 condos have changed hands. Those 9 brought an average sales price of $1,869,050. The most expensive condo which was down close to the Biltmore sold for $4.3 million and the least expensive property closed for the low, low price of $799,950. From the top to the bottom the Median Sales Price is $1,580,000 and it took 92 days to complete the sales process.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate the Price Range Statistics for 1/1/2008 to 3/15/2008 there are currently 66 Home Estate/PUDs on the market. Of these properties the most expensive tops the charts at $35 million and the least expensive property is listed for just under $500,000. For those 66 homes the Median Listing Price is $1,195,000 and so far they’ve been on the market just over 4 months.
As of June 20 there are 10 Home Estate/PUDs in escrow with the highest priced property currently listed about right around $6 million and the least expensive home in escrow is listed at just $479,900. These homes went into escrow an average of 76 days so hopefully this means that the market is speeding up.
For the entire area we’ve seen 23 properties close escrow with an average sales price of about $2.4 million. The highest priced home went out for $13,200,000 and the least expensive property sold for $485,000. When you mush all that together you get a Median Sales Price of $1,035,000 which is still a lot of money. For those homes that closed escrow that average marketing time was 90 days.
For Carpinteria Real Estate/Summerland Real Estatearea for Condominiums currently there are 89 active listings in the area. This number continues to grow as we move farther into the year. The average listing price for those 89 condos is $670,702 with the highest priced offering coming it at just under $2 million. The least expensive property is listed at $289,900. There have been some higher priced condos come on the market lately so the median list price has edged up to $679,000. So far these condos have been on the market 93 days.
For Santa Barbara Real Estate’s Goleta Real Estate North area the Median Sales price for the period of Jan. 1 through June 13 there have been 64 Home Estate sales compared to 65 last year. But while the numbers of sales are very close the both the median and average sales prices have dropped significantly. The median sales price is down almost $200,000 and the average is off by about $325,000.
These numbers really stand out when you look at the median list price for ’08 which stands at $950,000 compared to ’07 when it was just under 1 million. Comparing the list prices which are rather close together shows how much the sellers have come down in their price.
Again defying standard logic we see that the inventory is down by about 10 houses this which should mean that prices will rise. But when there is more of something in Goleta the prices fall.
Currently the gap reports see that the difference is $150,000 between buyers and sellers. Last year there was only a $10,000 difference between those two numbers.
For Santa Barbara Real Estate’s Goleta 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.
Over on the condo side of the ledger for Goleta Real Estate North we see that the numbers are going in the opposite direction. There are more listings this year, 30 vs. 25 for last year but the sales are down from 22 last year to 14 this year.
Both the median and average sales prices have not taken a huge tumble however when compared to the rest of the area. The median has dropped by about $50,000 and the average has fallen only about $30,000.
Looking at the gap report we see that this year the difference between askin’ and gittin’ is only $1,000 compared to last year when it was $51,000. Currently it looks like the sellers on the North side of Goleta are determined to hold their price and consequently sales have fallen off dramatically.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price for time period for Jan. 1 through June 13 we’ve seen 35 sales compared to 42 at this time last year. Accompanying this drop in the numbers of sales is a drop in both the median and average sales price. Both numbers have fallen about $100,000 in just one year.
The inventory on the other hand is very close to where it was last year with only 2 properties separating the years. The median list price however has dropped by about $60,000 this year which amplifies the almost $100,000 drop in the sales price.
The Goleta numbers as far as sales are concerned are a lot closer to the numbers posted in ’07 when compared to the East and West Side of Santa Barbara. This is no doubt due to a larger percentage drop in the price when compared to the other districts.
Looking at the gap report we see that the difference between what the sellers would like to get and what the buyers are willing to pay is about $120,000 compared to last year when that number was $80,000.
Things are definitely better out in Goleta so we’ll have to see whether that trend continues for the rest of the year.
For Santa Barbara Real Estate’s Goleta Real Estate South area for the condo market the numbers are also closer than in the other districts around town. There have been 31 completed sales compared to 36 at this time last year. But just like with Home Estates we’ve seen about a $100,000 drop in the median sales. What has risen is average sales price which is about $27,000 higher than it was at this time last year.
The overall inventory is almost exactly where it was last year and the median list price for those homes is within $1,000 of the previous year’s mark. The difference comes in the gap report where we see for ’08 a difference of $65,000 between askin’ and gittin’ compared to last year when the number was $45,000.
Again, whatever is happening in the rest of Santa Barbara it’s currently better in Goleta.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Sales price for Home Estate/PUD market shows us 9 sales compared to 15 at this time last year. The market is going in two directions. The overall inventory is up this year and the overall sales are down. With so few properties changing hands the numbers can get skewed but currently the median sales price for the year is down about $800,000 and the average is down by a whopping $1.75 million.
The difference between the years is more dramatic when we see that last year for the 19 available properties the median list price was $2.895 million compared to this year when they’ve fallen $200,000 down to $2,695 million.
These make the gap report a very interesting tale. This year there’s only about $175,000 difference between what the sellers would like and what the buyers want to pay. Last year what the sellers paid was about $450,000 more than what the sellers want.
Again, when you’re dealing with so few sales the numbers tend to get skewed, but this is an interesting time for Hope Ranch.
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 June 13 there have been 65 sales compared to 81 at this time last year. While the numbers of sales is down for the West Side things are definitely a whole lot better than they are on the East Side. Both the median and average sales price is very close to the numbers posted for last year. The median price is down only about $15,000 and the average is off about $35,000.
The overall inventory is also very close together with only 3 listings separating both years. The median list price for the year is actually wider than the sales figures. The asking price this year is about $100,000 lower than the dollar amount desired last year.
This all makes the gap report an interesting contrast. For ’08 the median sales price is actually only $1,000 above the median asking price. For ’07 the median list price was $75,000 below the median sales price. Everything except the numbers of sales on the West Side is almost a carbon copy of last year.
For the Santa Barbara Real Estate area of West of State St area for the same period in the Condo market sales have dropped from 37 last year to just 22 this year. Just like with Home Estates the sales are down but nowhere near as bad as what’s happening on the East Side.
The difference between the condo market and the home estate market is the median and average sales prices have dropped. The median is down about $100,000 but the average is only off by $36,000.
Finally, the biggest difference is in the gap report. This year the gulf between askin’ and gittin’ is $150,000 on the West Side compared to last year when it was only about $35,000? Part of that difference is the number of high end condos which have been on the market but part of it isn’t.
For the Santa Barbara Real Estate area East of State St area the Median Sales price through June 13 has seen only 67 sales in the Home Estate market compared to 108 last year. This dramatic drop in the numbers of units sold is not accompanied by a big drop in the median and average sales prices. The median sales price is down about $80,000 from last year and the average has fallen about $60,000. The sellers are waiting for the price and consequently the deals haven’t been consummated. The total inventory is down by only about 15 properties which magnify the downturn in sales.
The gap report for the home estate market is dramatic this year. The difference between what people want to pay is about $600,000 compared to what people want for their homes. Last year at this time the number was $300,000. We’ll have to see who blinks first on the East Side, the buyers or the sellers.
For Santa Barbara Real Estate area of East of State St area through June 13 for the condo market it would be difficult to imagine the news to be much worst. Only 23 sales have been completed compared to 53 at this time last year. The median and average sales numbers have dropped by about $100,000 compared to last year but the buyers have not come out to play.
The overall inventory is not dramatically higher this year with only about 8 more properties available but the interesting number is not the inventory but the median list price which is only down about $25,000 this year. As we saw earlier is a sale actually does get completed the seller has dropped their price by considerably more, but when the listing is first taken the sellers expectations remain high.
Finally, the gap report is very strange for the East Side. The difference between the median list price and median sales price this year is only $25,000 compared to last year when it was about $120,000. With the gap being smaller this year you would have thought the sales would have been more prevalent. But that is not the case.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through June 13 has been $3.6 million with the average about 1 million higher for the 75 sales. Back in ’07 for the same period there were 96 sales but both the median and average numbers were about $1 million lower.
Throughout the period we’ve seen about 20 more listings come on the market this y ear as opposed to last year and the interesting part of that information is that despite the average median numbers skyrocketing ’07 median list price was only about $400,000 lower than the current number.
As far as the gap report is concerned this year the difference between the list and sale prices is only about $200,000, whereas last year the difference was about $600,000. The really interesting part about the figure this year to me is that there are more listings available which defies the old axiom of “when there is more of something the price falls.”
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 June only 9 condos have closed escrow compared to 16 last year. The interesting part of that number is that the inventory is more than doubled this year so just like with Home Estates it’s intriguing to see that both the average and median sale prices are higher. Again, when we have more of something the price is supposed to go up not down.
The only number that looks correct for the condo market is the gap report. Currently the difference between what the sellers want and the buyers are willing to pay is about $169,000, whereas last year the gap was only about $94,000. Ah well, things are always a little different in Montecito.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price for ’08 through June 13 has been $946,125 for the 21 Home Estate/PUDs that have closed escrow. This Compares the Median Sales Price for ’07 which was $1,615,000 for the 27 Homes that closed escrow. The inventory for the period for both years is almost exactly the same but the Median List Price is exactly reversed for the two years. In ’07 the Median List Price for the Inventory was $999,000 and in ’08 it’s been $1,350,000.
This disparity between the Median List and Median Sold Prices really is very odd for the two years. This Year sellers want about $400,000 more than the buyers are willing to pay. Last year the sellers wanted about $600,000 less than what the buyers paid.
For Santa Barbara Real Estate’s Carpinteria Real Estate/Summerland Real Estate area for the condo market the picture is somewhat similar. This year we’ve had 14 sales of condos compared to 20 in ’07. But this year the median sales price was about $100,000 lower than the previous year. One of the issues is that there are now about 98 condos for sale compared to 77 last year at this time. So when there is more of something the price drops. But the interesting dichotomy is that this year the median list price for the inventory is $85,000 higher than last year.
What this all means for the gap report is that the gap between the buyers and sellers this year is about $135,000 and last year the gap was about $45,000. The problem at this point is higher priced condos keep coming on the market and the buyers are looking at the lower priced alternatives.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 5 months of ’08 for Home Estate/PUDs we have seen 58 sales compared to 60 for ’07. Just like Goleta South the North side has done better than any of the other districts in the area. Unfortunately we’re starting to fall back in the numbers of pending listings. In ’07 to this time of the year the number was 78 homes that went into escrow, this year we’ve seen 69. This drop is definitely not as dramatic as the other areas of Santa Barbara but it’s still about 15% down. Both the median and sold prices have seen substantial drops. The median sales price went from $972,500 in ’07 down to 800,000 in ’08 and the average sales price dropped from $1,274,087 in ’07 down to $985,490 in ’08. The numbers that have remained very close are the days on the market which has been 79 this year compared to 76 last year and the numbers of new listings which went from 137 last year to 133 this year.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first five months of ’08 we’ve see 13 sales compared to 22 for ’07. The North side of Goleta is definitely not performing as well as the South side for the condo market but the pending sales are pointing the right way. So far in ’08 we’ve had 17 condos go into escrow compared to 20 for ’07. Both the average and median sales prices are closer to their ’07 numbers than those in the south however. The median sales price is down to $490,000 from the ’07 number of $550,000 and the average sales number has dropped from $547,301 last year to the current $497,261. The tough part is that the days on the market have risen dramatically up to 133 for ’08 compared to 85 for ’07. But numbers of new listings coming on the market doesn’t show a dramatic change with 35 this year compared to 40 last year.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 5 months of ‘08 for the Home Estate/PUD market we’ve seen 34 sales compared to 39 for ’07. Both areas of Goleta have seen sales that more closely match those numbers posted in the previous year. The really good number is that pending sales are actually ahead of the ’07 level. So far in ’08 we’ve had 41 homes go into escrow compared to 39 for ’07. The median and average numbers have come down this year but really no more than in other areas of Santa Barbara. For ’07 the median sales price to this point in the year was $867,500 and in ’07 it’s at 782,500. The average sales price went from $1,045,192 in ’08 to $969,470 in ’08. The days on the market have lengthened by almost a month going from 56 last year to the current 83 but there are fewer new listings this with 79 compared to the ’07 number of 93.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first five months of ’08 in the Condo market there have been 29 sales compared to 33 for ’07. Just like with Home Estate s in the area the numbers for Goleta South are much closer to the ’07 numbers than the other districts. The numbers of homes which have gone into escrow are not quite as good as Home Estates with 31 this year compared to 37 last year. We’ve seen a big drop of $100,000 in the median sales price for ’08 compared to ’07 but the decline in the average sold price has not been nearly as dramatic. This year the average has been $570,327 compared to last year when it was $536,825. The days on the market has dipped this year from 85 in ’08 to the current 64 but the numbers of new listings hasn’t dropped nearly as much with 55 new listings coming on the market for ’08 compared to 61 in ‘07
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 5 months of ’08 for the Home Estate/PUD market we’ve seen 8 sales compared to 13 in ’07. The numbers of Homes that have gone into escrow is down even more dramatically from 18 in ’07 to 10 in ’07. Both the median and average sales prices are down from the ’07 level but both are still a lot of money. In ’08 median sales price is $2,392,040 and the average is $3,153,635. On the good side what has taken a huge dip is the days on the market which has fallen from 148 in ’07 to 68 in ’08. Staying about the same year over year is the numbers of new listings that have come on the market. In ’08 we’ve seen 22 come up for sale and in ’07 that number was 24.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first five months of ’07 and ’08 in the Condo market there was and was been no activity.
For the West of State St area of Santa Barbara Real Estate for the first 5 months of ’08 for Home Estate/PUDs we’ve had 58 sales compared to 76 in ’07. The West Side has definitely not been hit as hard as the East Side but it’s still been pretty tough over the there. The pending listings in ’07 at this time were at 89 compared to the ’08 number of 72 which is also better than what we’ve seen on the East side but the days on the market has stretched out almost 3 weeks from 71 in ’07 compared to 90 for ’08. But while the days on the market have gotten bigger the numbers of new listings has gotten smaller. This year on the West Side of Santa Barbara 135 new listings have come on the market compared to 152 for ’07. The good news for buyers is that the new properties coming on are having a median list price about $100,000 cheaper than last year.
For the West of State are of Santa Barbara Real Estate for the first five months of ’08 for the condo market we’ve seen 20 sales compared to 35 for ’07. The condo market has been tough on the West Side for ’08 and it appears it will stay that way for a while. The numbers of pending properties fell to 22 this year from the ’07 number of 41. We’ve also soon a major drop of about $130,000 for the Median Sales Price this year but due to some high dollar value sales the Average Sales Price has fallen only about $40,000. Interestingly enough while the sales have dropped off so have the days on the market in ’08. They’ve gone from 96 in ’07 to 72 in ’08. The only number that has remained stable is the numbers of new listings coming on the market. This year we’ve seen 82 new listings appear compared to 78 last year.
For the East of State St area of Santa Barbara Real Estate for the first 5 months for Home Estate/PUDs for ’08 there have been 58 sales compared to 100 in ’07. The East Side of State St has seen the biggest decline in the numbers of sales compared to the previous year. The numbers of pending listings of those going into escrow has not fallen nearly as dramatically. For ’08 we’ve seen 73 go into escrow compared to 112 in ’07. Hopefully this means that those properties that went into escrow are still waiting to complete the sales process and not fallen out. While the numbers of sales has dropped off dramatically both the median and average sales prices have stayed rather stable. In ’07 the median was $1,152,500 and the average was $1,314,471. For ’08 the median went to $1,137,500 and the average rose to $1,264,116. The Days on the Market has risen slightly from ’07 to the current 93, but the numbers of new listings coming on the market has fallen from 201 in ’07 to the current 178.
For East of State St are for Santa Barbara Real Estate of for the first five months of ’08 in the condo market we’ve had 18 sales compared to 47 in ’07. The condos that went into escrow are not quite as dramatic with 52 going in for ’07 but only 24 for ’08. The median sales price has dropped by more than $100,000 and the average sales price has dropped about $75,000. The days on the market has remained stable with 112 for ’07 compared to 110 for ’08 but the numbers of new listings coming on the market has fallen from 72 last year compared to 57 this year. It’s definitely a tough year so far from East of State St condos.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 5 months of ’08 for Home Estate/PUDs we’ve seen 72 sales compared to 92 for the same period in ’07. But the downturn in the numbers of sales there has been a dramatic rise in both the average and median sales price. The median has risen almost a million dollars and the average is over a million dollars. The numbers of homes going into escrow has not fallen by as much as the numbers of homes that have closed escrow so hopefully those homes that entered escrow will complete the sales price and bring up that number. Most of the other numbers are very similar with Days on the Market currently at 106 compared to 107 and new listings at 152 compared to the ’07 number of 153.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first five months for the condo market we have had 7 sales compared to 16 for the same time period last year. This is actually a big rise from where we were at the end of April. Those 3 condo sales in May almost doubled the output of the previous 6 months. Just like with Home Estates both the average and median sales price is up from ’07 topping out at $1,175,000 for the Median and $,005,921 for the Average. Similarly to Home Estates the Days on the Market are very close with 107 in ’07 and 112 in ’08 and the number of new listings is very close with 20 in ’08 and 19 in ’07.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for Home Estate/PUDS for the first 5 months of the year there have been 20 sales compared to 26 in ’07 meaning they’re about 25% behind last year’s pace. The median sales price has dropped from $1,557,500 in ’07 to the current $990.562. This could actually end up being a good thing because it means that properties farther down the price scale are selling which is where the vitality of the market will come. The other good number is the Days on the Market which has slid to 92 in ’08 compared to 122 in ’07. This means it took about a month less for sellers to get an accepted offer. Newer properties coming on the market this year have slowed from 70 in ’07 to the current 56 but interestingly enough the Median List Price for those new properties has risen from $985,000 to $1,095,000. The one number that bothers me the most is the homes that have gone into escrow have fallen from 28 to 22 this year. Hopefully with the homes farther down the scale starting to sell this will invigorate the Carpinteria/Summerland market.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first five months of the year in the condo market sales have gone from 19 in ’07 to 13 in ’08. The fewer sales have also seen a rather dramatic decline in the median sales price from $598,000 to $500,000 in ’08. Even more dramatic is the decline in the numbers of condos going into escrow. In ’07 at this time that number was 25 and currently in ’08 it’s been 15. Unlike the Home Estate market the Days on the Market for Condos has increased to 120 from 109 last year. Also the numbers of new listings has increased this year from 69 in ’07 to 85 in ’08. The interesting number there is that the new listings coming on the market in ’08 have a dramatic increase in the median list price from $589,000 in ’07 to the current $675,000 which is inverse proportion to the sales figures.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is down by 22% compared to ’07 but the numbers of new listings is down by only 14%. The percentage of escrows is down by just 10% in the Goleta North area but percentage of completed escrows is down by 40%. Hopefully this 40% decline is because condos are staying in escrow longer and a significant number of those properties will complete the sales process. The average sales price for Goleta North condos has dropped 9% to $497,262.
For Home Estates in the Santa Barbara Real Estate area of Goleta North the total numbers of listings is only 2 fewer than this time last year and the numbers of new listings is down by 3%. The percentage of the homes which entered escrow in the area is down by just 6% and miraculously the numbers of sales is up by 1%. The average sales price has dipped by 21% however down to $999,913.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the total numbers of listings is down 33% from 15 last year to 10 this year. But the numbers of new listings is off only 20% showing 10 last year compared to 8 this year. Interestingly the numbers of escrows is down a similar 20% from 6 last year to 4 this year and the numbers of sales is 10% from 5 last year to 4 this year. The average sales price has dipped by 8% to $821,000.
The Condo market for the Goleta Real Estate South area of Santa Barbara inventory for the year is up by 7% but the numbers of new listings is down by 8%. The percentages of condos which have gone into escrow is down less than any place else in the area but it is still down by 16%. Similarly the percentage of sales is also down less than any place else in town but it is still down by 15%. Amazingly even though the sales are down the average sales price is up by 2% to $572,125.
For Home Estates in the Santa Barbara Real Estate area of Goleta South the inventory is up by 10% but the numbers of new listings is down by 12%. The percentage of homes which have gone into escrow is actually up 7% from the same time last year but the numbers of sales has dropped by 2%. Hopefully this number is down currently because escrows are taking a little longer than normal but we’ll have to see. The Average Sales has dipped by 7% this year down to $982,606.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South shows us that the total numbers of listings is exactly where it was last year. But the numbers of new listings is up with 6 this year compared to 0 new listings last year. The percentage of escrows has fallen by 50% however and the numbers of completed escrows has fallen even farther to 60%. The Average Price has not fallen nearly as far dropping by just 3% at this time to $882,500.
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 19% fewer homes on the market but just 8% fewer new listings. The stark numbers are in the numbers of escrows. While ’08 started off significantly ahead of ’07 as far as the numbers of sales and escrow it has now fallen to just 50% of last year’s escrows and 42% of last year’s sales. Mirroring the falling number of escrows and sales is the Average Sales Price which has fallen 36%. But even with a decline of 36% the Average is still about $3,153,635 which ain’t too bad!
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate saw no activity.
For May of 2008 for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate the Home Estate/PUD sales have fallen slightly from the April numbers. The huge surge of activity we saw in April where more properties went into escrow than in April of the previous year has failed to generate a surge in sales for May. Whether this is because the pending escrows of April are still pending or whether they have fallen out of escrow remains to be seen but at this point the surge seems to have mellowed. The numbers of pending Home Estates in May has also fallen back from the April totals. In May escrows are down about 20% from the April figure.
The one constant is the Median Sales Price which still hovers right around the $1.2 million mark. $1.2 million is also about the Median List Price of homes that went into escrow in May meaning that the median sales price should continue at the same level. The Sales Price to Original List Price ratio climbed slightly in May to about the mid 90% mark up from April meaning the sellers are getting closer to what they would like to receive from the buyers, and the Days on the Market remain constant in the low 90s.
Astoundingly, about 150 Home Estate/PUDs again showed up as New Listings for the month of May. Unfortunately the Median List Price of those approximately 150 new listings was about $300,000 greater than the Median Sales Price of the homes that closed escrow. The overall inventory in May continues to get larger with new listings coming on the market and the lack of an equal number of sales. For the Home Estate inventory the Median List Price hovers around the $1.6 million mark and the Days on the Market is over 100.
Looking at the districts around town we see that in the Carpinteria/Summerland area, sales of Home Estate/PUDs are down about 20% year over year and the Median Sales Price has dropped from about $1.6 million for ’07 to about $1 million for ‘08.
For Montecito the sales are also down about 20% but both the Median and Average Sale prices have soared. Currently the Median Sales price is about $3.7 million for the area and the Average is about $4.7 million.
The East of State St area is a Tale of Two Numbers. The numbers of sales is down by almost half but the Median Sales Price has barely budged. At this point sellers on the East Side are holding their ground.
On the West Side of Santa Barbara there’s a similar story. The sales are down but not nearly as far down as those numbers on the East Side and the Median Sales Price has hardly moved. Currently as far as the Home Estate/PUD market is concerned for downtown Santa Barbara, sales are off but values are remaining basically constant.
In Hope Ranch sales for ’08 started with a bang but have slowed dramatically falling about 24% below the ’07 pace. The Median Sales Price has dropped by about $1 million and the Average Sales Price has dropped about $2 million. Currently the Median Sales Price is about $2.4 million and the Average Sales Price is about $3.1 million so neither number is really low.
In the Goleta South area sales are below the ’07 figures but not nearly as far down as other areas. The Median Sales Price has dropped about $80,000 for the area which is about the same drop experienced for the Average Sales Price. The sellers have stiffened in their prices which are displayed in the mid 90% number of Sales Price to List Price ratio so consequently sales have fallen back slightly from the April number.
For Goleta North sales are almost exactly where they were last year at this time but the Median Sales Price has dropped about $175,000. The gap is even wider for the Average Sales Price which is down about $300,000.
The Goleta area benefited significantly from the rise in price during ’04 and ’05 and has decided to give back some of that increased valuation in order to sell whereas the downtown Santa Barbara area has not lowered their prices significantly consequently fewer homes have sold. The real anomaly is Montecito where the prices have risen substantially but the sales have fallen back about 20%.
For the condo market in Santa Barbara through May ’08 the news continues to be not too encouraging. The sales numbers for the month even fell back from where they were in April. The almost 30 condo escrows that were opened in April gave us only about 20 sales for May. Just like with Home Estates, we’ll have to see whether this means that the escrows have fallen apart or are still pending. What we know for sure is that the numbers of escrows for May is a whole lot closer to 20 than to 30.
The Median Sales Price still hovers around the $600,000 with Average Sales Price about $75,000 higher. And just as with Home Estates the Median List Price of the condos that entered escrow is just about right at the level of the sales for the previous month meaning that as far as price is concerned things are going to stay right about where they’ve been.
The numbers of new condos coming on the market for May dropped by about half from the previous month but there are still over 50 new listings that came on the market. The Median List Price of new properties is about $50,000 over the current Median Sales Price meaning that the sellers haven’t quite come to grips with the realities of the marketplace. Once the condos are on the market the sellers have come down in their price by about 11% which is displayed in the Sales Price to Original List Price ratio, but even this decline has not spurred sales.
Looking at the districts, we see that sales in Carpinteria/Summerland have declined by about 20% and the Median Sales Price has dropped by about $100,000. The Average Sales Price has declined by about $60,000 however, but the number that jumps out at me is the 86.4% sales price to original list price ratio. This means that sellers have given up about 15% of their desired price and still sales have not risen.
In Montecito, sales of condos almost doubled in May over those of the previous 6 months and the Median Sales Price is up by about $400,000. So just like with Home Estate numbers sales are down and prices are up. We’ve got ourselves a real anomaly.
On the East Side things have gone from bad to worse in the Condo market. Sales have dropped by more than half but unlike Home Estate value condo prices have fallen over $100,000 for the area.
On the West Side the sales are not down nearly as far and the Median Sales Price is almost exactly where it was last year. Even more interesting is the fact that the Average Sales Price is above the ’07 number. This rise in the Average is due several large sales in the area which have brought up that number.
Out in Goleta South the numbers of Condo sales is only slightly behind the ’07 numbers but the Median Sales Price has dropped by about $100,000. Interestingly the Average Sales Price is actually above the ’07 Average at this time.
Finishing up in Goleta North we see that the sales have dropped by almost half and the Median Sales Price has fallen about $50,000. The Average Sales Price has declined at about the same level so the whole area has declined pricewise.
For condos in the Santa Barbara it’s just a tough time. I think it will take more stability in the financial markets for this segment of the market to move forward.
Gary Woods
The Condo inventory market for the West of State St area of Santa Barbara Real Estate is basically where it was at this time last year ticking down just 2%. But the new condos that have come on the market this year is up 5%. But despite this similarity in the numbers of available listings the numbers of escrow has declined by 46% but interestingly the numbers of sold condos is down 34%. Astoundingly even through the sales are down 34% the Average Sales Price is up by 1%. This is because of some high end condos which have sold this year bringing up the Average.
For Home Estates in the Santa Barbara Real Estate area of West of State the inventory down by 8% and the new listings are down even farther by 13%. The numbers of Homes which have entered escrow is off by about 23% and the numbers of sold properties down even farther at 27%. Similarly to the East Side the escrows and closings are down significantly but the Average Sales Price is down by only 2%. While the activity is down significantly on the West Side it looks good compared to what has been going on the East Side of town.
The PUD inventory for the Santa Barbara Real Estate area of West of State St sees the numbers down by 30% and the new listings are down by 16%. But the escrows are up by 1 for a net 50% and the numbers of closings is exactly where it was last year at just 2. The real decline for the PUD market is the Average Sales Price which has dipped by 36% from $1,237,000 last year to just $781,250 this year.
For Condos in the Santa Barbara Real Estate area of East of State the number of properties available is down about 9% from where it was in ’07 and the new listings is down even further at 16%. The real stark numbers however are the numbers of escrow for condos which are down 52% and the numbers of sales is down a whopping 63%. The average sales price has fallen by 10% which means the sellers are willing to deal but obviously the buyers haven’t heard the right numbers yet in significant proportions.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the inventory is about where it was at this time last year showing a small 6% rise, but the new listings are down by 6%. As far as the numbers of homes that have entered escrow the numbers are twice as good as the ones for condos but that still leaves escrows down 27%. The numbers of sales is down even further at 38% so things have definitely been slow on the East Side of Santa Barbara. Even though the sales and escrows are way down the Average Sales Price is only down 4% standing at $1,257,342 currently.
For the PUD Market the Total Active listings is up 200% and the numbers of New Listings is up 100%. Before you get too excited we’re talking about 3 total listings last year and 9 this year and 2 new listings last year and 4 this year. The PUDs that have gone into escrow is that same for both years standing at 1 a piece but the number of sold PUDs is up this year with 1 as opposed to 0 last year.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market has 11% more active listings this year and 4% more new listings. But that’s the end of the good news because the numbers of condos that have entered escrow has dropped by 50% and the numbers of sales has fallen even further by 68%. The Montecito condo market got off to a very slow start in ’08 but has started to move forward so I expect these escrow and sales number to start moving upward. Interestingly enough the Average Sales Price for Montecito condos has risen by 16% up to a $2,006,908 mark.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito the numbers of active listings is almost exactly where it was last year and the numbers of new listings is down by 4%. This very slight increase in inventory is tempered by the decline in numbers of Homes that have entered escrow. Pending homes are down by 15% and the numbers of sold Homes is down by 19%. But while the numbers of sales is down the Average Sales Price has gone through the roof up 35% to $4,080,471.
For PUDs in Montecito Real Estate there hasn’t been much activity. Last year there was 1 active listing and in ’08 we’ve seen 3. Those 3 listings came on the market this year and last year at this time there were 0. For both years there have been 1 escrow and 1 sale but this year we see that the Average Sales Price has risen by 6% to $2,476,500.
For the Santa Barbara area of Carpinteria Real Estate/ Summerland Real Estate for the condo market the total number of active listings is up by 15% and new listings have risen by 27%. There has been a couple of good sized new condo developments come on the market accounting for this rise. But despite in the rise of the number of condos available, one that has gone into escrow has dropped by 46% and the sales have fallen by 40%. Adding insult to injury we see that the Average Sales Price has fallen by 17% down to $495,292.
For Home Estates in Carpinteria/Summerland the total numbers of listings is also up but by only 5% and the new listings have actually dropped by 15%. But just like with the condo market Homes that have gone into escrow is down by 10%. The sales are down even more dramatically dipping 17%. Moving from the bad to the really bad we see that the Average Sales Price has dropped by 41%. This number is highly suspect however because it reflects some huge sales that took place early in ’07. But even though the Average is down by 41%, the raw number is still $2,473,045 which isn’t too bad.
Looking at the PUD market for Carpinteria Real Estate/ Summerland Real Estate the total number of active listings is exactly where it was last year as is the numbers of new listings. Continuing with the pattern the numbers of listings that have entered escrow is exactly the same as last year as is the number of sales. Breaking the pattern is the rise in the Average Sales Price up 18% year over year.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 15 sales compared to 11 for ’07. Up until now Goleta North has trailed in sales compared to the ’07 numbers so hopefully this is a trend. The big difference in the Median Sales price which was $1,230,000 last year and this year it’s dropped to $790,000. That $600,000 to $800,000 range remains hot for the entire Goleta area. To re-enforce the idea of a trend we see that in ’08 for the period there were 19 homes entering escrow compared to the ’07 number of 18. The only number that has gone the wrong way this year has been the Days on the Market. For ’08 it has taken 85 days to get an accepted offer and in ’07 it took only 56.
For condominiums in the Goleta Real Estate North area of Santa Barbara Real estate there was only 4 that closed escrow compared to 6 for ’07. The Median Sales Price has risen however in ’08 up to $547,950 compared to the ’07 number of $530,000. But the number that stands out the most is in the condos that have gone into escrow for the period. In ’08 that number is 6 compared to just 1 for ’07. It would be great if this signals a turnaround in the Goleta condo market but we’ll have to wait a while to see if it’s a trend or just a blip.