For West of State St in Santa Barbara Real Estate for Home Estate/PUDs the numbers of sales for ’08 through August 21 is 90 units compared to 134 last year. This substantial decline is not accompanied by a big drop in prices however. The fall in prices, while not as small as what has occurred on the East Side is down about $85,000 on the average price and about the same on the median sales price. What have gone up on the West Side are the days on the market which is currently at 87 and last year stood at 63.
For Condominiums on the West Side of Santa Barbara Real Estate there have been 39 sales through August 21 is down from 52 last year. Interestingly the fall in both the median and average sales price is almost exactly what they have been for Home Estates. The median sales price is down about $60,000 and the average sales price is about the same. But unlike Home Estates the days on the market have held steady at about 90.
For the East of State St Home Estate/PUDs for Santa Barbara Real Estate there have been 101 sales through August 21 ’08 compared to 150 last year. This dramatic decline in the numbers of units sold is not accompanied by a dramatic decline in the average sales price which is only $60,000 below where it was last year at this time. This median sales price has fallen slightly farther to about $100,000 below where it was last year so at this time the folks on the East Side are going to get their price or they’re not going to sell. The one number which has slid upward is the days on the market which stands at 93 this year up from 79 last year.
For Condominiums in the East of State St area of Santa Barbara Real Estate there have been 32 sales this year down from 67 last year. The average sales price has fallen about $100,000 this year and the median sales price has slid about $140,000. Right now the median sales price for an East Side condo is $662,000 which historically is an amazing bargain. We’ll have to see what it will take to get the buyers in the same frame of mind. The only thing which has remained constant on the East Side are the days on the market which today post a 111 mark and last year gave us 103.
Through the middle of August ’08 for Montecito Real Estate we’ve seen 99 Home Estate/PUDs compared to the ’07 mark of 127. The decline in the numbers of units sold is balanced off by the huge rise in the average sales price which is up to about $4.6 million from $3.5 million last year. The median sales price is also up but by not nearly as much. This year the median number is $3.5 million and last year it was $2.8 million. Both median and average sales prices have definitely taken a substantial rise. What hasn’t moved in Montecito is the days on the market which stood at 105 days last year and has zoomed down to 103 days this year.
For Condominiums in Montecito Real Estate there have 11sales this year which is down from the ’07 number of 19. Sales keep inching forward for Condos in Montecito but inching is definitely the right word. Meanwhile everything else remains at almost exactly where it was last year. The average sales price is within $9,000 of where it was last year and the median sales price is up by just over $100,000. Even the days on the market are pretty darn close posting a 93 for this year compared to 103 last year.
Through the middle of August ’08 for Carpinteria Real Estate/Summerland Real Estate there have been 32 Home Estate/PUD sales. This number compares to 46 sales at this time last year. The decline in the numbers of sales is accompanied by a significant drop in the average sales price from almost $3 million last year to just over $2 million this year. The median sales price has also declined down to about $900,000 from about $1.2 million last year. The one number that is better than it was this time last year is the days on the market which are down from 104 in ’07 to the current 84.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate there have been 17 sales through August 21 which is down 31 at this time last year. Unlike Home Estate sales however the average sales price has dipped at a much lower rate. This year the number is about $510,000 and last year it was $575,000. The median sales price for condos is a little which showing up at about $475,000 this year compared to $555,000 last year. But unlike Home Estates which saw the days on the market fall the condos have taken substantially longer to get into escrow. This year that number has been 132 days and last year it stood at 106.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory has dropped by about 21% year over year with the numbers of new condos sliding only 16% for the year. Interestingly the numbers of escrow is only down 9% but the sales have fallen by 17%. But the sold volume has slipped 21% while the average sold price is only down about 4%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of homes that have been on the market this year is up by only 1% as is the numbers of new listings coming on the market. But this lack of a surge in the inventory has not kept the numbers of listings going into escrow rising by 7%. The sales however are exactly where they were last year but the sales volume is down by 19% as is the average sales price.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is down 47% with the numbers of new listings appearing this year falling by 41%. The numbers of escrows is not quite as far down however showing up at -37% with the sales doing even better at -22%. The sold volume however has declined by 41% with the average sales price dipping by 24%.
The Condo market for the Goleta Real Estate South area of Santa Barbara inventory for the year is down by about 9% with the numbers of new listings falling by 22%. But despite this drop in the numbers of available condos the numbers of escrow is only down about 5% but the numbers of closed condos is off by about 24%. This 24% drop in the number of sales is accompanied by a 24% in the sold volume. But amazingly the decline in sold volume is not accompanied by any drop in the average sales price.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is up by 9% for the year but the numbers of new listings is down by 6%. The big news for Goleta South is that the numbers of escrow is up by 17% and the numbers of closed escrows is up by 8%. This increase in the escrows and sales is not accompanied by an increase in sold volume which is down by 6%. Also the average sales price has fallen by 13%.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South shows us that the total numbers of listings is down by 1 for a total of 10 and the new listings are down by 3 for a total of 7. The big drop is the number of escrows which have fallen by 62% with the numbers of sold properties down by 57%. The biggest decline however is the sold volume which is off by 68%. Interestingly enough the average sales price is down by only about 27%.
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 about 10% fewer listings available this year but there has been a slight rise of new listings coming on the market. This slight surge of new listings has however not given us a rise of the numbers of escrow. On the contrary escrows are down by about 44% and sales are down by 50%. Adding insult to injury the average sales price has dropped by about 31% but still hovers around $3.1 million.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate saw no activity.
The Condo market for the West of State St area of Santa Barbara Real Estate has seen a slight fall in the inventory which is down just 4% and the new listings which have come on the market stand exactly where they were at this time. The numbers of condos under contract however has fallen by 22% as has the numbers of sold properties. This 22% in sold condos is illustrated by a 25% drop in the overall volume but amazingly only a 3% drop in the average sales price.
For Home Estates in the Santa Barbara Real Estate area of West of State the inventory is about 9% down from where it was last year at this time and the numbers of new listings has fallen by about 13%. But just like with condos the numbers of home estates entering escrow is down by about 23%. Unfortunately unlike the condo market the sales of home estates on the West Side have dropped by 35% over the ’07 numbers. An even larger gap is opened up on with the sold volume which has declined by 41% but again just like elsewhere in downtown Santa Barbara the average sales price is only off 9%.
The PUD market for the Santa Barbara Real Estate area of West of State St there has been a good deal of activity but the inventory this year has fallen by 11 properties down to a total of 7 and the new listings have fallen by 9 down to a total of 4. The good news is that the numbers of escrows are up by 2 for a total of 6 and the numbers of sold PUDs on the West Side up 4 for a total of 6. This big push in the numbers of sold properties gives us a bump in the sold volume which is up 127% but the average sales price has declined by 24%.
For Condos in the Santa Barbara Real Estate area of East of State the overall numbers of condo listings is down by about 14% with the new listings down even farther at 19%. This drop in the numbers of new listings is less than half of the decline numbers of condos that have gone into escrow. Condos that have started escrow process are down by 44% and sales are even down farther at 51%. Even farther down is the sold volume which has declined by 59%. But amazingly the average sales price has dipped only 15%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate show us an inventory which is almost exactly where it was last year but new homes coming on the market has fallen by about 10%. But just like with condos the decline in the inventory is doubled by lack of escrows which is down by 19% and down even farther are the sales which have fallen by 30%. All this lack of activity on the East Side has the sold volume off by about 34% but again amazingly there is only a 6% decline in the average sales price.
There’s not a whole lot of activity in the PUD market on the East Side of Santa Barbara Real Estatebut for what’s there the numbers of total listings for the year is up by 5 to 11 but the new listings is only up by 1 to 6. On the good side the numbers of escrow is up by 2 for a total of 3 and the number of sold PUDs is up by 1 for a total of 2. A doubling of the sold numbers yields an 84% rise in the sold volume but the average sales price for ’08 has declined by 7%.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the numbers of total listings is just 11% ahead of where it was last year but the numbers of new listings is only 6% ahead of the ’07 pace. But with all the increase in the inventory the numbers of escrows is down by 38% and the sales are down a whopping 52%. As you might guess this decrease in sales also gives us a 52% drop in the overall sold volume but amazingly the average sales price is almost exactly where it was last year at this time.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the overall listings are up by about 8% but the new listings have only risen by 7%. Just like with condos this rise in the inventory has seen a decline in the numbers of escrows by 23% and a fall in the numbers of sales by 21% when you look at the numbers year over year. But the Montecito miracle is at work and a decline in sales is overshadowed by a huge rise in both the average and median sales price. The average sales price is up by 33% to an amazing $4.6 million and the median sales price is up to about $3.5 million.
For the PUD market in Montecito Real Estate there is almost no activity at all. 4 PUDs have been active this year compared to 1 last year and those same 4 properties are new listings compared to 0 last year. The under contact numbers are the same with 1 each year as are the sold numbers with 1 each year. The sold volume is up by about 6% as is the average sales price.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through the middle of August ’08 there are about 8% more properties that have been available compared to ’07 and there have been about 14% more new listings. This is due to a couple of large developments coming online during the year. Unfortunately with all that increased activity there have been 34% fewer escrows opened and 43% fewer closed sales. All this adds up to about a 50% decline in the overall sold volume. The average sales price has dipped only about 12% however and now stands at just over $500,000 for Carpinteria/Summerland.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings is also up by but by 12% instead of 11%. The numbers of new listings however is exactly where it was last year at this time with the numbers of homes going into escrow showing a 16% decline. Home Estate sales for Carpinteria/Summerland have been hit hard but not nearly as bad as the condo market. The numbers of sales is also not quite as far down as in ’07 showing a 25% drop but the overall fall of the Sold Volume is nearly the same with a 46% drop. The average sales price which is always a bit skewed because of the pricey beach properties never the less shows a 29% drop down to just over $2 million.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate area the numbers are rather small but as far as the numbers of listings and new listings they are exactly where they were last year at this time. The numbers of properties that have gone into escrow have has fallen from 2 to the current 1as has the number of sales. This 50% drop in the numbers of sales shows up as a 50% drop in the overall sold volume. But the average sales price is within $7,500 of the number posted last year.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 15 sales for the period with a median sales price of $857,000 and an average sales price of $1,009,500. Last year for the same time period there were also 13 sales. But last year the median sold price was $925,000 and the average was $1,162,961. The numbers of properties going into escrow has rise from 14 last year to 21 this year but the median list price for those Home Estates entering escrow has fallen from $905,000 last year to $699,000 this year. The numbers of new properties coming on the market has gone down from 28 last year to 21 this year but the average list price of those 21 has come down only slightly to a median list price of $925,000 from $949,000 last year. Currently there are 75 Home Estate/PUDs on the market in Goleta North with a median list price of $950,000 and an average list price of $1,603,898.
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 $435,500 and an average sold price of $459,300. Last year at this time there were only 2 condos that closed escrow with a median and average sold price of $582,500. 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 $482,500 and an average list price of $528,850 compared to last year when 9 came on with a median list price of $545,000 and an average list price of $644,322. The pending numbers are up however from last year when there were 6 condos in escrow to the current 8. But the median list price has declined markedly from $518,875 last year to the current $440,000. Right now there are 24 condos available in Goleta North with a median list price of $498,000 and an average list price of $513,091.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market there were 4 that closed escrow compared to 6 last year. The drop in the numbers of listings sold is dwarfed however by the decline in the median sales price from $1,405,000 last year to $702,500 this year. The average sold price is not quite so far down but it is $400,000 below last year’s average. The good news is that this year the pending properties for the period are up to 9 from 7 last year, but the median list price of this pending is down from $1,275,000 last year to $689,000 this year. The numbers of new properties has dropped by half from 20 last year to 10 this year but the median list price is up from $859,000 last year to $1,150,000 this year. Currently there are 46 Home Estate/PUDs available in Goleta South with a median list price of $1,150,000 and an average list price of $1,382,321.
For Condominiums in the Goleta Real Estate South area of Santa Barbara Real Estate there were 9 that closed both this year and last. The median sales price is quite close together as well with ’07 posting a $550,000 median sales price and ’08 showing up at $517,000. The numbers of condos going into escrow up however from 8 last year to 10 this year but of the condos going into escrow the median list price has dropped from $589,000 last year to $489,000 this year. Condos that are coming on the market have declined substantially from 18 in ’07 to 7 for ’08 and the median list price has also dropped from $639,000 last year to $410,000 this y ear. Currently there are 31 condos available in Goleta South with a median list price of $489,000 and an average list price of $508,738.
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 $1,400,000. Last year at this time there were 2 sales for the period with a median sold price of $4,912,500. On the up side there were 4 properties that did go into escrow compared to 2 last year and the median list price for this year is up to $2,750,000 from $2,295,000 last year. There were 4 properties that came on the market in both year but this year the media list price is up to $2,850,000 from $2,295,000. Currently there are 21 home estates available in Hope Ranch with a median list price of $3,395,000 and an average list price of $6,023,952.
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 10 sales for the period in ’08 and 28 for ’07. To add insult to injury the median sales price for ’08 is $868,000 compared to last year when it was $1,054,625. We could be at a tipping point however because last year for this time period there were 11 Home Estate/PUDs that entered escrow and this year there have been 18. But to get those 18 escrows open the median list price has dropped by about 20% down to $724,000 from $895,000. The numbers of new properties coming on the market for the time period is almost exactly the same but the median list price for those properties is up by over $200,000. Currently there are 110 Home Estate/PUDs available on the West Side of Santa Barbara with a median list price of $1,082,000 and an average list price of $1,382,599.
For Condominiums in the West of State St area of Santa Barbara Real Estate there were 14 that closed escrow in ’08 compared to only 7 in ’07. The median list price for this year is down but not by as big a margin as other areas have posted. For ’08 were at $612,500 and ’07 posted a $690,000 mark. The pending listings during ’07 showed up at 13 properties whereas in ’08 that number is 12. The median list price for those properties shows a rather wide range however. In ’08 the number is $495,000 whereas in ’07 it was $689,000. The new listings coming on the market has slowed markedly from 22 last year to 16 this year and the median list price has fallen even farther from $875,000 last year to $499,000 this year. Currently there are 65 condos available on the West Side of Santa Barbara with a median list price of $815,000 and an average list price of $1,014,523.
For Santa Barbara Real Estate East of State St for Single Family Homes there were 13 that closed escrow for this period compared to 18 last year. To accompany this decline in the numbers of units sold is a drop in the median sales price of about $300,000 and a decline in the average sales price of about $230,000. There is some good news poking its nose over the horizon however. The numbers of pending listings for this period this year is 19 and last year it was 18. The median list price for those 19 listings is $950,000 and last year that number was about $500,000 higher. The surge of new listings is down from 47 last year to 29 this year but amazingly the median list price is up from $1,295,000 last year to $1,495,000 this year. There are currently 146 home estates on the market on the East Side of Santa Barbara with a median list price of $1,587,000 and an average list price of $1,818,675.
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 6. But, the median sales price is over $200,000 les than it was last year and the average sales price is about $320,000 less than 2007. Unfortunately the properties that went into escrow in ’07 were 7 and for ’08 that number was 4. The median list price for those properties for both years is about the same with $559,000 last year and $575,000 this year. The numbers of properties coming on the market has slowed dramatically for this period. There were 16 new listings in ’08 and 30 last year. The median list price has also slowed dramatically from $1,079,000 last year to $649,000 this year. Currently there are 43 condos available on the East Side of Santa Barbara with a media list price of $649,000 and an average list price of $755,064.
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 10 compared to 12 for the same period in ’07. The median sold price is over $1 million above the figure for last year and the average sold price is about $1.4 million above ’07. It looks like the numbers of sales is going to continue at the same level because in ’08 for this period there have been 13 escrows open and in ’07 that number was 18. But, both the median and average list prices for those properties entering escrow are getting closer together. The median list price is about $750,000 above the figure for ’07 and the average list price is about $800,000 below the number for last year. Currently there are 146 Home Estate/PUDs available in Montecito with a median list price of just under $4 million and average list price of just about $7.4 million.
Montecito Real Estate Condominiums in the Santa Barbara Real estate there have been 2 sales for the last 30 days compared to 0 for the same period last year. The median sales price for this period is $1,325,000 as is the average sales price. For ’08 for this period there have been 2 condos enter escrow and last year there was 1. This year for the 2 that entered escrow have a median list price of just $760,000 and last year that number for the 1 was $1,025,000. Right now there are 19 condos available in Montecito with a median list price of $1,895,000 and an average list price of $2,112,157.
For the Santa Barbara Real Estate an area of
Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the period of 7/9 through 8/9 there were 4 sales with a median sales price of $649,137. This compares to the same period in ’07 when there were 14 sales with a median sales price of $887,500. This is a significant drop particularly in the numbers of units sold but also a decline of almost $250,000 in the median sales price. On the other side of the coin for the same period in both years there were 6 homes that went into escrow. There’s still a gap in the median list price for those 6 homes however. In ’07 that median list price was $935,000 and in ’08 it’s $825,000. For Carpinteria/Summerland the surge or new properties coming on the market continues in ’08 with 21 units coming on the market for the period compared to 6 for ’07. But the difference in the median list price for those new properties is substantial. This year the number is $1,195,000 and last year it was $1,869,000. Currently there are 78 Home Estate/PUDs on the market in the area with a median list price of $1,250,000 and an average list price of $5,402,197.
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 0 compared to 4 in ’07. The pending numbers are fortunately much closer together with 6 condos going into escrow in ’08 compared to 7 in ’07. There is about a $100,000 reduction in the median list price of condos going into escrow for ’08 and about a $150,000 difference in the average list price for the area. Currently there are 80 condos on the market in Carpinteria/Summerland with a median list price of $679,000 and an average list price of $705,548.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first seven months of ’08 the numbers of sales compared to ’07 are down about 6.5% and the median sales price has dipped by about 12.5%. The average sales price has fallen even further and is down about 20%. There is a small surge in the numbers of homes which have entered escrow and currently that number is up by about 2%. But the median sales price continues to fall for the homes entering escrow and is now down about 14.6% from last year.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first seven months of ’08 for condominiums is down about 20%. This is despite the median sales price falling about 14% and the average sales price falling about 9%. We may be experiencing a kind of mini-surge for the numbers of sales in Goleta North because currently it’s only down by 2 properties for about a 7.4%. But this mini-surge is brought about by a further decline in the median list price of homes entering escrow. This number has fallen by about 21%.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 7 months of ’08 there is a rise from ’07. Granted it’s only 1 more sales, but when looking at the rest of the area I’ll take any rise I can get. The median sales price however is down about 14% and the average sales price is down about 16%. It looks like our little surge for Goleta South is going to continue because the pending sales are up about 6% from last year. But while the sales continue to increase the list price of those pending listings continues to fall is now down about 15%.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first seven months of ’08 the numbers of sales is down about 20% from the ’07 level but the median sales price is only down about 10%. The really interesting number is the average sales price which has come up about 1.5%. It’s not clear that the surge in the Condo sales will continue because the numbers of condos that have entered escrow has dropped behind the ’07 number by about 10%.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of ’08 we see the numbers of sales is down about 45% from ’07 and the median sales price is down about 30%. The average sales price is down even further at about 32%. We may be looking at a slightly rally because the numbers of homes entering escrow is now about 37% compared to ’07 which isn’t great but at least it’s better than being 45% down. Accompanying that slight rise in activity we see that the median list price for the properties have been in escrow is down about 19% which again is bad but not as bad as the 30% decline of earlier in the year.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of ’08 has seen no activity.
For the Santa Barbara Real Estate area West of State St for the first seven months of ’08 for the Home Estate/PUD market the numbers of sales isn’t quite as bad as it is on the East Side but it is still down about 32%. The median sales price has declined only about 6% and the average sales price is down about 7.5%. Things look like they could be getting on the West Side however because the numbers of properties that have gone into escrow for ’08 is down about 18% which while not good it’s definitely better than the 32% fewer sales. Part of the increase is due to the fact that the median list price of those homes which have gone into escrow is now down about 9.4%.
For the Santa Barbara Real Estate area West of State St for the first seven months of ’08 for the condo market sales are down about 25% which while bad looks much better than what’s been happening on the East Side. The median sales price has declined about 10% this year and the average sales price is down only about 3%. Looking at the numbers of condos which have gone into escrow this year it is also down about 25% compared to ’07 which tells us that the drought will continue on the West Side for the foreseeable future and further enforcing that though we see the median list price of homes that went into escrow continues at about 10% less than the numbers from last year.
For the Santa Barbara Real Estate area of East of State St for the first seven months of ’08 the numbers of sales has fallen dramatically and is down about 38%. This 38% drop in the numbers of sales is accompanies by a drop of about 9% in the median sales price and about a 7% drop in the average sales price. Things may be coming up somewhat on the East Side because the numbers of homes which have gone into escrow is down about 28% compared to ’07 which is bad but definitely not as bad as the 38% drop in the numbers of sales. The increase in the numbers of pending listings is not accompanied by a further drop in the median list price of homes going into escrow. The median list price remains at about 9% less than it was last year.
For the Santa Barbara Real Estatearea of East of State St for the first seven months of ’08 for the condominium market shows a decline of about 52% compared to ’07. This decline is despite an approximately 20% drop in the median sales price from last year and a 14% drop in the average sales price. It looks like things are going to continue on the East Side because the numbers of condos going into escrow is also about 51% down from last year and the median list price for these condos is also down 20% from last year.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first seven months of ’08 compared to ’07 shows us that sales are down about 22% which means that the numbers of sales are continuing to drop at this time. But while sales continue to fall the median sales price continues to rise when compared to ’07 and currently it’s up about 28%. The average sales price is even higher coming in at 35% above the ’07 numbers. Looking at the homes that have gone into escrow we see that the numbers are starting to come up when compared to ’07. We’re now at about 18% down from where we were last year compared to the 22% decline in sales. But while the numbers of sales are rising the median list price for those pending properties is up only 6.3% from ’07. I would definitely trade an increase in the numbers of sales to such a meteoric rise in the median sales price, but that’s just me.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first seven month of ’08 there have only been 11 sales of condominiums compared to 19 for the same period in ’07. This decline of about 42% is offset by a rise in the median sales price of about 7%. The average sales price on the other hand has actually dropped by less than 1%. The only really good news for the condo market is that the numbers of pending listings has gotten closer to the ’07 numbers. The current numbers of listings that have gone into escrow for ’08 is only about 20% down from the ’07 level and interestingly the median list price for those condos in escrow in ’08 is about 20% above the median list of ’07.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 7 months of ’08 compared to ’07 the numbers of sales is off about 30% and the median sales price is down about 20%. There’s even a bigger drop in the average sales price which is down about 26%. Basically this tells us that homes at the beach have not been selling at the rate they were in the previous year. Carpinteria/Summerland had a huge run up in valuation during ’04 and ’05 so it was only natural that there would be some retrenchment in prices. The pattern looks like it’s going to continue for the foreseeable future and maybe even decline further because there is a decline in the numbers of pending listings which are also down about 26% but the median list price of those pending listings is down only about 10%.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 7 months of ’08 in the condominium market shows us that sales are down by almost half from ’07. The interesting number for condos is that the median sales price is down by only 12% and the average sales price is even closer coming in at less than a 10% decline. The pending sales numbers look slightly better than the sales number showing up at 38%. It’s definitely been a tough year for Carpinteria/Summerland condos but maybe the tide is starting to turn upward.
The month of July ’08 as far as the Home Estate/PUD market is concerned for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate, Summerland Real Estate and Goleta Real Estate saw a reduction in the numbers of sales from the previous month. This approximate 15% decline in sales was accompanied by about a 12% reduction in the median sales price. This fall in the median sales price is amplified when we look at July ’07 when the median sales price was about 22% higher than it was in July ’08.
The two big numbers I look at are the Sales for a particular month and the numbers of properties that went into escrow for that month and are currently pending. The sales numbers tell me what was going on in the market anywhere from 45 to about 60 days or more ago and the pending numbers tell me what happened within the last 30 days or less. For July ’08 it’s difficult to tell what the pending numbers mean because in July the California Association of Realtors suggested that properties that were subject to a “short pay” where more money is owed on a property that it is currently worth should be put in the Multiple Listing Service as pending if the seller has agreed to a price but the banks have not yet approved of the sale.
For July the numbers of pending properties is about 50% higher than the numbers of sold properties which would normally be cause for celebration because the market would be surging forward. But it’s really unclear at this time whether these are new accepted offers or just those that have been backlogged and are awaiting bank approval.
One number we can be sure of however is the median list price of new properties that came on the market in July and that number is about $1.6 million. This number stands out because substantially more properties sold below $1 million in July than sold in the $1 to $2 million area. The hot market remains in the $600,000 to $1 million range, but July also saw a surge in the $5 million plus range where almost 10% of the sales were completed.
The $1.6 million median list price for new properties in July is particularly interesting if you look at July ’07 when the median list price for new properties was $1.16 million. To bring this number more into focus we look at the median sales price for July ’07 which was $1.175 meaning there was only a gap of about $15,000 between the properties that came on the market and the ones that sold. For July ’08 the gap is much wider because the median list price is about $1.6 million and the median sales price is about $900,000 giving us a difference of about $700,000. It’s always difficult to look at just one month and try and ascertain a trend from that month but the difference is definitely significant.
Looking at the Home Estate/PUD market year over year from January through July we see that sales are down about 25% for ’08 and the median sales price is off about 12%. The average sales price however is actually up about 2% meaning that there have been some very expensive homes that have sold. The pending sales are currently down about 16% for the year and the median list price for those pending properties is down about 16%.
It’s going to take a while for the pending listings to shake out so at this time it’s difficult to tell where the market is headed but generally the prices do seem to be edging downward as well as the numbers of sales.
For the Condo market in July ’08 for the Santa Barbara area the news is much better than it was in the previous month. Sales are up by about 50% which is definitely good news but the median sales price has fallen by about 5% from June. The median sales price bounces around a lot from month to month so a decline of 5% from one month to another shouldn’t be viewed with alarm.
The numbers of condos that went pending in July ’08 is also way up from the previous month but this number should be viewed with the same skepticism that we viewed the Home Estate/PUD pending numbers. The interesting number in the pending category is a dramatic fall in the median list price of those condos that did go into escrow. The median list price of the condos entering escrow is down about 15% below the median sold price of the condos that closed in July. Again, it’s difficult to tell what the pending numbers mean but it could be pointing to a further reduction in the sales price of condos.
The numbers of condos coming on the market has slowed considerably from ’07 and is now down about 10% from the previous year. This 10% drop in the new properties coming on the market in ’08 is not accompanied by a drop in the median list price for those properties however. Year over year the decline from January to July comparing ’07 to ’08 the median list price is down only a little over 1%.
For the month of July ’08 we saw about 20% of the sales coming in below $400,000 and only a couple above the $1 million mark. The vast majority of sales came in between $400,000 and $1 million which means there’s been a definite cooling in the higher priced condo market.
For all of ’08 through July the numbers of sales are down about 35% when compared to ’07 but the median sales price has fallen only about 6.5%. The average sales price has come down about 10% however which means that sales of condos in the upper price levels are not as prevalent as last year.
The numbers of condos entering escrow is down about 28% when compared to last year and the median list price for those condos entering escrow is down about 7.5%. At this point it’s difficult to tell whether the significant surge in the numbers of condos sales is a trend or whether it just means that properties that have been waiting in escrow for a while have finally completed the buying process.
Traditionally condos lead the way in the marketplace and if this rise in sales for July is sustained it could mean the market is turning around. At this point the two big questions for Santa Barbara Real Estate are first, is that increase in the numbers of pending Home Estate/PUD listings for real and second, will the present surge in the condo market continue. We’ll just have to wait and see for the answer.
Gary Woods
For Goleta Real Estate North area of Santa Barbara Real Estate the Price Range Statistics for 1/1/2008 to 7/24/2008 there are 77 homes available for sale with an average list price of $1,161,157. The most expensive property that is available is currently listed for $15,750,000 and the least expensive home available is listed for $319,000. The median list price for the available properties is just under $1 million.
Right now there are 32 home estates in escrow with an average list price of $1,014,581. The highest priced home in escrow right now is listed for $2,249,500 and the least expensive home in escrow is listed for $185,000. With that wide range the median list price for homes in escrow is $789,000.
There have been 82 total sales for the Goleta North through 7/24/2008 with an average sales price of $974,331. The most expensive sale tops the charts at $3,740,000 but the least expensive home went out at just $265,000 which gives us a median sales price of $835,000.
For Goleta Real Estate North the Condo Price Range Statistics for Santa Barbara Real Estate there are currently 28 properties available with an average list price of $541,350. The most expensive condo that is on the market now tops the charts at $1,140,000 and the least expensive condo is offered at $399,000 giving us a median list price of only $499,000.
There are just 6 condos in escrow in the Goleta North area an average list price of $426,816. Even the most expensive condo in escrow is listed for $449,000 with the least expensive condo just $50,000 farther down the scale at $399,000. Given those numbers it’s no surprise that the median list price for condos in escrow right now is between them and shows up at $424,900.
For the year we’ve seen just 19 condos change hands with an average sales price of $519,442. The most expensive condo to be sold was one for $745,000 and the least expensive sale was rung up at $265,000. Through 7/24/2008 the median sales price for Condos in Goleta North is under $500,000 coming in at $490,000.
In the Goleta Real Estate South areas for 1/1/2008 to 7/24/2008 there are currently 49 homes for sale with an average listing price of $1,371,830. Topping the list of available properties is one for just under $3 million and the least expensive home available in Goleta South can be snapped up for $549,900. The interesting number to me is the median list price which is still almost exactly at $1 million.
At present there are 11 Home Estate/PUDs in escrow for Goleta South with an average list price of $841,490. The most expensive property in escrow right now is just under $2 million and the least expensive home in escrow right now is under $400,000 which gives us a median list price for homes in escrow of $689,000.
Through ’08 so far 48 Home Estate/PUDs have closed hands for an average sales price of about $925,000. The most expensive home to close escrow shot up to $2,525,000 and the least expensive sale so far for 2008 had a $600,000 tag on it. The median for the Goleta South area so far through 2008 is $780,000.
Goleta Real Estate South the Price Range Statistics for Condominiums for this area of Santa Barbara Real Estate shows that there are currently 35 properties available with an average list price of $518,297. The most expensive property available is $919,000 and the least expensive condo can be had for $265,000 giving us a median list price of $509,000.
Right now there are 11 condos that are in escrow with an average list price of $486,990. The top of the mark shows us a home listed for $895,000 and the least expensive home was listed for $279,000. When you put that altogether we get a median list price for homes that are in escrow right now of $407,000.
So far this year 35 condos have closed escrow with an average sales price of $567,408. On the high side there was one condo that closed at $925,000 and on the low side one slid away for just $265,000. After all is said and done the median sales price for Condos through July 24, 2008 is $599,000.
For Hope Ranch Real Estate for 1/1/2008 to 7/24/2008 there are currently 21 properties available with an average sales price of almost $6 million. The highest priced home that is now on the market tops the scale at almost $30 million and the least expensive estate can be had for under $2 million. With that huge diversity of prices the median list price is $3 million.
For Hope Ranch there are 4 home estates are in escrow with the highest priced one that has started the selling process showing up at just under $6 million. The most expensive home in escrow is just under $10 million and even the least expensive home in escrow is just under $3 million which brings us a median list price for homes that are in escrow of $5.1 million.
For all of 2008 we have seen only 11 sales with an average sales price of $3,159,007. The highest priced listing that has completed the buying process went out at $6,195,000 and the least expensive home sold for the low, low price of $1,400,000. When the smoke clears we see that the median sales price for homes in the Hope Ranch area so far for 2008 is $2,525,000.
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 7/24/2008 for Santa Barbara Real EstateHome Estate/PUD market we have 107 properties available with a high price of just under $6 million and a low price of $479,900. Despite this low price the median list is still over a million dollar coming in at $1,029,000
Currently in escrow on the West Side there are 23 Home Estates in escrow with a high price of $1,249,000 and a low price of $549,000. The median is definitely farther down on the scale showing up with $734,000.
So far for the year 80 Home Estate/PUDs sold on the West Side with a high price of a whopping $5 million and a low sales price of just $450,000. When the dust settles however we see the median sales price residing just under $1 million at $999,000.
For the West of State St area for Condominiums Santa Barbara Real Estatethere are currently 66 available with a high asking price of $2,595,000 and a low asking price of just $351,000. The median asking price settles right at $799,000
There are 18 properties in escrow for the West Side with a high price of $1,595,000 and low price of only $389,000 yielding a median list price of $559,000.
Looking at sold condos on the West Side we see 30 that have closed escrow with a high closed price of $2,150,000 and low price of $354,000. Even with the top-heavy numbers over $2 million the median sales price for the area shows up at $575,00.
For the East of State St area of Santa Barbara Real Estate there are currently 150 Home Estate/PUDs available for purchase. At the top of the heap is a home listed for $10,500,000 and all the way down at the bottom is one that can be had for $474,900. Even with that hug diversity the median list price for the East Side of Santa Barbara is a whopping $1,650,000.
Currently in Escrow on the East Side there are 34 of those 150 homes in escrow. The most expensive home in escrow is listed for $4,595,000 and the least expensive home in escrow is just below $400,000. That huge gap gives us a median list price of homes in escrow of $960,000.
So far this year 85 Home Estates have closed escrow on the East Side of Santa Barbara. The most expensive property which has closed escrow went out right at $4,000,000 and the least expensive home sold for on tenth that amount or $400,000. The gigantic gap still has the median sales price for Santa Barbara’s East Side coming in at $1,175,000.
For Condominiums in the East of State St area for Santa Barbara Real Estatewe 41 properties currently available with a top listing price of $1,695,000 and low list price of $399,000. The median list price has definitely come down for the East Side and currently resides at $669,900.
Right now there are just 3 condos in escrow on the East Side of Santa Barbara. Of those 3 the highest priced condo is $1,235,000 the least expensive property is $480,000 that leaves only the one in the middle which is listed for $575,000
Finally for sold condos we see only 30 have closed escrow thus far in ’08 with the highest condo going for $2,200,000 and the least expensive property slipping away at $290,000. The median is definitely closer to the $290,000 number than the $2.2 million showing up at $649,000.