In the Goleta Real Estate South area there are 44 Home Estate/PUDs available which is 2 more than were available 5 weeks ago. The average list price is about $1.4 million for the area with the median list price at just about the same number. The most expensive home available for purchase is on the market for $3.15 million while on the other end of the scale there’s a home on the market for $549,000.
Right now there are 18 properties in escrow with an average list price of about $760,000 and a median list price of $649,000. The highest priced property in escrow is on the market for $1.675 million while the cheapest property in escrow was available for $399,000.
So far this year 20 homes have sold with an average list price of about $775,000 and a median sales price of $630,000. Topping the charts is a home that closed escrow for $1.7 million while on the other side of the ledger is one that sold for just $280,000.
For condos on the South Side of Goleta Real Estate we currently have 23 units available which is one less than was on the market 5 weeks ago. The average list price for those 23 is about $480,000 with the median list price just $20,000 higher. The most expensive condo available on the South Side of Goleta is listed for about $750,000 while the least expensive is about $220,000.
There are 10 condos in escrow right now with an average list price of about $365,000 and a median list price of $309,000. But the most expensive condo in escrow was on the market for just under $600,000 with the lowest priced condo in escrow listed at just under $200,000.
So far this year only 9 condos have sold with an average list price of about $480,000 and a median list price for about $390,000. The priciest condo that made it through the selling process left the gates at $939,500 while the lowest priced condo changed hands for $325,000.
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 25 properties available which are 3 up from where it was 5 weeks ago. The average list price for the area is $5.2 million with the median list price down out $3.85 million. The highest priced listing in Hope Ranch is just under $20 million while on the other side of the scale you can live in the Ranch for just $819,000.
Right now there are 2 pending properties with an average list price of $3.9 million but a median list price of $2.2 million. The highest priced home in escrow is listed for $5.6 million while the least expensive is $2.2 million.
So far this year there have been 3 sales with an average sales price of $2.5 million and a median sales price of $2.5 million. The highest price sale of the 3 closed for $2.8 million while the lowest priced property slid out the door at $2.175 million.
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 89 Home Estate/PUDs which is almost exactly where it was 5 weeks ago. The average list price on the West Side is about $1.2 million with the median list price showing up at $969,500. Topping the charts for a possible new home is one at $2.9 million while at the other end of the spectrum is one at $489,000.
There are 26 homes in escrow on the West Side with an average list price of just over $800,000 and a median list price just slightly farther down at $784,000. The highest price Home in escrow right now is listed for about $2 million while the least expensive property was on the market for $784,000.
There have been 38 sales on the West Side this year with an average sales price of just over $900,000. The median is a lot farther down however at about $715,000. The highest priced sale on that side of town was $2.125 million while the least expensive was just $230,000.
For the Condo market on the West Side of Santa Barbara Real Estate there are 48 units currently available which is down 4 from 5 weeks ago. The average list price is about $900,000 while the median list price is just under $900,000. Topping the charts is a condo listed about $2.595 million while on the other end of the scale is one that can be had for just $219,000.
Right now there are 9 condos in escrow with an average list price of about $500,000. The median list price is almost exactly the same number with the highest priced condo in escrow listed at $675,000 and the lowest priced condo in escrow at just under $400,000.
So far this year 12 condos have closed escrow with an average sales price of about $620,000. The median sales price is about $100,000 farther down however while the highest priced condo sale this year was about $1.1 million. On the other side of the ledger the least expensive condo sale was $310,000.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 146 Home Estate/PUDs available for purchase which is about 20 more than were available 5 weeks ago. The average list price on the East Side is about $1.9 million with the median list price a little lower at $1.485 million. The highest asking price for the area is $11.9 million with the lowest priced property available at just under $400,000.
Right now there are 31 Home Estate/PUDs in escrow on the East side with an average list price of about $1.1 million. The median list price is just below $900,000 however but the highest priced listing in escrow is on the market for just under $3 million. Down at the other end of the scale the least expensive property in escrow is on the market for $359,900.
So far this year 37 Home Estate/PUDs have been sold with an average sales price of about $1.05 million. This median sales price is about $100,000 south but the highest priced home went out at just about $3.2 million. On the other end of the market the least expensive sale was just $312,000.
The condo market for the East Side of Santa Barbara Real Estate has 39 properties for sale which is down about 10 form 5 weeks ago. The average list price for a condo is about $790,000 while the median list price is about $100,000 below that figure. The highest priced condo available on the East Side is on the market for about $1.6 million while the least expensive condo could be snapped up for $370,000.
There are 9 condos in escrow right now with an average list price of about $550,000. Just like the other figures the median list price is about $100,000 farther down but the highest priced condo in escrow tops the charts about $1.15 million while the least expensive condo in escrow is listed about $379,900.
So far this year 10 properties have closed escrow with an average sales price of $628,950. The median sales price is again about $100,000 below that figure with the most expensive condo leaving the gate at $940,000. On the other side of the ledger the lowest priced condo sold for $418,000.
For Santa Barbara Real Estate in the Montecito Real Estate are there are currently 205 Home Estate/PUDs available. This number is up about 25 from about 5 weeks ago. The average list price for the area is about $6.5 million with the average showing up at about $3.85 million. The highest priced listing at the area is still at $47 million with the least expensive property listed at just under $900,000.
Right now there are 11 homes in escrow in Montecito with an average list price of about $2.8 million. The median list price is just under $2 million however which is down about $1.3 million from last year. The highest priced property in escrow at this time is listed at about $9.5 million while the least expensive property in escrow is listed for $1.275 million.
Through April 17 there have been 26 Home Estate/PUDs complete the buying process and those 26 have an average sales price of about $2.5 million. The median sales price is just slightly farther down at $2.35 million. The most expensive home in Montecito so far in ’09 sold for just under $6 million with the lowest priced home closing at $825,000.
For the Condo market in Montecito Real Estate there are currently 23 properties available with an average list price of about $1.9 million. The median list price is just slightly south of that number at $1.75 million. The highest priced condo listing now on the market is listed for $3.495 million with the least expensive listing way down at $715,000.
Right now there are no condos in escrow but 1 has closed escrow this year at $679,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market there are currently 79 properties available for purchase. This number has remained stable for about a month. The average list price for those 79 has grown however. Right now the average is $4.1 million with a median list price of $1.365 million. The highest priced listing tops the charts at just under $30 million with the least expensive property way down at $379,900.
Right now there are 9 Home Estate/PUDs in escrow with an average list price of about $2 million. The median list price however is a lot farther down at $580,000. The highest priced property in escrow is listed at $7.5 million with the least expensive home in escrow listed at just under $500,000.
There have been 10 sales so far this area in Carpinteria/Summerland with an average sales price of $1.3 million but an average sales price of $600,000. The most expensive home went out at $6.3 million with the least expensive home sliding out the door for $500,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate 29 properties available this is down from where it was a month ago. The average list price for the area is about $900,000 while the median list price is just under $600,000. The most expensive condo is on the market for $5.9 million while the least expensive property is on the market for $242,900.
There are currently 13 condos in escrow in the area with an average list price of about $380,000 and a median list price above that at just under $400,000. The highest priced condo in escrow is about $500,000 and the least expensive condo is listed at $234,900.
So far this year there have been 8 condo sales with an average sales price of about $440,000. The median is a little farther down at $390,000 and the highest priced sale went out at $650,000. The least expensive condo left the gate at $240,000.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 1/1/09 to 4/9/09 there have been 36 sales. Just like with Goleta South throughout the year the numbers of sales for Goleta North have been ahead of the ’08 figure but currently they are sliding back. The gap between this year’s median sales price and last year’s is wider than on the South side and currently stands at about $150,000 below last year’s figure. In ’08 the median sales price was $851,000 and currently for the North it’s at $700,000. For those 36 sales the average days it took to get an accepted offer has been 79 with another 72 days tacked on to get the escrows closed.
For Condominiums on the North Side of
Goleta Real Estate there has been an increase in activity over the last 5 weeks. For most of the year there was only 1 sale of a condo on the North Side but now there have been 6 compared to 7 at this time last year. The median sales price is about $100,000 below last year’s number however currently standing at $350,800 compared to last year when it was $470,000. The good news is that it has take on average only 44 days to get an accepted offer for a North Side condo and then another 33 days to get that condo closed.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate for ’09 there have been 17 sales compared to 25 at this time last year. For most of ’09 Goleta South has kept pace with the previous year’s numbers of sales but currently it is sliding back. Throughout the year the median sales price has remained about $100,000 the ’08 number and currently that is still the case. In ’08 we saw a $780,000 median sales price and currently it stands at $680,000. The good news is it has taken only an average of 70 days to get an accepted offer and then another 33 to get those 17 escrows closed.
For Condominiums for Goleta Real Estate South for the same time period there have been just 8 sales so far this year compared to 21 last year. The bulk of that discrepancy is because there was a new condo development which sold very well at the beginning of ’08 and currently there is nothing to take the place of that development. The same can be said for the median sales price which went from $615,000 last year to the currently $381,750. So far this year those 8 sales have taken about 47 days to get an accepted offer and another 51 days of escrow time to get them closed.
For Hope Ranch Real Estate Home Estate/PUDs from 1/1/09 to 4/9/09 there 3 sales which is 5 fewer than we saw at this time last year. But despite the lack of activity the median sales price has remained at almost exactly the same level. For ’08 for the 8 sales the number was $2,259,080 and this year the median sales price resides at $2,556,000. The days on the market however have ballooned up to 132 to get an accepted offer but after that the properties have closed rather quickly in an average of just 23 days.
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 1/1/09 to 4/99/09 there have been 35 sales with a median sales price of $715,000. This is $200,000 below where the prices were last year but the numbers of sales is 5 above where they were last year. At this point I would definitely take the increase in activity so hopefully it will continue. To get those 35 accepted offers it took about 10 weeks which is quicker than the East Side, Montecito and Carpinteria/Summerland. It also took just 6 weeks to get those properties closed after they entered escrow so things are definitely moving on the West Side.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there have 10 sales which is four down from where we were last year. The median sales price has not dropped significantly however going from $546,250 in ’08 to the current $522,500 this year. Those 10 sales took an average of about 3 months to come up with an accepted offer and another almost 2 months after that to get those sales closed.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for ’09 we’ve had 32 sales thus far for the year which is 4 behind the pace set last year. With the numbers of units sold sliding back the medium sales price has also declined by about the same percentage. Last year the medium price was $1.175 million and this year it’s down to $960,000. To get an accepted offer on those 32 sales took an average of just over 3 months then another approximately 7 weeks to get them closed.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 9 sales compared to 13 at this time last year. During that time period the median sales price went from about $700,000 to about $575,000. To get those 9 sales took an average of 68 days and then another month or escrow time to get them closed.
From 1/1/09 to 4/9/09 in Montecito Real Estate for the Home Estate/PUD market there were 23 sales compared to 44 last year. The decline in the numbers of units sold goes together with the decline in the median sales price from about $3.8 million last year to about $2.55 million this year. The good news is it took just slightly over 3 months to get an accepted offer on those 23 sales and then only a little over 1 month to get them closed after that.
For Condominiums for the same time period in Montecito Real Estatenothing has sold this year and last year there were 3 sales with a median selling price of $1.75 million. The high end condo market for the entire Santa Barbara area has about crawled to a stop.
From Jan1 to April 9 there were 8 sales in the Carpinteria Real Estate/Carpinteria Real Estate Home Estate PUD market compared to 13 for the previous year. The median sales price in that time went from about $950,000 in ’08 to about $620,000 a year later. Even though the numbers of sales and median sales price are significantly down from where they were last year that actually represents a rise from where they had been earlier in the year. It took just over 4 months to get an accepted offer on those 8 sales and then another almost 2 most get those escrows closed.
For Condominiums in Carpinteria Real Estate/Carpinteria Real Estate for the same time period there were 8 sales this year with a median sales price of about $440,000 compared to 6 last year when the median sales price was about $35,000 higher at about $475,000. Condo sales continue ahead of last year’s pace even though they’re slightly lower in price. I think the condo market in Carpinteria/Summerland is starting to firm up at this time. Those 8 sales took approximately 4 and one half months to get an accepted offer and then another almost 2 months to close escrow.
For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market the numbers of sales has been ahead of the ’08 number for most of the year but as we closed the 1st quarter that number fell below last year’s pace. In ’08 there were 36 sales and in ’09 there have been 34 for a 5.6% drop. The drop in the median sales price is wider however with ’08 posting an $858,000 median sales price and ’09 giving us a $707,500 figure for a 17.5% drop off.
The gap report for the area has widened in ’09. This year the median list price of $1.149 million compares to a $707,500 median sales price gives us almost a 40% gap whereas in ’08 there was a $899,000 median list price compared to a $858,000 median sales price for a 4.6% gap.
For the Goleta Real Estate North condo market has been really rough for ’09 up until the end of the quarter then there has been a substantial amount of activity. The numbers of sales still lags however but that number is way up from where it was. In ’09 we’ve seen 5 condo sales compared to 7 in ’08 for a 28.66% decline but the median sales price went from $470,000 in ’08 to $460,000 in ’09 for only a 2.1% fall off.
The gap report for the area is also rather close together. In ’08 the median list price was $499,000 with a median sales price of $470,000 for a 1.2% gap and in ’09 the median list price is $465,500 compared to a median sales price of $460,000 giving us a 5.8% gap.
For Santa Barbara Real Estate’s Goleta Real Estate South area for the Home Estate/PUD market most of the way through the first quarter sales were almost exactly what they were last year. As come to the end of the first quarter sales are starting to fall back. In ’08 there were 21 sales and for ’09 there have been 17. This is a decline of about 20% year over year. The median sales price is a little closer together and has gone from $785,000 last year to $680,000 this year for a 13.4% decline.
The gap report is a very wide gulf however. In ’08 the median list price was $819,900 and when compared to the median sales price of $785,000 we come up with only a 4.3% gap. This year however we have a $1.195 million median list price with a $680,000 median sales price which gives us a 43.1% gap.
For the condo market in Goleta Real Estate South the numbers are a mess. There have been only 8 sales this year compared to 20 last year for a 60% drop and the median sales price went from $615,000 last year to $381,750 this year for a 37.9% decline.
The gap report is also flipped on its head from last year. In ’08 the median list price was $560,000 and when compared to the median sales price of $615,000 we get a positive 8.7%. But this year the median list price is $469,000 while the median sales price is $381,750 giving is almost a 20% gap.
For Santa Barbara Real Hope Ranch Real Estate area for the Home Estate/PUD market there have been only 2 sales through the first quarter of the year. This compares to 7 sales for the first quarter of ’08. This gives us a 71.4% drop in activity. The median sales price however is actually higher this year than it was last year. For ’08 the median sales price was $2,259,080 and this year it’s been $2,365,000 for a positive 4.7% rise.
The gap report looking at the difference between the median sales price and median list price is a lot wider this year however. In ’08 the median list price was $2.598 million compared to a median sold price of $2,259,080 which gave us a 13% gap. This year however the median list price is $3.35 million compared to a $2,365,500 median sold price which gives us almost a 30% gap.
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 for the Home Estate/PUD market the sales are above the ’08 numbers. This year there have been 32 closings compared to 28 last year for almost a 15% rise in activity. To get that rise in activity however the median sales price slid from $900,000 in ’08 to $730,000 in ’09 for about a 19% drop.
The gap between the median sales price and the median list price is very close together for both years. Last year the median list price was $1.129 million and the median sales price of $900,000 gave us a gap of 20.3% whereas in ’09 the median list price of $980,000 and the median sales price of $730,000 give us a gap of 25.5%.
For the Santa Barbara Real Estate West Side condo market the numbers are not quite as rosy as the Home Estate/PUD market. There have been 10 sales this year compared to 14 last year for a 28.6% decline and the median sales price went from $546,250 last year to $522,500 this year for a miniscule 4.3% drop.
The gap figures comparing the median list price and median sales price are farther apart however. Last year the median list price was $640,000 and the median sales price of $546,250 gave us a 14.6% gap. But this year the median list price of $795,000 is a lot farther away from the $522,500 median sold price giving us a 34.3% gap.
For Santa Barbara Real Estate area East of State St area for the Home Estate/PUD market there have been 30 sales compared to 34 last year. This translates into 11.8% less activity. The difference in the median sales price is a little wider however. Last year the median sales price was $1.185 million and this year it’s $977,500 for a 17.5% decline.
For the gap report that figure has widened out this year. With a $1.435 million median list price compared to a $977,500 median sold price there is almost a 32% gap, whereas last year the median list price was $1.449 million compared to a median sales price of $1.185 million which gave us an 18.2% gap.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate there have been 8 sales compared to 12 last year for a 33% decline in activity. The median sales price while down from last year is a little closer to the previous year’s figure. In ‘08 the median sales price for the first quarter was $687,000 and now it’s $556,000 for almost a 20% decline.
The gap between sales price and list price is wider this year. In ’08 the median list price was $759,000 with a median sales price of $687,000 for a 9.5% gap and this year the median list price is $725,500 compared to a $556,000 median sold price for a 23.3% gap.
For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures for ’09 are 21 vs. ’08 when there were 41 sales. This is almost a 50% drop in activity. The median sales price also dropped but not quite as far. It went from $3.8 million last year to $2.5 million this year for a 34.3% decline.
Looking at the gap numbers comparing median list price to median sales price for ’09 we see a $4.295 median list price and a $2.5 million median sold price which gives us almost a 42% gap. Whereas last year at this time the median list price was $3.75 million with a $3.8 median sold price for a positive 1.4% gap.
For the condo market in Montecito Real Estate there is no median sales price because there have been no sales. Last year there were 3 sales at this time a $1.75 million median sales price. Since we have no sales we have no gap this year but last year it was just 2.7%.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price for the 1st quarter of ’09 is just below $600,000. That figure is about 40% below the ’08 level. The sales are even further down and stand at exactly 50% of where we were last year at this time.
This disparity is supported when we look at the gap which is the difference between the median list price and the median sales price. For ’09 the gap is over 50% with a $1.25 million median list price compared to a $595,500 median sales price. In ’08 the gap was half that with a $1.299 median list price compared to almost a $1 million median sales price.
For the Carpinteria Real Estate/Summerland Real Estate condo market the numbers are a lot closer together. In fact the numbers of sales is 33% above last year’s number while the median sales price is only about 8% below where the ’08 number resides.
The gap for condo sales price to list price is a lot closer together this year. For ’09 a $499,900 median list price and a $436,250 median sales price gives us only a 12.7% gap whereas in ’08 a $649,000 median list price vs. a $472,500 median sales price gives us a 27.2% gap.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 3 months of ’09 for the Home Estate/PUD market the sales have been basically where they were for ’08. But the median sales price has dropped about $75,000. The pending listings remain above the ’08 level but the gap for ’08 of $829,000 is widening when compared to this year and presently stands at $659,000. The number of new listings is almost exactly where it was last year but the median list price for ’08 was $839,000 compared to $799,000 for ’09. Right now there are 42 Home Estate/PUD listings in Goleta South with a median list price of $1.329 million and an average list price of $1.39 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first three months of ’09 for the condo market there have been on 6 sales compared to 18 last year. For ’09 the median sales price is $372,000 compared to ’08 when it was $602,500. The pending listings aren’t quite as far apart as the sold listings but the gap is still significant. This year 9 condos have gone into escrow and last year 21 entered the buying process. The median list price for those 9 condos is just under $400,000 whereas last year it was about $640,000. The new listings are also down significantly from 37 in ’08 with a median list price of $566,000 to 27 in ’09 with a median list price of about $400,000. Currently there are 28 condos available for purchase in Goleta South with a median list price of $459,000 and an average list price of $456,729.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 3 months of ’09 there have been just 2 sales compared to ’08 when there were 7. The median sales price however is remarkably close showing up at $2,259,080 last year compared to $2,365,500 this year. Remarkably the numbers of pending Home Estates is exactly the same for both years standing at 4. But the median list price last year for those 4 homes was $1.895 million compared to this year when it’s $2.65 million. The new listings are up however from 10 last year with a median list price of $2.45 million to 14 this year with a median list price of $3.35 million. Right now there are 23 Homes available for purchase in Hope Ranch with a median list price of $3.85 million and an average list price of $6.5 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first three months of ’09 in the Condo market there was no activity
For the Santa Barbara Real Estate area of West of State St for the first 3 months of ’09 the numbers of Home Estate/PUD sales is above the ’08 level but the median sold price is about $150,000 behind. The pending sales are even farther out in front this year but the gap between the median list prices is wider at $175,000. Unlike the other areas the numbers of new listings are below the ’08 level by about 15% and the median list price this year is about $65,000 below last year. Currently there are 87 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $990,000 and an average list price of just under $1.2 million.
For the Santa Barbara Real Estatearea of West of State St for the first three months of ’09 2 fewer condos have sold this year compared to last year. Last year the median sales price for condos was about $600,000 but this year its closer to $520,000. The good news is the numbers of pending condos is up from 10 in ’08 with a median list price of $525,000 to 14 in ’09 with a median list price of $521,000. Just like with Home Estates the numbers of new listings is down for the district from 41 last year to 30 this year and the median list price is down from about $600,000 to about $550,000. Currently there are 52 condos available on the West Side of Santa Barbara with a median list price of $675,000 and an average list price of about $890,000.
For the Santa Barbara Real Estate area of East of State St for the first 3 months of ’09 the numbers of Home Estate/PUD sales is just 2 behind the ’08 figures but the median sales price has come down about 20% from last year. The numbers of pending properties is only 1 behind the pace from last year but the median list price for those properties is also about 20% below the previous year’s figures. The numbers of new listings is up about 10% this year however with the median list price for those properties also above the ’08 level. Currently there are 145 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.495 million and an average list price of $1.87 million.
For the Santa Barbara Real Estate area of East of State St for the first three months of ’09 there have been only 7 condo sales compared to 12 last year. With the numbers of sales down by about half the median sales price is down by a little over $100,000. On the bright side the pending condos are 2 above last year’s number but the median list price for those condos is about $160,000 below the figure from last year. But again the numbers of new listings is up from 39 in ’08 with a median list price of $675,000 to 44 for ’09 with a median list price of $660,000. Right now there are 45 condos available on the East Side of Santa Barbara with a median list price of $699,000 and an average list price of about $775,000.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 3 months of 9 there have been 20 sales compared to 37 for ’08. Percentagewise this is actually ahead of where it’s been for most of the year so hopefully things are looking up. For those 20 sales the median sales price is about $2.3 million which is about $1.5 million below where it was at this time last year. The pending properties are also inching forward and currently stand at 29 compared to 40 last year and the gap between the median list price of $2.45 million for the 29 properties compares to last year’s number of just under $3 million for 40 homes is a lot closer than the sold figures. What has jumped up is the numbers of new listings. In ’09 we’ve seen 119 new Home Estates come on the market with a median list price of $3.55 million compared to last year when there were 93 new listings with a median list price of $3.495 million. Currently there are almost 200 Home Estate/PUDs on the Market in Montecito with a median list price of just under $4 million and an average list price of $6.7 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first three months of ’09 there have been no sales this year compared to 3 last year. The median sales price in ’08 was $1.75 million and the average was $1.85 million. This is currently 1 pending condo in Montecito with a list price of $729,000 compared to last year when there were 3 with a median list price of $1.55 million. What has jumped in Montecito is the numbers of new listings. This year there have been 16 new condos come on the market with a median list price of $1.695 million compared to last year when there were 9 with a median list price $1.799 million. Right now there are 23 condos available for purchase in Montecito with a median list price of $1.795 and an average list price of just under $2 million.
This is an analysis of Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate Goleta Real Estate from January to March of 2009. March ’09 had about the same number of Home Estate/PUD sales as we saw in February ‘09. Generally by this time in the year we see an upswing in closed sales but so far ’09 has started out not quite as robust as we had hoped. The median sales price rose in March however but that brought it up to the mid to low $800,000s from the low $700,000s of the previous month. What fell was the Sales Price to Original List Price Ratio. That number flirted with a sub 80% performance meaning that buyers were demanding and receiving substantially below what sellers would have liked to have gotten for their homes.
Another number which rose for March ’09 was the pending listings which were about 15% above the same time last year. The properties that went into escrow in March of this year were across a wide price spectrum with a substantial number coming in above $1 million and even some above $5 million but the median list price for homes that went into escrow in March was in the mid $800,000 range which means that the median sold price of $850,000 should remain about the same for the next month or so. Even with a lower price point more homes entering escrow should mean more homes closing escrow in the next few months than we’ve seen earlier in the year so prospects are starting to brighten for the Home Estate/PUD market in the Santa Barbara area.
There were almost 200 new listings that came on the market in March which was about 25% higher than the same time period last year but the median list price at which they came on was about 50% higher than the median sold price of the homes that closed escrow. At the end of March there were about 600 Homes available for purchase from Carpinteria to Goleta and because a substantial number of homes which came on the market were in Montecito, Hope Ranch and the nicer sections of Santa Barbara the median list price for the overall inventory is about $1.9 million with an average list price of about $3.8 million.
Looking at the Districts, for Carpinteria/Summerland sales are about half of what they were last year with the median sales price hovering about $600,000 which is approximately 35% below last year’s mark. In Montecito sales are a little bit better than half of what they were last year with the median sales price down by about $1.5 million giving us a $2.3 million median sales price. The East Side of Santa Barbara has almost exactly the same numbers of sales as the previous year but the median sales price is about 20% down to about $970,000. On the West Side sales are still ahead of last year but the median sales price is about 15% down to about $755,000. In Hope Ranch the sales are about one third of what they were last year but the median sales price is down by only about $100,000 to about $2.36 million. Goleta South has about the same numbers of sales with the median sales price down about $70,000 to about a $700,000 median sales price and Goleta North also has about the same numbers of sales with the median sales price off by about $150,000 to about a $700,000 median sales price.
At this point a lot of the inventory that was priced from $500,000 to $800,000 has been purchased so if the market is going to continue forward the impetus needs to come from the $1 to $2 million buyers. Money is available at great rates for well qualified buyers and the inventory is in place so we’ll have to see whether there’s sufficient confidence from the $1 million plus buyer to start the local Real Estate market moving forward again.
For the condo market in Santa Barbara the numbers of sales is starting to move forward but very incrementally. We went from 10 sales in February to the mid teens in March which compares to March ’08 when we had 25 sales. The median sales price for the month continues to hover around $500,000 which is a drop of about $62,000 from March ’08 but remaining stable for both years is the Sales Price to Original List Price Ratio which has been holding right around 90%.
What moved forward in March was the number of condos that went into escrow. For ’09 there were close to 30 condos entering escrow compared to ’08 when there were about half that number. While the escrows pile up this month, the median list price of those escrows has dropped about $140,000 from the median list price of escrows in March’08. But, just as we said with the Home Estate market, more escrows should be mean more sales even though the price point is somewhat lower.
Unlike the Home Estate market the numbers of new listings has not surged forward from last year. In fact that number is almost exactly what it was at this time last year despite a slight rise in the median list price for the condos that came on the market this year. The overall inventory for condos remains at about 200 for the month of March with a median list price of about $629,000 and an average list price of right around $900,000.
Looking at the Districts, Carpinteria/Summerland has enjoyed a surge of sales over the ’08 number with the median sales price dropping only about $35,000 to about a $436,000 median sales price. If this trend continues it could end up being a good year for this district’s condo market. In Montecito however the condo drought continues with no sales and only 1 escrow opened with a $729,000 list price. At this time last year in Montecito there had been 3 sales with a median sales price of $1.75 million and 3 escrows opened. The high end condo market has almost completely disappeared for now.
East of State St has seen about a 50% decline in the numbers of sales in ’09 with a drop of over $100,000 to about $575,000 in the median sales price whereas on the West Side of Santa Barbara sales are only down by a couple while the median sales price has slid about $80,000 to about a $520,000 median sales price. It’s interesting that both for Home Estates and Condos the West Side is outpacing the performance of the East Side.
For Goleta South the sales are about one third of what they were last year but that’s more an issue of the inventory which has fallen dramatically for the area. Last year there was a new condo development which did very well for both sales prices and numbers of units sold. For Goleta North up until March things were really dismal but the area rebounded nicely and currently is only a couple of sales behind last year’s numbers of units sold and only about $10,000 below the median sales price which is currently about $460,000.
I’m encouraged by the numbers of escrows opened in March ’09 for both Home Estate/PUDs and Condos. While the price point is overall lower than where it was last year at this time the buyers are starting to show a confidence in the market which hopefully will carry us forward into the year.
Gary Woods
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 3 months of ’09 there have been 6 Home Estate/PUD Sales. This is down from 11 in the previous year. The median sales price has also dropped from about $950,000 in ’09 to $595,000 in ’08. The good news is that the pending properties are up from the previous year but the median list price for those pending properties is about a third below where it was last year. What is up for Carpinteria/Summerland is the numbers of new listings which is at 46 with a median list price of about $1.1 million compared to last year when there were 32 new listings with a median list price of $929,000. Right now there are 77 currently active listings for the area with a median list price of $1.3 million and an average list price of $4.2 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first three months of ’09 for the condo market the sales are 2 ahead of last year while the median sales price is about $36,000 below last year’s pace. All in all this is pretty darn good. Even better is the pending condos are 3 ahead of last year but the median list price for those condos is about $61,000 behind last year’s number. There have been 3 more new listings this year but they’ve come in at about $70,000 below where they were last year. Right now there are 33 active condo listings for Carpinteria/Summerland with a median list price of $595,000 and an average list price of about $860,000.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs 12 sales for the period with a median sales price of $721,000. This compares to last year when there were 13 sales but the median sales price was $851,000. During this period 26 new listings came on the market with a median list price of $849,000 and last year 34 homes came on the market but the median list price was $899,000. This year pending properties number 13 with a median list price of $775,000 and last year there were only 7 pended properties but the median list price was $825,000. Currently there are 56 Home Estate/PUDs available for purchase in Goleta North with a median list price of $1,099,000 and 83 days on the market.
For the condo market in Goleta Real Estate North there were 4 sales for this period with a median sales price of $388,300. Last year there were 3 sales with a median sales price of $410,000. 4 properties went into escrow with a median list price of $299,000 and last year there 2 condos that went into escrow with a median list price of $519,500. During the same time period 7 new condo listings showed up with a median list price of $499,000 and last year 12 new listings came on the market with a median list price of $499,000. Right now there are 19 condos for sale in Goleta North with a median list price of $475,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 6 properties closed escrow from February 20th to March 20th ’09 with a median sales price of $592,000. This compares to the previous year when there were also 6 sales but the median sold price was $771,000. During that time period 10 new listings appear with a median list price of $895,000 and last year for the same time period there were 17 new listings with a median list price of $849,000. This year 8 properties went into escrow with a median list price of $675,000 and last year there were 12 escrows that opened with a median list price of $750,000. Right now there are 42 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.329 million and 120 days on the market.
For the condo market in Goleta Real Estate South shows us 2 sales for the period with a median sales price of $449,000. Last year at this time there were 7 sales with a median sales price of $634,000. For the same period 9 condos came on the market with a median list price of $566,000 and last year at this time there were 15 new condo listings with a median list price of $399,000. So far this year 6 condos have gone into escrow with a median list price of $403,650 and last year there were 10 escrows opened with a median list price of $629,000. Right now in Goleta South there are 22 condos available with a median list price of $525,000.