For the Santa Barbara Real Estatearea of West of State St for Home Estate/PUDs there were 6 sales from the period of December 24th ‘08 to January 24th ’09. Those 6 had a median sales price of $1,036,750. Last year there were 4 sales with a median list price of $1,047,500. Coming on the market this year there have been 24 new Home Estate/PUD listings with a median list price of $895,000 and last year there were 36 new listings with a median list price of $899,000. So far this year 16 properties have entered escrow with a median list price of $759,000 and last year there were only 6 escrows opened with a median list price of $869,000. Currently there are 86 Home Estate/PUDs available for purchase on the Santa Barbara West Side with a median list price of just under $1 million and 137 days on the market.
For the condo market the sales figures show us only 1 sale for the period and it went out at $520,000. Last year there were 4 sales with a median sales price of $824,000. During the time period 7 new condos came on the market with a median list price of $549,900 and last year 16 condos came on with a median list price of $599,000. This year no escrows have been opened but last year there were 2 that went into escrow with a median list price of $439,000. Currently there are 51 condos available on the West Side of Santa Barbara Real Estate with a median list price of $789,000 and 176 days on the market.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 9 sales from December 24 ’08 to January 24 ’09 with a median sales price of $1.112 million. During the previous year there were also 9 sales with a median sales price of $1.195 million. This year 36 new listings appeared on the market with a median list price of just under $1.5 million and last year there were 31 new listings with a median list price of $1.25 million. The good news is there were more pending properties this year ringing up 13 as opposed to last year when there were just 9. But last year the 9 properties had a median list price of $1.45 million and this year the median list price is $985,000. Currently active on the East Side of Santa Barbara are 110 Home Estate/PUDs with a median list price of $1.45 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate there were 2 sales for the period we’re talking about with a median sales price of $409,000 and last year there were 5 sales with a median sales price of $699,000. During the same time period 13 new condos came on the market this year with a median list price of $749,000 and last year there were 10 new listings with a median list price of $659,000. This year the pending properties are 1 ahead of last year when there were 3. The median list price is also close together. This year it’s $639,000 and last year it was $699,000. Right now there are 36 condos available on the East Side of Santa Barbara with a median list price of $749,000.
Santa Barbara Real Estate’s area of Montecito Real Estate for the Home Estate/PUD market there were 9 sales for the period of December 24th ’08 to January 24th ’09 with a median sales price of $2.5 million. For the previous year there were 6 sales but the median sales price was a whopping $5.2 million. During that same time period there were 33 new listings that came on the market with a median list price of $3.795 and last year for the same period there were 24 new listings with a median list price of $2.85 million. This year we’ve seen 8 properties go into escrow with a median list price of $3.95 million and last year there were 13 escrows opened with a median list price just under $3 million. Currently there are 166 Home Estate/PUDs on the market in Montecito with a medina list price of $4.3 million and average list price of $7.27 million and days on the market of 134.
For the Condo market in Montecito Real Estate there were no sales for the period and nothin’ went into escrow. The previous year there was 1 sale for $1.75 million and 1 escrow opened with a median list price of $2.45 million. For both years 2 properties came on the market. This year the median list price was $1.75 million and last year it was about $1 million. Right now there are 13 condos available in Montecito with a median list price of about $2 million and days on the market of 138.
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 December 24th ’08 to January 24th ’09 there were 3 sales with a median sold price of just $514,900. This compares to the previous year when there were 2 sales but the median sales price was just under $800,000. During the same period this year 13 homes came on the market with a median list price of about $1.3 million whereas last year only 6 homes came on the market with a median list price of about $1 million. The pending numbers are the same for both years standing at 3 year but last year the median list price for pending properties was $5.75 million whereas this year it’s just $668,666. Right now t here are 72 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.3 million and an average days on the market for 160.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period only 2 properties sold with a median sales price of $508,500 compared to last year when there were also 2 sales but with a with a median sales price of $372,500. During that same period 9 properties came on the market this year with a median list price of $625,000 and last year 9 also came on but with a median list price of $549,000. This year there have been 3 escrows opened with a median list price of $375,000 and last year for the same time period there were no escrows opened. Currently there are 33 condos available for purchase in the area with a median list price of $639,000 and average days on the market of 130.
For Goleta Real Estate North area of Santa Barbara Real Estate for the Home Estate/PUD market there are currently 43 properties on the market with an average list price of $2.3 million and a median list price of $957,000. The highest priced listing tops the charts at $23.5 million while the lowest priced home can be had for $299,000. The average marketing time on those 43 properties is 100 days.
Right now there are 14 Home Estate/PUDs in escrow for Goleta North with an average list price of $742,892 and a median list price of $649,900. The highest priced home currently in escrow is listed at $1.395 million while the least expensive property is listed for $479,900. The average marketing time on those 14 homes is 56 days.
For the time period we’re talking about 7 homes closed escrow with an average sales price of $855,571 and a median list price of $686,000. The highest priced property that closed escrow sold for $1.625 million and the least expensive home went out at $620,000. The average marketing time for the 7 properties was 44 days.
For the condo market in Goleta Real Estate North there are just 16 properties available right now for an average list price of $487,962 and a median list price of $489,900. The highest priced listing is on the market for $779,000 while the lowest priced condo can be snapped up for $112,700. The average marketing time for those 16 condos is 67 days.
Right now only 2 condos are in escrow in Goleta South with an average list price of $633,900 and a median list price of $128,800. The highest priced condo in escrow is listed at $1.139 million and the lowest priced condo is listed for just $128,800.
For Goleta North for the period we’re speaking of there was only 1 sale for $128,800 and it took just 10 days to get that price.
In the Goleta Real Estate South area there are 34 Home Estate/PUDs available with an average list price $1.37 million and a median list price of about $1.2 million. The highest priced listing could be purchased for $2.475 million while the least expensive property is on the market for $379,000. The average marketing time for those 34 properties is 137 days.
Currently there are 11 properties in escrow for Goleta South with an average list price of $800,236 and a median list price of $725,000. The highest priced property is on the market for just under $2 million while the least expensive home is available for $238,000. The average marketing on those 11 homes in escrow is 103 days.
For the period we’re talking about 7 homes closed escrow with an average sales price of $995,000 and a median sales price of $725,000. The most expensive property that closed escrow went out for $1.82 million while the lowest priced home sold for $585,000. The average marketing time for those 7 homes is 94 days.
For condos on the South Side of Goleta Real Estate we currently have 16 units available with an average list price of $544,750 and a median list price of $566,000. The highest priced condo available is on the market for $775,000 and the least expensive condo is priced at $289,500. The average marketing time for those 16 units is 171 days.
There are only 2 condos in escrow currently with an average list price of $336,402 and a median list price of $322,905. The highest priced escrow is listed at $349,900 while the lowest priced property is listed at $322,905. The average marketing time for those 2 properties is 48 days.
For the Goleta South area for the period we’re talking about 4 condos closed escrow with an average sales price of $330,000 and a median sales price of $290,000. The highest priced sale closed for $400,000 while the least expensive sale was $255,000. The average marketing time for the 4 condos was 247 days.
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 23 properties available with an average list price of about $6.7 million and a median list price of $4.195 million. The most expensive property currently available in the ranch is listed for almost $29 million while the least expensive property can be had for $859,000. The average marketing time for those 23 listings is 162 days.
Right now there is nothing in escrow for Hope Ranch. That’s right, zip, nada, nothin’.
For the time period we’re talking about only 1 home closed escrow in the area for $3,195,000. That home took 127 to market.
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 the inventory currently stands at 87 Home Estate/PUDs with an average list price of about $1.25 million and a median list price of just under $1 million. The most expensive property on the West Side is listed for $3.55 million while the lowest priced listing can be had for $406,199. The average marketing time for those 87 Home Estate/PUDs is 132 days.
Right now there are 13 Home Estate/PUDs in escrow on the West Side of Santa Barbara with an average list price of $792,284 and a median list price of $749,900. The highest priced property in escrow right now is listed for just under $2 million while the lowest priced home is on the market for just $180,000. The average marketing time for those 13 properties is 80 days.
For the period we’re talking about 7 homes closed escrow with an average sales price of $1,086,642 and a median sales price of $1,052,500. The highest priced home that closed escrow sold for $1.6 million while the least expensive home had a selling price of $680,000. The average marketing time for those 7 properties was 97 days.
For the Condo market on the West Side of Santa Barbara Real Estate there are 48 units currently available with an average list price of just over $1 million. The median list price is $789,000 with the highest priced listing topping the charts at about $2.6 million. The lowest priced condo on the market in the area can be had for just $299,000. The average marketing time for those 48 condos is 179 days.
There are currently only 2 condos in escrow on the West Side with a top price of $471,900 and a bottom price of $450,000. This gives us a median list price for the 2 condos of $450,000 and an average list price of $460,500.
For the period we’re talking about 3 condos closed escrow with an average sales price of $408,166 and a median list price of $390,000. The highest priced condo sold for $520,000 and the least expensive condo went out at $314,500. The average marketing time on those 3 properties was 51 days.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 106 Home Estate/PUDs available for purchase with an average list price of about $1.9 million and a median list price of about $1.5 million. The most expensive property available on the East Side is listed for $11.9 million while the least expensive property can be had for just $330,000. The average marketing time for those 106 properties is 118 days.
There are 10 Home Estate/PUDs in escrow right now for the East Side with an average list price of $1.2 million and a median list price of $865,000. The highest priced property currently in escrow is listed for $2.65 million and the least expensive home listed for $350,000. The average marketing time for the 10 homes in escrow is 66 days.
For the period we’re talking about 11 Home Estate/PUDs have closed escrow on the East with an average sales price of about $1.3 million and a median sales price of $1.325 million. The highest priced property closed escrow for $2.395 million while the least expensive home closed escrow for $550,000. The average marketing time on the 11 properties is 87 days.
The condo market for the East Side of Santa Barbara Real Estate has 40 properties listed for sale right now with the top priced property showing up at a whopping $15 million. Way down on the other end of the scale the least expensive condo is listed at $424,900. The average list price for an East Side condo is $1.24 million while the median list price is $779,000. The average marketing time for those 40 condos is 98 days.
Right now there are only 4 condos in escrow with an average list price of $713,225 and a median list price of $639,000. The highest priced condo in escrow is listed for $979,000 while the least expensive condo is on the market for $439,900. The average marketing time for condos in escrow is 40 days.
For the period we’re talking about only 2 properties closed escrow with an average sales price of $409,000 and a median sales price of $400,000. The highest priced property closed escrow for $418,000 while the least expensive property sold for $400,000. The average marketing time for those 2 condos was 82 days.
For Santa Barbara Real Estate in the Montecito Real Estate area currently 158 Home Estate/PUDs are on the market with an average list price of about $7.3 million and a median list price of $4.35 million. The highest priced listing in Montecito is on the market for $47 million while the least expensive property is available for $899,000. The average marketing time for those 158 homes is 134 days.
Currently there are only 4 properties in escrow for Montecito with an average list price of $3.49 million and a median list price of $1.425 million. The highest priced home in escrow right now is listed for $7.995 million while the least expensive home in escrow is listed for $949,000. The average marketing time for those 4 properties is 90 days.
For the period we’re talking about 13 Home Estate/PUDs closed escrow in Montecito with an average sales price of $3.745 million and a median sales price of $2.725 million. The highest priced home closed for $10.6 million while the least expensive property went out at $865,000.
For the Condo market in Montecito Real Estate there are currently 13 available properties with an average list price of just under $2 million and a median list price of just under $2 million. The highest priced listing in the area is on the market for $3.495 million while the lowest priced condo can be had for $749,500. The average marketing time on those 13 condos is 131 days.
Currently there’s nothin’ in escrow in for Montecito Condos. That’s right zero, zip, nada.
Also for the period we’re talking about nothing closed escrow. It’s definitely been a quiet time for Montecito condos.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate there are currently 70 Home Estate/PUDs available in the area with a median list price of $1.295 million and an average list price of an amazing $4.6 million. The most expensive property is listed for just under $30 million with the least expensive home one the market for $575,000. The average marketing time for those homes is 157 days.
For Carpinteria/Summerland there are only 3 homes currently in escrow with a median list price of $668,666 and an average list price of $671,855. The most expensive property in escrow right now is listed for $755,000 while the lowest priced property is on the market for $591,900. The average marketing time for those 3 homes is 93 days.
For the period we’re talking about there have been 5 sales with an average sales price of $573,980 and a median sales price of $545,000. The most expensive home to close escrow went out at $760,000 while the least expensive property closed for $500,000. The average marketing time for those 5 properties was 52 days.
For the condo market in Carpinteria/Summerland there are 31 properties available with an average list price of $854,661 and a median list price of $625,000. The highest priced condo is on the market for an amazing $5.9 million while the least expensive property can be purchased for $250,000. For the active market the average marketing time is 134 days.
There are currently 4 condos in escrow in Carpinteria Real Estate/Summerland Real Estate with an average list price of $347,500 and a median list price of just $255,000.The most expensive condo in escrow right now is listed for $495,000 and the least expensive property is listed for $250,000. The average marketing time for those 4 properties is a whopping 233 days.
For the period we’re talking about 4 properties have closed escrow with an average sales price of $409,850 and a median sales price of $382,500. The highest priced condo sale was $532,000 while the least expensive property went out for just $239,500. Of those properties that closed escrow there was an average marketing time of 44 days.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 12/11/08 to 1/11/09 there were 9 sales with a median sales price of $691,650. Last year for the same time period there were 13 sales with a median sales price of $860,000. To get those 9 properties into escrow it took an average of 88 days and when you add an average 31 day escrow period on that time you come up with a total marketing time of 128 days or about 4 and a half months.
For Condominiums on the North Side of Goleta Real Estate there has been only 1 sale for the period with a sales price of $128,800 and last year at this time there were 2 sales with a median sales price of $614,500. For that 1 sale it took just 10 days to get an accepted offer with escrow taking another 44 days. Still a total of 54 days isn’t too bad to get into a new home.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate for the period of 12/11/08 to 1/11/09 there have been 8 sales with a median sales price of $882,500 compared to only 1 sale at this time last year. That one sale went out at $780,000. The 8 sales this year had an average marketing time of 105 days with an average escrow period of 35 days for a total of 140 days.
For Condominiums for Goleta Real Estate South for the same time period there were 3 sales with a median sales price of $290,000 whereas last year at this time there were 6 sales with a median sales price of $440,000. To get those 3 condo sales the average days on the market was 241 days but once the offer was accepted escrow took only 30 days. But that means the total marketing time was 271 days or just about 9 months.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate for the period of 12/11/08 to 1/11/09 there have been 8 sales with a median sales price of $882,500 compared to only 1 sale at this time last year. That one sale went out at $780,000. The 8 sales this year had an average marketing time of 105 days with an average escrow period of 35 days for a total of 140 days.
For Condominiums for Goleta Real Estate South for the same time period there were 3 sales with a median sales price of $290,000 whereas last year at this time there were 6 sales with a median sales price of $440,000. To get those 3 condo sales the average days on the market was 241 days but once the offer was accepted escrow took only 30 days. But that means the total marketing time was 271 days or just about 9 months.
For Hope Ranch Real Estate Home Estate/PUDs from 12/11/08 to 1/11/09 there were 2 sales with a median sales price of $4,547,500 compared to last year when there were also 2 sales but the median sales price was only $2,080,000. The 2 sales this year took an average of 65 days to go into escrow with a 29 day escrow for a total marketing time of 94 days or a little over 3 months to complete the selling process.
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 for the period of 12/11/08 to 1/11/09 there were 8 sales compared to 11 last year for the same time period. This year the median sales price was $991,250 and last year the median sales price was $845,000. It took an average of 102 days to get an accepted offer for those 8 sales with a 34 days escrow time giving us a total marketing time of 136 days.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there have been 4 sales with a median sales price of $455,000 and last year there were 3 sales with a median sales price of $950,000. This year it took only 55 days to get an accepted offer but the escrow time averaged 81 days for a total marketing time of 136 days.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for 12/11/08 to 1/11/09 there have been 10 sales with a median sales price of $1.317 million whereas last year there were 14 sales but the median sales price at that time was $980,135. It took 69 days to get an accepted offer on those 10 sales then 28 more days to close those escrows for a total marketing time of 97 days.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 2 sales with a median sales price of $409,000 whereas last year there were 4 sales with a median sales price of $659,500. This year it took an average of 82 days to get an accepted offer for those 2 sales with a 48 day average escrow period for a total of 130 days of total marketing time.
From 12/11/08 to 1/11/09 in Montecito Real Estate for the Home Estate/PUD market there were 11 sales with a median sales price of $2.725 million. At this time last year there were 8 sales but the median sales price was a whopping $4.15 million. For the 11 sales it took an average of 96 days to get an accepted offer and just 25 days to close the escrows for a total selling time of 121 days.
For Condominiums for the same time period in Montecito Real Estate nothing has sold this year and last year there was just 1 sale with a selling price of $1.75 million. At least starting off this year it still looks tough for the Montecito Condo market.
From 12/11/08 to 1/11/09 there were 7 sales in the Carpinteria Real Estate/Summerland Real Estate Home Estate PUD market compared to 1 for the previous year. But this year the median sales price was $550,000 compared to last year when the home sold for $946,125. The 7 closings took an average of 87 days to get an accepted off and 61 days to close for a total marketing time of 148 days or just about 5 months to complete the selling process.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate for the same time period there 4 sales this year with a median sales price of $385,750 compared to last year when there were only 2 sales but with a median sales price of $610,000. These 4 condos took an average of 41 days to get an accepted offer and then 36 days to close for an average of 77 days to complete the selling process.
For the Goleta Real Estate North area of Santa Barbara Real Estate the Home Estate/PUD market there have been about 10 more sales this year than there were last year. This surge in activity was brought on by about a $140,000 drop in prices but interestingly enough the sales price to original list price ratio is right up there at 92%. The inventory is about 10 properties behind where it was the previous year with the median list price dropping about $60,000. Currently there are just 44 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $950,000 and an average list price of $2.5 million. Those area sellers have been waiting an average of 4 months for that right buyer to come along.
For the Condo Market in the Goleta Real Estate North area of Santa Barbara Real Estate there have been just 4 fewer sales than there were in ’07 but the median sales price went down about $90,000. The sellers knew they were going to take the hit however because the sales price to original list price ratio was about 94% for the year. The inventory was almost exactly what it was last year but the median list price for that ratio was down by about $55,000. Currently there are only 18 condos available in Goleta North with a median list price of $439,000 and an average list price of $441,627. Those condo sellers have been waiting on average 118 days for that right buyer to come along.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been almost 13% more sales this year than occurred the previous year. But to achieve that spurt in activity the median sales price dropped from about $900,000 to about $725,000. Despite this substantial drop the sales price to original list price ratio was the highest for the area standing at 93%. This means that the sellers came in at very close to the exact right price and the homes went away. Even more impressive is the fact that the inventory was down slightly from last year with the median list price for those homes coming down by about $100,000. Currently there are just 36 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of a whopping $1.2 million and an average list price of about $1.35 million. What this tells you is that all those houses that were for sales farther down the price scale are gone and what remains are properties that are looking for buyers with a lot more cash in their pockets.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate there have been about 15 fewer sales this year but the median sales price is actually above the price of last year. So fewer sales means higher prices, that sounds about right. At least part of the reason that there were fewer sales is the inventory declined by about 50 units this year and those 50 units were about $50,000 below the asking price of the previous. So how do we get a lower asking price and a higher selling price? It’s the Goleta South miracle. Currently there are just 19 condos available in the area with a median list price of $539,000 and an average list of $528,095.
For the Home Estate/PUD market in Hope Ranch Real Estate there have been only about 20 sales this year for the area and the median sales price was about $2.8 million. Now most places on the planet would throw a party with a median sales price of 2.8 but in Hope Ranch that’s a decline of about $400,000 from the previous. The average sales price showed an even bigger swing dropping about $1.4 million. This fall in sales activity was despite the fact that there were more new listings that came on the market and at least in the beginning the median list price for those properties was above the previous year. But when reality hit the area that median sales price came tumbling down. Currently there are only 18 Home Estate/PUDs available in Hope Ranch with a median list price of $3.2 million and an average list price of about $6.2 million. But those sellers have been waiting on average 155 days for the right buyer to come along.
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 Home Estate/PUD market in Montecito Real Estate there have been about 15% fewer sales this year but what sold went for a substantial amount of money. Unlike all the other districts in the area the Montecito median sales price went up 10% and the average sales price soared by almost 17%. These figures have come down from where they were earlier in the year but in this economy I think most people would accept a 10% rise in the value of their house. The numbers of new properties that came on the market went up by about 20%+ this year with the median list price rising about $600,000. The sales price to original list price ratio of about 90% is higher than most other areas but with these prices the sellers gave up a lot from what they hoped to get. Currently there are 150 Home Estate/PUDs available for purchase in Montecito with a median list price of about $4.5 million and an average list price of about $7.5 million.
Looking at the condo market for Montecito Real Estate there have been about 30% fewer sales this year but even so the median sales price if up by more than $100,000. At least part of the reason that sales were down is because about 15% fewer condos came on the market and the prices asked for those condos was almost $200,000 above what was asked in ’07. Right now there are just 13 condos available in Montecito with a median list price of almost $2 million and an average list price of about $2.1 million. It still costs a lot of money to buy you way into Montecito whether you want a cozy little condo or a palacial estate.
On the West Side of Santa Barbara Real Estate for the Home Estate/PUD market there were over 50 fewer sales this year compared to last year and the median sales price fell by a little over $100,000. But the new properties coming on the market also fell by not quite 50 while the median list price for those new properties slid by just over $100,000. The sales price to original list price ratio was right about 90% so the askin’ prices were at least close to the sellin’ prices. Currently there are only about 80 Home Estate/PUDs available on the West Side of Santa Barbara with a median list price of about $1.1 million and an average list price of about $1.25 million. Those approximately 80 sellers have been waiting on average 145 days for that right buyer to come along.
For the condo market on the West Side of Santa Barbara Real Estate there have been about a dozen fewer sales this year compared to last year. But the median sales price for those sales went down about $120,000. The sales price to original list price ratio was about 90% telling us that sellers got pretty close to what they would have like to have gotten. Currently there are almost 50 condos available on the West Side of Santa Barbara with a median list price of about $750,000 and an average list price of just over $1 million. But those condos sellers have been waiting on average almost 6 months for a buyer to come along.
Through ’08 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate the sales were down by about 100 from the previous year. This was a dramatic drop in the amount of activity but despite that drop the median sales price fell less than 5%. Even though it fell only that small amount the sales price to original list price ratio was about 85% which meant that the sellers wanted a whole lot more than they got. There was about a 15% decline in the numbers of houses to sell this year but that didn’t keep the median list price from rising by about $50,000 for the area. Currently there are about 100 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a medina list price of about $1.5 million and an average list price of about $2 million. But it may be a while before those sellers get their price because the average days on the market for the whole inventory is about 4 months and counting.
For the condo market on the East Side of Santa Barbara Real Estate in ’08 there have been about 40% fewer sales this year. This drop in activity is despite the fact that the median sold price went down way over $200,000 and the average sales price dropped about the same. The seller priced their homes without a whole lot less to give away because the sales price to original list price ratio was about 90%. The numbers of new properties fell by about 25 this year and the median list price for those new properties went down about $250,000. Currently there are just 37 condos available on the East Side of Santa Barbara with a median list price of $825,000 and an average list price of about $1.3 million. But those sellers have been waiting for a buyer an average of 116 days.
Looking at ’08 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there were almost as many sales this year as there were last. The year ended only about four sales apart but the median sales price took a tumble of almost 20%. The sales price to original list price ratio also dropped down to the mid 80’s which meant that sellers had to take a lot less than they planned on taking. There were more new listings that came on the market however and interestingly enough the median list price for those new listings was just a little lower than the median list price for ’07. But as I said when the smoke finally cleared those sellers came to grip with economic reality. Currently there are just 63 Home Estate/PUDs on the market in Carpinteria/Summerland with a median list price of about $1.3 million and an average list price of almost $5 million and that’s a long way from the median sold price of just over $800,000.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate area the story is a lot different there were less than 25% fewer sales this year and we ended ’08 with only about 40 sales for the whole area. The median sales price also dropped but only by about 15%. The inventory was about equal for both years as was the median list price for those new properties that came on the market. But the sales price to original list price ratio was 85% so askin’ was definitely not gittin’ in Carpinteria/Summerland. Currently there are just 26 condos available in the area with a median list price of about $600,000 and an average list price of almost $1 million.
The Home Estate/PUD market for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate started off rather slowly for the first quarter of ’08 but from March through October there were a solid 70 to 75 sales per month. The numbers of sales took a big hit in November however finishing up with just 33 but December rallied coming back with around 60 sales for the month compared to 46 for December ’07.
The median sales price as always bounced around a lot from month to month throughout ’08 but generally it was trending downward. We did however finish with a median sales figure for the year just north of $1 million but when compared to the median sales price of $1.23 million for ’07 we end up with about a 16% decline for the year and in December ’08 the median sales price was south of $900,000 for the whole area.
If you look at the entire year the prices slid to right around 2004 levels but when you look at the 4th quarter we dipped into 2003 levels. What that means is that we are right about where we were 5 years ago before the huge run up in valuation that occurred in 2004 and 2005. During that 2 year period there were a number of new financial products that drove the market place. The no money down/ interest only loans, low or no doc loans, Alt-A and adjustable rate loans with low “tickler” rates all pushed the market to new heights that laid the groundwork for what we’re going through now.
A lot of those adjustable rate loans are getting ready to re-set at a higher rate of interest which leads a lot of people to believe that we’re in for another round of foreclosures that will make the sub-prime difficulties of ’07 and early ’08 look small by comparison. There’s been a substantial amount of talk that the government is looking to try and keep people in their homes by forgiving part of the principal and rolling back the interest rate at least for a while but we’ll have to see if that materializes. My general feeling is that a policy of that nature will just delay the ultimate economic recovery.
Looking at the rest of the numbers we see that the numbers of new listings for ’08 is about the same as occurred in ’07. But interestingly the median list price for those new listings in ’08 was higher than the figure for ’07. So let me see, the list price goes up for ’08 and the sales price goes down. Hmmm, how does that work?
The numbers of properties that went into escrow fell by about 10% for ’08 but the numbers of sales went down by about 14%. For most of the year sales were down about 20% compared to ’07 so we actually saw a rally at the end of ’08 which will hopefully continue into ’09.
Finishing up the Home Estate/PUD figures we’ll take a look at the Districts starting with Carpinteria/Summerland which had only about 6% fewer sales but about a 20% reduction in the median sales price. Montecito sales were about 20% behind ’07 for most of the year but finished ’08 about 16% down. The median sales price which was up about 15% for most of the year finished about 10% up. East of State St saw sales drop by over 20% but the median sales price fell only 4%. West of State had about 28% fewer sales but the median sales price fell about 12%. Hope Ranch had a tough year with sales falling over 40% and the median sales price falling about 13%. In both Goleta South and Goleta North sales were up 13% and 7% respectively but the median sales price fell in both places ny 18% and 14%.
For Condominiums,’08 was a tough year compared to ’07. The sales were down over 20% and the median sales price fell by about 15%. Taking a month by month look at sales the pattern resembles what happened with Home Estate/PUDs except offset by a month. Sales were slow for condos until April ’08 then they set a pace of about 20 to 25 units all the way through November. But December saw the sales numbers fall dramatically. Normally we think of Condos as leading the way in the marketplace but at least for ’08 they trailed the Home Estate market by a month.
Condo sales remained sluggish throughout the year despite the seller’s willingness to come down substantially in their price expectations. We saw the sales price to original list price ratio dip down into the mid-eighties for much of the year which means that the sellers got about 15% less than what they would have liked to have gotten for their properties.
All year it seemed like there was a new condo project coming online but at the end of the year the new condo listings were down about 11% for the year and the median list price of those new properties went down about 8% from the previous year.
Taking a look at the districts around town we see that for ’08 in Carpinteria/Summerland the numbers of sales was down almost 30% with the median sales price falling about 17%. For Montecito the numbers of sales also fell about 30% but the median sales price for the area went up by about 13%. East of State St had sales down by about 40% with the median sales price declining by about 27%. West of State St showed sales down by about 17% while the median sales price fell by about 19%. Out in Goleta South unlike with Home Estate/PUDs the numbers of units sold fell by about 20% but also unlike Home Estate/PUDs the median sales price went up by about 5%. In Goleta North sales weren’t down as far dropping by about 10% but the median sales price fell by 16%.
Looking at ’09 for both the Condo and Home Estate/PUD market a lot will depend on what the government does. If they decide to try and keep people in their houses even if they are defaulting on their loans any recovery will be kicked down the road by at least 6 months and maybe substantially longer. If the government decides to let the foreclosures go forward the market will find its level much quicker and we’ll be able to get on the road to recovery.
There is some glimmer of hope for the Short Sale market where the seller owes more to the bank than the property is worth. We have been told by the lenders that this process will be speeded up from the current 6 to 9 months it takes to complete a sale to closer to 30 days.
Currently confidence is at almost a record low. This lack of confidence does not bode well for the housing industry. The quicker we get to a place where people can look down the road farther than the next stop sign and feel that they at least have an idea of where things are going the quicker we’ll get the economy moving again.
Gary Woods
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is down by about 10% for the year with the numbers of new listings falling only about 2%. With the inventory down by 10% it’s interesting that the numbers of escrows is only down by about 6% with the numbers of sales down by exactly the same number. Despite this rather mild drop in the numbers of sales the average sales price decline of 12% gives us a drop in the overall sold volume of 18%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings is exactly where it was last year at this time with the numbers of new listings falling by a miniscule 1%. With things flat in the inventory department it’s very good news that the numbers of escrows is up by 8% with the numbers of sold properties up by 11%. This increased activity is not without a little bit of pain however with the average sales price declining by 16% and the overall sold volume falling by 6%.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is down by 45% dropping from 22 listings in ’07 to 12 listings this year and the numbers of new listings falling from 17 last year to 10 this year for a 14% drop. With the inventory down the numbers of escrows is sure to follow with a 57% decline but the sales are down by just 38%. The average sales price has slipped by 23% which when you put it all together gives us a whopping 53% decline.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is off by 23% for the year with the numbers of new condo listings even farther at 35%. With that dramatic a drop in the inventory it’s amazing that the numbers of escrows is down by only 12% and the sales off by 18%. It’s been a tough year everywhere for condos but not quite as bad for Goleta South. The sales are down by 22% but the average sales price is down by only 5%. But the overall sold volume has declined by 22%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is up by about 5% for the year compared to ’07 but the numbers of new listings is down by about 7%. The big push is in the numbers of escrows for the area which is up by 34% with the sales up by 20%. With all this increase in the numbers of units sold the overall sold volume has fallen but only by 2%. But the average sales price has declined by about 20%.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South has the inventory for the year down by 20% with the numbers of new listings off by 35%. This drop in the numbers of units to sell leads to a drop in the numbers of escrows which are down by 44% as are the numbers of sales. With the average sales price down by 33% we see a drop in the overall sold volume of 63%.
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 have been almost exactly the same numbers of listings this year compared to last with the number of new listings rising by 8%. Unfortunately that’s where the plus numbers stop. The numbers of escrow has seen a 44% decline with the numbers of sales dropping by 45%. The average sales price has slipped by 28% with the overall volume plummeting by 61%.
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 Estatethe total inventory for ’08 is almost exactly what it was in ’07 at this time. The numbers of new listings is up by just 1% but the numbers of condos going into escrow is down by 13% with the numbers of sold condos slipping by 15%. The average sales price has also dipped by about 15% but the overall sold volume is down by 30%.
For Home Estates in the Santa Barbara Real Estatearea of West of State the total homes available is down by 12% for the year and the numbers of new listings is off by 15%. With this decline in the inventory you’d expect a fall in the numbers of listings going into escrow and you’d be right. But escrows are down a little farther at a 22% drop and sales are down even further at a 30% drop. This fall is despite a 12% drop in the average sales price giving us a 38% drop in the overall sold volume.
The PUD market for the Santa Barbara Real Estatearea of West of State St very little activity has occurred this year. The overall inventory is down by 66% with the numbers of listings down even further to a 70% drop. But interestingly enough despite the fall in the numbers of properties to sell the numbers of escrows is exactly the same as last year with the sales actually 1 ahead. This slight rise in activity gives us a wash in the overall sold volume but a 16% decline in the average sales price.