For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the last 30 days there 3 closed escrows compared to 5 at this time last year. The median sales price has also declined from $3,650,000 last year to $2,555,500 this year. There’s an even wider gap in the average sales price which has gone from $5,810,000 last year to $2,550,166 this year. It looks like things are going to continue in this vein because last year for this period there were 7 Home Estate/PUDs that entered escrow and this year there was only 1 and last year the median list price for those 7 stood at $5,975,000 and this year it resides at $2,495,000. Right now in Hope Ranch there are 18 Home Estate/PUDs available for purchase with a median list price of $3,450,000 and an average list price of $5,872,444. The average days on the market for those 18 Homes are 133.
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 11 sales this year for the period and last year there were 9. But the big news is the median sales price last year for those 9 sales was $1,115,000 and this year that number is $790,000. As prices come down sales start to surge and the days on the market start to tumble. Last year it took 130 days to get an accepted offer and this year it has only taken 58. But before we get too excited about the surge we see that for this period last year there were 13 Home Estate/PUDs that entered escrow and this year that number is 14. But to get those 14 Homes in escrow the median list price has come down from $1,099,000 last year to the current $849,000 level. Currently there are 95 Home Estate/PUDs available on the West Side of Santa Barbara with a median list price of $1,045,000 an average list price of $1,309,757 and average days on the market of 117.
For the condo market the sales figures have not come rebounding back. Last year at this time there were 10 sales and this year there have been 6. This decline in sales is despite the median sales price dropping from $667,500 last year to the current $545,000. The average sales price is even wider showing up at $935,950 last year compared to $525,500 this year. The only good news on the West Side of Santa Barbara Real Estate is that last year at this time there were 3 condos in escrow and now there are 11. But last year the median list price for those condos was $659,000 and this year that number is $469,900. Right now on the West Side of Santa Barbara there are 53 condos available with a median list price of $895,000 and an average list price of $1,125,132 and average days on the market of 124.
For Santa Barbara Real Estate East of State St for Single Family Homes the tide has started to change. Last year for this time period there were 16 sales and this year there were 21. The median sales price has started to decline rather rapidly and is down from the ’07 figure of $1,285,000 to the current $1,090,000. This is amplified by the fall in the Sales Price to Original List Price Ratio down to 88.86%. The pending numbers indicate that this surge or activity will continue because last year for this time period there were 14 open escrows and this year that number is 17. Interestingly while there is a surge in escrows the median list price for those properties entering escrow is almost exactly where it was last year when it was $1,245,000. This year that number is $1,295,000. Currently active on the East Side of State St for the Santa Barbara Real Estate area there are 144 Home Estate/PUDs available with a median list price of $1,595,000 and an average list price of $1,854,958 and an average days on the market of 116.
For the Condo Market on the East of State for side of town for Santa Barbara Real Estate the news continues down. Last year at this period there were 6 sales for the period and this year there have been 4. The median sales price continues down but not by much. This year the median sales price is $572,500 and last year it was $589,500. The unfortunate news is that for this period last year there were 7 condos that entered escrow and this year there were only 3. Even more dramatic is the median list price for those properties entering escrow. Last year that list price was $1,159,000 and this year that price is $480,000. Right now there are 34 condos available on the East Side of Santa Barbara with a median list price of $685,000 and average list price of $816,994 and average days on the market of 108.
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 13 compared to last year at this time when the number was 16. This approximately 20% decline in the numbers of sales is counter balanced by the 35% rise in the median sales price and the 42% rise in the average sales price. Unfortunately along with the rise in prices in Montecito there’s a rise in the days on the market which went from 126 in ’07 to 184 in ’08. The really good news for the period we’re discussing is the number of pending properties which went from 6 in ’07 to 18 in ’08. But the first chink in the armor may be appearing because of the properties that went pending in ’08 the median list price was $2,690,000 and in ’07 that number was $5,495,000. Right now we have 153 Home Estate/PUDs available for purchase in Montecito with a median list price of $4,450,000 and an average list price of a whopping $7,303,124. Currently the day on the market for the inventory is 137.
For the Condo market in Montecito Real Estate the sales are up by one this year for the period we’re talking about. But the median sales price has dropped from $950,000 in ’07 to $740,000 in ’08. The average sales price is a lot closer together however showing up at $950,000 last year compared to $925,000 this year. The pending sales are exactly where they were last year but interestingly the properties entering escrow this year have a median list price of $1,399,000 compared to the ’07 number of $950,000. Right now there are 21 condos available for purchase in Montecito with a median list price of $1,749,000 and an average list price of $1,884,666. The current days on the market for the inventory stand at 111 days.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from August 18 to September comparing ’08 to ’07 the current year is pulling ahead 60% as far as sales are concerned and interestingly enough by 2% as far as median sales price is concerned. Even the Days on the Market have started to shift in favor of ’08 by a wide margin. In ’07 for these 30 days it took 134 days to get an accepted offer and in ’08 that number is 54. But before we go popping the champagne corks the numbers of Home Estate/PUD listings that went into escrow for this period is exactly the same as it was last year but the median list price for those properties entering escrow is less than half of where it was last year. I’m not quite prepared to say we’re at the bottom of the price declines but there does seem to be some stiffening of prices and the increase in activity is certainly welcome. Right now there are 73 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1,275,000 but average days on the market of 154.
For condos the sales figures are not as robust but there are exactly where they were last year at this time. The big difference is in the median sales price of those condos which has gone from $639,000 in ’07 to $428,500 in ’08. This 33% drop in the price is significant and is accompanied by an 89.29% Sales Price to Original List Price ratio. It looks like the condo market will continue in this vein for a while because last year at this time there were 12 properties pending and this year there are 11. Again the big difference is in the median list price for those condos entering escrow. Last year that number was $509,000 and this year it’s $460,000. This approximately 10% drop in the median list price is not as dramatic as the decline in the median sales price which shows more of a leveling off for the remainder of ’07 and into ’08. Right now there are 76 Condos available in the Carpinteria Real Estate/Summerland Real Estate area with a median list price of $675,000 an average list price of $776,982 and average days on the market of 151.
For Goleta Real Estate North area of Santa Barbara Real Estate the Price Range Statistics for 1/1/2008 to 9/10/2008 for the Home Estate/PUD market there are currently 74 properties available with an average list price of just under $2 million. This amazing figure is counter balanced by the median list price of $989,500. With a $2 million list price average there have to be some very expensive homes on the market in the area and the top priced listing is $23.5 million but the least expensive home currently available is just $319,000.
With 74 Home Estate/PUDs currently available there are 26 that are now in escrow. The average list price for the properties in escrow is $746,300 but the median list price is about $100,000 south of that figure coming in at $659,900. The highest priced property in escrow right now stands about $1,850,000 while the least expensive home in escrow is listed for just $185,000.
Throughout ’08 there have been 108 closed escrows with an average sales price of just over $1 million. The median sales price is down about $150,000 from that figure standing at $850,000. The most expensive property that has completed the buying process this year went out at $3,740,000 while the least expensive property sold for just $265,000.
For the condo market in Goleta Real Estate North there are just 22 properties available right now with an average list price of $516,513 and a median list price of just under $500,000. Even the highest priced condo in Goleta North can be had for $769,000 while the least expensive property is listed at just $349,000.
With 22 properties currently listed there are 6 that are in escrow right now with an average list price of $416,983 and a median list price of $399,000. Even the most expensive property that is in escrow right now is listed at $449,000 while the least expensive property in escrow is just $374,900.
For Goleta North there have been 19 condos close escrow this year with an average sales price of $519,422 and a median sales price of $490,000. With only about $40,000 separating the median an average sales price you’d expect that the highest priced sale wouldn’t be too high and you’d be right. The most expensive condo that closed escrow thus far in ’08 closed at $745,000 but the least expensive sale went out at just $265,000.
In the Goleta Real Estate South areas for 1/1/2008 to 9/10/2008 there are currently 41 Home Estate/PUDs with an average list price of $1,388,140 and a median list price of $1,180,000. The 41 properties currently available are topped off by one that’s listed for $2,895,000 but on the other side of the coin there’s on home listed for $550,000.
Of those 41 Home Estates listed on the Goleta South area 18 are in escrow right now with an average list price of $807,377 and an average list price of just $699,000. But on the up side the most expensive home that’s in escrow right now has a list price of $2,097,000 while the least expensive home in escrow can be had for $549,900.
Throughout ’08 we’ve had 56 sales on the South Side of Goleta with an average sales price of $917,428 but a median sales price of $752,000. The most expensive Home Estate that was sold this year went out $2,525,000 while the lowest priced property cleared escrow for just $374,500.
For condos on the South Side of Goleta Real Estate we currently have 28 available with an average list price of $523,964 and a median list price of $519,000. Even the most expensive condo in the Goleta South area can be had for $775,000 while the least expensive condo can be snapped up for just $285,000.
Right now there are 8 condos in escrow in the area with an average list price of $473,250. The median list price for those 8 properties is a little farther down standing at $410,000 but on the up side the most expensive condo in escrow is listed for $895,000 while the least expensive condo in escrow is listed for just $265,000.
For the Goleta South area through 9/10/2008 there have been 46 sales with an average sales price of $543,145 and a median sales price just slightly north of that figure. Interestingly the median sales price is above the average and stands at $585,000. The highest priced condo that went out this year sold for $925,000 while the least expensive condo closed escrow at $265,000.
For Hope Ranch Real Estate for 1/1/2008 to 9/10/2008 for Home Estate/PUDs there are currently 19 properties available with an average list price of $5,721,000 and a median list price of $3,450,000. The most expensive Home Estate on the market right now tops the charts at $25,500,000 while on the other end of the spectrum the least expensive home can be had for $2,150,000.
With the 19 homes currently on the market there are 6 that are in escrow right now with an average list price of a whopping $4,673,333 and a median list price of $2,750,000. The most expensive home that is in escrow right now is listed for $9,850,000 while the least expensive home that’s in escrow is listed for just $1,895,000.
Throughout ’08 we’ve had just 13 properties close escrow with an average sales price of $3,064,929 and a median sales price of $2,525,000. The highest priced sale this year came in at $6,195,000 while the least expensive home went out at just $1,400,000.
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 of Santa Barbara Real Estate for 1/1/2008 to 9/10/2008 there are 99 Home Estate/PUDs available with an average list price of about $1.37 million and a median list price of just over $1 million. At the top of the heap is one property listed for right under $6 million but on the bargain basement side of the ledger is one that can be had for under $400,000.
Of those 99 available properties there are 17 that are currently in escrow with an average list price of $835,571. This average list price is only about $6,000 away from the median list price which stands at $829,000. The highest priced listing on the West Side that is currently in escrow is listed for $1,295,000 while the least expensive property in escrow right now stands at just $450,000.
Through September 10th there have been 101 sales on the West Side with an average sales price of $1,073,706 and a median sales price of $949,000. The most expensive sale this year came in right at $5 million while the least expensive property was sold for just $450,000.
For the Condo market on the West Side of Santa Barbara Real Estate there are currently 53 properties available with an average list price of $1,065,707. About $160,000 separates the average and median list prices with the median coming in at $895,000. Right at the top of the charts is a condo listed for $2,295,000 and on the other end of the spectrum is one that can be had for just $339,500.
Of those 53 condos that are available on the West Side of Santa Barbara 18 are currently in escrow with an average list price of $749,883. The median list price is considerably farther down however coming in at just $499,000. Right at the top of the charts is a condo that’s in escrow for $2,595,000 but at the other end of the spectrum is one that’s listed for $399,000.
Throughout 2008 we’ve seen 43 condos close escrow with an average list price of $669,732 and a median sales price of $583,500. The most expensive condo which has completed the selling process thus far in ’08 closed for $2,150,000 while the least expensive condo went out for just $350,000.
For the East of State St area of Santa Barbara Real Estate there is currently 146 Home Estate/PUDs available with an average list price of about $1.8 million and a median list price of right about $1.6 million. Yup, things are pretty darn expensive on the East Side of Santa Barbara. Right on top of the hill there’s one property listed for $10.5 million but the least expensive listing is right around $450,000.
With those 146 listings on the East Side of Santa Barbara there are 24 that are in escrow right now. The interesting part of this equation is that while the average list price is about $1.8 million the average list price of the homes in escrow is about $1.1 million and the median list price of the homes in escrow is about $960,000 which is considerably below the median list price of the inventory which is $1.6 million. The highest priced listing in escrow is right about $2 million but the least expensive property is right below $400,000.
Thus far in 2008 there have been 115 sales of Home Estate/PUDs on the East Side of Santa Barbara with an average sales price of about $1.3 million but a median sales price of about $1.1 million. The most expensive property which has completed the selling process went out at $4.1 million and the least expensive property closed out at just $400,000.
The condo market for the East Side of Santa Barbara Real Estate has cooled considerably in the last year. Right now there are just 34 condos available with an average list price of just $803,170 and a median list price of $655,000. The most expensive condo on the East Side can be had for about $1.5 million but on the other end of the scale $455,000 can get you a condo on the East Side.
With 34 condos available there are 9 currently in escrow. Those 9 have an average list price of $507,444 but a median list price of $499,000. The highest priced condo in escrow right now is listed for just $605,000 while the least expensive property is on the market for $419,000.
Through September 10th there have been 35 condos sold on the East Side with an average sales price of $782,568. The median sales price is a little farther down at $649,000 but a way up the road the most expensive condo sale this year came in at $2.2 million. But on the other side of the coin the least expensive condo was snapped up for just $144,900.
For Santa Barbara Real Estate in the Montecito Real Estate area there are 158 Home Estate/PUDs available so the inventory continues to grow. The average list price for a Home in Montecito stands at a whopping $7.3 million and even the median priced listing is about $4.45 million. Right at the top of the mountain is a property listed for $47 million but there are still bargains in Montecito with a property listed at $974,500 coming in at the bottom.
With the 158 listings we see that there are 23 Home Estate/PUDs currently in escrow with the average for the homes that are in the buying process showing up at $3.5 million. But even the median list price for the 23 homes is about $2.3 million with the highest priced property currently in escrow topping the charts with a $10.5 million asking price. Down at the other end of the scale is the least expensive Montecito property showing up just below $1 million at $999,000.
Through September 10, 2008 there have been 108 sales with an average sales price of an amazing $4.74 million and a median sales price of $3.5 million. The largest sale thus far in the year is $31 million but the least expensive property went out at just $900,000.
For the Condo market in Montecito Real Estate there are currently 20 properties available in the area with an average list price of right around $2 million but the median list price isn’t far behind standing at about $1.75 million. The most expensive condo on the market right now stands just below $5 million but the least expensive property can be had for just $755,000.
Right now only 2 of the 20 condos are in escrow with an average list price of right about $2.6 million and a median list price of $1.4 million. Zooming up the charts we find the most expensive property that’s in escrow right now is listed for $3.8 million but the least expensive property is still at a no un-substantial $1.4 million.
Through September 10th of 2008 there have been only 13 sales of condos in Montecito with an average sales price of $1.6 million and a median sales price of about $1.4 million. The highest priced condo which has closed this year sold for $4.3 million but the most inexpensive property went out at just $735,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/Carpinteria Real Estate the Price Range Statistics for 1/1/2008 to 9/10/2008 there are currently 75 Home Estate/PUDs on the market. The most expensive listings in the area can be had for a whopping $37.5 million while on the other end of the spectrum a paltry $449,000 can have you in a single family dwelling. The median list price for the area is not insignificant $1,250,000 while the average price is considerably north of that figure standing at $5.2 million.
For Carpinteria/Summerland there are currently only 10 properties in escrow. The median list price for those 10 Home Estates is $699,000 with average showing up at right around $1.4 million. On the top of the mark we see that the most expensive home presently in escrow is listed for $4.75 with the least expensive home in escrow sitting just below the $500,000 mark.
With all those active properties and 10 homes in escrow how about the sold Home Estate/PUDs for Carpinteria/Summerland? Well through September 10th 2008 there have been 38 sales completed with a median sales price of $869,000 but an average of a whopping $1.91 million. The average is pushed up by the highest priced sale of $13. 2 million but is anchored by the least expensive completed escrow of $460,000.
The condo market in Carpinteria Real Estate/Carpinteria Real Estate there is currently 77 available in the area with an average list price of $768,200 and a median list price of $664,000. There’s a wide diversity in prices topping off with one condo listed for $6.9 million but bottoming out with one available for just $250,000.
With those 77 condos available we see that 13 are presently in escrow with an average list price of under $500,000 and a median list price a little farther down at $469,000. The highest priced condo in escrow right now tops the charts at $925,000 while the least expensive property that is currently pending dipping down to $249,900.
Thus far in 2008 we’ve seen only 20 condos that have closed escrow. The average sales price is $499,025 and the median sales price is only a little farther down at $460,000. Topping the charts is a condo that sold for just under $1 million and rounding out the field is one that sold for just $250,500.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first eight months of ’08 for the Home Estate/PUD market shows that sales have fallen just slightly behind the ’07 level. At this time last year 107 properties had closed escrow compared to 103 this year. The median sales price is inching closer together for the area. Earlier in the year the median sales price was 15 to 20% below the median last year but now that number is closer to 10%. The numbers of properties that have entered escrow remains about 8% above the ’07 figures but the median list price of those properties entering escrow is about 15% below the ’07 number. The new properties which have come on the market this year are almost exactly at the same level as they were last year. In ’08 we’ve seen 204 properties come on the market with an $899,000 median list price and in ’07 we saw 206 properties come on with a $989,000 median list price. Right now there are 70 Home Estate/PUDs available in the Goleta North area with a median list price of $949,000 which is about 10% above the median sales price for the area.
For the Goleta Real Estate North Condo market the story is quite different. The numbers of sales has gone from 32 last year to 23 this year for about a 28% drop. Also the median sales price has gone from $539,000 last year to $470,000 this year for about a 15% drop. The numbers of condos going into escrow has started to rise and currently stands at 28 compared to 33 in ’07 but the median list price for those properties in escrow has gone from $559,000 last year to $475,000 this year for also a 15% drop. The numbers of new condos coming on the market this year has fallen by 10 down to 54 with a median list price of $505,000 for about a 9% decline. Right now there are 23 condos available in the Goleta North area with a median list price of $505,000 which is about 7% above the median sales price.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 8 months of ’08 for the Home Estate/PUD market the numbers of sales is starting to fall behind the previous year’s pace. After being ahead most of the year as far as numbers of sales was concerned now ’08 is about 7% behind ’07. As the numbers of sales inches down the median sales price inches closer to what it was in ’07. After being about 15 to 20% down from where it was last year the median sales price is now down about 13%. The numbers of pending listings is still about 18% ahead of the figure set last year so we’ll have to see if they make it out of escrow to the finish line. While the median sales price gets closer together the median list price of homes that have been in escrow this year remains about 20% below where it was last year. The numbers of homes that have come on the market is about 8% below the 131 number posted last year and the median list price for those new properties is about 9% below where it was last year. Currently there are 47 Home Estate/PUDs available in the Goleta south area with a median list price of $1,180,000 which about 34% above what the median sold price for the area is.
For the Condo Market in Goleta Real Estate south the numbers are a lot rougher. Sales are down thus far in ’08 by about 23% but amazingly the median sales price is up by 10%. This rise is due primarily to a development around Kellogg St close to Hollister. Just like other areas the pending properties are inching forward and currently are about 14% below the numbers for last year but median list price for those condos in escrow is also inching closer to the ’07 number and now is about 6.4% above the figure for last year. The numbers of new properties coming on the market this year is down by about 30% which obviously could account for some of the decline in the numbers of sales but the median list price for the 30% fewer properties is down by about 8.4%. Right now there are just 29 condos available for purchase in the Goleta South area with a median list price of $525,000 which is 11.4% below what the median sold price for the area has been.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first eight months of ’08 we see the numbers of sales is down by almost half and the median sales price even though it stands at $2,687,500 is still about 27% below the figure for ’07. The gap from last year’s average sales price of $4,982,391 is even larger when compared to this year’s $3,133,256 which is about a 37% decline. Unfortunately unlike the other areas the numbers of properties going into escrow is not coming up in Hope Ranch. It remains about 50% behind the ’07 figure. The only ray or sunshine is that the properties that have gone into escrow this year are getting closer pricewise to the ’07 figure but they’re still about 19% behind last year. New properties coming on the market have kept pace with the preceding year however with 34 coming on this year compared to 35 last year. But the median list price for those properties has declined somewhat from $3,295,000 last year to the current $3,000,000. Right now there are 19 homes available for purchase in Hope Ranch with a median list price of $3,395,000 which is about 20% above what the median sales price has been so far this 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 eight months of ’08 for the Home Estate/PUD market the numbers of sales is down by about 32% very similar to what is happening on the East Side of town. And just like the East Side the median sales price is down about 10%. Also like the East side the numbers of properties going into escrow is starting to come up but it is still about 20% behind of the numbers posted last year. As between the numbers of properties going into escrow eases closer together compared to last year the gap for the median list price for both years’ remains about the same holding at about 10%. The numbers of new listings is down considerably from last year when it was 253 at this time. So far this year we’ve seen only 215 homes come on the market. And just like the median sales price the median list price for the 215 homes is down by about 10%. Right now there are 98 homes available for purchase on the West Side with a median list price of $1,049,000 which is only; you guessed it, about 10% above the median sales price.
For the West side of Santa Barbara Real Estate Condo market the sales figures aren’t nearly as bleak as they are on the East Side but they are still down by about 27%. The median sales price has fallen about 10% however and so far this year it stands at $583,500. Just like everywhere else the numbers of pending listings is starting to creep forward for right now it’s still about 16% behind the numbers for last year. Unfortunately while the pending sales numbers inch forward the median list price for those properties grows farther apart. Right now the median list price for condos on the West Side is down about 16% from the numbers posted last year. Unlike the East Side the numbers of condos coming on the market is almost exactly what they were last year with 126 in ’07 compared to 123 for ’08. But the median list price of those 123 condos is about 5% below what the ’07 new condos were listed for. There are currently 57 condos available for purchase on the West Side of Santa Barbara with a median list price of $875,000 which is about 34% above what the median sales price of the area is.
For the Santa Barbara Real Estate area of East of State St for the first eight months of ’08 for the Home Estate/PUD market the numbers of sales continues to substantially behind the ’07 figures and now down by 33%. Even though the numbers of sales is down by a third the median sales price is off by only 11%. The numbers of properties entering escrow is starting to inch forward for the East of State St area but it still lags by about 25% from last year. As the pending properties inch forward the gap of the median list price for those properties also inches forward. Last year the median list price of properties entering escrow was $1,295,000 and this year it is $1,125,000 for a 13% difference. Sellers on the East Side have come way down from what they would have like to have gotten for the home which is illustrated by the Sales Price to Original List Price ratio of 85%. Right now there are 144 Home Estate/PUDs on the market on the East Side of Santa Barbara with a median list price of $1,595,000 which is 32% above the median sales price for the area. These 2 numbers have got to get a lot closer together before the sales start to rise on the East side.
For the Condo market on the East Side of Santa Barbara Real Estate the picture is rather bleak this year. Sales are down by about 52% and the median sales price is down by about 16%. Only 34 condos have closed escrow all year on the East Side of town and there doesn’t appear to be much relief. The numbers of properties going into escrow is starting to rise slightly but it is still about 44% behind where it was last year at this time. For the sellers the gap continues to widen for the median list price of properties that went into escrow last year as opposed to this year. Right now the median list price is about 24% below where it was last year and continues to drop. The inventory of properties also continues to drop on the East Side where currently there are just 37 condos available with a median list price of $655,000. This median list price is only about 1% above the current median sales price for the area so hopefully the sales will start to follow.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first seven months of ’08 compared to ’07 in the Home Estate/PUD the numbers of sales is down about 24% from last and seems to be holding at that number. But both the median and average sales prices have shown a huge surge. The median sales price is up almost 30% and the average sales price has risen even further and is up by about 34%. The numbers of pending sales is starting to rise but is still about 18% back of where it was last year at this time but as the numbers rise the rise in the median list price of those properties comes down dramatically to about 3% above the ’07 median list price. There have been substantially more new listings on the market this year going from 224 in ’07 up to the current 254. Usually when you have more of something the price falls but not in Montecito. For the new properties coming on the market this year the median list price is up almost 22%. Currently there are 157 Home Estate/PUDs on the market in Montecito with a median list price of $4,950,000 which is about 19% above the median sales price. Which proves that no matter how high the median sales price climbs folks would always like more for their properties?
For the Montecito Real Estate Condo market we’ve seen only 13 condos change hands all year which is about 32% behind the numbers of sales that occurred last year. The good news is that this is a lot closer than it’s been all year. Even though the numbers of units is down substantially the median sales price is down only about 6% and the average sales price has fallen about 9%. The numbers of condos that have gone into escrow continues to inch closer and is now about 20% down from where it was at this time last year. The good news for sellers with condos in escrow is that this year the median list price for those condos that went into escrow is about 19% above the median list price last year. Right now there are 21 condos available for purchase in Montecito with a median list price of $1,749,000 which is about 21% above the median sales price for the area.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 8 months of ’08 compared to ’07 the numbers of sales has fallen from 50 to 37 this 26% drop is accompanied by an 18% decline in the median sales price to the current $869,000 for the Home Estate/PUD market. The pending numbers are starting to come up for the area and are currently only about 16% below what they were in ’07. Hopefully this will mean an increase in the numbers of sales but the decline in the median sales price for the pending properties is accelerating and for those properties currently in escrow the median list price is 23% below where it was last year and currently stands at $899,000. The really interesting number that jumps out at me is the numbers of new properties that have come on the market this year. At present there have been 107 new listings in Carpinteria/Summerland and last year at this time there were 105, but in both years the median list price was the same, $999,000. Right now there are 75 Home Estate/PUDs on the market in the area with a median list price of $1,250,000 which is 30% above the median sales price.
For the Condo market in Carpinteria Real Estate/Summerland Real Estate the numbers of sales is down dramatically by almost 52% and the median sales price has declined by about $80,000 from $555,000 in ’07 to the current $474,000 level. The condo sellers have come way down in their price which is illustrated by the 87% Sales Price to Original List Price ratio compared to the number last year which was 92%. The numbers of condos going into escrow is starting to rebound but it is still 34% below where it was last year at this time. But the gap of the median list price of condos going into escrow this year compared to last year continues to broaden. Currently that gap is over $100,000 with condos going into escrow showing up with a median list price of $484,500. Right now there are 79 condos available for purchase in Carpinteria/Summerland with a median list price of $675,000. This list price is about 30% above the current median sales price.
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 August 28 has been $850,000 on 102 sales compared to last year when it was $950,000 on 105 sales. This 10.5% decline in the median sales price and only 3% decline in the numbers of sales have seen a slowing in the numbers of sales from earlier in the year when the pace was ahead of the previous year. The numbers are starting to change in the Goleta North area is starting to level off. Earlier in the year the decline in the median sales price was about 15-20% behind last year’s numbers and the sales were ahead of the last year’s numbers.
The gap report for the area with the $850,000 median sales price and $949,000 median list price give us a 10.4% difference this year. Last year with the $950,000 median sold price and the $999,000 median list price the gap was much higher at 15%. There was definitely much more upward pressure on prices last year but at least earlier in ’08 when the gap was even closer together the sales were moving forward more steadily.
For the Goleta Real Estate North condo market the median sales price is $470,000 on 23 sales compared to last year when it was $550,000 on 28 sales. This 14.5% decline in the median sales price and 18% decline in the numbers of units has steady throughout most of the year.
The gap report for the area with the current median sales of $470,000 and $505,000 median list price give us a gap of only about 7%. Whereas last year with there was a $550,000 median sales price and $549,000 media list price for a gap of minus 0.2%. As the gap widens the sales continue to decline in Goleta North.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price for time period for Jan. 1 through August 28 for the Home Estate/PUD has been $782,500 on 54 sales compared to last year when the median sales price was $899,000 on 57 sales. This drop of 13% in the median sales price is starting to creep up but the numbers of sales compared to last year is starting to drop and is currently down about 5%. While the rest of the numbers of rather close together the days on the market is starting to lengthen out from the 55 days last year to the current 76.
The gap between the median list price of $899,900 and the median sales price of $782,500 is also starting to widen. This number currently stands at 13% and last year it was a minus 1.1%. Sales have remained about the same in the Goleta South area which has emboldened the sellers to ask more for their properties. As the gap continues to grow the sales start to drop.
For the condo market in Goleta Real Estate South the median sales price is actually above the number posted last year at this time. Currently the median sales price is $585,000 on 43 sales but last year it was $530,000 on 53 sales. The median sales price is up over 10% but the numbers of sales has fallen back by about 20%. As the prices push upward the numbers of sales starts to fall.
The gap for the Goleta South condo market was actually larger last year due to the increase in the sales prices. This year the median sales price of $585,000 and the median list price of $569,000 yield a gap of just about 3%. Last year the median sales price of $530,000 and the median list price of $594,990 gave us a gap of 11%. Up until this time the numbers of units sold was right about where it was last year at this time but as the prices rise the numbers of units continues to fall back.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Sales price for Home Estate/PUD market through August 28 gives us a $2,687,500 median sales price on 12 sales compared to last year when the median sales price was $3,350,000 on 21 sales. This 20% drop in the median sales price and 43% drop in the numbers of sales is rather large. The only really good number for the area is the days on the market which has fallen from 122 in ’07 to the current 50. Other than that a rough year in Hope Ranch looks like it’s going to continue in that fashion.
Looking at the gap report for Hope Ranch this year the median list price of $3 million is actually pretty close to the $2.687 median sales price and yields a 10.4% gap. But last year at this time the median list price was only $2,895,000 and the median sales price was $3,350,000 for a minus 15.7% gap. Yes, once again we see an area where the median list price is substantially below the median sales price.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.
For the Santa Barbara Real Estatearea of West of State St area the Median Sales price Home Estate/PUDs is currently $956,250 on 92 sales compared to last year when it was $1,038,750 on 136 sales. This drop of only 8% in the median sales price is offset by the 32% decline in the numbers of units sold. The West Side home sellers have continued to hold the line against dramatically falling prices and consequently have seen a significant decline in the numbers of units sold.
The gap between the median sales price of $956,500 and median list price of $1,149,000 this year stands at about 17%. This compares to last year when the median list price was $1,099,000 and the median sold price was $1,038,750 or about 6%. Properties continue to come on the market significantly higher than the price point at which homes are selling.
For the Santa Barbara Real Estate West Side condo market the median sales price has fallen to $583,500 with 39 sales compared to last year when it was $647,250 on 54 sales. This 22% decline in the median sales price compares to the 28% drop in the numbers of units sold. The condo sellers on the West Side have definitely been compromising what they would like to get for their properties but so far it has not stirred the buyers to action.
The gap report for the West Side shows us a $583,500 median sales price with a $799,000 median list price for a current gap of 27%. Last year at this time we had a $647,250 median sales price with a $679,500 median list price for about a 4.7% gap. This is a significant difference in what people have been willing to pay for a West Side condo and where those condos are currently priced.
For the Santa Barbara Real Estate area from Goleta Real Estate to Carpinteria Real Estate/Summerland Real Estate as well as Montecito Real Estate and Hope Ranch Real Estate for Home Estate/PUDs the numbers of sales remained at about the 70 level for the month of August ’08 and the median sales price continued in the mid $900,000 range. We saw about 4% more sales this month compared to July ’08 and about 8% fewer pending properties but the properties that did go into escrow in August had a median list price right about at the $900,000 range just as they did in July.
Looking at August ’07 we see that there were 86 Home Estate/PUD sales which is about 20% higher than what we experienced in August ’08 and the median sales price has declined about 24% from the ’07 number. Stepping back a little bit and looking at the period from Jan. 1 to August 31 for ’08 we see that there are about 24% fewer sales this year compared to last year and the median sales price has declined about 14%.
Breaking out the various districts for the Santa Barbara area, sales in the Carpinteria/Summerland area remain sluggish and are down about 26% with the median sales price down by about 18%. In Montecito sales are down by about 24% but the median sales price has risen by almost 30%.
East of State St has seen sales fall by about 33% but the median sales price has declined only about 11% while the West of State St district has seen a 32% decline in the numbers of sales but only about a 7.5% drop in the median sales price.
Hope Ranch has had a particularly tough year with sales declining by about 50% and the median sales price falling by almost 27% down to approximately $2.6 million. In the Goleta South area of Santa Barbara sales are lower than they were in ’07 for the first time this year. Currently sales have fallen by about 7% below the ’07 figures and the median sales price is down by about 13%. Finally, in the Goleta North area of Santa Barbara sales are down about 4% while the median sales price has declined by about 10%.
Looking at the entire area the price range numbers for August remain about the same as they were in July with the hot market continuing to be in the $550,000 to about $900,000 range. There was more activity from $1 to $2 million than in the previous month and above $2 million there were slightly more sales than last month with the above $3.5 million sector accounting for only about 8% of the sales down from about 15% of the market in July.
To place what’s been going on into context I thought I’d quote from an email I received. The email contained “The Goldman Report” dated September 3, 2008 and I got the author’s permission to quote from it. The part of the report I found particularly interesting is where he talked about what has been going on in Marin County. The numbers he cites closely resemble what has been going on in Santa Barbara. Mr. Goldman said, “In Marin where 33% of the active inventory is in contract in the 0-$750K category while $750-1 million is at 20%, $1-2 million is at 15%, $2-4 million at 18% and above $4 million at 5%.”
For the condo market the surge in sales we experienced in July did not hold up in August. In July we had 31 sales and in August the number is closer to 20 which is where it has been for most of the year. The median sales price for August remained at about the same level seen in July which was approximately $580,000 as did the numbers of properties that went into escrow which was approximately 40. The median list price of properties entering escrow also stayed about the same hovering in the $500,000 range.
Looking at the year over year numbers, condo sales have fallen by about 35% but the median sales prices have come down only about 7%. The numbers of new condos coming on the market has fallen dramatically in the past year. In August ’07 543 new listings had appeared with a median list price of $645,000 and this year through August only 490 new condo listings have shown up with a median list price of $619,000.
Breaking out the condo numbers for the Santa Barbara area in Carpinteria/Summerland sales are down by about 50% with the median sales price falling by about 15%. In Montecito sales are down by almost 32% but the median sales price is only down 6.3%.
On the East Side of Santa Barbara sales have dipped about a third from ’07 but the median sales price has fallen only 11.3%. On the West Side of town sales are down about 27% but the median sales price is off by only about 10%.
Out in the Goleta South area of Santa Barbara condo sales are down about 23% but the median sales price is up by 10%. Finally in the Goleta North area of Santa Barbara sales are down by over 28% and the median sales price has dipped by about 13%.
Looking at the price range statistics for condos sold in August ’08 we see that about a third of the properties sold for less than $500,000, about half sold between $500,000 and $1 million with about 15% of the properties selling above $1 million.
Finishing up I’d like to again quote from “The Goldman Report” when he talks about activity in the marketplace and what’s been going on at open houses in the Bay Area. “Buyers continue to frequent open homes like fishermen throwing their lines into different parts of the stream looking for that big one – in this case the super value property. Open home activity picked up during this report period. Many of the opens had double digit attendance and one in Greenbrae had close to 100 buyers.” This statement echoes what I hear when I speak to the various offices. There definitely seem to be buyers out there looking for “that big one.” Agents tell me about buyers coming back multiple times to a property but so far all that looking has not been translated into a surge of activity in the marketplace.
What it will take to have buyers stop kicking the tires and start writing offers is difficult to say. Prices seem to have stabilized somewhat and there have been hints that interest rates might start to rise which might stir some action. Whether buyers are waiting to see what happens with the elections or some other sign to appear is unclear. What is clear is this is the point in ’07 where the market started to change so the year over year numbers if they remain the same are going to start looking better when compared to last year.
Gary Woods
For the Santa Barbara Real Estate area East of State St area the Median Sales price through August 28 is $1,075,000 on 106 sales compared to last year when it was $1,206,000 on 158 sales. This 10% decline in the median sales price is overshadowed by the 33% fall in the numbers of sales. The median sales price has continued to inch downward but looking at the numbers from a year over year basis the sales are dramatically reduced from where they were last year.
Looking at the gap report for the East Side of Santa Barbara we see that currently it stands at a whopping 30% difference between what people would like to get for their properties and what they are currently selling for. Last year at this time the gap difference was about half standing at 15.4%. This huge difference is the reason that sales have fallen so far in the area. More and more properties are continuing to come on the market substantially higher than the prices the buyers are willing to pay.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate the median sales price has dropped to $675,000 with 33 sales compared to last year when the median sales price was $802,500 on 68 sales. This 11% drop in the median sales price is dwarfed by the 51% drop in the numbers of units sold.
The interesting anomaly with the condos numbers is the gap report shows not much change from year to year. This year the median list price is $689,000 compared to the median sold price of $675,000 for a 2% gap. Last year median list price of $799,000 and median sold price of $802,500 gave us a 0.4% gap. It could be argued that this is a 500% rise in the gap but I’d take a 2% difference between the median list and median sold price any time.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through August 28 continues to zoom upward to $3.6 million on 101 sales. This compares to last year when the median sales price stood at a paltry $2.8 million on 133 sales. This is an interesting dichotomy because the median sales price has risen by 26% while the numbers of sales has fallen by 24%. Throughout the year as the numbers of sales has steadily declined the median sale price has continued to climb substantially. My only conclusion is that not all parts of Montecito are in the ultra exclusive sections but everybody that wants to sell in Montecito wants to take advantage of the prices those upper end properties are commanding.
The gap report for Montecito shows us that currently there is only a 4.6% difference between the median list price and the median sales price. This compares to last year when the gap was about 18%. The large fly in the ointment of course is the numbers of sales has declined markedly which is not reflected in the gap numbers. That miniscule 4.6% gap is only meaningful for the houses that have sold.
For the condo market in Montecito Real Estate it’s been a tough year sales wise but the median sales figures don’t reflect that downturn. This year the median sales price is $1,381,500 on only 13 sales but last year it was only slightly higher at $1,475,000 on 19 sales. This 6.3% decline in the median sales price is overshadowed by the 31% drop in the numbers of units sold.
When we get down to the gap report for Montecito condos things really get turned upside down. This year the median list price is $1.78 million compared to the median $1.38 million sales price which is a 22% gap. Last year the median list price was $1.275 but the median sales price was $1.475 or a minus 15% gap. Yes, this time last year the median list price was actually significantly below the median sales price which is the reason we had many more sales the current 13 for all of 2008.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price for ’08 through August 28 has continued to decline. It currently stands at $875,000 for the 35 Home Estate/PUDs that have closed escrow which is down from the $1,130,000 mark of ’07 with 48 properties closing escrow. This 22% drop in the median sales price and 27% drop in the numbers of properties sold are significant. The only number that is looking up for the area is Days on the Market which has fallen from the ’07 number of 104 to t he ’08 number of 81.
For Carpinteria/Summerland the gap between the median list price and the median sold price has risen however. Currently the median list price for the area is $1,350,000 and when compared to the median sold price of $875,000 it gives you a 35% gap. This compared to last year when the gap was only just above 12%. The wider this gap gets the fewer homes will be sold.
For the Carpinteria Real Estate/Summerland Real Estate condo market the current median sold price is $474,000 with 17 sales compared to last year when it was $550,000 with 33 sales. This 13% drop in the median sales price accompanied by the almost 50% drop in the numbers of units sold is huge. But unlike the Home Estate/PUD market the days on the market is even higher this year standing at 132 compared to 105 last year.
The gap report for Carpinteria/Summerland Condos is about 25% currently compared to a minus 2.8%. Yes at this time last year the median list price was actually below the median sold price. So, just like with home estates the wider this gulf becomes the fewer properties are going to sell.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate there have been 98 sales compared to the ’07 number of 10. But the real drop is in the average sales price which has fallen from about $1,200,000 to about $980,000. The median sales price has also declined at about the same level from $950,000 in ’07 to the current $850,000 in ’08. The only thing staying the same is the days on the market which is stuck right at 68 for the area.
For Condominiums on the North Side of Goleta Real Estate things are dramatically different. For ’08 we’ve seen 22 sales down from 28 the year before. The more dramatic drop however is the average sales price which has gone from $545,000 to $488,000 this year and the median sales price which has declined from $550,000 in ’08 to the current $475,000. The only slight glimmer of hope is in the days on the market which has shrunk from 83 in ’07 to the current 78.
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. So far this year we’ve seen 53 properties close hands compared to 54 last year. The average sales price however has dropped significantly by about $170,000 and the median has fallen by over $115,000. To add insult to injury the days on the market have rise from 58 last year to 75 this year.
For Condominiums for Goleta Real Estate South the numbers of have 41 sales this year compared to 53 last year at this time. But interestingly enough the average sales price as actually risen in ’08 up to over $555,000 and even the median sales price is up by $55,000. The rise is primarily due to one development off of Kellogg Ave close to Hollister, but hey any rise in the sales price is good at this point in time. Even the days on the market have fallen, going from 75 last year to the current 65.
For Hope Ranch Real Estate Home Estates it’s been a tough year. The sales have fallen from 21 last year at this time to 11 this year. And average sales price of about $3.1 million which would make most places on the planet very happy is down from about $4.6 million last year. The median sales price is a little closer together at $2.5 million this year but that’s still down from $3.3 million last year. So no matter how good it gets in Hope Ranch in ’08 it doesn’t seem to be enough. The only really good number out there is the days on the market which has fallen from 122 in ’07 to a mere 52 for ’08.d
For Condominiums in Hope Ranch Real Estate there was no activity.