For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate there are currently 63 Home Estate/PUDs available for purchase. The highest priced home can be had for $37.5 million while the least expensive home is one the market for $629,000 which gives us a median list price of $1.345 million. All those properties that were available down into the $400,000s have been gobbled up.
For Carpinteria/Summerland there are 14 Home Estate/PUDs in escrow right now with the most expensive property listed about $9.5 million and the least expensive property showing up with a $449,000 list price. This gives us a median list price of the pending Home Estates of $589,900 which is about $800,000 below the current median list price for the overall inventory.
So far this year we’ve seen a total of 52 Home Estate/PUDs complete the selling process in Carpinteria/Summerland. Of those 52 properties the most expensive one that went out sold for $13.2 million and the least expensive home closing for $460,000. This gives us median sold price for the area of $845,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate there are 70 available for purchase right now with a top price of $6,930,250. The least expensive active condo is listed for $240,000 which gives us a median list price of $679,000.
There are currently 14 condos in escrow in Carpinteria/Summerland with a top list price of $925,000 and a bottom list price of just $239,900. But there’s a lot more action farther down the scale than what’s listed above which gives us a median list price for the Pending Condos of $299,000.
For all of ’08 so far there have been 34 condo sales in the area with the top price showing up at just under $1 million. The least expensive condo sold for $250,000 which gives us a median sales price for Carpinteria/Summerland condos of $460,000.
For the Goleta Real Estate North area of Santa Barbara Real Estate in the Home Estate/PUD market there have been 136 sales compared to 121 last year. This is a rise of 12.4% and the median sales price is down by 12% with the average sales price falling by 19%. The numbers of Homes entering escrow is up 7% but the median list price for those homes is down by 12.4%. Currently there are 49 Home Estate/PUDs available for purchase in Goleta North with a median list price of $1.179 million and an average list price of $2.399 million.
For the condo market in the Goleta Real Estate North area the story is a lot different. So far this year there have been 32 sales compared to 39 last year for an 18% decline. The median sales price has fallen 13% and the average sales price is down by 10.5%. The numbers of condos entering escrow is off by 10% while the median list price for those condos is down by 12%. Currently in Goleta North there are 17 condos available for purchase with a median list price of just $439,000 and an average list price of $481,405.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been 69 sales through the end of October compared to 67 for this time last year. This is a rise of 3% but to get that rise the median sales price has fallen by about 18% and the average sales price has declined about 21%. On the up side again, homes that have gone into escrow are up by over 15% but the median list price for those homes is down by over 18%. Currently there are 41 Home Estate/PUDs in Goleta South with a median list price of $1.195 million and an average list price of $1.376 million.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate we’ve had 54 sales so far compared to 65 last year. But the median sales price is up from $532,000 to $574,950 for an 8% rise. The average sales price has declined however by $15,000 for a 3% dip. The numbers of condos that went into escrow is down by 13% but the median list price of those condos is up by about 6.5%. Currently there are 24 condos available in the Goleta South area with a median list price of $537,000 and an average list price of $503,762.
For the Home Estate/PUD market in Hope Ranch Real Estate there have been only 17 sales this year with a median sales price of $2.85 million and an average sales price of $3.16 million. All these numbers are below those posted in ’07. The sales are down by almost 50%. The median sales price is down by about 15% and the average sales price has fallen by about a third. The numbers of homes that went into escrow is also down by 50% with the median list price for those homes going into escrow falling by about 16%. Currently there are 18 Home Estate/PUDs available for purchase in Hope Ranch with a median sales price of $3.2 million and an average list price of a whopping $6 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 124 sales since the first of the year compared to 160 at this time last year. This is a decline of about 22%. Accompanying this decline is a 10.4% fall in the median sales price and a 11% fall in the average sales price. During that same time period there was about a 15% fall in the numbers of homes that went into escrow and the median list price for those homes was 12.3%. Currently there are 75 Home Estate/PUDs available on the West Side of town with a median list price of $1,150,000 and an average list price of $1,366,637.
For the condo market on the West Side of Santa Barbara Real Estate there have been 52 sales which is about 23% less than last year and the median sales price has fallen about 14%. The average sales price has also come down but by about 18%. The numbers of condos that went into escrow fell by 17% and the median list price for those homes that went into escrow went down by 18%. Right now there are 54 condos available for purchase on the West Side of Santa Barbara with a median list price of $939,000 and an average list price of $1,136,725.
Through the first 10 months of ’08 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate the numbers of sales is down by about 24%. The median sales price however is only down by about 8% and the average sales price is down by about 6%. The numbers of properties that went into escrow on the East Side of Santa Barbara is down by 15% with the median list price of those homes is down by about 11%. Right now there are 111 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.575 million and an average list price of almost $2 million.
For the condo market on the East Side of Santa Barbara Real Estate in ’08 there have been about 41% fewer sales this year compared to last year and the median sales price is down about 24%. So despite this willingness of sellers to come down in their price the sales are not following. The numbers of condos going into escrow this year is down about 39% with the median list price of those condos entering escrow down about 30%. Currently there are 41 condos available on the East Side of Santa Barbara with a median list price of $832,000 and an average list price of $1,266,043.
For the Home Estate/PUD market in Montecito Real Estate the numbers of sales down by 17% which is actually closer to the ’07 number that we’ve seen all year. While the sales are down the median sales price is up by 18% which is down from about 25% earlier in the year and the average sales price is up 25% which is down from about 35% earlier in the year. The numbers of escrow is down 19% and interestingly enough the median list price of those homes is down by about 3%. Currently there are 154 Home Estate/PUDs available in the Montecito area and those Homes have a median list price of $4,450,000 and an average list price of $7,619,368.
Looking at the condo market for Montecito Real Estate there are about 28% fewer sales this year compared to ’07 but the median sales price is up by about $8,000. The average sales price is also very close and is about $50,000 below the average sales price last year. The Condos entering escrow by about 22% but the median list price of those condos entering escrow this year is up by 8%. Right now there are 15 condos available in Montecito with a median list price of $1.585 million and an average list price of $1,604,200.
Through the first 10 months of ’08 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there have been 14% fewer sales this year compared to ’07 and the median sales price has fallen by over 17%. Despite the decline in the numbers of sales the properties that have entered escrow are only down by 2 compared to last year but the difference in the median list price of those pending properties is down over 22%. Right now there are 63 Home Estate/PUDs available in Carpinteria/Summerland with a median list price of $1.275 million and an average list price of over $5 million.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate are there are about 32% fewer sales this year and the median sales price is down by about 17% just like the Home Estate market. But unlike the Home Estate market the numbers of condos that have entered escrow is down by about 25% and the median list price for those condos entering escrow is down by 18%. Currently there are 64 condos available in Carpinteria/Summerland with a median list price of $679,000 and an average list price of $844,557.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is down by about 13% with the new listings dropping only 6%. This drop in inventory gives us a 6% fall in the numbers of escrow but a 9% drop in the numbers of sales. The overall sold volume is down by 17% however but the average sales price is only down by 8%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings is down by 3% and the numbers of new listings is down by 4%. With this fall in the inventory amazingly the numbers of units going into escrow is up by 12% with numbers of sold properties up by 11%. Despite this rise in activity the overall sold volume is down by 8% with the average sales price declining by 18%.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is 45% with the numbers of new listings declining by 41%. This theme continues through the numbers of units that went into escrow which is down by 45%. Interestingly enough the numbers of sold properties is only down by 27% but the overall sold volume has declined by 43% with the average sales price falling by 22%.
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 even further by 32%. Amazingly enough this decline in the available properties translates into only a 10% drop in the numbers of escrow but a 19% drop in the numbers of sold properties. The overall sold volume is down a little more for a 22% decline the average sales price is only down by 4%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is up by about 5% with the numbers of new homes down by 7%. But the miracle of Goleta South is that the numbers of escrow is up by 25% with only a 9% rise in the numbers of sold properties. This rise in the numbers of sold properties unfortunately brings with it a 11% decline in the overall volume and a 19% in the average sales price per unit.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South shows us that the total numbers of listings is down by just 1 for a 7% drop but the numbers of new listings has fallen by 25%. There is however a 50% drop in the numbers of PUD escrows for the area with a 44% drop in the sold properties. This decline is magnified with the overall sold volume which is down by 63% while the average sales price is down by 33%.
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
Hope Ranch Real Estate there have been 8% fewer homes available this year but about 2% more new listings came available. Unfortunately those new listings translated to 42% fewer escrows and 52% fewer sales. Even more alarming than the 52% fall in sales is the 67% drop in the overall sold volume and 31% decline in the average sales price.
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 exactly the same number of condos available this year as last with the numbers of new listings rising by only 3%. Unfortunately the numbers of condos going into escrow has dropped by 15% with the numbers of sold listings declining by 18%. Going down even further is the overall sold volume which is off by 29% despite the only 13% decline of the average sales price.
For Home Estates in the Santa Barbara Real Estate area of West of State the total number of properties available is off by 12% with the numbers of new listings declining by 16%. This fall in the inventory is naturally accompanied by a 21% drop in the number of homes that went into escrow and a 28% drop in the numbers of sold properties. This 28% drop is amplified by the 35% drop in the overall sold volume which would lead naturally to a 12% drop in the average sales price.
The PUD market for the Santa Barbara Real Estate area of West of State St there has been 8 available this year compared to 20 last year with 16 new listings last year compared to 6 this year. The amazing part of the decline in inventory is that the numbers of PUDs that went into escrow is up by 1 for a 20% surge and the numbers of sales is up by 2 for a 50% rise. This activity means that the overall sold volume is up by 21% even though the average sales price has fallen by 18%.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties available this year is down by about 8% with the numbers of new listings down by 11%. But the big drop off is in the numbers of condos going into escrow which is off by 41% and the numbers of sales down by 50%. The drop gets even deeper with the sold volume which is down by 57% but interestingly enough the average sales price is down only 24%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of properties available is only down by 6% with the numbers of listings down by 15%. With this decline in the inventory it’s only reasonable that the numbers of homes going into escrow is down by 13% but the numbers of sold properties is a little further down at 20%. This drop in the numbers of units is accompanied by a 26% drop in the overall sold volume by amazingly the average sales price for the area is only down 6%.
There’s not a whole lot of activity in the PUD market on the East Side of Santa Barbara Real Estatebut last year there were 8 listings and this year that have been 12 for a 50% rise. But numbers of new listings is exactly where it was last year with 7 for both year. On the good side of the ledger there have been 5 PUDs go into escrow this year compared to 2 last year and there have been 3 close escrow compared to 1 last year. With this increase in activity the overall volume is up 171% despite the 9% drop in the average sales price.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total number of properties available is down by about 9% with the numbers of new condos down by 19%. This fall in the inventory gives us an even deeper cut in the numbers of condos going into escrow. That number is down by 33% with the numbers of condos closing escrow down by 46%. That 46% is also the amount that the overall sold volume has declined but what’s interesting is the average sales price is actually up by about $12,000 for the year.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of available properties has gone up by 14% and the numbers of new listings is up by 16%. Unfortunately while the inventory is going up the numbers of homes going into escrow has gone down by 20% but the numbers of sold properties has only fallen by 18%. Despite this fall in the numbers of units sold the overall sold volume is almost exactly what it was last year due to the rise in the average sold price of 21%.
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. Both years saw 1 PUD go into escrow and 1 PUD sold. But the sold volume has risen by 6% because obviously the average sold price rose 6%.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through November 13 the number of available properties is almost exactly what it was last year. But the numbers of condos going into escrow has slipped 23% with the numbers of sold properties falling even further by 31% giving us a drop in the overall sold volume of 41%. This decline in the units sold is despite the fact that the average sales price has gone down by about $100,000 for a 15% drop.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings is up by 15% for the year but the numbers of new listings has risen only about 6%. Despite this overall increase in the availability of homes the numbers that went into escrow is only up by 1% with numbers of sold properties actually declining by 13%. This 13% drop translates into a 36% fall in the overall sold volume with a 27% drop in the average sales price.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate the overall inventory is up 2 for the year for a 25% rise. The new listings are also up by 2 but that translates into a 28% rise. But despite the increase in the available properties the PUDs going into escrow is down by 1 for a 33% fall which is the same number for the sold properties. The sold volume is also down by about 33% but interestingly enough the average sales price is only down by 1%.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 17 sales for October with a median sales price of $705,000 compared to last year when there were only 7 sales but the median sales price was $794,500. The pace be cooling in Goleta North however because there were only 14 homes that went into escrow for the month with a median list price of $699,000 while last year there were 12 escrows opened with a median list price of $879,000. The good news for the area is that the days on the market have come down from 140 for the 7 sales last year to 78 for the 17 sales this year. Currently there are 59 Home Estate/PUDs available for purchase in Goleta South with a median list price of $1.057 million and an average list price $2.195 million.
For the condo market in Goleta Real Estate North the news is about the same as it has been. This year there were 2 sales with a median sales price of $438,500 and last year there were 2 sales with a median sales price of $480,000. There is one more property that entered escrow this year compared to last. For ’08 there were 3 escrows opened with a median list price of $519,000 and last year there were 2 with a median list price of $839,000. Currently there are 19 condos available in Goleta South with a median list price of $482,500 and an average list price of $483,484.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 6 properties closed escrow with a median sales price of $662,000. This compared to October ’07 when 5 properties closed escrow with a median sales price of $780,000. The trend looks like it’s going to continue for the area with 5 properties going into escrow this year with a median list price of $671,900 compared to last year when 4 went into escrow with a median list price of $839,000. The sales price to original list price ratio is about 96% for the area which means that the properties are getting priced correctly. Currently there are 46 Home Estate/PUDs available in the area with a median list price of $1.195 million and an average list price of $1.377 million. The average days on the market for the Goleta South Home Estate/PUD inventory are 127 days.
For the condo market in Goleta Real Estate South shows us 5 sales for October with a median sales price of $495,000 compared to last year when there were 2 with a median sales price of $420,625. But this year nothing went into escrow for the month compared to ’07 when 3 started the buying process. Those 3 had a median list price of $679,000. Right now there are 25 condos available in the Goleta South area with a median list price of $539,000 and an average list price of $507,612. The average days on the market for the Goleta South Condo inventory are 157 days.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of October 1 to October 31 there was 1 sale this year with a $2.9 million sales price compared to last year when there were 3 with a $4.1 million median sales price. This look like they’re picking up a little for Hope Ranch because last year nothing went pending in October compared to this year when there were 3 with a median list price of $3 million and an average list price of over $14 million. It did take a while to get those properties into escrow however because there was an average of 320 days on the market. Currently available in Hope Ranch there are 19 properties with a median list price of $3.495 million and an average list price of $5.9 million. Those 19 properties have average days on the market of 109.
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 13 sales in the month of October with a median sales price of $855,000. Last year at this time there were 12 sales with a median sales price of $903,000. To get that $855,000 median sales price however the sellers came down about 86% with a sales price to original list price ratio of 86.05%. The bad news for the West Side is that the last year in October there were 18 homes that went into escrow with a median list price of $1,025,000 and this year there were only 7 that starting the buying process with a median list price of $895,000. Currently on the West Side of Santa Barbara there are 96 Home Estate/PUDs available with a median list price of $1.099 million and an average list price of $1.324 million.
For the condo market the sales figures show us 5 sales in October ’08 compared to 4 for October ’07 for the West Side of Santa Barbara Real Estate. But last year the median sales price was $655,000 compared to this year when it’s $420,000. The sales price to original list price ratio has dipped down to 88% this year from almost 97% last year and the days on the market has gone up from 27 last year to 124 this year. It looks like that patter will continue because this year 7 condos went into escrow for the month with a median list price of $495,000 compared to last year when 6 went into escrow with a median list price of $469,000. Currently there are 53 condos available on the West Side with a median list price of $959,000 and an average list price of $1.175 million.
For Santa Barbara Real Estate East of State St for Single Family Homes the slump continues. Last October there were 19 sales with a median sales price of $1.425 million and this year there were 11 sales with a median sales price of $1.1 million. The sales price to original list price ratio is almost exactly where it was last year. But at the least the days on the market have come down from 92 last year to 66 this year. There is some really good news on the East side of Santa Barbara where we see 23 homes went into escrow for ’08 with a median list price of $899,000 compared to last year when 13 went into escrow with a median list price of $825,000. Right now there are 127 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.595 million and an average list price of about $2 million.
For the Condo Market on the East of State for side of town for Santa Barbara Real Estate there were 5 sales in October ’08 compared to 7 in October ’07. But in that 1 year the median sales price went from $1,175,000 to $445,000. The really interesting number however is that the sales price to original list price ratio remained high at 97%. There’s been a slight bump in the numbers of condos going into escrow. Last year there were 3 with a median list price of $1.175 million but this year there were 4 with a median list price of $619,000. Currently there are 42 condos available on the East Side of Santa Barbara with a median list price of $832,000 and an average list price of $1.245 million.
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 9 compared to last year when there were 11 sales. The decline in sales has also brought a decline in the surge in the median sales price. While it is still up it is up from $2.3 million last year to $2.5 million this year. The sales price to original list price ratio has fallen down to 83% for the area and the numbers of pending properties went from 13 last October to 10 this October posting a $2.9 million median list price last year compared to $2.15 this year. Right now there are 161 Home Estate/PUDs available for purchase in Montecito with a median list price of $4.195 million and an average list price of $7.34 million.
For the Condo market in Montecito Real Estate the sales are exactly where they were last year. In October ’08 we had 1 sale with a sales price of $3.3 million and in October ’07 there was 1 sale with a sales price of $1.269 million. Sales Price to Original List price ratio for that 1 sale this year was 76% however meaning that seller would have liked to have seen about 25% more money coming through the door. The good news is that it took only 22 days to get an accepted offer compared to last year when it took 140 days. The drought looks like it will continue in the Montecito Condo market because no properties went into escrow compared to last year when there were 2. Currently there are 17 condos available in Montecito with a median list price of $1.675 million and an average sales price of $1.631 million.
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 October 1 to October 31 ’08 there have been 6 sales compared to the same period in ’07 when there were only 4. The increase in activity is good and is being spurred by a decline in the median sales price from $975,000 last year to $727,500 this year. The number that jumps out at me is a 78% sales price to original list price ratio meaning that if the property were listed for $1 million it sold for $780,000. The increase in activity has also spurred a decline in the Days on the Market which has fallen to 66 for the month. Homes that have gone into escrow have also risen from 3 last year to 9 this year but again the median list price has fallen from $995,000 down to $599,000. Right now there are 71 Home Estate/PUDs available in Carpinteria/Summerland with a median list price of $1.175 million and an average list price of $4.8 million.
For condos the sales figures are also encouraging when viewed from last year to this. For Carpinteria Real Estate/Summerland Real Estate in October there were 8 sales compared to 3 last year and interestingly enough the median sales price has risen from $418,000 to $479,500. The sales price to original list price ratio is way to 79% this year from 89% last year. The surge might have petered out however because the numbers of pending condos is exactly where it was last year with 3. This is despite the fact that the median list price for those condos went from $650,000 to $525,000 this year. Right now there are 74 condos available in Carpinteria/Summerland with a median list price of $675,000 and an average list price of $801,897. But the real fly in the ointment for the area is an average days on the market of 167.
What I thought would be interesting for this analysis would be to look at October ’08 vs. October ’07 for the Home Estate/PUD and Condo markets of Santa Barbara Real Estate including Carpinteria Real Estate/Summerland Real Estate, Montecito Real Estate, downtown Santa Barbara Real Estate, Hope Ranch Real Estate and Goleta Real Estate. In October ’07 we were just coming to grips with the Sub Prime mortgage problem and in October ’08 we were staring down the barrel of a potential financial meltdown.
For October ’07 there were 61 Home Estate/PUD sales for the area and in October ’08 that number was more than 70. So far so good, but last year the median sales price in October was $1,325,000 and this year we’re looking at a number that’s below $900,000 and closer to $850,000. Now this doesn’t mean that $1.325 million house is now worth about $450,000 less, but it does mean that somewhere around and below $900,000 is where most of the sales are occurring.
Looking a little deeper into the numbers we see that in ’07 there were 63 Home Estates that went pending and in ’08 there were around 70. Again, so far so good but the median list price for those 63 homes in ’07 which was $1,025,000 is a lot closer to the median list price of those approximately 70 homes that went pending in October ’08. The pending properties for this October are about $150,000 below the pending properties in October of last year.
The median sales price bounces around a lot from month to month and for the last 12 months we had a high of about $1.3 million in February and a previous low of about $940,000 in July but when you put all that together it still gives us a median sales price of right around $1 million for the year.
For October ’07 139 new Home Estate/PUD listings came on the market with a median list price of $1,175,000 and for October ’08 there were about 130 new listings. But now here is where it gets interesting. The median list price of those approximately 130 new listings this year is about $1,250,000 or about $75,000 higher than the median list price of last year. This means that the median sales price has dropped by about $450,000 and the median list price has gone up about $75,000. That’s about a half million dollar difference between what’s for sale and what’s selling.
The gap gets even wider when you look at the overall inventory for the area which consists of fewer than 600 Homes and see that those properties have a median list price of about $1.7 million. This means that the median list price is about double what the median sales price is for the month of October ‘08. Given that gulf it’s no wonder that the average days on the market for the whole inventory are about 130 and counting.
Finally for the Home Estate/PUD market the number that jumped out at me was the sales price to original list price ratio for October ’08 of about 85%. This means that if a property was listed at $1 million it closed escrow at $850,000. This shows a real willingness on the part of sellers to bring the price down to where the deal can be made. What surprised me was that in October ’07 that ratio was 87% showing that same willingness to bargain. Traditionally we look at numbers in the mid 90’s for this ratio but at least for the last year sellers are doing what they can to get the deal done.
For the condo market in October ’07 there were 19 sales with a median sales price of $635,500 and in October ’08 the condo sales were in the upper 20s’ but with a median sales price of about $495,000. For most of the year the median sales price for a condo has bounced around a lot but has hovered right around $575,000. But, for the past 2 months that median sales price has dropped about $80,000+ down to approximately $495,000.
While the sales for October ’08 are substantially ahead of the numbers for ’07 the numbers of pending properties is almost exactly the same as last year sitting right around 20. But, the difference is the median list price for the properties that went into escrow last year was almost $200,000 above the median list price of properties that went into escrow this year. The only good news for condo sellers is the approximately $525,000 median list price for properties entering escrow this year is above the current median sales price by about $30,000.
The numbers of new listings coming on the market for both years is relatively close showing up right about the 50 mark. But, unlike the Home Estate new listings the condos entering the market are coming on about $100,000 below where they were last year at this time. The problem is that even though the condo sellers have adjusted their expectations the median list price is still about $100,000 above the median sales price for the month of October.
The overall inventory of condos from Carpinteria to Goleta is about 230 units and they’ve got a median list price of about $680,000. This gap isn’t quite as cavernous as that between what’s available and what’s selling in the Home Estate market but a difference of $200,000 is still substantial. This gap is exemplified by the approximately 150 average days on the market which means that those sellers have been waiting about 5 months for a buyer.
Finally, the sales price to original list price ratio for October ’08 is even below that of the Home Estate market. The ratio currently sits at about 85%, but the interesting difference is that in October ’07 that number was 96% meaning sellers were only giving up 4% of what they would have like to have gotten.
For the Santa Barbara area for the Home Estate/PUD market the numbers of sales are continuing at approximately the same pace they have been since March and it looks like they will continue at the level because of the numbers of properties that went pending in the month. The median sales price continues to go down however currently residing around the prices we saw in 2003 and should continue in that direction until the foreclosures and short pays are diminished.
For the condo market the sales are also continuing at the same pace since March but if the pending numbers are an indication those sales will soften in the coming months. The median sales price for condos has also fallen to about the 2003 level which should make those properties a lot more attractive to potential buyers.
Gary Woods
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 October 23 is $842,500 compared to last year when it was $950,000. This is a drop of about 11.3%. The numbers of sales is above the figures from last year when it was 117 compared to this year when there have 126 closings. This is a rise of about 7.7%.
The gap figures are very divergent however. In ’07 the median list price was $998,000 with the median sales price of $950,000. This gave us a gap of only about 5%. This year however, we have a median list price of $1,050,000 with a median sold price of $842,500 for an almost 20% gap.
For the Goleta Real Estate North condo market the median sales price is $467,500 compared to last year when it was $539,000. This is a drop of about 13.3%. But the numbers of sales has declined by about 23.1% with 39 closing rung up in ’07 compared to 30 that were posted in ’08.
The gap report for the area is rather close together. In ’07 the median list price was $545,000 with the median sales price showing up at $539,000 for a 1.1% gap. In ’08 the median list price has been $505,000 with a median sales price of $467,500 that gives us a 7.4% gap.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price for time period for Jan. 1 through October 23 is $740,750 compared to ’07 when it was $919,000. This is a decline of almost 20%. The numbers of sales on the other hand is about 5% ahead of where it was last year with 68 sales being rung up this year compared to last year when there were 65 sales.
The gap report on the other hand is a whole different story. In ’07 the median list price was $889,000 with a sales price of $919,000 giving you a positive gap of 3.4%. This year the median list price is $1,000,000 but the median sales price is $740,750 for a gap of almost 26%.
For the condo market in Goleta Real Estate South the median sales price of $570,000 is actually above where it was last year when it was $532,000 at this time. But the numbers of sales is about 19% behind of where it was when 65 sales were put on the board compared to 53 this year.
The gap report for ’07 is about 11.2% when the median list price was $599,000 compared to the median sales price of $532,000. This year the median sales price is $569,000 with the median sales price showing up at $570,000 for a +0.2% gap.
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 Estate area 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 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.