For Santa Barbara Real Estate in the Montecito Real Estate area there are 128 Home Estate/PUDs currently on the market with the top priced property selling for $47 million. But, there are some bargains in Montecito because the least expensive home can be had for just under $1 million. Still, the median list price for homes in Montecito is $3,950,000.
Currently there are 15 Home Estates in escrow in Montecito with the highest priced property, which has started the buying process showing up at $$6,950,000. On the other end of the scale there’s a property, which is listed for just $995,000 that’s gone into escrow. Even so, the median list price for homes in escrow is $2,250,000.
Through July 24 there have been 91 Home Estates complete the sales process. Up at the top of the heap is one that went out for $31,000,000 but the least expensive home closed for $900,000. This huge range yields a median sales price of $3,700,000.
For Montecito Real Estate in the Santa Barbara area Condominiums there are currently 17 properties available for purchase. On the top of the ladder is one listed for $5,900,000 and all the way down at the bottom a condo can be had for just $769,000. This huge diversity doesn’t give us a price in the middle but it does give us a median list price of $1,525,000.
Currently there are 2 condos in escrow in Montecito with a high asking price of $895,000 and a low of $760,000. This means that’s what moving in Montecito is definitely below $1 million.
Through July 24th we’ve had 10 condos close escrow in Montecito with a high of $4,300,000 and a low of $799,950. Landing in the middle of the spectrum we see a median sales price of $1,580,000.
For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market the area Median Sales price for the period of Jan. 1 through July 17 has been $850,000 compared to last year when it was $970,000. This is about a 12% decline and the average sales price has drifted down from $1,215,658 in ’07 to the current average of $978,133. This is a fall in the average sales price of about 20%.
Despite this rather dramatic fall in the average sales price the numbers of sales hasn’t fallen off nearly as much. Last year there were 87 sales to this point and this year there have been 80 for an 8% fall. Other than those differences basically the market is the same this year in Goleta North as last year. The Days on the market is at 74 for ’08 compared to 70 for ’07 and the sales price to original list price ratio is at 92% for ’08 compared to 94% for ’07.
The gap report however does show a significant different in prices. The median sales price of $850,000 is about $100,000 the median list price of $950,000 for a 10.5% gap.
For Santa Barbara Real Estate’s Goleta Real Estate North area for the condo market in ’08 has seen only 18 sales compared to 24 for the same time last year. This drop of about 25% is about double what we’ve seen as far as a fall in the median sales price. Currently the median sales price for Goleta North stands at $485,000 and last year it was $550,000 for about an 11% decline.
The average sales price is much closer together with the current number standing at $508,022 compared to last year when it was $544,599. This is a 6.7% drop in the average sales price from ’07.
As far as the gap report is concerned there really is no gap. The median list price is now $499,000 and the median sales price is $485,000 only $14,000 apart or just 2.8%.
For Goleta North the laws of economics are a little bit asker. We have fewer listings this year 35 compared to last year when we had 44 but the prices are down as well as the numbers of sales.
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 74 Home Estate/PUDs on the market. The highest priced listing down on the beach can be had for $37,500,000. The least expensive home currently available is listed for only $446,900. When you mush all this together you come up with a median list price for the area of $1,250,000, which is not an insignificant amount at all.
As of July 24th only 10 of those 74 Home Estates are in escrow with the highest priced home listed for $4,750,000 and the least expensive which has started the buying process showing up at $479,900. The most meaningful number is the median list price for the 10 homes in escrow, which is $825,000 that tells us there’s a lot more action farther down the price scale.
For the entire area we’ve seen 29 Home Estates close escrow thus far in ’08. On the top of the sold property mountain is one that went out for $13,200,000 and farther down the scale is one that closed for $485,000. All this gives us a median sales price for Carpinteria/Summerland of $946,125, which is about where the market is for the majority of the area.
For Carpinteria Real Estate/Summerland Real Estate area for Condominiums currently there 82 active listings only 7 of which are currently in escrow. It’s been a tough year for the area condo sellers because only 16 have sold through the first part of the year. The most expensive condo, which closed escrow, went for just under $1 million and the least expensive condo slid out the door at just $250,500 giving us a median sales price of $474,000.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price for time period for Jan. 1 through July 17 for the Home Estate/PUD market there have been 48 sales compared to last year when there were 47. The median sales have dropped by over $100,000 however and the average sales price has declined by about $150,000. This translates to a 12% fall in the median and a 14% fall in the average.
The sales price to original list price ratio is about 94% currently compared to 96% in ’07. The only number that is up is the Days on the Market which has risen to 75 from 54 last year.
As far as the Gap is concerned for Goleta South it’s about $90,000 with the median list price showing up at $875,000 and the median sales price coming in at $782,500.
The Goleta Real Estate numbers for Condos as far as sales are concerned are a lot farther apart than the Home Estate numbers. Last year at this time there had been 46 sales and this year there have been 33 for a 28% drop. The median sales price on the other hand is above the ’07 number of $529,500. Currently the median sales price is $599,000 for almost a 12% rise. The average sales price is also up but by a more modest 2.5%.
The inventory for Goleta South is below where it was last year with currently 52 condos available compared to last year when there were 61 homes on the market. This would mean that the normal economic reaction of when there is fewer of something the price raises is in effect.
As far as the gap is concerned for condos it’s currently completely upside down. The median list price is $550,000 and the median sold price is $49,000 higher for a positive 9% on the gap scale.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Sales price for Home Estate/PUD market for ’08 has been $2,525,000 which is a drop of over $1 million from the previous year. The average sales price has fallen even further with a decline of about $1.5 million.
The most important element to remember about Hope Ranch is that we’re only talking about 11 sales for the year compared to 20 at this time last year. The second element to look at is last year at this time we only had 19 listings and this year there are 29 so at least part of Santa Barbara is following the basic economy norm that states when there is more of something the price goes down.
For all of those down numbers the gap between median list price and median sales price is actually quite modest. The current median list price for the entire inventory is $2,995,000 and when coupled with the median sales price of $2,525,000 we get a gap of 15%. While 15% is substantial it’s still much better than the huge gulfs we see between numbers of sales as well as average and median sales prices.
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 July 17 has been almost $1 million. This is a decline of less than 3%. The average has also fallen less than 5%. This stands in marked contrast to the fall in the numbers of units which has gone down from 110 Home Estates to 80 a decline of 27%
The overall inventory is almost exactly where it was last year but the median list price has fallen slightly to $1,029,000 from $1,095,000 a drop of 6%. But the days on the market has risen by almost a month to 91 days.
The gap report shows not much of a gap at all. The median list price of $1,029,000 and the median sales price of $999,500 give us only about a $30,000 or a gap of less than 3%.
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 44 last year to just 26 this year. This drop of over 40% is dramatic but the median sales price has fallen just over 12% and the average sales price has declined only 1.2%.
The sellers are definitely in a dealing mood because the Sales Price to Original List Price ratio is just below 90% and the Days on the Market has fallen to just 76. The biggest number we see other than the numbers of sales is the gap between median list price and median sales price. The median list price is $799,000 and the median sales price is $560,000 for a 30% spread.
For the Santa Barbara Real Estate area East of State St area the Median Sales price through July has been $1,137,5000 compared to last year’s number $1,187,500. This is a decline of only about 4%. The average sales price has been even closer showing up as a drop of about 3.5%. This contrasts markedly with the numbers of sales which has dropped by about 37%. This number is magnified when you look at the inventory which is up about 26% for the year. More properties on the market and fewer sales would normally give you lower prices but not on the East Side of Santa Barbara where just the opposite is occurring.
The gap report for the home estate market is dramatic this year. The difference between the median sales price and median list price is about 24%. This means that even though the prices have dropped about 4% on the East Side the sellers would like to see a 24% rise.
For Santa Barbara Real Estate area of East of State St area through July 17 for the Condo market shows a wider difference between ’07 and ’08. There has been a decline of about 17% in the median sales price and a drop of about 11% in average sales price.
The overall inventory is up by only 9 condos for the year but the median list price for those 9 fewer properties is about 9%. Despite this 9% drop in the median list price there have been 54% fewer sales in ’08.
Finally, the gap report is very strange for the East Side. The difference between the median list price and the median sold price is only about $3,000. It’s difficult to say what is going to kick start the condo market on the East Side of Santa Barbara but the obvious conclusion is that prices have to come down more than they have.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through July 17 has been $3,625,000 and the average sales price has risen to $4,788,858. The rise in median is about 25% and the average is about 32%. In contrast the numbers of sales is down from 114 at this time last year to 87 this year for a decline of about 24%. This fall in the numbers of sales is interesting because the numbers of properties available is up almost 20%.
The gap report for Montecito Home Estate/PUDs is almost non-existent. The Median List Price in ’08 has been $3,850,000 compared to the sales price of $3,625,000. The fascinating thing about Montecito is that it seems to defy gravity. More properties are available but fewer have sold. And when there is more of something prices normally fall. But in Montecito the sales price has risen markedly.
For Santa Barbara Real Estate’s Montecito Real Estate condo market there have been just 9 sales so far this year. This is a drop of more than 50% which again contrasts with the fact that there are more units available this year. At this time last year there were 14 condos available and currently there are 27. Other than the numbers of units sold all the rest of the numbers are up, the median sales price is up 7%, the average sales price is up 5% and the median list price is up a whopping 50%.
The gap report for Montecito condos is actually a little larger than the Home Estate gap. Currently the difference between what I call askin’ and gittin’ is about 10%.
For Santa Barbara Real’s Carpinteria Real Estate/ Summerland Real Estate area the Median Sales price for ’08 through July 17 has been solid for the most of the year lodged at $946,125. This is a drop of about 25% from the ’07 number. There is also a drop of about 24% in the numbers of sales from ’07. The average sales price has declined about 31% but this can be deceptive because basically what it means is that the big properties at the beach haven’t been selling as often during ’08.
This disparity between the Median List and Median Sold Prices really about $120,000 this year compared to last year when it was about $75,000. The Sales Price to Original List Price is almost exactly where it was last year at this time and the Days on the Market have dropped this year by almost a month.
For Santa Barbara Real Estate’s Carpinteria Real Estate/ Summerland Real Estate area for the condo market the picture is a lot rougher as to the numbers of sales which is down about 40%. But the median sales price is down about $80,000 which is only a drop of approximately 14% and the average sales price down only 12%. In contrast to Home Estates the Days on the Market have rise from last year to 122 days up from 96 days.
What this all means for the gap report is that the gap between the buyers and sellers this year is about 25% or in real numbers about $70,000. The inventory has grown in the Carpinteria/Summerland area but not by an extraordinary number.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate there have been 79 sales compared to the ’08 number of 85. This is a drop of about 7% and accompanies the decline in both the median and average sales figures. The median sales price for Goleta North has fallen about 12% and the average sales numbers have gone down about 20%. These are definitely significant declines in the sales prices for the area. But while these numbers have fallen the Days on the Market is basically unchanged. Last year at this time it was 70 days and this year it’s been 74.
For Condominiums on the North Side of Goleta Real Estate things are dramatically different. For ’08 we’ve seen 18 sales down from 24 at this time last year. This is a decline of about 25% for the numbers of sales but the median sales price has only gone down about 11% and the average sales price has slipped only about 7%. The Days on the Market is basically unchanged from the previous year when it was 86. For ’08 that number has slipped up to 91.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate the sales are only 1 behind the numbers posted in ’07. This year there have been 46 sales so far with a median sales price of $766,000 and an average sales price of $911,684. This drop in the median sales price is approximately 13% from the ’07 numbers and about 15% below the average sale for ’07. With the prices falling the Days on the Market has gone up to 73 from the 53 posted last year.
For Condominiums for Goleta Real Estate South the numbers of has been 32 sales this year compared to 43 last year at this time. This is a decline of about 25% year over year but the really interesting number is the median sales price which has risen about 15% from last year. The average sales price has also gone up but by a more modest 4.8%. The Days on the Market have definitely fallen however down to 59 which 19 days sooner than the ’07 number of 88.
For Hope Ranch Real Estate the sales are down this year by 10 homes. 9 Homes have closed escrow this year compared to 19 for the same period last year. This is a decline of about 50% from ’07. But unlike Montecito where we saw a decline in the numbers of sales we also see a decline in both the average and median sales numbers. The median sales price has declined by about 25% and the average sales price has declined by about 30%. The only really good number in the bunch is the Days on the Market which has fallen to 61 days for ’08 compared to 128 for ’07.
For Condominiums in Hope Ranch Real Estate there was no activity.
For West of State St in Santa Barbara Real Estate for Home Estate/PUDs the numbers of sales for ’08 through July 11 is 74 units compared to the same period in ’07 when there were 105. This is a decline of almost 30%. But, just like on the East Side the decline in both the median and average sales price is much smaller with the median price falling by about 2% and the average sales price falling by less than 1%. What have gone up are the Days on the Market which has risen from 62 in ’07 to the current 94 number.
For Condominiums on the West Side of Santa Barbara Real Estate there have been 24 sales to July 11. This compared to 43 sales for the same period last year which gives us about a 43% decline in the numbers of sales. There has also been a decline in both the median and average sales numbers with the median declining by about 12% the average falling by about 4%. But unlike Home Estate Days on the Market it has actually taken a lot less time to get an accepted offer on a condominium. In ’07 it took 97 days and in ’08 it has taken only 75 days.
For the East of State St Home Estate/PUDs for Santa Barbara Real Estate there have been 78 sales through July 11 ’08 which is a decline of 40%. But interestingly enough the median sales price is exactly where it was last year at this time and the average sales prices are down only about 3%. The Days on the Market has slipped to 94 day compared to the 80 days it took to get an accepted offer last year.
For Condominiums in the East of State St area of Santa Barbara Real Estate there have been 27 sales which is a decline of about 55%. But unlike the Home Estate numbers the median and average sales price numbers have declined. The median sales price for ’08 has been just under $700,000 which is a drop of about 12% and the average has fallen by a more modest 8%. The only real good news on the East Side for Condos is that it has taken 95 days to get an accepted offer this year compared to the ’07 number of 107.
Through the middle of July ’08 for Montecito Real Estate we’ve seen 86 Home Estate/PUDs compared to the ’07 mark of 110. This is a drop of about 20% in the numbers of sales but this is the end of the bad news. The median sales price is up by over 20% and the average sales price is up over 30%. The Days on the Market are basically unchanged year over year with ’08 posting 105 days as compared to ’07 when it was 99.
For Condominiums in Montecito Real Estate there have 9 sales this year which is down from the ’07 number of 19 which is a drop of about 50%. But just like with Home Estates bot the median and average sales figures are up. The Median Sales Price has risen by a modest 7% and the average sales numbers are up by approximately 5%. Even the Days on the Market look better compared to ’07 when it was 102. This year it’s at 92 days to get an accepted offer.
Through the middle of July ’08 for Carpinteria Real Estate/Summerland Real Estate there have been 27 Home Estate/PUD sales. This is about a 20% drop in the numbers of sales for the area but the real dramatic drop is in the median sales price which has fallen by about 30%. The average sales price has dropped even further and is down by about 35%. Basically what this tells you is properties at the beach have really slowed down dramatically. The only really good news for Carpinteria/Summerland Home Estates is that the Days on the Market has gone down from the 117 mark set in ’07 to the current 84 Days on the Market.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate there have been 16 sales through July 11 which is down by a whopping 40% but interestingly enough the median sales numbers are only down about 15% and the average sales price has declined by only about 12%. But unlike Home Estates the Days on the Market for Condos is above the ’08 mark currently coming in at 121 compared the ’07 number of 95.
For the Santa Barbara Real Estate area of Goleta Real Estate
North for the first 6 months of ’08 there have been 74 Home Estate/PUD sales compared to last year when there were 80. While the numbers aren’t quite as close as the sales figures for Goleta South we do see a rather dramatic drop in both the median and average sales amounts. In ’08 the median sales price has been about $985,000 down from about $1.2 million in ’07. The average was about $1.2 million for ’07 and has slipped to about $985,000 in ’08. The pending figures show a further tightening in the numbers of sales when compared to ’07. For ’08 there have been 85 properties go into escrow compared to 87 in ’07. The median list price for those pending properties still who that approximately $150,000 drop in the median sales price. Currently there are 82 Home Estate/PUDs available in Goleta North with a median list price of about $950,000 and an average list price for about $1.6 million.
For the Santa Barbara Real Estate area of Goleta Real Estate
North for the first six months of ’08 the gap in the numbers of sales compared to ’07 is a lot wider than the home estate numbers. So far this year we’ve seen 16 properties close escrow with a median sales price of $500,000 and an average sales price of $512,462. For ’07 the median sold price was $550,000 and average sales price was $544,000. The pending listings tell us that the numbers are going to get tighter together as far as numbers of units sold. For ’08 we’ve had 17 condos go pending with a median list price of $519,000 and for ’07 we had 22 condos go pending with a median list price of about $569,000. Right now there are 28 condos available in Goleta North with a median list price of $475,000 and an average list price of $534,367.
For the Santa Barbara Real Estate area of Goleta Real Estate
South for the first 6 months of ’08 there have been 43 sales compared to last year when there were exactly the same number. What has changed however a rather significant drop in the median and average sales prices. Last year the median sales price was about $890,000 and this year it’s about $750,000. The average has seen a similar drop from about $1.1 million last year to the current approximately $920,000. It appears that the numbers of sales is going to remain about the same and even surge forward slightly. Through this part of ’08 there have been 47 escrows opened compared to ’07 when there were 43. That $100,000 gap continues however so that look like where we’ll be going for most of the year. Currently there are 54 home estates available in Goleta South with a median list price of about $900,000 and an average list price of about $1.3 million.
For the Santa Barbara Real Estate area of Goleta Real Estate
South for the first six months there have been 32 sales compared to 41 last year. The median sales price has actually risen significantly from $515,000 last year to the current $607,000 but the average sales price has raised only about $35,000 from approximately $545,000 last year to about $570,000 this year. It appears that the sales are picking up for Goleta South with 38 condos pending so far in ’08 compared to 41 for ’07. The median list price of those condos in escrow getting a little closer together however with last year’s number showing up at $530,000 compared to this year which has been $600,000. Currently there are 42 condos available in Goleta South with a median sales price of about $540,000 and an average sales price of about $550,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate
for the first 6 months of ’08 for the Home Estate/PUD market there have been 9 sales down from the ’07 number of 17. The median sales price has also dropped dramatically by about $1 million. In ’08 the median has been about $2.5 million and in ’07 that number was about $3.35 million. The average sales price shows an even wider gap with ’07 showing up at about $4.75 million and ’08 giving us about $3.25 million. The pending numbers tell us that the difference will remain about the same for a while anyway. Through ’08 10 homes have entered escrow and through ’07 for the same time period that number was 21. What has been reversing is the median list price for pending properties in ’08. Through the first 6 months the median list price of homes in escrow is up to about $4.4 million and last year at this time the number was about $3.5 million. Right now there are 22 homes available for purchase in Hope Ranch with a median list price of about $3.5 million and an average list price of about $5.3 million.
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 6 months there have been 71 sales with a median sold price of about $1 million and an average sales price of about $1.17 million. This compares to ’07 when there were 91 sales with a median sales of also about $1 million and an average sales price of about $1.17. The disparity in the numbers of sales appears to continue because of the pending listings we’ve seen this year. For ’08 85 Home Estate/PUDs have entered escrow with a medina list price of just about $1 million and for ’07 there were 113 pending listings with a median sales price of about a $1 million. Right now there are 103 homes available on the West Side with a median list price of about $990,000 and an average list price of about $1.3 million.
For the West of State are of Santa Barbara Real Estate
for the first six months in the condo market there have been 23 sales compared to 40 at this time last year. The median sales price has dropped about $100,000 but the average sales price is much closer together. The average this year is about $640,000 and last y ear it was about $675,000. It looks like the disparity in sales will continue because we see 32 condos have entered escrow in ’08 compared to 48 that entered escrow last year. The $100,000 difference also looks like it will continue for the foreseeable future. Right now there are 69 condos available on the West Side of Santa Barbara with a median list price of $825,000 and an average list price of $1,038,640.
For the East of State St area of Santa Barbara Real Estate
for the first 6 months for Home Estate/PUDs there have been 75 sales. At this time last year there have been 126. Despite this huge drop in the numbers of sales both the median list prices of those sales has been very constant. In ’08 the median sale has been $1.17 million and the average has been $1.3 million. In ’07 the median was $1.18 and the average was $1.35. As far as the pending listings are concerned it appears that the current trend will continue but it appears that the houses that are going into escrow are going in at a lower median list price. The ones that have entered escrow have a median list price of $1.2 million and last year that number was $1.29 million. Currently there are 149 homes available on the East Side of Santa Barbara with a median list price of $1.6 million and an average list price of $1.9 million.
For Condos on the East of State St area of Santa Barbara Real Estate
for the first six months there have been 25 sales compared to 57 last year. But unlike the Home Estate/PUD market both the median an average prices have come down. This year the median is just about $700,000 and last year it was about $820,000. The average price in ’08 has been about $830,000 while last year it was about $900,000. It looks like the trends for the East Side condo market will continue because throughout ’08 we’ve seen 28 condos go into escrow and last year at this time there had been 59. The difference in price for the pending listings this year compared to last is a decline of about $150,000 so the prices continue to erode. Currently on the East Side there are 45 condos available with a median list price of about $670,000 and an average list price of about $775,000.
For the Santa Barbara Real Estate area of Montecito Real Estate
for the first 6 months of ’08 there have been 83 sales compared to 106 at this time last year. This drop in the numbers of sales is not reflected in the sales price of those 83 homes. The median sold price has zoomed up to about $3.5 million compared to $2.9 million last year and the average has gone up to about $4.5 million from about $3.7 million last year. This surge in price may be leveling off however because of the listings which are currently in escrow. Right the median list price is about $3.2 million and last year it was at the same number. What is continuing is the approximately 20% fall in the numbers of sales. Last year there were 105 properties that went into escrow and this year that number is 87. Right now there are 141 home estate/PUDs available for purchase in Montecito with a median list price of about $4 million and an average list price of about $6.4 million.
For the Santa Barbara Real Estate area of Montecito Real Estate
for the first six months there have been 9 sales compared to last year at this when the number was 18. This 50% gap actually represents a surge in activity because for the first 4 months there were only 4 condo sales. Even though the numbers of sales is reduced both the median and average sales price is moving up. Currently the median sales price is about $1.6 million compared to last year’s number of $1.36 million and the average sales price this year is about $1.85 compared to last year when it was about $1.75 million. Through the first six months of ’07 there were 13 condos that went into escrow compared to this year when there have been 9. The median list price for those properties is holding at about the level we’ve seen for the year coming in at about a +$300,000. Currently there are 14 condos available in Montecito with a median list price of $1.4 million and an average list price of $1.9 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate
/Summerland Real Estate
for Home Estate/PUDS for the first 6 months we see about a 20% drop in the numbers of sales compared to ’07 but the more substantial drop is in the median sales price. Last in ’07 the median sales price was about $1.5 million compared to this year when the median sales price is just below $1 million for the first 6 months. This 20% gap in the numbers of sales is further amplified with the pending sales numbers. In ’07 at this time there had been 38 pending sales and this year there have been 29 for about a 30+% gap. The median list price of those properties is starting to move closer together. In ’07 the pending listings median list price was about $1.2 million and this year that number is about $900,000. The only really good number is days on the market which has gone down to 92 days this year. Compared to last year when it was 129. Currently there are 65 Home Estate/PUDs available in Carpinteria/Summerland right now with a median list price of $1.25 million and an average list price of $3.3 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate
/Summerland Real Estate
for the first 6 months the gap which gauged against last year is even wider. For ’07 there were 25 sales and this year we’ve had 15. There has been about a $100,000 drop in the median sales price compared to ’07 but the average sales price is a lot closer together. This year the average is about $530,000 last year the average was about $590,000. It appears that the sales numbers are going to remain about where they’ve been because of the pending listing numbers. Last year there were 30 condos that entered escrow and this year that number is 17. The median list price for the pending listing media list price is starting to get closer together however. Right now that number is about $500,000 and last year that number was about $590,000. Currently there are 85 condos available in Carpinteria/Summerland with a median list price of $679,000 and an average list price of $670,265.
For Goleta Real Estate
in the Santa Barbara Real estate area for Home Estate/PUDs there were 18 sales for the period with a median sales price of $875,000 and an average sales price of $946,097. Last year for the same time period there were also 18 sales. But last year the median sold price was $1,054,000 and the average was $1,091,276. This year it took 15 days longer to get an accepted lower over than the period for last year. It took 68 days in ’08 compare d to 53 last year. There have been substantially more properties come on the market for the period this year. 34 new listings have materialized with a median list price of $935,000 and an average list price of $1,216,519. Last year 27 new listings came on the market with a median list price of $959,000 and an average list price of $1,187,757. The big diversity however is in the numbers of pending listings but not the diversity we’ve seen in other areas. This year we see 20 currently in escrow with a median list of $835,000 compared to last year when there were only ten with a median list price of $925,000. Currently there are 82 homes available in Goleta North with a median list price of $949,000 and an average list price of $1,615,841.
For condominiums in the Goleta Real Estate
North area of Santa Barbara Real estate there 3 condos close escrow for the period with a median sold price of $565,00 and an average sold price of $578,333. Last year at this time there was only 1 condo that closed escrow with a sold price of $620,000. The condos coming on the market are almost exactly the same for both years. This year there have been 8 with a median list price of $498,000 and an average list price of $556,612 compared to last year when 9 came on with a median list price of $555,500 and an average list price of $538,119. The pending numbers don’t reveal much diversity either. Last year at this time there were 3 condos in escrow with a median list price of $499,900 and this year there are 2 that went pending with a median list price of $475,000. Currently there are 28 condos available in the area with a median list price of $475,000 and an average list price of $542,582.
Looking at the Home Estate/PUD market for the greater Santa Barbara area from Carpinteria to Goleta including Montecito and Hope Ranch for the first 6 months of ’08 we see that compared to ’07 the numbers of sales are down about 24% and the median sales prices are off about 9% but this doesn’t really give a good picture of what is happening in the various districts for the area. To give you a better of idea of what’s occurring I’ll go district by district and extract the details.
Starting in the Carpinteria Real Estate/Summerland Real Estate area we see that sales are down about 20% but the Home Estate median sales prices has fallen about 36%. The difficulty with looking at Carpinteria/Summerland is that the prices vary so widely from the beach where the numbers are in the stratosphere to the more modest tract homes on the north side of the freeway.
Moving over to Montecito Real Estate the numbers of sales are down slightly farther at about 22% but both the median and average sales prices are up substantially. The median sales price numbers are up about 20% and the average sales prices have risen around 22%.
On the East Side of Santa Barbara Real Estate the numbers of sales has fallen about 40% when compared to ’07 but the median sales price has come down only about 1%. Clearly the folks on the East Side are going to get what they want for their homes or they’re not going to sell.
On the West Side of Santa Barbara the sales drop off is not nearly as significant as on the East Side but it is still a noteworthy 27% decline. Despite the sales numbers decline the decline in the median sales price is only about 1% just like the East Side.
For Hope Ranch Real Estate the fall in the number of sales is even more dramatic than what has been happening on the East Side. Sales are down about 47% for the year but unlike the East Side we’ve also seen an almost 25% drop in the median sales figures. The thing to remember about this drop is that we’re only talking about 9 sales so far in ’08 and there were some very large sales in the first half of ’07.
Out in the Goleta Real Estate South area the numbers of sales is exactly where it was at this time last year. Unlike the rest of the area Goleta South has experienced no drop off in activity but what has gone down is the median sales price which has fallen by over 15%.
Finishing up in Goleta North the sales have fallen by only a little over 7% but the median sales price has come down by 15%.
To summarize, the downtown area of Santa Barbara has seen the numbers of sales drop rather dramatically but the median sales price has remained stable. In Goleta the sales have stayed almost exactly where they were last year but the prices have fallen by double digits. Then there’s the anomaly of Montecito which has seen a decline in the numbers of sales but the prices have surged upward. And finally both Carpinteria/Summerland and Hope Ranch have seen a substantial decline in both the numbers of sales and the median sales price.
For the Condo market in the Santa Barbara area the picture is a lot rougher. Overall the numbers of sales are down by about 40% but the median sales price has declined only about 6.5%, but let’s see what the individual numbers look like.
For Carpinteria/Summerland the numbers of sales is off by about 40%, but the median sales price has declined about 16.5%. So, even though the condo sellers in Carpinteria/Summerland have compromised their price the buyers have not responded.
In Montecito the sales are down an even larger 50% but the median sales price has continued to rise by 16%. Again we see the anomaly of Montecito which seemingly defies gravity with the sales falling but prices rising.
On the East Side of Santa Barbara it’s been a particularly rough year for condos. The numbers of sales is down by a whopping 56% but the median sales price unlike the Home Estate market has also declined by 14%.
One the West Side the sales are down by a more modest 26% but the median sales price is down by only a little over 1%. There has been significant activity in the upper end on the West Side so this has tilted the median sales figures. The trend will probably continue because 35 new upper end condos have just come on the market.
For Goleta South unlike with Home Estates the numbers of sales has fallen by 22%. This number while better than the other districts is still not trivial but the amazing number is the median sales price which has risen almost 18%.
Finishing up in Goleta North sales have fallen by about 33% while the median sales price numbers have fallen by about 9%.
The results for Condos are all over the map. Carpinteria/Summerland has both sales and median sales prices dropping significantly while Montecito sales have declined precipitously but the prices continue to climb. On the East Side sales are way down but the prices have come down also. On the West Side sales are not off as badly as on the East but prices have basically remained stable. For Goleta South just like with Montecito the numbers of sales has dropped but the prices have risen and for Goleta North sales are down but the prices have come down only about 9%.
For the Home Estate market sales are down for the area, but we’re certainly not suffering as much as many areas of the state and country. For condos it’s been a particularly rough year but certain areas have been able to maintain prices and even move forward.
In the Santa Barbara Real Estate are of Goleta Real Estate
for the Home Estate/PUD market there were 9 that closed escrow with a median sold price of $699,000 and an average sold price of $743,444. Last year at this time 5 homes closed escrow for the period with a median sold price of $899,000 and an average sold price of $1,336,000. What has remained the same are the days on the market. Last year it was 52 and this year it’s still 52. There are more properties coming on the market also for the Goleta South. For this period 19 new homes have appeared with a median list price of $799,000 and an average of $1,245,984. Last year only 12 new listings showed up with a median list price of $869,000 and an average list price of $1,262,491. Unlike other area there isn’t a big diversity in the numbers of pending listings. Last year for this period there were 6 and this year there are 7. What has changed however is the median list price for those properties. This year the median list price for homes in escrow is $719,000 last year that number was $949,000. Even more dramatically we see that most of the action is farther down because the average of the pending homes this year is $756,557 and last year the average was $1,520,333. Currently there are 52 homes available in Goleta South with a median list price of $899,000 and an average list price of $1,341,586.
For Condominiums in the Goleta Real Estate
area of Santa Barbara Real Estate there were 4 that closed escrow for this period with a median sales price of $536,900 compared to last year when there were 7 that closed escrow with a median sales price of $670,000. The average sales price is a lot closer together however. This year the average for those 4 condos is $554,700 and last year the average was $582,142 for those 7 sales. The good number is that the days on the market have dropped dramatically from 87 it ’07 to 23 in ’08. There are a lot fewer new condos coming on the market this year when we see 6 with a median list price of $499,000 compared to last year when there were 14 with a median list price of $549,900. Interestingly the numbers of pending condos is higher this year with 8 compared to last year when there were 5. But the median list price for those 8 is just $407,000 compared to the 5 in ’07 where the median list price was $574,000. Currently there are 44 condos available in Goleta South with a median list price of $529,000 and an average list price of $540,929.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate
for the last 30 days there was only 1 closed escrow. That sale price was $3,995,000. Last year at this time there were 2 sales for the period with a median sold price of $4,002,500. Interestingly both days on the market were low. In ’08 it took just 6 days to get an accepted offer and in ’07 it took just 4. This year we’ve seen a big in the numbers of new listings. 9 have come on for this period in ’08 with a median list price of $3,000,000 and an average list price of $6,235,000. Last year only 2 showed up with a median list price of $3,650,000 and an average list price of $4,572,500. The big diversity is again in the numbers of pending listings. Last year for this time period there were 3 homes in escrow with a median list price of $4,590,000 and an average list price of $,572,500. This year there are no homes currently in escrow. Currently there are 23 homes available in Hope Ranch with a Median List price of $2,995,000 and an average list price of $5,570,608.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate
area of West of State St for Single Family Homes
There were 14 sales for the period with a median sold price of $1,075,000 compared to last year’s number of 19 sales with a median sales price of $990,000. The average sales price shows a bigger bulge with the ’08 showing up at $1,143,292 compared to the ’07 number of $1,239,000. It took a lot longer to get those higher prices however. This year it took 100 days to get an accepted offer whereas last year it took just 47. More new home estate listings came on the market last year at this time when 44 showed up in the market with a median list price of $1,099,000 compared to this year when 38 properties were listed with a median list price of just $899,000. The big diversity is again in the numbers of pending homes. Last year for this time period 25 homes were in escrow compared to this year when that number is 15. The median list price for those 15 is $806,900 compared to last year when it was $1,095,000. Currently on the West Side of Santa Barbara there are 106 homes available with a median list price of $985,000 and an average list price of $1,289,750.
For Condominiums in the West of State St area of Santa Barbara Real Estate
there were 4 that closed escrow this year from 5/26/ to 6/26. This compares to 8 for the same time period last year. The median sales price has dropped significantly showing up at $587,000 this year compared to $685,000 last year. The average has also dropped about $100,000 from $677,375 last year to $566,000 this year. The only good number in that bunch is that it took only 53 days to get an accepted offer this year compared to 73 days last year. More new condos have entered the market this year with 21 coming online compared to 17 last year. And unlike the sales numbers the new list price are substantially higher than those posted last year. In ’08 for this year the median list price is $799,000 compared to last year when that number was $679,000. Unlike other areas there is not a huge difference in the numbers of pending listings for the period. Last year there were 9 properties in escrow with a median list price of $680,000 and this year there are 7 with a median list price of $640,000. Currently there are 72 condos available on the West Side with a median list price of $825,000 and an average list price of $1,030,994.
For Santa Barbara Real Estate
East of State St for Single Family Homes there were 17 that closed escrow for this period compared to 22 for the same period last year. While the sales numbers have dropped the median sales price went down from $1,152,000 to $975,000 this year. But the average sales price went up from $1,383,522 last year to $1,443,388 this year. The days on the market has also jumped from 50 last year to 90 this year. The properties coming on the market for this time period is almost exactly the same. Last year 48 came on with a median list price of $1,365,000 and this year 46 showed up with a median list price of $1,695,000. The biggest difference between this year and last year is the numbers of pending properties. Last year at this time there were 48 homes in escrow and this year there are only 13. Those properties currently in escrow are also farther down on the dollar scale. Last year the pending listings had a median list price of $1,595,000 and this year that number is $1,195,000. Currently on the East side there are 159 home estate/PUDs for sale with a median list price of $1,595,000 and an average list price of $1,919,436.
For Condominiums in the East of State St area of Santa Barbara Real Estate
there were 6 sales compared to last year when there were 10. The median sold price has also dropped dramatically. Last year it was $972,500 and this year it’s $672,000. The average has also dropped but not quite as precipitously. Last year the average sale was $997,500 compared to this year when the number is $867,250. The only good number of the bunch is the days on the market which has fallen from 118 one year ago to the current 44. New condos coming on the market for this time period have been 11 with a median list price compared to last year for the same period when 10 came on with a median list price of $590,000. Interestingly enough the numbers of pending condos is exactly the same as last year at this time. Yup, 5 this year compared to 5 last year. The only difference is the median list price for those 5 this year is up to $669,900 compared to last year’s number of $625,000. Currently there are 47 condos available on the East Side with a median list price of $669,900 and an average list price of $766,568.
Santa Barbara Real Estate’s areas of Montecito Real Estate
for Home Estate/PUDs the numbers of sales for the period we’re looking at is 14 compared to the 12 last year. The median sales price is down slightly from last year showing up at $3,044,500 compared to $3,152,500 last year. Even the average which has been rising steadily has fallen slightly. Last year it was $4,018,416 and this year it’s $3,729,937. With the numbers of sales rising in ‘08 the days on the market has also risen to 98 up from 59 in ’07. There has been a big surge in the overall inventory for Montecito. Last year at this time period 28 new homes came on the market but this year that number zoomed up to 37. Both the median and average list price also zoomed up from a median last year of $2,650,000 to this year’s number of $3,900,000 and last year’s average of $4,786,035 to this year’s average of $6,894,027. The biggest bulge however is the numbers of pending sales. Last year it was 28 at this time and this year there are only 12 homes in escrow. Currently there are 142 home estate/PUDs on the market in Montecito with a median list price of $3,975,000 and an average of $6,341,443.
Montecito Real Estate
Condominiums in the Santa Barbara Real estate there have been 3 sales for the last 30 days compared to 0 for the same period last year. The median sales price for this year has been $1,580,000 and the average sales price is $1,593,333. During the period we’re talking about 2 properties came on the market this year with a median list price of $895,000 and an average list price of $1,322,000 compared to last year when we also saw 2 properties come on the market with a median list price of $849,000 and an average list price of $949,500. For ’07 at this time there were 2 condos in escrow and last year there was 1. Currently there are 15 condos available in Montecito with a median list price of $1,895,000 and an average list price of $1,986,533.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate
/Summerland Real Estate
for Home Estates and PUDs for the period of 5/26 to 6/26 there were 3 sales compared to 5 for the same period last year. Interestingly enough the median sales price has raised this year up to $1.85 million compared to $1.5 million last year. The average sales price however is almost exactly where it was last year showing up at right around $1.7 million. For the 30 days were talking about the days on the market dropped dramatically from 206 last year to the current 72. As far as new properties coming on the market this number is very similar for both years with 20 this year vs. 21 last year. The median list price for those properties is also very close with this year’s number about $68,000 above last year’s mark. Where the numbers get dicey is when we look at pending sales. Last year at this time there were 21 properties in escrow this year there are only 7. Currently there are 65 Home Estate/PUDs on the market with a median list price of $1,245,000 and an average list price of a whopping $3,294,550.
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 2 compared to last year when there were 4. The condos that have closed this year are farther up on the monetary scale with a median sales price of $786,000 compared to the ’07 number of $647,500. A big discrepancy is that the days on the market this year have gone up to 142 compared to ’07 when it was 69. The new properties that came on the market for these 30 days are almost exactly the same for both years with 15 this year compared to 14 last year. The median list price however has a wide gap. This year the median list price is $689,000 and last year it $499,000 for new properties coming on the market. Just like with Home Estates the really big gap is in condos that are currently pending. Right now there are 2 pending and last year that number was 14. And this is where it gets interesting; the 2 currently pending have a median list price of just $299,000 while last year for this period the number was $519,000. Currently there are 88 condos available in Carpinteria/Summerland with a median list price of $679,000 and an average list price of $671,005.