For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for ’09 we’ve had 13 sales with a median sales price of $970,000. This compares to ’08 when there were 14 sales with a median sales price of $1.325 million. The average sales price lengthens the equation out a little further with ’08 showing up at about $1.6 million compared to ’09 which is just over $1 million. The average days on the market for the East Side are not inconsiderable. It’s taken about 148 gets to get an accepted offer over there with another 48 days throw in for escrow time. That brings the total to just less than 200 days to get a completed escrow.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 3 sales with a median sales price of $850,000 which is about $120,000 above the median sales price posted for this time last year. Unfortunately it’s almost half as many sales as we saw last year. The average sales price flips over however. In ’08 for this period the average condo sold for about $920,000 and this year the average is about $736,000. The average days on the market for the East Side is a rather zippy 56 with another 24 added on for escrow time. This adds up to 61 days total for the properties that closed.
From 1/1/09 to 2/19/09 in Montecito Real Estate for the Home Estate/PUD market there were 7 sales with a median sales price of $2.5 million. This compares to ’08 when there were 17 sales and the median sales price was $4.2 million. There’s an even bigger gulf with the average sales price which resided last year at about $5.9 million compared to this year when it rests at about $2.4 million. The average days on the market for Montecito Home Estate/PUDs are 112 and when you add on another 42 days for escrow time it’s taking about 156 days to get a Montecito Home sold.
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 3 sales in the Carpinteria Real Estate/Summerland Real Estate Home Estate PUD market compared to 5 for the previous year. The median sales price of ’09 however has been right around $600,000 compared to last year when it was about $950,000. The difference gets even bigger when you look at the average sales price for ’08 which was about $2.2 million compared to ’09 when it’s been about $560,000. The Average Days on the Market for those 3 sales this year is 103 which is the time it took to get an accepted offer and you tack on another 93 days for escrow time and we’re looking at almost 200 days to get a home sold.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate for the same time period there were 3 sales this year compared to only 2 the previous year and the median sales price is almost exactly where it was last year. For ’08 the median sales price was $372,500 and in ’09 it’s $340,000. The average sales price for both years is also very close separated by $17,500. The Average Days on the Market this year 165 for condos and tacking on another 46 days for escrow time we’re looking at about 211 days to get a condo closed for Carpinteria/Summerland.
For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market the area Median Sales through February 12th is $684,500 with 18 sales compared to last year when it was $810,000 on 15 sales. So this tells us the market is going in 2 different directions with the median sales price down by about 16% but the numbers of sales are up by 20%.
For the gap report both years come in almost exactly the same. In ’08 there was a gap of just over 16% and for ’09 that gap is just under 17%.
For the Goleta Real Estate North condo market there is no median sales price this year because there have been no sales. Last year there were 3 sales through February 12th with a median sales price of $470,000.
For the Gap report in ’08 there was just $5,000 difference between the median list price and the median sold price and again this year no sales yields no gap.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price through February 12th has been $787,500 on 6 sales while last year it was $785,000 on 7 sales. It looks now like the median sales price for the area is starting to stiffen while the numbers of sales is remaining stable.
Now for the gap report for Goleta south. Last year there was a small gape of 2% with a median list price of $800,000 and a median sales price of $785,000. This year the gap has grown to about 35% with a median list price of $1.21 million compared to a median sales price of $787,500.
For the condo market in Goleta Real Estate South the median sales price of $375,000 on 3 sales doesn’t look too good compared to ’08 when it was $590,000 on 7 sales. This translates out to about a 37% drop in the median sales price and more than a 50% in the numbers of sales.
The gap report for amplifies those numbers when was see ’08 had just a 1.5% gap and ’09 has given us a 29% gap with a median list price of $525,000 and a median sales price of $375,000.
For Santa Barbara Real Hope Ranch Real Estate area there has been only 1 sale for $2.175 million compared to last year when there were 2 sales with a median sales price of $2,080,000. Roughly 2 million seems to be about where we’ve been for the past half year out in Hope Ranch. Hopefully the numbers of units sold will pick up.
Looking at the gap report for Hope Ranch this year it stands at almost 38%. The median list price for the area is about $3.5 million and the one sale came in at $2.175 million. Last year the gap was about 20% with a median list price of about $2.6 million and a median sales price of $2,080,000.
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/PUD is currently $912,000 on 13 sales and last year it was about $1.1 million on 10 sales. So with the median sales price down about 17% and the numbers of sales up 30% things actually pretty good on the West Side.
The gap between the median sales price of $912,000 and the median list price of $980,000 is only 0.5% this year but last year that gap was slightly wider at 6.9%. Hopefully West Side Home Estate sales will be leading the way for the rest of the area.
For the Santa Barbara Real Estate West Side condo market the median sales price has fallen to $520,000 on 3 sales from $691,500 last year on 6 sales. So with the median sales price down by about 25% and the numbers of sales down by 50% the condo market on the West Side is directly reversed from what we see in the Home Estate market.
The Gap Report really amplifies the sales and sales price numbers. In ’08 the gap was just 1.1% but in ’09 that gulf has widened out to 40.2% with a sales price of $520,000 and a list price of $869,000.
For Santa Barbara Real Estate area East of State St area the Median Sales price through February 12th has been $945,000 on 12 sales. The sales are just 1 behind the ’08 figures but the median sales price has fallen about 25% from $1.25 million last year to $945,000 this year.
As far as the gap ratio or the median list price versus median sales price for ’08 it was only 5.7% apart but this year it stands at about 35%. Interestingly while the sales prices come down the properties that come on the market continue to go up.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate the median sales price is actually up about 17% from where it was last year. But the numbers of sales is down by half. Again, all these numbers are rather small so trying guess whether this is a trend or an anomaly is difficult.
Now for the gap report, in ’08 the gap was 16.7% but this year there actually is no gap with the median sales price coming in at $850,000 and the median list price showing up at $799,000.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through February 12th has been $2.5 million with 7 sales. This compares to ’08 when there were twice as many sales and the median sales price was $4.35 million. A 42.5% drop in the median sales price and a 50% drop in the numbers of sales is definitely something catches your attention.
As big as the median sales price and numbers of sales are the gap ratio is even bigger. In ’08 the difference between the median sold and median list numbers was a positive 25% meaning that the sales price was actually above the list price. In ’09 those numbers are totally reversed with the median list price standing at $4.4 million and the median sales price coming in at $2.5 million for a 94.3% gap.
For the condo market in Montecito Real Estate there is no median sales price because there have been no sales. Last year there was 1 sale at this time for $1.75 million. Since we have no sales we have no gap this year but last year it was a razor thin 1.7%.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price so far in ’09 is $585,000 on 3 sales. This is down about 30% from last year at this time and that was on 4 sales. These numbers are obviously early but a 30% drop year over year is significant.
The gap, which is the difference between the median sales and median list price, was 36.6% last year which was substantial but this year it’s a huge chasm standing at 63.3%. The median list price for the area is currently about $1.6 million with the median sales price not even at $600,000.
For the Carpinteria Real Estate/Summerland Real Estate condo market the current median sold price is $340,000 on 3 sales while last year with just 2 sales it stood at $372,000. This 8.7% difference is basically insignificant as is the difference in the numbers of sales.
For the gap both years are also very close together. In ’08 it was 37.8% and in ’09 we’re at 35.2%. It looks like for a while anyway Carpinteria/Summerland condos have found their level. We’ll have to see if that changes throughout the year.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is up by 30% and the numbers of new listings is up by 88%. All those condos have led to a doubling in ’09 of the properties that went into escrow but so far none of those escrows have closed because there are 0 sales compared to 3 in ’08.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings are down by 33% with the numbers of new listings down by 40%. With dramatically fewer properties to sell the numbers of escrows for ’09 is only down by 1 and the numbers of sales is up by 1. The big number however is the average sales price which dipped from just over $1 million last year to under $700,000 this year.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is up by 1 from last year but neither year saw any new listings. Escrows are up by 1 this year but sales are down by 2 with 0 being rung up this year.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is down by 50% for ’09 with the numbers of new condos coming on the market down by 62%. That dramatic fall in the inventory has given half the numbers of escrows we saw last year and 66% fewer sales. But amazingly those condos that have sold this year are up by 13%
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is down by 13% the numbers of new listings down by 6%. But with the inventory down the numbers of escrows is up by 85% with the sales exactly at the same level they were last year. But to achieve those numbers the average sales price is down by 23%.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South has the inventory for the year exactly where it was last year but the new listings are 1 ahead of the ’08 level. Both years showed up escrows opened at this time but both years also have 1 sale but in ’09 that sale was $1 million and in ’08 that sale was $615,000.
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 the inventory has more than doubled peaking out at a 58% rise and the numbers of new listings is up by 14%. With all those homes to sell you’d think things would be rolling in Hope Ranch but there were only 2 escrows for both years and 2 sales last year with 1 this year. The average sale is up slightly for ’09 reaching $2.175 million.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate saw no activity.
The Condo market for the West of State St area of Santa Barbara Real Estate the total inventory for ’09 is up by 14% but the numbers of new condos that came on the market this year is down by 40%. Despite that fall in new condos the escrows are up by 25% but the sales are down by 40%. But despite that dramatic drop the average sales price is down just 10%
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes available is down by 7% with the numbers of new listings down by 27%. With the inventory down you’d think the numbers of escrows and sales would be down but escrows are up 90% and sales are up 33%. To get that rise in numbers of sales the price on the West Side has come down about 20%.
The PUD market for the Santa Barbara Real Estate area of West of State St very little activity has occurred this year. Last year there were 2 listings and this year there are none. There were no new listings in either year and there was 1 escrow in ’08. All the rest of the numbers are goose eggs for both years.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year is down by just 3% with the numbers of new listings off by 8%. The interesting part is with few condos to sell the escrows are up by 25% but the sales are down by 40%. Then to complete this whacky romp the average sales price is up by 11%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings is down by 21% with the numbers of new listings down by 32%. The good news is that even though there are fewer properties to sell the escrows are down by only 1 from ’08 and the numbers of sales is down by just 2. Unfortunately what has fallen is the average sales price which is down by about 40%.
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 5 properties to sell and this year there are 2. But there is 1 more new PUD than there was at this time last year. The rest of the numbers are goose eggs. No escrow and no sales for either year.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available for the year is down by 4% but the numbers of new listings is surging ahead at 66%. Unfortunately those new listings have led to no new escrows and we’re still waiting for our first sale of a Montecito condo for ’09. But then again ’08 only had 1 escrow and 1 sale at this time.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of listings is up by 38% and the numbers of new listings is up by 41%. With that entire inventory you’d think there were be a lot of new escrows. Well, escrows are down by 13% and sales are down by 46%. But the biggest decline is in the average sales price which went from $6.7 last year to $2.4 this year.
For the PUD market in Montecito Real Estate there have been just 2 listings this year but that’s 1 ahead of last year. The new listings are the same at 1 and 1 for both years but all the rest of the numbers are 0s. We had no escrows and no sales for either year.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through February 7th the inventory is down about 12% compared to last year but the new listings are ahead by 16%. Also there are double the amounts of condos in escrow from where we were last year with the sold volume holding at exactly the same level as in ’08. Even the average sales price is up in the area by 10%.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through January 7th is up by 32% and the new listings are up by 23%. With more homes to sell we’ve got more escrows and they’re up by a whopping 66%. Unfortunately the sales are behind last year’s level but only by 1. But the average sales price has fallen by almost 40%.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate there’s basically nothin’ goin’ on. Last year there was 1 listing at this time and all the other numbers are 0.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first month of ’09 in the Single Family Home market 9 homes closed escrow and 9 homes closed escrow in ’08. But last year the median sales price was $780,000 and this year it’s $686,000. So far this year 16 escrows have been opened with a median list price of $799,000 and last year 14 escrows had been opened with a median list price of $869,000. Thus far this year 15 new listings have appeared with a median list price of just under $1 million. But last year 26 new listings showed up with a median list price of $900,000. Right now there are 40 Home Estate/PUDs available for purchase in Goleta North with a median list price of $1.159 million and average days on the market of 99.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first month of ’09 in the Condo market nothing has sold but 2 condos did go into escrow with a median list price of just $128,800. Last year there were 2 sales with a median sales price of $529,500 and 2 escrows with a median list price of $399,900. This year 12 new condo listings showed up with a median list price of $489,900 compared to last year when 6 new condo listings appeared with a median list price of $519,500. Right now there are just 21 condo listings available for purchase in Goleta South with a median list price of $479,000 and average days on the market of 71.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first month of ’09 in the Single Family Home market 4 homes closed escrow with a median sales price of $862,500 and last year for the same period 6 homes closed escrow with a median sales price of $922,500. The good news is that this year 11 homes entered escrow but the median list price I just $659,000. This compares to last year when there were just 4 escrows opened with a median list price of $829,000. So far this year 11 homes have come on the market in Goleta South with a median list price of $769,000 and last year there were 14 new listings with a median list price of $800,000. Right now there are just 33 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.35 million and average days on the market of 154.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first month of ’09 in the Condo market 2 condos closed escrow with a median sales price of $657,250. This compares to last year when there were 5 sales with a median sales price of $570,000. So far this year there have been 4 escrows open with a median list price of $349,900 and in ’08 there were 6 escrows opened with a $625,000 median list price. Only 4 new condo listings came on for ’09 with a median list price of $375,500 and in ’08 there were 12 new listings with a median list price of $574,000. Right now there are 15 condos available in Goleta South with a median list price of $566,000. Those 15 condos have been on the market an average of 174 days.
For the Santa Barbara Real Estate area of Hope Ranch Real Estatefor the first month of ’09 in the Single Family Home market there were no sales but 2 properties did go into escrow with a median list price of $2.55 million. Last year for the same period there were 2 sales with a median sales price of just over $2 million but only 1 escrow opened with a median list price of $4.395 million. 7 new properties came on the market this year with a median list price of about $4.2 million and last year 4 came on for the same period with a median list price of $2.295 million. Currently there are 23 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of about $4.2 million. Those 23 homes have been on the market on average 130 days.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first month of ’08 in the Condo market there was no activity.
For the Santa Barbara Real Estate area of West of State St for the first month of ’09 in the Single Family Home market 6 properties closed escrow with a median sales price of right around $1 million. This compares to only 4 sales last year with a median sales price of just over $1 million. There have been 17 escrows open this year with a median list price of $870,000 compared to last year when there were only 8 escrows opened with a median list price of $869,000. So far this year 26 Home Estate/PUDs appeared on the market with a median list price of $950,000 and last year there were 35 new listings for the period with a median list price of $875,000. Currently there are 86 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $995,000 and 136 days on the market and average days on the market of 136.
For the Santa Barbara Real Estate area of West of State St for the first month of ’09 in the Condo market 2 condos closed escrow with a median sales price of $710,000 compared to ’08 when there were 4 sales with a median sales price of $824,000. Only 2 condos have entered escrow this year with a median list price of $399,000 compared to ’08 when there were also 2 escrows opened but the median list price was $439,000. There have been 8 new condos come on the market on the West Side of Santa Barbara with a median list price of $549,900 compared to last year when there were 18 new condo listings with a median list price of $599,000. Currently there are 49 condos available for purchase on the West Side of Santa Barbara with a median list price of $795,000. Those 49 condos have been on the market for 184 days.
For the Santa Barbara Real Estate area of East of State St for the first month of ’09 in the Single Family Home market 7 homes sold with a median sales price of just under $1 million. This compares to ’08 when there were 11 sales with a median sales price of $1.25 million. 11 properties went into escrow in both years but this year the median list price has been $1.47 million and last year it was $1.289 million. 37 new properties have come on the market with a median list price of $1.495 million and last year 41 new properties came on with a median list price of just about $1.2 million. Right now there are 109 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.45 million and average days on the market of 114.
For the Santa Barbara Real Estate area of East of State St for the first month of ’09 in the Condo market 2 condos have closed escrow with a median sales price of $679,000 compared to last year when 5 sold with a median list price of $699,000. For good news is that this year 4 condos went into escrow with a median list price of $779,000 compared to last year when only 2 condos started the buying process with a $699,000 median list price. 19 condos have come on the market with year with a median list price of $779,000 compared to last year when 12 properties appeared with a median list price of $659,000. Right now there are 42 condos available on the East Side of Santa Barbara with a median list price of $779,000 and average days on the market of 126.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first month of ’09 in the Single Family Home market 6 homes closed escrow but the median sales price dropped to $1,719,500. This compares to ’08 when there were 8 sales but the median sold price was $5.375 million. There were 10 homes that went into escrow with a median list price of $2.32 million but when you figure in the 78% Sold Price to Original List Price Ratio you come up with a possible median sold price of about $1.8 million. 42 Home Estate/PUDs came on the market in ’09 with a median list price of $3.375 million compared to ’08 when there were 25 new listings with a median list price of $2.85 million. Currently there are 169 Home available for purchase in Montecito with a median list price of $4.35 million and average days on the market of 162.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first month of ’09 in the Condo market nothing has sold and nothing went into escrow. This compared to last year when there was 1 sale for $1.75 million and 1 escrow for $2.45 million. There were 3 new condos that came on this year with a median list price of about $2.2 million compared to last year when there were 2 new listings with an average list price of just about $1 million. Right now there are 14 condos available for purchase with a median list price of just under $2 million and average days on the market of 142.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for the first month of ’09 for the Home Estate/PUD market there was 1 sale for $500,000. This compares to last year when there were 3 with a median sold price of $946,125. One the brighter side 3 properties did go into escrow this year but they had a median list price of $668,666 whereas last year there were only 2 that went into escrow but the median list price was $5.7 million. For ’09 12 new properties came on the market with a median list price of just over $1 million compared to last year when 7 came on with a median list price just under $1 million. Right now there are 70 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.3 million. The average days on the market for those 70 Homes are 162 days.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for the first month of ’09 in the Condo market 1 condo sold for $485,000 compared to last year when there were 2 sales but the median sold price was $372,500. 3 Condos did go pending this year with a median list price of $375,000 compared to 2 last year with a median list price of $279,900. 9 new listings appeared on the horizon for ’09 with a median list price of $625,000 compared to ’08 when 10 new condos showed up with a median list price of $549,000. Right now there are 33 condos available in the area with a median list price of $625,000. The average days on the market for those 33 condos are 142 days.
Starting ’09 for the Home Estate/PUD market in Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate we see basically the same amount of activity as there was at the beginning of ’08. The overall sales numbers are down slightly from the ’08 level but the good news is that the numbers of properties going into escrow is up substantially from where it was at the beginning of last year.
Even though the sold activity is about at the same level and the pending activity is up, the median sales price is down about 20% year over year and the median list price of homes going into escrow is down even further by more than 30%. This 30% drop in the pending listing’s median list price becomes even more acute when you figure in the Sales Price to Original List Price Ratio which is currently in the low 80s. This means that if a property was listed for $1 million it sold for about $830,000. What that means is that if the ratio continues for the pending properties the median sales price will be closer to $700,000 than $800,000.
The reason for the fall in the median sales price is that the vast majority of the homes purchased were sold for under $1 million. Even though the median sales price for January was about $900,000 the “hot market” started all the way down around $350,000 and stayed constant up to about the $1 million level. The $1 million to $2 million bracket accounted for less than a third of the sales and from $2 million on up there was only a handful of closings with the highest priced property going out at just under $5 million.
Looking at the Districts it’s difficult to determine a trend with so little data but starting with Carpinteria/Summerland we see that sales of Home Estate/PUDs are down as is the median sales price but the pending sales are up compared to ’08. In Montecito numbers of sales are down slightly but the median sales price is down dramatically and is currently below $2 million. This change looks even bigger because at this time last year the median sales price for Montecito was over $5 million.
On the East Side of Santa Barbara the numbers of sales are down slightly but the median sales price has dipped by about 20%. Throughout ’08 the numbers of sales was way down for the East Side but the median sales price remained basically constant so we’ll have to see if this drop in price will spur buyers. The pending properties are also just slightly behind last year’s level but the median list price of those pending properties is down more than 30%.
On the West Side of Santa Barbara sales are actually above where they were last year but the median sales price is down from where it was last year. Even more important, the pending sales for the West Side are about double where they were last year but the median list price for those pending properties is below the ’08 level.
In Hope Ranch ’09 starts with a goose egg for sales but 2 pending listings. This compares to last year when there were 2 sales but only 1 pended listing.
For Goleta South we’re at about the same sales level we were at last year but the median sales price has slid down about 10%. The good news is that the properties entering escrow for ’09 is almost triple what it was in ’08 but the median list price for those pended properties is down about 20% year over
year.
Finishing up with Goleta North we see that sales are slightly ahead of the ’08 level but the median sales price has dropped about $100,000. And like Goleta South pended properties are ahead of last year with the median list price down about $70,000 for those properties.
For the condo market ’08 started with about 20 sales but in ’09 the number is closer to 10. The median sales price has also declined about 15% from ’08 and the days on the market are up about 20%. There is a glimmer of hope in that the numbers of condos going into escrow is up from ’08 but the bad news is that the median list price for those condos is down almost 40% from the previous year. You couple that drop in the median list price for condos with an 85% sales price to original list price ratio and that’s a big drop.
Over half the sales activity for condos in January ’09 was below $550,000 but there were a few sales in the $900,000 to $950,000 bracket. Looking at the pending numbers for ’09 we see that the trend continues and actually accelerates. Most of the properties going into escrow are below $400,000 with a couple at the $550,000 to $599,999 level and only 1 in the $950,000 to $999,999 bracket. The over $1 million condo market has been non-existent for the last couple of months.
Looking at the Districts starting out in Carpinteria/Summerland the sales are about the same as last year and the median sales price is actually up. Also the numbers of pended listings is up as well as the median list price for those pended listings.
In Montecito there were no sales or condos that went into escrow in January, but that’s basically where we started out 2008. On the East Side the numbers of sales is down by about half but the median sold price is essentially where it was last year. The pended listings however have about doubled with the median list price for those pended listings sliding only slightly
On the West Side sales are down by about half with the median sales price going down by about 14%. The pended properties are about the same for both years but the median list price for those properties is down by about 10%.
Out in Goleta South the numbers of sales is down by more than half but what sold went out for about $90,000 over last year’s prices. The pended listings are also down with the median list price for those properties off by more than 40%.
Finishing up with Goleta North so far there have been no sales but 4 condos went into escrow, which compares to last year when there were 2 sales with 2 pending escrows.
At this point for both the Home Estate/PUD and Condo market the key word is tentative. There are definitely buyers out in the market place because of the substantial attendance at open houses and the increase in escrows. But those buyers who are stepping up to the plate are predominantly concentrated in the sub $1 million range. The upper end of the market has gotten very quiet at the beginning of the year after finishing ’08 rather strongly.
The condo market at this point is continuing to decline both in the numbers of units sold and the median sales price for those units. There has been some encouraging news in the numbers of condos that have gone into escrow but those possible sales are concentrated below $400,000.
There are some bright spots for the Santa Barbara Real Estate area. One is the West Side where the numbers of Home Estate/PUD sales is up and the numbers of pending listings is almost tripled what it was last year. Then there’s Goleta South where the numbers of properties going into escrow is more than double the previous year. And finally the East Side Condo market has seen substantially more properties go into escrow compared to last year. Hopefully the rest of the town will catch up to those paces.
Gary Woods
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs 9 sales for the period with a median sales price of $686,000. This compares to last year when there were 8 sales but the median sales price was $804,500. During this period 15 new listings came on the market with a median list price of just under $1 million and last year 24 homes came on the market but the median list price was $900,000. This year pending properties number 16 with a median list price of $775,000 and last year there were only 11 pended properties but the median list price was $880,000. Currently there are 44 Home Estate/PUDs available for purchase in Goleta North with a median list price of $957,000 and 102 days on the market.
For the condo market in Goleta Real Estate North there was no sales and only 2 properties went into escrow with a median list price of $128,800 and last year there was just 1 sale for $470,000. During the same time period 10 new condo listings showed up with a median list price of $489,900 and last year 5 new listings came on the market with a median list price of $589,000. Right now there are 19 condos for sale in Goleta North with a median list price of $489,900.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 5 properties closed escrow from December 24th ’08 to January 24th ’09 with a median sales price of $1 million. This compares to the previous year when there were also 5 sales but the median sold price was $780,000. During that time period 11 new listings appear with a median list price of $769,000 and last year for the same time period there were 15 new listings with a median list price of $800,000. This year 11 properties went into escrow with a median list price of $659,000 and last year there were only 4 escrows that opened with a median list price of $829,000. Right now there are 32 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.35 million and 152 days on the market.
For the condo market in Goleta Real Estate South shows us only 1 sale for the period with a sales price of $375,000. Last year at this time there were 4 sales with a median sales price of $490,000. For the same period 2 condos came on the market with a median list price of $575,000 and last year at this time there were 10 new condo listings with a median list price of $566,000. So far this year 2 condos have gone into escrow with a median list price of $575,000 and last year there were 4 escrows opened with a median list price of $514,490. Right now in Goleta South there are 16 condos available with a median list price of $566,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of December 24th ’08 to January 24th ’09 there were no sales compared to 2 the previous year which had a median sales price of $2,080,000. During the same time period 4 new Home Estate/PUD listings came on the market with a median list price of $4.195 million. Last year there were 3 new listings with a median list price of $4.395 million. So far this year no escrows have been opened in Hope Ranch and last year there was just one with a list price of $4.395 million. Right now there are 22 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of just under $4 million and an average list price of $5.8 million. Those homes have average days on the market of 148.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.