For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate there have been 123 sales with an average days on the market of 69 and average days to close of 42 for a total marketing time of 111 days. Those 123 sales had a median sales price of $850,000 and an average sales price of $995,722. Last year at this time there had been 115 sales with a median sales price of $950,000 and an average sales price of $1.2 million.
For Condominiums on the North Side of Goleta Real Estate there have been 30 sales through October 16 with average days on the market of 103 and average days to close of 39 for a total marketing time of 142 days. The median sales price of those 30 condos is $467,500 and the average sales price of $494,033. Last year at this time there had been 37 sales with a median sales price of $550,000 and an average sales price of $554,091.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate there have been 68 sales with an average days on the market of 71 and average days to close of 37 for a total marketing time of 108 days. Those 68 sales had a median sales price of $740,750 and an average sales price of $885,963. Last year at this time there had been 64 sales with a median sales price of $921,000 and an average sales price of $1.133 million.
For Condominiums for Goleta Real Estate South for the same time period there have been 53 sales with an average days on the market of 76 and average days to close of 38 for a 114 day total marketing time. Those 53 sales had median sales price of $570,000 and an average sales price of $541,135. Last year for the same time period there were 65 sales with a median sales price of $532,000 and an average sales price of $557,577.
For Hope Ranch Real Estate Home Estate/PUDs through October 16 of this year there have been 17 sales with average days on the market of 75 and average days to close of 40 for a total marketing time of 115 days. Those 17 sales had a median sales price of $2.85 million with an average sales price of $3.164 million. Last year at this time there had been 32 sales with a median sales price of $3.275 million and an average sales price of $4.57 million.
For Condominiums in Hope Ranch Real Estate there was no activity.
For West of State St in Santa Barbara Real Estate for Home Estate/PUDs the numbers of sales for ’08 through October 16 is 116 units with average days on the market of 83 and average days to close of 40 giving us a total marketing time of 123 days. Those 116 properties had a median sales price of $932,000 and an average sales price of $1,066,417. Last year at this time there were 156 sales with a median sales price of $1,039,500 and an average sales price of $1,193,950.
For Condominiums on the West Side of Santa Barbara Real Estate there have been 47 sales with average days on the market of 98 and average days to close 34 for a total marketing time of 132 days. Those 47 condos had a median sales price of $575,000 and an average sales price of $654,223. Last year at this time there had been 66 sales with a median sales price of $645,500 and an average sales price of $778,540.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for the time period from the first of the year until October 16 there have been 135 sales with an average of 92 days on the market and average days to close of 38 which gives us a total marketing time of 130 days. Those 138 sales had a median sales price of $1.1 million with an average sales price of $1.334 million. Last year for the same time period there were 184 sales with a median sales price of $1.22 million and an average sales price of $1.22 million.
For Condominiums in the East of State St area of Santa Barbara Real Estate there have been 42 sales for the same time period with an average days on the market of 98 and average days to close of 36 for a total marketing time of 134. Those 42 sales have a median sales price of $627,000 and an average sales price of $734,000. Last year for the same time period there were 77 sales with a median sales price of $817,500 and an average sales price of $909,187.
Through the middle of October ’08 there have 126 Home Estate/PUD sales in Montecito Real Estate with a median sales price of $3.32 million and an average sales price of $4.5 million. These 126 sales had average days on the market of 112 and average days to close of 40 for a total marketing time of 152 days. Last year for the same period there were 151 sales with a median sales price of $2.86 million and an average sales price of $3.6 million.
For Condominiums for the same time period in Montecito Real Estate there have been 15 sales with a median sales price of $1.3 million and an average sales price of $1.7 million. For those 15 sales it took an average of 89 days to get an accepted offer then 47 to get that escrow closed. This gives us a total marketing time of 136 days. Last year for the same time period there were 21 sales with a median sales price of $1.25 million and an average sales price of $1.7 million.
Through the October 16 there have been 45 Home Estate/PUD sales in Carpinteria Real Estate/Summerland Real Estate with average Days on the Market of 73 and average Days to Close of 48. This means that the entire transaction from listing to closing took 121 Day. Last year in Carpinteria/Summerland there were 56 Home Estate/PUD sales with a median sales price of $1,005,000 and this year the median sales price slid to $845,000. Because of the wide price range for the area the average sales price this year has been about $1.7 million compared to last year when it was $2.5 million.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate for the same time period there have been 29 sales with Average Days on the Market of 121 and average Days to Close of 37 for a total marketing time of 158. Those 29 sales had a median sales price of $460,000 and an average sales price of $494,034. Last year there were 46 sales with a median sales price of $552,500 and an average sales price of $568,798.
For the Goleta Real Estate North area of Santa Barbara Real Estate in the Home Estate/PUD market there have been 114 sales this year and that’s exactly how many sold last year at this time. But this year the median sales price has fallen $100,000 down to $850,000 and the average sales has come down even further from $1,210,071 last year to $995,537 this year. The numbers of homes that have entered escrow is slightly up from last year when there were 114 homes that went pending with a median list price of $989,000 compared to this year when 126 have entered escrow with a median list price of $849,000. Currently there are 64 Home Estate/PUDs on the market in the Goleta South area with a median list price of $1,050,000 and an average list price of $2,091,209.
For the condo market in the Goleta Real Estate North area the story is a lot different. So far this year we’ve only seen 29 condos close escrow with a median sales price of $465,000 and an average sales price of $493,862. This compares to ’07 when we had 37 properties close escrow by this time with a median sales price of $550,000 and an average sales price of $554,091. The sales numbers look like they’re moving closer together however because so far this year we’ve had 33 condos go into escrow with a median list price of $475,000 whereas last year there were 37 condos that went into escrow with a median list price of $559,000 and an average list price of $570,361. Currently there are only 20 condos available in the Goleta North area with a median list price of $482,500 and an average list price of $531,525.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market has seen 63 sales this year with a median sales price of $750,000 and last year at this time there were 62 sales with a median sales price of $921,000. The average sales price has also taken a tumble from $1.136 million last year to $895,404 this year. It looks like the trend will continue because so far this year 72 homes have gone into escrow with a median list price of $747,000 compared to last year when 60 homes started the buying process and had a median list price of $919,000. The inventory is definitely shrinking in the Goleta South area where there are currently only 45 Homes available for purchase with a median list price of $1,295,000 and an average list price of $1,382,614.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate we’ve had 49 sales so far this year with a median sales price of $585,000 and an average sales price of $549,993. This compares to last year when we had 63 sales with a median sales price of $537,000 and an average sales price of $561,925. It looks like the numbers are going to start coming closer together because there have been 55 condos go into escrow this year with a median list price of $569,000 and last year there were 58 condos starting the buying process with a median list price of $549,000. Right now there are only 20 condos available in the Goleta South area with a median list price of $499,000 and an average list price of $515,900.
For the Home Estate/PUD market in Hope Ranch Real Estate it’s been a tough year. So far in ’08 just 16 sales have been completed with a median sales price of $2.7 and an average sales price of $3.1 million. Last year for the same time period 30 escrows had been completed with a median sales price of $3.375 and an average sales price of $4.6 million. It looks like things are going to continue in this same vein because so far only 16 Home Estate/PUDs have entered escrow in Hope Ranch with a median list price of $2.85 and an average list price of $3.7 million. This compares to ’07 when there were 32 escrows with a median list price of $3.49 million and an average list price of $4.9 million. Currently there are 18 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.95 million and an average list price of a whopping $7.28 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of ’08 has seen no activity.
On the West Side of Santa Barbara Real Estate for the Home Estate/PUD market there have been 109 sales through the first 9 months with a median sales price of $935,000 and an average sales price of $1.05 million. But last year there has been 148 sales with a median sales price $1.03 million and an average sales price of almost $1.2 million. The numbers of homes that have entered escrow are starting to get closer to the numbers which entered escrow in ’07. So far this year 124 properties started the buying process with a median list price of $925,000 and in ’07 145 had entered escrow with a median list price of $1.049 million. There are currently 91 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.149 million and an average list price of $1.438.
For the condo market on the West Side of Santa Barbara Real Estate the figures aren’t quite up to what’s going on for the Home Estate market. Through September ’08 47 condos have closed escrow with a median sales price of $575,000 and an average sales price of $654,223. In ’07 there had been 63 sales with a median sales price of $645,000 and an average sales price of $782,462. Just like other districts the pending properties are starting to edge forward and currently there 56 condos which have entered escrow with a medina list price of $549,000 compared to last year when there were 64 condos that entered escrow with a median list price of $665,000. Right now there are only 56 condos available for purchase on the West Side of Santa Barbara with a median list price of $895,000 and an average list price of $1,102,855.
Through the first 9 months of ’08 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate the numbers are starting to look a little better but there’s a long way to go. So far this year there have been 131 sales with a median sales price of $1.1 million and in ‘07there were 173 sales with a median sales price of $1.2 million. The average sales price is even closer than that with only $80,000 separating the 2 years. The pending numbers are also starting to creep together with 176 escrows opened in ’07 with a median list price of $1.295 and 138 escrows opened in ’08 with a median list price of $1.15 million. Unlike the average sales price however the average list price of those homes that opened escrow in ’07 is about $150,000 higher than the properties that opened escrow in ’08. Currently there are 133 Home Estate/PUDs available for purchase with a median list price of $1.59 and an average list price of $2 million.
For the condo market on the East Side of Santa Barbara Real Estate in ’08 there have been 41 sales with a median sales price of $629,000 and an average sales price of $741,875. And in ’07 there were 73 sales with a median sales price of $805,000 and an average sales price of $892,718. The numbers of condos entering escrow is starting to inch together with the current number sitting at 41 with a median list price of $625,000 compared to ’07 when there were 74 that went into escrow with a median list price of $849,00. On the East Side of Santa Barbara there are currently only 39 condos available with a median list price of $725,000 and an average list price of $1,224,148.
For the Home Estate/PUD market in Montecito Real Estate the numbers of sales is drawing closer to the numbers for ’07. Through the first 9 months 121 Homes have closed escrow with a median sales price of $3.4 million compared to last year when 146 homes had closed escrow with a median sales price of $2.9 million. The average sales price however continues to soar and is up to $4.65 million for ’08 compared to $3.64 million in ’07. The properties entering escrow are keeping pace with the homes closing escrow. In ’07 at this time 144 properties had entered escrow with a median list price of $3.19 million and this year 121 homes have begun the buying process with a median list price of $3.19 million. So as the numbers of sales and escrows increase the median list price starts to come down. As of the end of September there were 151 Home Estate/PUDs available for purchase in Montecito with a median list price of $4.19 million and an average list price of an amazing $7.45.
Looking at the condo market for Montecito Real Estate it’s a different story. So far this year only 14 condos have closed escrow compared to last year when 21 had homes had sold. But as the sales fall the median sales prices goes up. This year the median sales price is $1.3 million and last year it was $1.25 million. The average sales price however is reversed with ’08 showing up with a $1.5 million mark and ’07 peaking out at $1.7 million. The numbers of homes going into escrow is taking a surge right now so the sales figures might start looking better. Throughout ’07 there were 16 escrows to this time period and in ’08 there have been 14. The median list price on those 16 condos in ’07 was $$1.295 and in ’08 the median list price is $1.399. Right now there are 19 condos available for purchase in Montecito with a median list price of $1.749 and an average list price of $1.752.
Through the first 9 months of ’08 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there have been 43 sales compared to 53 in ’07. The median sales price has also dropped and is currently down to $850,000 from $1,025,000 at this point last year. The average sales price has an even wider gap and currently resides at $1.76 million compared to ’07 when it was $2.6 million. The properties that have gone into escrow are a little closer together than the properties that have closed escrow so we’ll have to see whether those homes make it out the other end. But the gap between the median list price for a home entering escrow this year continues to grow when compared to the numbers from last year. Currently active Right now there are 75 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1.19 million and an average list price of a whopping $4.69 million.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate area the numbers are a lot tougher. At this time last year there had been 44 condo sales and this year there have been only 24. This decline in the numbers of sales is amplified when you look at the median sales price which has fallen by about $100,000. The average sales price hasn’t fallen quite as far it is still down by about $80,000. The numbers could be taking a turn upward however because the condos entering escrow is starting to climb. Last year 49 condos had gone into escrow and this year that number is 38. But where there’s good news it seems that bad news is soon to follow because the median list price for those 38 condos is $465,000 compared to last year when the 49 condos had a median list price of $589,000. As of today there are 69 condos available in Carpinteria/Summerland with a median list price of $679,000 and an average list price of $805,529.
For Goleta Real Estate/Santa Barbara North for the Home Estate/PUD market there were 18 sales in August with a median sales price of $953,750 and an average sales price of $1,100,288. Whereas in September there were only 6 sales with a median sales price of $700,000 but an average sales price of $1,000,000. For both months there were 15 properties entering escrow with approximately the same median list price. For August it was $745,000 and in September it was $795,000. The numbers of new Home Estates coming on the market was approximately the same also. For August there were 17 new listings with a median list price of $879,000 and in September there were 15 new properties with a median list price of $949,000.
For the condo market in Goleta Real Estate/Santa Barbara North are there were 5 sales in September and just 3 in August. For August the median sales price was $430,000 with a $400,800 average whereas in September median sales price was $439,100 with a $519,460 average. For August there were 5 properties starting the buying process with a median list price of $435,000 and in September there were 7 that went into escrow with a median list price of $449,000. Both months had 5 condos come on the market but September had a median list price of $499,000 whereas August had a median list price of $374,900.
For the Home Estate/PUD market of Goleta Real Estate/Santa Barbara South in August there were 6 sales and in September there 7. The median sales price continues to dip down with a $767,500 posted in August and a $705,000 figure posted for September. But the average sales price was rather far apart. In August the average sales price for the 6 sales was $1,010,666 and in September it was just $707,785. Along the with the average sales price slipping down the properties going into escrow went from 10 in August to 6 in September with the median list price of $699,000 for August sliding down to $659,000 in September. What also slid down was the number of homes that came on the market. In August 10 Home Estates arrived with a median list price of $799,000 while in September 6 showed up with a median list price of $749,000.
For the condo market of Santa Barbara/Goleta Real Estate South there were 4 sales in September compared to 5 in August but in August the median sales price was just $355,000 where as in September it zoomed up to $545,000. The average sales price was a little closer together with the August number of $448,300 and the September number zipping up to $576,000. Both months had 6 condos go into escrow but in August the median list price was $410,000 and in September that number was $519,000. Adding to the inventory in August was 7 new condo listings with a median list price of $549,000 and in September 2 new condos showed up with a median list price of $289,500 and an average list price of $469,700.
For the Hope Ranch Real Estate area the drought continues. For August there were 2 sales with a median sales price of $2,547,500 while in September 1 property closed escrow for $2,555,500. For September 1 home went into escrow with a list price of $2,495,000 and in August there were no homes starting the buying process. For both months 2 new homes came on the market and their median list price was remarkably close for both months. In August the median list price was $5,750,000 and in September the median list price was $5,595,000.
For the condo market in Hope Ranch Real Estate for August and September ’08 there was no activity.
For the West of State St areas of Santa Barbara Real Estate there were 14 Home Estate/PUD sales in September with a median sales price of $802,000 and in August there were 10 sales with a median sales price of $810,000. The average sales price was also close together with $834,000 in August and $832,921 in September. The properties that went into escrow took a substantial surge on the West Side posting 16 in September up from 9 in August. But the medina list price for those homes going into escrow went from $919,500 in August to $859,000 in September. Replacing those 16 Home Estate/PUDs that went into escrow were 26 new listings with a median list price of $919,500 and in August there were 12 new listings with a median list price of $899,000.
For condos on the West Side of State St in Santa Barbara Real Estate there were just 3 sales in September compared to 8 in August. The median sales price went down from $606,500 in the previous month to $475,000 for the most recent month with the average sales price even farther apart. In August the average was $751,000 and in September it went down to $460,000. The numbers of condos going into escrow was closer together however with 9 going in for August and 7 in September. And the median list price for those properties was also closer together with $499,000 posted in August and $469,900 showing up in September. The numbers of new condos also moved for in September with 10 new properties arriving on the market with a median list price of $555,000 compared to 7 that showed up with a median list price of $749,000.
For Home Estate/PUDs on the East Side of Santa Barbara Real Estate in August there were 18 sales with a median sales price of $1,040,000 and in September there were 19 sales with a median sales price of $1,095,000. But interestingly enough the average sales price for both months is much farther apart, In August the average was $1,512,222 and in September the average was $1,170,078. The numbers of listings that went pending is also rather close together with 18 going into escrow in August with a median list price of $1,100,000 and in September 16 went into escrow with a median list price of $1,295,000. What did change a lot in September were the numbers of new listings which dropped down to 30 from 43 the previous month but the median list price for both months was close with a $1.295 million posted in August and $1.325 posted in September.
For condos on the East Side of Santa Barbara Real Estate there were 4 sales in August and 5 in September but that’s where the similarity ends. In August the median sales price was $750,000 and the average sales price was $794,375 but in September those numbers dipped down to a $53,000 median sales price and an average of $509,400. The numbers of condos going into escrow dipped rather dramatically in September down to 4 from the August number of 7 and the median list price for those condos went down from $524,990 in August to $439,000 in September. The numbers of new condos also slid down in September from August when there were 15 new listings with a median list price of $725,000 to 6 new listings with a median list price of $619,000.
In the Montecito Real Estate for the Home Estate/PUD market there were 14 sales in September and 12 in August. But the median sales price slid down to about $2.1 million for the month from $3.25 the previous month and the average sales price went down to $3.5 million from $4.8 the previous month. The pending sales numbers were also very close together with 14 in August and 13 in September. But the median list price of those properties is reversed from the sales with a $3.75 median list price being posted in September and $2.195 posted in August. As far as new listings are concerned about the same number also showed up for both months. In August 29 appeared with a median list price of $4.995 and in September 27 showed up with a median list price of just $2.85.
For the Condo Market for Montecito Real Estate the doldrums continue for both months. In August there was 1 sale and in September there were 2. But the sales price for that one condo in September was $1.3 million and in August the median sales price was just $737,500. Both months had 1 property go into escrow but in August that 1 property was listed for $3.8 million and in September the one property was listed for $1.399. For both months 3 properties came on the market but in August the median list price was $995,000 and September that number was $1.495 million.
I thought this week we’d look at August to September to see if there is any movement one way or another in the Home Estate/PUD market for Carpinteria Real Estate/Summerland Real Estate. One month is a rather short period of time to get an idea of where the market is going and particularly August to September when the market starts to slow down but here goes nothin’! In August there were 7 sales and in September there were 6. The interesting numbers however are the continuing decline of the median list price which went down to $677,000 about a $100,000 drop from one month to the next. The average sales price showed an even larger decline falling about $120,000. The properties that went pending showed up as 7 for each month and the median list price for those properties in September actually went up about $40,000 for the month. For August 13 new Home Estate’s came on the market with a median list price of $675,000 and for September 17 showed up with a median list price of $699,000.
For the Condo market for Carpinteria/Summerland there were 5 sales in September with only 3 in August and the median sales price went up by about $20,000 for the month. The average sales price rose even farther and was up by about $30,000. The pending numbers were about equal for both months with 9 going into escrow in August and 8 for September but the median list price for September slipped to $435,000 from $460,000 in the previous month. 8 more condos came on the market in Carpinteria Real Estate/Summerland Real Estate in August with a median list price of $525,000 while only 5 showed up in September with a median list price of $509,000.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is down by about 19% with the numbers of new properties falling by 13%. With this fall in the numbers of available properties you’d expect a drop in the numbers of escrows but it’s only down by 5% and the numbers of sales down by 13%. The interesting number however is that the average sales price is only down by about 5% to $518,129.
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 is almost exactly where it was last year and there are only 5 fewer new listings this year compared to last year. The good news is that the numbers of escrows is up by 16% and the sales up by 3%. To get this rise in the numbers of sales however the average sales price is down by 17% to $1,010,018.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is down from 18 last year to 10 this year and the number of new listings is down from 13 to 8 for a 38% drop. The numbers of escrows is down by 44% from 9 to 5. But the numbers of sold properties is down from 10 to 7 for a 30% decline. The average sales price is down from $986,650 to $757,714 for a 23% fall.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is down about 20% with the numbers of new listings down by about 34%. But even though there have been dramatically fewer numbers of condos for sale the numbers of escrows are only down by 5%. Unfortunately with the escrows down by 5% the numbers of sales has fallen by about 24% with the average sales price down by only about 3%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is up by about 3% but the numbers of new listings is down by 11%. With the overall inventory resting at about the same place it was last year the numbers of escrows has risen by about 24% with the numbers of sales up by roughly 8%. To get that increase in sales the average sales price is down by about 19% currently residing at $903,025.
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 from 12 last year to 10 this year and the numbers of new listings down from 11 last year to 7 this year. The numbers of available properties down you’d expect that the number of escrows is down but a drop of 50% is big and a decline in the numbers of sales by 55% is even bigger. This decline in the numbers of sales is accompanied by a 29% fall in the average sales price down to $778,750.
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 12% fewer properties available but the numbers of new properties is only down by 1. With the numbers of listings down the numbers of escrow is down by more than half with the numbers of sales down by 54%. With the drop in the numbers of sold properties the average sales price is down by about 33% residing at about $3 million down from almost $4.6 million this year.
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 there have been almost exactly the same number of properties available this year as there were last year and only slightly more new properties available. But the numbers of escrows is down by about 12% with the numbers of sales down about 27%. Despite this 27% decline in the numbers of sales the average sales price is down only about 13% currently residing at $674,760.
For Home Estates in the Santa Barbara Real Estate area of West of State the total number of properties available is down about 12% this year and the numbers of new listings is down about 16%. The numbers of homes that have gone into escrow this year is down at about the same level but the numbers of sales is down about 28%. Even though this numbers of sales is down by about 28% the average sales price is down by about 13% to the current $1,067,550.
The PUD market for the Santa Barbara Real Estate area of West of State St there has been only 8 listings this year compared to 19 last year and new listings are down from 15 last year to 6 this year. But even though the numbers of available PUDs is down dramatically the numbers of escrows is up by 1 and the sales are up by 3. But despite the rise in the numbers of sales the average sales price is down by about 21%.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties available this year is about 15% below where it was last year and the numbers of new listings is down by about 20. But the real news on the East Side of Santa Barbara is that escrows are down by 46% with sales off slightly more at 48%. With sales down by almost half the average sales price has declined about 14% currently standing at about $775,000.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of properties available is almost exactly where it was last year at this time but the numbers of new listings that came on the market this year is down by about 13%. The numbers of properties that went into escrow is down about 17% with the numbers of sales down by 21%. The average sales price however is down by about 7% currently showing up at approximately $1.3 million.
There’s not a whole lot of activity in the PUD market on the East Side of Santa Barbara Real Estate but last year there were 6 listings and this year there have been 12. The new listings are also last year from 5 last year to 7 this year. The best news is that escrows this year up from 1 last year to 5 this year and sales are up from 1 to 3. But the average sales price is down from $1,050,000 last year to $950,000 this year for a 9% decline.
Looking at the Home Estate/PUD numbers for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate for September they are almost a mirror image of what happened in August which was very close to what happened in July. Anecdotally as I travel around to the various offices I hear of talk about a surge in activity but it’s not reflected in the numbers at this time. In September there were approximately 70 Home Estate/PUD sales with a median sales price in the mid $900,000s. The average sales price is down by about $200,000 over August which tells me that more and more of the activity is concentrated farther down the price range. The numbers of properties that went pending in September is also almost exactly the number that went pending in August with the median list price for those properties entering escrow hovering right around the $900,000 mark. Also the number of new properties coming on the market in September stayed right around the 120 level with the median list price for those homes entering the market showing up at about $1.25 million or about $300,000 above the median price of the homes that have been selling.
The two numbers that have fluctuated in September are the Days on the Market which means the time it took to get an accepted offer which went up about 6 weeks from the August number and the Sales Price to Original List Price ratio which fell down to the mid 80s percentile. These two numbers mean that buyers are taking a lot longer to decide on a property and once they’ve decided they’re driving a harder bargain.
The overall inventory continues to decline which can be chalked up to a normal seasonal slowdown in the number of properties available for purchase but the gap between the overall median list price and the overall median sales price remains as wide as ever. As of the end of September the median list price of the inventory is about 40% above the median sales price.
Looking at the various districts around town the numbers as you would expect are rather close to the numbers posted for August but there are some exceptions. In Carpinteria/Summerland the numbers of sales was about the same but the median sales price fell by about $100,000 for the month. In Montecito the numbers of sales also remained at about the same level as the previous month but the median sales price fell by around $1 million. For both East and West of State St the numbers of sales remained basically constant with a small surge on the West Side and the median sales prices for both districts remained roughly constant. For Hope Ranch the sales were basically constant with the median sales price hovering around $2.5 for both months. For Santa Barbara/Goleta South the numbers of sales remained constant but the median sales price slid about $50,000. But for Santa Barbara/Goleta North sales fell dramatically as did the median sales price.
I would expect a general slowing in the market as we head into the holiday season but other than the inventory slowly shrinking the sales and pending numbers remain about where they’ve been for the past few months. If this trend continues the Year over Year numbers will start to look better because this is the point in ’07 that the market started to turn downward.
For the Condo market just as with the Home Estate/PUD market the numbers of sales is almost exactly where it was last month but the median sales price continues to fall and is currently sitting right around the $475,000 mark. The average sales price has also declined by about $80,000 compared to August which means there continues to be downward pressure in the market place.
Unlike Home Estate/PUDs the Days on the Market and the Sales Price to Original List Price ratio is almost exactly where it was last month. It is still taking a little over 4 months to get an accepted offer for a Condo and the Sales Price ratio is still sitting in the low 90% range which means sellers are giving up about 10% of what they would have liked to have gotten for the condos.
Also just like with Home Estate/PUDs the numbers of condos entering escrow is almost exactly where it was in August with the median list price for those condos in almost exactly the same place it was last month.
The overall inventory continues to be reduced but the overall median list price compared to the overall median sales price continues to widen. As of the end of September there was about a $200,000 difference between what people would like to get for their condos and what people have been willing to pay. The numbers of new listings for the month fell by about a third but the median list price for those properties still hovered around the $600,000 range.
Looking at the various districts around town the numbers of sales for Carpinteria/Summerland rose from the figures posted in August as did the median sales price. For Montecito there was only 1 condo sale in September compared to 2 in August but the sales price for that 1 condo doubled the median sales price for the previous month. For East of State St the numbers of sales remained roughly constant but the median sales price dropped by about $200,000. For the West of State St area the numbers of sales plunged dramatically and the median sales price fell by about $130,000.
For Sana Barbara/Goleta South the numbers of sales remained roughly constant but the median sales price came up by about $200,000 and for Santa Barbara/Goleta North both the numbers of sales and the median sales price rose.
For the condo market it’s definitely a mixed bag. Both Goleta North and South are looking good with either increased activity or higher median sales prices. But sales for East and West of State St remain sluggish even though the median sales price has come down.
For Montecito the numbers of sales continue at a slow pace with the median sales price dripping down and the Carpinteria/Summerland area experienced a small surge in activity and a little rise in the median sales price.
Just like with Home Estate/PUDs if the numbers hold the overall ’08 figures will start to look better when compared to ’07 because this is the point in that year when the market took a dramatic down turn. I do expect to see activity start to decline as we move into the holidays but so far the numbers don’t reflect that slowing.
Gary Woods
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total number of properties available is almost exactly where it was last year at this time as is the numbers of new listings that came on the market this year. Despite this parity with the numbers of available condos the numbers of opened escrows is 35% down this year and the numbers of closed escrows is down even further at 44%. The average sales price however is much closer and is currently down about 6% standing at about $1.6 million.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of available properties is up this year by 13% and the numbers of new listings is up even further at 16%. But the numbers of escrow has fallen back this year by about 17% and the numbers of sales is down by about 19%. This decline of 19% is actually up from where it has been most of the year when it has stayed at about 24%. Despite being down in the sales department the average sales price has zoomed up by almost 30% for the year and stands currently at about $4.7 million.
For the PUD market in Montecito Real Estate there have been 3 listings this year compared to 1 last year and there have been 3 new listings compared to 0 last year. There have been an equal number of escrows this year and also the numbers of sales is the same. The average sales price for PUDs in Montecito is up by about 6%.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through September 25 there have been almost exactly the same numbers of properties available as there were last year and the new listings that came on the market this year are just about equal also. What is different this year is that about 25% fewer of those condos went into escrow and over 40% fewer of those condos actually closed escrow. This decline in sales is despite the fact that the average sales price has come down over 15% for the year.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings is up by 14% but the new listings is up only 4%. Despite the increase in the numbers of Home Estates that have been available in Carpinteria/Summerland this year the numbers of escrows is down by 10% and the numbers of sales is down by 22%. The average sales price in Carpinteria/Summerland is always skewed because of the properties on the beach and larger estates above Foothill. But that said, the average sales price is down by 30%.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate the overall inventory is up by 1 this year as is the numbers of new listings. But the properties that have gone into escrow this year is down by one. But as they say, “how’d ya’ come out” and that answer is the numbers of sales is exactly the same as it was last year at this time. The average sales price also is almost exactly where it was last year at this time.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 10 sales for the period which is exactly the same numbers of sales that occurred in ’07. The difference however is in the median sales price which has dipped from $887,000 last year to $711,250 this year. The average sales price has also come down from $1,255,950 last year to $1,032,850 this year. The good news is that the Home Estate/PUDs entering escrow in Goleta North is way up from last year. For the period in ’07 there were 5 escrows opened and in ’08 that number is 17. But for those properties entering escrow the median list price went from $969,000 in ’07 to the current $679,000. The average list price for homes entering escrow is even wider. Last year the average list price was $1,170,513 and this year it’s just $715,341. Currently there are 68 Home Estate/PUDs available for purchase in the Goleta North area with a median list price of $999,000 and an average list price of $2,011,750. Those 68 properties have average days on the market of 133.
For the condo market in Goleta Real Estate North the news is not nearly as rosy. Last year for this period there were 8 sales and this year there have been 5. Along with the decline in sales there has also been a decline in the median sales price from $515,500 last year to $450,000 this year. The average sales price however is a lot closer together with only $20,000 separating this year and last. In ’07 the average sales price was $525,750 and this year it’s been $545,640. The pending numbers for this year show a slight rise from 4 condos in escrow last year to 5 this year. But the median list prices of those properties that are in escrow this year have declined from $529,900 in ’07 to the current $435,000 this year. Right now there are 22 condos available in the Goleta North area of Santa Barbara with a median list price of $505,000 and an average list price of $537,484. Currently the days on the market for the entire condo inventory in Goleta North is 162 days.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market there 6 closed escrows for the period and last year at this time there were 9. This decline in the numbers of sales is despite the fall in the median sales price from $1,095,000 to the current $687,500. The fall in the average sales price is even more dramatic from $1,393,500 in ’07 to $709,833 in ’08. This fall in the numbers of sales might be only temporary however because last year at this time there were 5 pending escrows and this year there have been 11. But despite this increase in activity for the Home Estate/PUD market in Goleta South the pending median list price is down from $859,000 in ’07 to $699,000 this year. Right now there are 43 Home Estate/PUDs available in the Goleta South area with a median list price of $1,295,000 and an average list price of $1,389,736. These 43 properties have average days on the market of 120.
For the condo market in Goleta Real Estate South the situation is slightly improved from where it’s been this year but it still lags last year’s numbers. In ’07 for the period there were 6 sales and in ’08 there were 5. Interestingly enough the median sales price for ’08 is above the ’07 number. Last year the median sales price for the period was $582,000 and this year that number is $616,500. The average sales price is exactly reversed however in ’08 the average sales price was $550,100 and in ’07 the average was $669,437. It looks like the condo market will continue in the same place because for both years for this period there were 5 properties entering escrow. The big difference comes in the median list price for those 5 properties. Last year that median list price was $565,000 and this year it’s $410,000. Right now there are 25 condos available in the Goleta South area with a median list price of $565,000 and average list price of $531,359 and days on the market of 162.