For Hope Ranch Real Estate for Home Estate/PUDs there are currently 25 properties available with an average list price of about $4.67 million and a median list price of $3.495 million. The most expensive property currently available in the ranch is listed for almost $15,75 million while the least expensive property can be had for $795,000. The average marketing time for those 25 listings is 95 days.
Right now there is 1property in escrow for Hope Ranch which is listed at $9.95 million.
For the time period we’re talking about only 5 home closed escrow in the area with the highest priced property closing for $4.737 million and the least expensive home going out for $2.15 million. That gives us a median sales price of $2.556 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 with an average list price of about $1.25 million and a median list price of just over $1 million. The most expensive property on the West Side is listed for $3.23 million while the lowest priced listing can be had for $449,000. The average marketing time for those 89 Home Estate/PUDs is 121 days.
Right now there are 29 Home Estate/PUDs in escrow on the West Side of Santa Barbara with an average list price of about $782,220. The highest priced property in escrow is listed for about $1.597 million. The least expensive condo is escrow is listed for about $329,900 with a median list price of about $750,000.
For the period we’re talking about 53 homes closed escrow with an average sales price of about $900,000 million and a median sales price of $775,000. The highest priced home that closed escrow sold for $2.125 million while the least expensive home had a selling price of $230,000. The average marketing time for those 53 properties was 81 days.
For the Condo market on the West Side of Santa Barbara Real Estate there are 51 units currently available with an average list price of about $760,000. The highest priced listing is on the market for just under $2 million with the least expensive property on the market for $370,000 with a median list price of about $600,000.
There are currently only 14 condos in escrow on the West Side with a top price of $899,000 and a bottom price of $349,500. This gives us a median list price for the 14 condos of $460,000 and an average list price of about $535,492.
For the period we’re talking about 18 condos closed escrow with an average sales price of $560,516 and a median sales price of $503,000. The highest priced condo closed for $1,095,000 with the least expensive property going out for $310,000.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 157 Home Estate/PUDs available for purchase with an average list price of about $1.9 million. The most expensive property available can be had for about $12 million with the least expensive property on the market for $415,000. The median list price for the East Side is about $1.5 million.
There are 30 Home Estate/PUDs in escrow right now for the East Side with an average list price of just under $1 million. The highest priced home in the area is listed for just under $3 million with the least expensive property on the market for $359,900. The median list price for homes in escrow is $799,000.
For the period we’re talking about 58 Home Estate/PUDs have closed escrow on the East with an average sales price of about just over $1 million. The highest priced closing was about $3.2 million with the least expensive home going out for just $312,000. The median sales price on the East Side is currently $900,000.
The condo market for the East Side of Santa Barbara Real Estate has 40 properties for sale with an average list price of about $800,000. The highest priced condo can be purchased for $1.595 million while the least expensive property is a mere $351,000. The median list price is $679,000.
Right now there are 12 condos in escrow with an average list price of about $519,958. The highest priced home in escrow is listed for about $1.85 million while the least expensive condo in escrow is listed for $379,900. The median list price is $424,900.
For the period we’re talking about 16 properties closed escrow with an average sales price of about $635,681. The highest priced condo slid out the door for about $975,000 with the least expensive home leaving for $410,000. The median sales price was $539,000.
For Santa Barbara Real Estate in the Montecito Real Estate area currently 213 Home Estate/PUDs are on the market with an average list price of about of $6,252,000 million. The highest priced listing in the area is $47 million with the least expensive home on the market for just $829,000. The median list price for Montecito is currently about $3.7 million.
Currently there are 16 properties in escrow in Montecito which have an average list price of just over $3 million. The highest priced listing in escrow is on the market for about $9.5 million with the least expensive home in escrow about $1.2 million. The median list price for homes in escrow in Montecito is about $2.13 million.
For the period we’re talking about 35 Home Estate/PUDs closed escrow in Montecito with an average sales price of about $2.8 million. The highest priced listing that’s closed escrow so far this year went out at about $8.3 million with the least expensive home closing for $825,000. The median sales price is $2.5 million.
For the Condo market in Montecito Real Estate there are currently 25 properties available with an average list price of just under $1.7 million. The highest priced condo available is on the market for about $3.5 million while the least expensive property can be snapped up for just $695,900. The median however is right about $1.7 million.
Currently there are no condos in escrow in Montecito.
For all of ’09 there has been just 1 condo that closed escrow and that property sold for $679,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate there are currently 85 Home Estate/PUDs available for purchase. The highest priced listing is just under $30 million with the least expensive home offered at just under $449,000. The median list price for the area is about $1.295 million. The inventory continues to grow in the area and the median list price is tickling down
For Carpinteria/Summerland there are 15 homes currently in escrow with a highest priced listing going for just under $3 million. The least expensive home in escrow is just way down at $379,900 and the median list price is just under $700,000.
For the period we’re talking about there have been 16 sales with the highest priced property going out at $6.35 million and the least expensive home being sold for $500,000. This all gives us a median sales price of $632,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate there are 27 properties available currently which continues to shrink. The highest priced listing topping the charts at $5.9 million. On the other end of the scale there is a condo for $364,000 and the median list price is $575,000.
There are currently 19 condos in escrow with the highest priced dwelling listed for just under $500,000. The least expensive property is listed for $242,000 and the median list price is $385,000.
For the period we’re talking about 12 properties have closed escrow with a median sales price of $390,000 and the highest priced condo going out at $650,000. The least expensive property went out at $210,000.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is up by 11% to 57 with the new listings up 17% at 40. But with the increased numbers of properties available the numbers of sales is exactly where it was last year at this time with 11. What has fallen however is the average sales price which resides at $367,091 a 30% decrease.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings are down by 19% compared to ’08 with the numbers of new listings falling by 15%. The sales are also down declining by 16% and the average sales price is off by 19% currently standing at $829,146.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North see the overall inventory down by 2, while the numbers of new listings has fallen by 3. But with the inventory down the sales are actually up by 1 but the average sales price is down by 46% to $506,667.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is down by 32% with the numbers of new listings declining by 24%. With the inventory way down you’d expect the sales to be way down and they are falling by 42%. The average sales price has also fallen in ’09 and is now at $462,100 about 18% below last year’s number.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is down by 16% with the numbers of new listings falling by 20%. But the sales have declined by only 10% though this number should start to fall. The average sales price has also declined and is down 21% to $790,322.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South has the inventory is exactly where it was last year at this time but the numbers of new listings is 1 ahead of last year’s pace. The sales are exactly where they were last year and the average sales price has only fallen 3% down to $855,000.
The Condo market for the Hope Ranch Real Estate area of Santa Barbara real estate saw no activity.
For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estate overall inventory is way up standing 41% above last year but the numbers of new listings is up only 14% year over year. The numbers of sales are starting to move in Hope Ranch and now stand at 5 compared to 8 last year at this time and the average sales price for the year has dropped about 8% down to $2.8 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 overall numbers of properties available is down by 9% with the new listings way down dropping by 39%. But remarkably with the decline in inventory the numbers of sales is only off by 3 but the average sales price has fallen by 21%.
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes that have been on the market in ’09 is up by 4 while the numbers of new listings is exactly where it was last year at this time. With the inventory rather stable the sales are down by only 2 this year but the average sales price is down by 18%.
The PUD market for the Santa Barbara Real Estate area of West of State St there were 5 listings last year compared to 0 this year and 3 new listings last year compared to 0 this year. Going down that same road we see 2 sales last year with 0 this year so once again no sales gives us no average sales price.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year is up by 3 while the numbers of new listings is up by 5. But despite this increase in the numbers of properties to sell the sales are down by 3 for the year with the average sales price falling by 21%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings is down by 2% with the numbers of new listings up by 2%. With the inventory about the same as last year the numbers of sales has fallen about 9% with the average sales price declining 17%.
For the PUD market on the East Side of Santa Barbara Real Estate there have been only 3 active properties this year compared to 9 last year. The new listings went from 4 in ’08 to 2 ’09 and the sales went from 1 last year to 0 this year. So with no sales this year we get no average.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through May 15 is exactly what it was last year at this time but the new listings that came on the market this year are up by 3. But while the listings are the same the numbers of sales is down by 5 posting only 1 sale this year which came in at $679,000.
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 29% with the numbers of new listings up by 21%. This big rise in the numbers of properties to sell hasn’t resulted in a large number of sales however and they’re down by more than half at 52%. The average sales price has also fallen and is down to about $2.5 million a decline of 50% from ’08.
For the PUD market in Montecito Real Estate there have been just 3 listings this year which is exactly the same number we saw last year. The numbers of new listings is down by 1 however as is the numbers of sales. Currently there have been no PUD sales in Montecito for ’09.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through May 15 the total active listings have declined by 40% with the new listings down even farther falling by 48%. Despite this decline in the numbers of properties to sell the sales are exactly where they were last year at this time but the average sales price has declined by 18%.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through May 15 are up by 30% while new listings are up only 23%. Despite the increase in properties the numbers of sales is down however by 22% which is an exact reversal of the condo market for the area. With the sales down the average sales price has also declined 19% from the previous year.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate through May 15 there has been 1 more listing this year compared to last year but the numbers of new listings is exactly the same at 2. The sold PUDs are also the same posting 1 in each year but the average sales price has fallen by 20%.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 4 months of ’09 for Home Estate/PUDs we have seen 46 sales which are 2 above the figure set for ’08. After lagging for most of the year Goleta North sales have nosed ahead. The median sales price for the year is easing closer together but still stands about $115,000 below the previous year when it was $830,500. The numbers of pending listings is 3 ahead of the ’08 level so we should continue at about the same level of sales we’ve seen thus far. Just like with Goleta South the numbers of foreclosures is dwindling so the numbers of new listings that came on this year is about 20 behind the number that came on last year. Right now there are 56 Home Estate/PUDs available for purchase in Goleta South with a median list price of $1.17 million and an average list price of $2.48 million.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first four months of ’08 in the Condo market there were 10 sales which is exactly the same number of sales there were last year. After lagging dramatically in the numbers of sales for the entire year the sales gap has closed. The median sales price is still about $120,000 below what it was last year when it stood at $500,000 but the increased active is welcome. The numbers of sales should continue to surge because so far this year there have been 21 escrows opened compared to 13 last year. But the median list price for those escrows is still about $140,000 below last year’s $519,500 figure. Right now there are only 17 condos available in Goleta North with a median list price of $439,000 and an average list price of $519,182.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 4 months of ‘09 for the Home Estate/PUD market we’ve seen 25 sales compared to 27 in ’08. After being ahead of the previous year’s pace for most of the year Goleta South has fallen behind. The biggest reason for this is that the numbers of foreclosures coming on the market this year has slowed to trickle. The median sales price is stabilizing at about $680,000 compared to last year when it was $785,000 and at least for now the numbers of pending escrows is still about of last year’s numbers currently standing at 36 compared to 31 last year. The sales price to original list price ratio is basically the same as it was last year but the numbers of new listings is about 12% below the ’08 level. Currently there are just 46 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.36 million and an average list price of $1.422 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first four months of ’09 in the Condo market there have 12 sales compared to 23 last year. The median sales price has also fallen dramatically from $615,000 last year to the current $399,250. The numbers of pending condos is starting to come up however and is at 21 compared to 27 last year which is a lot closer together than the sales figures who lead you to believe. But the median list price is still rather far apart with a $629,000 figure posted last year compared to $375,500 this year. Currently there are just 19 condos available in the Goleta South area with a median list price of $489,000 and an average list price of $464,231.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 4 months of ’09 for the Home Estate/PUD market we’ve seen 3 sales with a median sales price of $2.556 million and an average sales price of almost exactly the same number. Last year at this time there had been 7 sales with median sales price of $2.559 million and an average sales price of only about $160,000 higher. The difference is in the sales price to original list price ratio which last year stood at about 90% and this year has fallen to about 77%. The sales figures may be moving closer together however because so far for ’09 there have been 6 escrows opened and last year there was only 1 more. The difference comes in the median list price for those escrows. This year the median list price is $2.65 million and last year it was almost $4 million. Right now there are 24 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.495 million and an average list price of almost $5 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first four months of ’07 and ’08 in the Condo market there was and has been no activity.
For the Santa Barbara Real Estate area of West of State St for the first 4 months of ’09 for Home Estate/PUDs we’ve had 44 sales which are exactly what occurred in ’08. After being ahead of the previous year’s pace we’ve now drawn even. The median sale price has fallen back somewhat and now stands about $180,000 behind the ’08 number of $932,000. To amplify that difference we see that the sales price to original list price ratio has gone from 91.25% last year to 86.94% currently. The pending properties for ’09 are still ahead of the previous year by a ratio of 61 this year vs. 56 last year but we’ll have to see whether that impetus can be maintained. Currently there are 86 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $949,000 and an average list price of $1,173,524.
For the Santa Barbara Real Estate area of West of State St for the first four months of ’09 for the condo market there have been 13 sales compared to 16 last year. Those numbers have been edging closer together since starting off the year way behind. The median sales price is also rather close together with a $546,250 figure posted in ’08 compared to the current $525,000. As these numbers would indicate the sales price to original list price ratio is very close also with 91.39% showing up last year compared to 86.89% this year. Right now there are 51 condos available for purchase on the West Side of Santa Barbara with a median list price of $569,000 and an average list price of $826,543.
For Santa Barbara Real Estate area of East of State St for the first 4 months for Home Estate/PUDs for ‘09 the numbers of sales remains roughly where it was in ’08 but slightly behind the previous year’s pace. The gap between the median sales price of last year also remains about where it’s been all year currently residing about $250,000 below where it was last year when it was about $1.2 million. The good news however is that the numbers of pending listings is up for the year by about 25% but the median list price for those pending listings is about $300,000 below where we were last year. The sales price to original list price ratio is down below 80% for the year compared to about 88% last year. Currently there are 157 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of about $1.5 million and an average list price of $1.85 million.
For the Santa Barbara Real Estate area of East of State St for the first four months of ’09 in the condo market sales remain sluggish with a little above half the number rung up for the same time period in ’08. The median sales price remains about $160,000 below where it was last year when it stood at $719,000. But things may be looking up on the East Side because condos in escrow for ’09 stands at 23 compared to ’08 when that number was 17. The median list price for those escrows remains about $175,000 below the ’08 number of $699,000 but more activity is always good. Right now there are 38 condos available for purchase on the East Side of Santa Barbara with a median list price of $679,000 and an average list price of about $800,000.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 4 months of ’09 there have been 29 sales compared to 55 last year. While this is a sizable gap it appears to be moving closer together. The gap will be maintained at least for a while because there have currently been 34 homes go pending this year compared to 60 last year. The difference in the median sales price for the area is also maintaining its distance for the foreseeable future. Last year that number was $3.62 million and this year its $2.36 million. The average sales price is even wider standing at over $2 million. The huge surge in listings looks like it’s slowed somewhat with the current inventory standing at 206 with a median list price of $3.79 million and an average list price of $6.48 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first four months for the condo market there has been only 1 sale for $679,000. Last year at this time there had been 4 sales with a median sales price of $2.1 million. This level of activity appears to about where we’re going to stay at least for a while because currently there has been only 1 open escrow for the area compared to last year when there were 5 with a median list price of $1.55 million. The inventory of condos continues to grow however and currently is at 26 with a median list price of $1.75 million and an average list price of $1,791,034.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for Home Estate/PUDS for the first 4 months of ’09 there have been 14 sales compared to 17 last year. While this figure is behind the previous year the gap continues to close and next month it might be even with the previous year because currently there are 21 homes that have been in escrow compared to last year when there were 18. The median sales price however remains rather far apart however. Last year it was just under $900,000 at this time and this year it’s $634,000. The Sales Price to Original List Price Ratio has also dipped from 90% in ’08 to under 80% in ’09. Currently there are 78 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1.295 million and an average list price of more than $4 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate /Summerland Real Estate for the first four months of the condo market the numbers of sales has drawn even of where it was last year at this time after being ahead for most of the year. The numbers of sales may surge forward however because there have been 19 pending condos this year compared to 13 last year. But just like with Home Estate/PUDs the median sales price remains rather far apart and the gap appears to be widening. Last year the median sales price was $500,000 and this year it’s $390,000. Unlike the Home Estate/PUD market the Sales Price to Original List Price Ratio has actually gone down this year. In ’08 that ratio was about 85% and this year it’s about 88%. Currently there are only 30 condos available for purchase in the Carpinteria/Summerland area with a median list price of $545,000 and an average list price of $862,193.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs 8 sales for the period we’re talking about compared to 9 last year for the same time period. The median sales price has fallen from $912,500 last year to $695,000 this year. The numbers of pending listings is 18 for both years but the median list price for those pending listings was $850,000 last year compared to $719,000 this year. The new listings however are fewer this year currently standing at 24 with a median list price of $795,000 compared to last year when there were 30 new listings with a median list price of $895,000. Right now there are 53 Home Estate/PUDs available with a median list price of $1.349 million.
For the condo market in Goleta Real Estate North there were 4 sales for this period with a median sales price of $295,000. Last year there was 1 sale with a sales price of $510,000. 5 properties went into escrow with a median list price of $389,000 and last year there 5 condos that went into escrow with a median list price of $519,000. During the same time period 4 new condo listings showed up this year with a median list price of $379,000 and last year 8 new listings came on the market with a median list price of $499,000. Right now there are 21 condos for sale in Goleta North with a median list price of $439,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 4 properties closed escrow from March 24 to April 24. This compares to the same period for ’08 when there were 13 homes sold. The median sales price for that period dropped $200,000 down to the current $550,000. On the other hand the pending listings have gone up from the ’08 number of 9 to the ’09 number of 13. Interestingly enough the median list price last year was $799,500 and this year that number is $759,000. The numbers of new listings has declined this year to 15 with a median list price of $985,000 and last year there were 23 new listings with a median list price of $745,000. Currently there are 44 Home Estate/PUDs available for purchase in Goleta south with a median list price of $1.35 million.
For the condo market in Goleta Real Estate South shows us 7 sales for the period with a median sales price of $410,000. Last year at this time there were 8 sales with a median sales price of $617,500. For the same period there were 5 escrows opened last year with a median list price of $549,500 compared to this year when 11 escrows opened with a median list price of $309,000. The numbers of new listings has fallen by more than half. Last year there were 11 that came on the market with a median list price of $515,000 and this year there were 5 that came on with a median list price of $399,000. Currently there are 21 condos available for purchase in Goleta South with a median list price of $525,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of March 24 to April 24 there was 1 sale for $2.8 million. Last year there was also 1 sale but it sold for $1.7 million. This year 3 properties have gone pending with a median list price of $5.6 million and last year 2 went pending with a median list price of $3.995 million. Both years saw 6 properties come on the market but this year the median list price was $2.2 million and last year it was $2.65 million. Right now there are 26 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.495 million.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate area of West of State St for Home Estate/PUDs there were 15 sales compared to last year when there were 18 from March 24 to April 24. With the numbers of sales falling back the median sales price is declining even further from $1,067,500 last year to $775,000 this year. The pending sales are pushing forward however. This year there have been 20 enter escrow compared to 18 last year. But last year the median list price was $1,059,000 and this year it’s $795,000. The new listings are only 1 apart for the two years. For ’09 30 new listings came on the market with a median list price of $850,000 compared to last year when there were 29 with a median list price of $1,045,000. Right now there are 86 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $949,000.
For the condo market the sales figures show us 4sales for the period with a median sales price of $564,900. Last year there were also 4 sales with a median sales price of $508,750. The pending numbers are also rather close together with 4 posted this year compared to 5 last year but last year the median list price for those condos was $519,000 and this year that number is $450,000. The new listings are very far apart however. Last year 20 condos had come on with a median list price of $698,000 and this year only 3 came on with a median list price of $479,000. Currently there are 46 condos available for purchase on the West Side of Santa Barbara Real Estate.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 12 sales from March 24 to April 24 compared to 17 last year for this time period. The median sales price has also slid from $1.24 million last year to $967,500 this year. The good news is that the pending listings currently stand at 29 with a median list price of $899,000 whereas last year there were only 12 properties entering escrow but with a median list price of $1.199 million. More new listings are coming on this year with 58 posted for the period with a median list price of $1 million compared to last year when there were 32 listed with a median list price of $1.485 million. Currently there are 153 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.495 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year there have been 3 sales for the period we’re discussing compared to 5 last year. The median sales price is also very far apart with a $480,000 median sales price posted this year compared to last year when that number was $985,000. The good news is that the pending numbers are way up with 8 currently in escrow compared to 3 last year. But the median list price this year is $517,000 compared to $985,000 last year. The new listings are down however from 12 last year with a median list price of $740,000 which compares to this year with 9 new listings and a $559,900 median list price. Currently there are 38 condos available on the East Side of Santa Barbara with a median list price of $685,000.
Santa Barbara Real Estate’s area of Montecito Real Estate for the Home Estate/PUD market there were 11 sales for the period of March 24 to April 24. This compares to last year when there were 20 sales for that time period. The median sales price went from $3.1 million in ’08 to the current $2.35 million which is actually closer together than it has been for the rest of the year. The pending properties are starting to get closer together also with 10 homes currently in escrow compared to 16 at this time last year. But the median list price for those properties in escrow is moving farther apart. In ’08 the median list price was $3.795 million and this year it’s $2.175 million. One of the reasons that sales price are coming down is the inventory is still expanding. For the time period we’re discussing 37 new listings appeared with a median list price of $3.2 million compared to last year when there were 32 with a median list price of $3.895 million. Right now there are 208 Home Estate/PUDs available for purchase with a median list price of $3.775 million.
For the Condo market in Montecito Real Estate there was 1 sale this year which is the same number that was posted last year. But this year that condo sold for $679,000 and last year it went out at $4.3 million. Currently there are no condos in escrow whereas last year there were 2 in escrow with a median list price of $1.35 million. There are 3 new listings this year with a median list price of $1.475 million compared to 4 last year with a median list price of $1.35 million. Right now there are 25 condos available in Montecito with a median list price of $1.75 million.
Through the month of April ’09 for the Home Estate/PUD market for the Santa Barbara Real Estate area including Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate many of the escrows that had been building up during the previous months started to close. While it wasn’t a tidal wave of closings it was definitely more activity than we’ve seen in the previous 3 months. For April the completed escrows were in the mid to high 60’s compared to April ’08 when there were 77 sales.
The median sales price for April rose slightly from the previous month but was still in the low to mid $800,000 range. This compares to April ’08 when the median sales price was $1,170,000. What’s important to note is that does not mean that the $1.17 million house that sold in April ’08 is now worth about $850,000. But it does mean that the house purchased last year is worth less than it was last year.
The numbers of Home Estate/PUDs that went pending in April was about 10% higher than what we saw in March and the median list price for those pended properties was about $50,000 above the previous month’s figure of $849,000 which means that the median sold price should start to come up. Also rising up in April was the sales price to original list price ratio which went from the high 70% range in March to the mid to high 80% level in April.
The inventory also continued to grow throughout the month and is about 10% above where it was in March now standing at the mid 600 level. The median list price for those listed properties fell slightly but the difference between the median list price and median sales price for April still resides at about $900,000.
Looking at the districts through April ’09 we see that Carpinteria/Summerland is slightly behind the numbers of homes sold at this time last year but the median sales price is down about $250,000 from ’09 to approximately a $634,000 median. For Montecito sales are starting to come up but they’re still about 40% down from where they were last year with the median sales price falling by about $1.3 million to the current median price of about $2.3 million.
Sales for the East of State St areas are about where they were last year but the median sales price is down about $250,000 from ’08 to about a $950,000 median. On the West Side sales are also about where they were last year with the median sales price falling about $180,000 to about a $750,000 median. In Hope Ranch sales are about half of what they were last year but the median sales price is actually up slightly to about a $2.55 million median.
For Goleta South the sales are about where they were last year but the median sales price has fallen about $100,000 to about a $680,000 median and Goleta North is slightly above the ’08 sales figures but the median sales price is down roughly $115,000 to about a $715,000 median.
It looks like homes are starting to move in most areas of town except for Montecito and Hope Ranch which lag. Sales in both Goleta North and South should start to slow however because the inventory has fallen in those areas but sales should start to come up for both the East and West of State St areas of Santa Barbara because of the increased inventory there. Unless there is another big wave of foreclosures that are dumped on the market I think we’re currently at the bottom of the price swing at least for the sub million dollar market, but prices are still resetting above $1 million.
For condos, just like with Home Estate/PUD properties there have been a lot of escrows piling up for the first few months and now they’re starting to close. We’ve finally broken into the 20s for closings for 1 month after being in the teens and single digits earlier in the year, but the median sales price dropped to about the mid $500,000 level for April ’09 compared to $610,450 in April ’08.
This decline can be attributed to almost a complete lack of activity for higher priced condos. There has been only one condo sale in Montecito all year with that property selling for $679,000 and there have been only a handful of sales over $700,000 throughout the rest of the area.
The numbers of pending properties rose in April however by about 30% from the March numbers but the median list price for those condos that entered escrow fell to the low $400,000 range. Comparing April ’09 to April ’08 the pending numbers are up about 35% while the median list price for those pending condos has declined by about $200,000 to the $400,000 range. I see that as more of a shift in the type of condo that’s selling rather than a dramatic drop in the price of a condo. But the sales price of condos has declined year over year, it just hasn’t fallen by as big a margin as would be ascertained from a drop of about $600,000 to $400,000 in the median list price of pended properties.
The inventory also declined slightly from March to April while the median list price for the inventory stayed stable at about $600,000. There were only a little over 40 new listings that came on the market for the month and the median list price for those new listings was in the low $400,000 range. That means that the condos coming on the market in April actually had a median list price below the median sales price of the condos that sold last month.
Looking at the Districts we see that Carpinteria/Summerland has experienced about the same numbers of sales that occurred last year at this time but the median sales price has dipped about $110,000 to the current approximately $390,000 median. As I said Montecito has experienced only 1 sale this year down from 4 last year and that sale was for $679,000 compared to last year when the median sales price was $2.1 million.
East of State St has a little over half the numbers of sales compared to ’08 and the median sales price has fallen about $170,000 to the current median of approximately $550,000. West of State St is only a few sales behind where it was last year at this time and the median sales price has slipped only $20,000 down to about a $525,000 median.
For Goleta South sales are down by half but that’s more a function of a drastically reduced inventory. Even with fewer condos to sell however the median sales price has come down about $215,000 to the current median of almost $400,000. Goleta North on the other hand has rebounded nicely from a slow start and is now at about the same sales level as last year. Even so the median sale price has declined about $120,000 and now resides at about a $380,000 median.
The condo market is starting to rebound because the lower priced single family homes that were available in Goleta and Carpinteria are basically gone at this time making condos look more attractive as an entry level purchase. Unless there are a lot of new foreclosures put up for sale the condo market should continue to move forward with prices starting to stabilize.
Gary Woods
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 March 24 to April 24 saw 7 sales compared to 5 for the same period last year. But it took a $200,000 drop in the median sales price to get that increased activity. It looks like the area will stay ahead of the ’08 figures as far as sales are concerned because last year at this time there were 4 properties in escrow and this year there are 5. But that same $200,000 price differential is still there. There are 3 more properties that came on the market this year but the median list price is even wider at $300,000. Right now there are 78 Home Estate/PUDs available in Carpinteria/Summerland with a median list price of $1,295,000.
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 $465,750 whereas in ’08 there were 3 sales with a median sales price of $474,000. It looks like the sales are going to pull slightly ahead because currently there are 6 pending condos with a median list price of $379,900 compared to last year when there were 5 pending condos with a median list price of $620,000. Right now there are 29 condos available in Carpinteria/Summerland with a median list price of $595,000.
For Goleta Real Estate North area of Santa Barbara Real Estate for the Home Estate/PUD market there are currently 58 properties on the market which is about 8 more than were on the market 5 weeks ago. The average list price for those 58 homes is about $2.4 million while the median list price is about half that amount. The most expensive available on the north side is listed for $23.5 million while the least expensive home can be had for just $269,000.
There are currently 23 properties in escrow with an average list price of about $875,000 and a median list price of $749,900. Topping the charts as far as properties in escrow is one listed for $2.345 million while at the other end of the spectrum that was on the market for $447,900.
So far this year 37 homes have closed escrow on the north side with an average sales price of about $775,000. The median sales price is a little lower at $700,000 but the highest priced sales was for $2.7 million with the least expensive home escaping for just $180,000.
For the condo market in Goleta Real Estate North there are just 20 properties available right now which is 1 more than was on the market 5 weeks ago. The average list price for the area is about $550,000 with the median list price standing at $459,000. The most expensive condo can be had for $1.139 million while the least expensive property is on the market for just $279,000.
There are now 10 condos in escrow with an average list price of $375,400 and a median list price slightly less at $359,000. The most expensive condo in escrow is listed at $695,000 while the least expensive condo in escrow was available for $112,700.
So far this year there have been 9 condos close escrow with an average sales price of about $360,000 and a median sales price of just $300,000. The highest priced condo on the North Side of Goleta went out for $537,500 and the lowest priced condo escaped for just $128,800.