The Condo market for the West of State St area of Santa Santa Barbara Real Estate the overall numbers of properties available is down by 8% for the year but the numbers of escrows is up by 53%. Unfortunately the numbers is sales has fallen this year by 8%. If even half of those escrows start to close the ’09 numbers will be ahead of ’08. The average sales price has slid down by 7% and currently stands at about $627,000.
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 are down by 44% but the numbers of escrows has risen by 18%. With that many more escrows open we are only 2 sales or 2% ahead of where we were last year at this time. What has fallen dramatically is the average sales price which is down by 27% currently standing at $854,004.
The PUD market for the Santa Barbara Real Estate area of West of State St there were 7 listings last year at this time and currently there have been 3. Of those 7, 6 went into escrow last year and so far none have started the buying process this year. With 6 entering escrow in ’08 only 2 had closed by this time and so far in ’09 none have completed the buying process. Last year the average sales price for a PUD was about $780,000.
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 4% with the total numbers of escrow up by 21%. The numbers of sales is slightly farther down but is still ahead of the ’08 pace by 16%. But to achieve those sales and escrow numbers the average sales price has fallen by 28% to the current approximately $600,000 range.
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% but the numbers of escrows is up by 12%. This increase in escrows has not given way to an increase in sales which are currently down by about 10%. The average sales price has also dipped and is off by 13% from ’08 currently residing at about $1.1 million.
For the PUD market on the East Side of Santa Barbara Real Estate there were only 9 active listings last year and this year has given us only 3. There were only 2 escrows opened in ’08 which is 2 more than have been opened in ’09. There was only 1 sale last year and 0 for ’09 and that 1 sale was for $750,000.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through June 22nd is up by 2 for a total of 42. But the numbers that went into escrow has fallen from 8 in ’08 to just 1 in ’09. Also the Sales have fallen from 9 last year to just 1 this year with the average sales price going from $1,869,050 in ’08 to just $679,000 for the one sale this year.
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 23% for a total of 400 homes that have been available for purchase this year. But with the surge of listings the escrows are down by 29% with the numbers of sales even farther down by 42%. The average sales price has also fallen dramatically from about $4.9 million last year to just over $3 million this year.
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. For ’08 we saw 1 escrow compared to none this year and 1 sale compared to none this year. The average sales price last year was about $2.5 million.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate
for the condo market through June 22nd there have been about 38% fewer active listings compared to last year. A substantial portion of those missing listings are due to one new development that came on the market and there has been no similar developments appear this year. But even though there are fewer listings to sell the numbers of sales is up by 20% for the year. Unfortunately with the numbers of sales up the average sales price is down by about 20% to the current approximately $400,000 level.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate
the total numbers of listings through June 22nd is up from ’08 by 22% with the escrows rising by 44% for the year. But despite this surge in activity the numbers of sales remains down by 3% with the average sales price sliding down by 26% to the current $1.75 million mark.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate
through June22nd there have been only 2 listings compared to 4 last year. But the number of properties going into escrow is exactly the same at 1 for each year. The sales are also the same with 1 for both ’08 and ’09 but the sales price last year was $745,000 compared to $591,000 this year.
For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market there have been 61 sales this year compared to 67 last year for a 9% drop. The median sales price has declined at a slightly greater rate. The median sales price was $800,000 last year and it currently $710,000 for an 11.3% drop.
The gap is a lot wider however. This year the median list price is $1.349 million and when combined with the $710,000 giving us a -47.4% gap and last year there was a $929,000 median list price with a $800,000 median sales price for a -13.9% gap.
For the Goleta Real Estate North condo market there have been 15 sales compared to last year when there were 14. This puts the sales 7.1% ahead of where it was last year. The median sales price however has fallen from $500,000 last year down to $380,100 this year for a 24% drop. The however is another story altogether. Last year there was a median list price of $499,000 with a median sold price of $500,000 for a +0.2% gap and this year the median list price is $439,000 combined with the median sold price of $380,100 gives us a -13.4% gap.
For Santa Barbara Real Estate’s Goleta Real Estate South area for the Home Estate/PUD there have been 35 sales and last year at this time there were 35 sales. What’s different is the median sales price which has fallen about 10% from $780,000 last year to $700,000 this year.
The gap has also widened dramatically this year where we see a $1.2 million median list price to go with the $700,000 median sales price for a -43.1% gap and last year there was a $799,999 median list price to go with the $780,000 median sold price for a time -2.5% gap.
For the condo market in Goleta Real Estate South the numbers are a mess. There have been 23 sales compared to 30 last year at this time for a 23.3% drop. These two numbers continue to get closer together the farther we get in the year. The median sales price however has gone down from $607,000 last year to below $400,000 this year for a 34.9% drop.
The gap however shows a huge shift. This year the median list price is $523,000 and with a median sales price of $395,000 that gives us a -24.5% compared to last year then the median list price was $529,500 combined with a median sales price of $607,000 gave us a +14.6% gap.
For Santa Barbara Real EstateHope Ranch Real Estatearea for the Home Estate/PUD market there have been 6 sales compared to 9 last year for a 33.3% drop. But the median sales numbers are a lot closer together. Last year the median sales price was $2.525 million and this year it’s $2.365 million for a 6.3% drop.
The gap this year is a lot farther apart however. Last year the median list price was $2.65 million with a median sold price of $2.525 million giving us a miniscule -4.7% and this year the median list price is farther up at $3.295 million with a median list price of $2.365 million for a -28.2% 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 there have been 62 sales this year compared to 65 last year. This is a drop of about 5%. But last year the median sales price was $1 million and this year it’s $776,050 for a drop of 22.4%.
Looking at the gap figures we see that for ’09 the median list price is $1.14 million with a median sales price of $776,050 giving us a -31.9% gap and last year the median list price was $995,000 with a median sold price of $1 million giving us a positive gap of +0.5%.
For the Santa Barbara Real Estate West Side condo market there have been 20 sales this year compared to 22 last year which gives us a drop of only 5.3%. The median sales figures are also pretty darn close together with last year showing us a $546,250 median and this year giving us a $517,500. All this gives us a drop of about 9.1% in the median sales figures.
For Santa Barbara Real Estate area East of State St area for the Home Estate/PUD market there have been 68 completed sales which is exactly what we had last year at this time. The difference is the median sales price last year was about $1.1 million and this year it’s $910,000 for a 26% drop.
The gap for both years is about the same with a median list price of about $1.5 million last year and a median sold price of about $1.1 million giving us a -27.5% gap and this year a median list price of $1.35 million and a median sold price of $910,000 giving us a -32.6% gap.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate there have been 23 sales and last year there were 23 sales. Again the difference is in the median sales price for both years. Last year the median sales price was just below $700,000 and this year it’s $517,000 for a 26% decline.
There’s also a big switch in the gap with last year’s median list price of $675,000 and median sold price actually yielding a gap of +3.6% and this year a median list price of $699,000 and a median sold price of $517,000 giving us a -26% gap.
For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures for ’09 44 vs. 76 for the same period in ’08. This is a decline of about 40% which is actually closer than it’s been all year. The median sales price is also inching closer together standing currently at $2.3 million compared to $3.7 million last year for a decline of about 38%.
What isn’t shrinking this year is the gap between median sales price and median list price. Right now that gap is -41% with a median list price of $3.9 million and a median sold price of $2.3 million. Whereas last year the gape was a miniscule -1.3% with a median list price of $3.75 million and a median sold price of $3.7 million.
For the condo market in Montecito Real Estate there’s only been 1 sale for $679,000 this year compared to last year when there were 9 sales with a median sales price of about $1.6 million. So if you’re keeping score that’s a drop of almost 90% in sales and 57% in the median sales price.
The gap is equally as cavernous with the median list price this year at $1.6 million and the sale at $679,000 giving us almost a -60% gap. Compared to last year when there was a $1.75 million gap and a $1.6 million sales figure giving us about a -10% gap.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price through June 12 of ’09 is $634,000 which is down from $990,562 for the same period in ’08. This is a 36% drop in price. The numbers of sales however are exactly where they were at this time last year with 20 reporting for both periods.
The difference between the median list price for ’09 of about $1.3 million and the median sales price of $634,000 is a rather cavernous -51%. The gap exist primarily because the houses that have been listed in the $600,000 range are now out of the inventory and sold and the homes that remain are the ones farther up on the price scale. Last year the gap for Home Estate was -23.7% with the $1.3 million median list price but the median sold price closer to $1 million.
For the Carpinteria Real Estate/Summerland Real Estate condo market the numbers of sales is actually above where it was last year with 17 compared to 14 last year. This is a 21.4% rise in the numbers of sales. The median sale price however has fallen by about 22% and currently resides right at $400,000 compared to $512,500 last year.
The gap between median list price and median sold price for ’09 is -30.4% with a median list price of $575,000 compared to the median sold price of $400,000. Whereas last year the gap was -18.3% with a median list price of $627,000 and a median sold price of $512,500.
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 19 last year. This year the median sales price this year is $672,750 compared to last year when it was $790,000. The pending listings are also down from last year when there were 18 compared to this year when there are 14. The median list price also went down from $855,000 last year to $729,000 this year. The inventory is falling in Goleta North where we see only 21 new listings with a median list price of $899,000 compared to last year when there were 36 new listings with a median list price of $879,000. Currently there are just 60 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $1.1 million and an average list price of about $2.4 million.
For the condo market in Goleta Real Estate North there were 2 sales for this period with a median sales price of $715,000. Last year there were 4 sales with a median sales price of $560,000. This year the pending properties are up currently posting 8 escrows while last year at this time there was just 3 escrows. But last year the median list price was $499,000 and this year it’s $339,000. The inventory is growing for Goleta North with 9 new listings with this with a median list price of $365,000 and last year there were 4 new listings with a median list price of $574,000. Currently there are just 15 condos available for purchase in Goleta North with a median list price of $439,000 and an average list price of $482,500.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 7 properties closed escrow from May 5 to June 5 ‘09. Last year during the same period there were also 7 closed properties. Interestingly enough the median sold price last year was $699,000 and this year it was just $1,000 higher at $700,000. The pending listings are also very close together. This year there were 7 with a median list price of $739,000 and last year there were 8 with a median list price of $749,000. The listings are definitely slowing down in Goleta South because last year there were 20 new listings with a median list price of $899,000 and this year there were 7 with a median list price of $875,000. Right now there are just 38 Home Estate/PUDs available for purchase with a median list price of $1.375 million and an average list price of $1.421 million.
For the condo market in Goleta Real Estate South shows us 8 sales for the period with a median sales price of $457,000. Last year at this time there were 7 closings with a median sales price of $585,000. This year there were 12 condos that went into escrow with a median list price of $489,000 and last year there were just 4 escrows opened with a median list price of $425,000. The inventory appears to be growing in Goleta South with 14 new listings coming on for this year with a median list price of $523,000 and last year there were 11 new listings with a median list price of $509,000. Currently there are just 18 condos available in Goleta South with a median list price of $523,000 and an average list price of $535,666.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of May 5 to June 5 ’09 there was 1 sale for $2.15 million. Last year there was also 1 sale but it sold for $6.195 million. This year during the time period 2 properties entered escrow with a median list price of just $795,000 compared to last year when there were no escrows opened. 3 new listings came on the market this year with a median list price of $3.295 million and last year there were 3 new listings with a median list price of $3.495 million. Currently there are 22 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.495 million and an average list price of over $5 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 8 sales compared to last year when there were 16 from May 5 to June 5 ‘09. The median sales dropped from $1.057 million to $752,500. The pending listings are way up this year from 14 in ’08 when the median list price was $999,000 to 23 this year with a median list price of $759,000. There are 25 new listings this year with a median list price of $949,000 compared to last year when there were 27 new listings with a median list price of $919,900. Right now there are 83 Home Estate/PUDs on the market on the West Side of Santa Barbara with a median list price of $1.145 million and an average list price of $1.267 million.
For the condo market the sales figures show us 3 sales for the period with a median sales price of $535,000. Last year there were 6 sales with a median sales price of $543,000. But the pending numbers are up this year to 11 with a median list price of $499,000 from last year when there were 7 pending properties with a median list price of $625,000. For ’09 we’ve seen 17 new condo listings with a median list price of $515,000 compared to last year when there were 16 new condo listings with a median list price of $599,000. Right now there are 53 condos available for purchase on the West Side of Santa Barbara Real Estate with a median list price of $599,000 and an average list price of $768,513.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 14 sales from May 5 to June 5 ‘09 compared to 13 last year for this time period. Interestingly enough the median sales price for each year is just as close as the numbers of sales. This year the median price was $946,000 and last year it was $950,000. The numbers of opened escrows is also very close with 18 opened this year with a median list price of $869,000 and last year there were 16 opened with a median list price of $1.2 million. The listings are starting to slow for the East Side also where we see 40 new listings for the period with a median list price of $1.15 million and last year there 45 new listings with a median list price of $1.495 million. Right now there are 152 Home Estate/PUDs on the market on the East Side of Santa Barbara with a median list price of $1.395 million and an average list price of $1.785 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year there have been 10 sales for the period we’re talking about with a median sold price of $490,000 and last year there were only 4 sales with median sales price of $672,000. It looks like the trend will continue because there are currently 7 condos in escrow with a median list price of $765,000 compared to last year when there were only 4 open escrows with a median list price of $659,000. The inventory continues to shrink for East Side condos with 8 new listings with a median list price of $539,000 compared to last year when there were 10 new listings with a median list price of $543,500. Right now there are just 38 condos available on the East Side with a median list price of $639,000 and an average list price of $734,365.
Santa Barbara Real Estate’s area of Montecito Real Estate for the Home Estate/PUD market there were 16 sales for the period of May 5 to June 5 ’09 while this year there have been 13 sales. The difference is last year the median sales price was $3.775 million and this year it’s just under $2 million. There are most escrows opened this year however with 17 compared to 12 last year but this year the median list price for those escrows is $2.13 million and last year it was $2.595 million. The surge of new listings is starting to slow down this year because for the time we’re talking about there were 31 new listings with a median list price of $3.3 million and last year there were 39 new listings with a median list price of $3.75 million. Currently there are 204 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.775 million and an average list price of about $6 million.
For the Condo market in Montecito Real Estate there was 1 sale last year for the period we’re talking about and this year there have been none. As far as opened escrows is concerned last year there was also 1 for $2.35 million and this year there have been none. There are 3 new listings this year with a median list price of $895,000 whereas last year there were 4 new listings with a median list price of $729,000. Right now there are 23 condos available for purchase in Montecito with a median list price of $1.695 million and an average list price of $1.683 million.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from May 5 to June 5 ’09 saw 4 sales compared to 3 for the same period last year. Unfortunately last year the median sales price for those 3 properties was $1.325 million and this year the median sales price is $646,000. The sales surge looks like it’s going to continue because last year at this time there were 5 properties in escrow and this year there are 8. The median list price for those properties is a lot closer together than the sold numbers. This year the median list price is $679,000 and last year it was $799,000. There is 1 more property that came on the market this year compared to last year but in ’08 the median list price was $1.25 million and this year it’s $1.075 million. Currently there are 82 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1.249 million and an average list price of $4.393 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period there were 3 sales this year and 3 sales last year. But this year the median sold price has dropped by $175,000 down to $400,000. The pending sales shows a big divergence with only 1 in escrow last year compared to 8 right now. The 1 escrow for last year had a list price of $299,000 while this year the median list price is $397,000. The inventory is starting to pick up with 12 new condos coming on the market this year with a median list price of $525,000 while last year there were 9 new listings with a median list price of $469,000. Right now there are 31 condos available for purchase with a median list price of $575,000 and an average list price of $791,029.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 5 months of ’08 for Home Estate/PUDs we have seen 52 sales compared to 61 for ’08. For most of the year sales have been ahead of the previous year’s pace but we’ve not fall back. The median sales price has also fallen by about $95,000 down to $716,000. The sales should continue to fall back because the numbers of new properties went from 133 in ’08 to 107 in ’09 with the median list price for those new properties falling from $899,000 to $849,000. The pended listings have declined from 66 to 63 this year with the median list price for those pended listings dropping from $869,000 in ’08 to the current $775,000. Right now there are just 64 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $1.1 million.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first five months of ’09 we’ve see 13 sales compared to 13 for ’08. This becomes really remarkable because through February there was only 1 sale in the area. To get those 13 sales however took a $150,000 drop in the median sales price. The inventory has surged in the area going from 34 new listings in ’08 to 43 in ’09 with the median list price dropping from $509,000 last year to $399,000 this year. The pended listings are way ahead of last year’s number when it was just 16. Currently there have been 26 escrows opened but the median list price for those pended listings went from $519,000 to $359,000. Right now there are just 18 condos available for purchase in the Goleta North area with a median list price of $409,000.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 5 months of ‘09 for the Home Estate/PUD market we’ve seen 33 sales compared to 34 for ’08. Sales should start dropping in the area however because the numbers of new listings has fallen from 82 in ’08 to 65 for ’09. The median sales price seems to have about stabilized at $700,000 for the year down from $782,500 last year. The pended listings are about 10% ahead of last year’s figure but the median list price for those pended properties is down to $719,000 from $799,500. Right now the there are just 40 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.375 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first five months of ’09 in the Condo market there have been 19 sales compared to 29 last year. The median sales price has fallen from $615,000 in ’08 down to $410,000 in ’09. The sales have fallen because the numbers of new listings has fallen from 57 last year to 46 this year and the median list price for those properties went from $539,500 last year to $469,000 this year. Interestingly enough the pended listings are actually up from 30 last year with a median $629,000 median list price to 38 listings this year with a median list price of $419,000. Right now there are just 15 condos available for purchase in the Goleta South area with a median list price of $523,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 5 months of ’09 for the Home Estate/PUD market we’ve seen 5 sales compared to 8 at this time last year. The median sales price is up about $160,000 from last year but the average sales price is down about $260,000. The fewer sales are accentuated because the inventory is up this year by 4 properties with the median list price for the new homes up by about $400,000. We may be drawing closer in the numbers of sales however because the numbers of pended properties is above the ’08 level but just by 1 but the median list price for those pended properties is about $1.5 million below the ’08 level currently standing at $2.55 million. Right now there are 22 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.495 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first five months of ’07 and ’08 in the Condo market there was and was been no activity.
For the West of State St area of Santa Barbara Real Estate for the first 5 months of ’09 for Home Estate/PUDs we’ve had 55 sales compared to 58 last year. For most of the year sales have been ahead of the pace set last year but now we’ve fallen slightly behind. The median sales price has fallen about $125,000 down to $775,000 and the numbers of new listings has fallen by 9 down to 127 with a median list price of $895,000. The pending sales are up however so the numbers of sales may surge past the ’08 figures but the median list price for those sales is down by about $275,000 to $775,000. Right now there are 90 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1,079,000.
For the West of State are of Santa Barbara Real Estate for the first five months of ’09 for the condo market we’ve seen 19 sales compared to 20 last year. For most of the year condo sales have lagged significantly for the area so drawing close is good news. The median sales price for the area is actually above where it was last year by about $5,000 and shows up at $520,000. The sales figures are particularly interesting because the numbers of new listings is down by 27 to a total of 56 for ’09 with the median list price showing u at $539,000. The pending listings are way ahead of last year’s pace so the surge in sales should continue with the median listing for those pended listings just $10,000 below the ’08 pace. Right now there are 50 condos available for purchase on the West Side of Santa Barbara with a median list price of $569,000.
For the East of State St area of Santa Barbara Real Estate for the first 5 months for Home Estate/PUDs for ’09 we’ve finally drawn even to the numbers of sales last year when there were 61. But to get those sales the median sales price has dropped about $180,000 to $920,000. Also to get those sales the numbers of new listings has surged from 180 in ‘08 to 212 in ’09 with the median list price falling from $1.38 million to about $1.2 million this year. The sales should continue to go up because we’ve had 82 pending listings this year compared to 71 last year but the median list price for those pending listings has fallen by about $300,000 to $900,000. There are currently 161 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of $1.42 million.
For East of State St are for Santa Barbara Real Estate of for the first five months of ’09 in the condo market we’ve had 18 sales compared to 19 last year. This number lagged dramatically most of the year so we’ve come a long way back. But to get those sales the median sales price is down by about $130,000 to $528,000. The inventory is up slightly for the East Side with the median list price falling by about $50,000 down to $605,000. The pending listings up are this year which means we should start pushing forward in the numbers of sales but the median list price is down by about $175,000 to $525,000. Right now there are just 40 condos available for purchase on the East Side of Santa Barbara with a median list price of $675,000.
For May of 2009 for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate the Home Estate/PUD sales should have been more robust for the month because of the almost 90 properties that went into escrow in April but the total number of homes that closed escrow in May slid into the 50s after being in the 60s the previous month. There were some closings that were delayed due to the fire but whether that’s the reason that sales didn’t reach the expected level or the reason is that homes are taking longer to close escrow due to financing or because a substantial number of homes entering escrow are short sales is unclear at this time.
The median sales price continues to crawl upward but still remains below $900,000 for May while the numbers of Home Estate/PUDs entering escrow is at about the same rate we saw in April when almost 90 listings started the buying process. The median list price for those properties entering escrow also continues to slide up and is almost at the $900,000 level but when you look at the Sales Price to Original List Price Ratio for May of around 80% you can see that the closing price on those almost 90 escrows will be farther down into the $800,000 to $850,000 range rather than closer to $900,000.
The inventory of available properties is slowing and actually declined from April to May with the median list price for the overall inventory still hovering around the $1.8 million range and the average listing price topping $3.5 million. This disparity between the median sales price and median list price primarily tells you that the homes that were listed below $1 million and especially those in the $500,000 to $800,000 range have been sold and are out of the inventory and the properties that remain are farther up on the price scale.
Looking at the districts, we see that for the Home Estate/PUD market sales in Carpinteria/Summerland after starting the year way behind are about 20% below where they were last year with the median sales price down by about $360,000 to a $634,000 median. In Montecito sales remain at about half of what they were last year with the median price dropping by about $1.3 million this year down to the current $2.4 million median sales price.
For the East Side of Santa Barbara sales are almost exactly where they were last year after lagging for most of the year but the median sales price is down about $200,000 to a $920,000 median. Over on the West Side after being ahead of the ’08 sales pace for most of the year sales have fallen back slightly to below the ’08 level with the median sales price down by about $125,000 from a year ago to a $775,000 median.
Sales in Hope Ranch are down by about 40% from where they were last year but the median sales price is up about $150,000 to $2.556 million. For Goleta South sales are almost equal to what they were last year but the median sales price has fallen about $80,000 to the current number of $700,000. For Goleta North after being ahead most of the year the sales have fallen to about 20% below the ’08 level with the median sales price down by about $90,000 to the current $716,000.
There’s a lot of activity in the Home Estate/PUD market with a significant number of homes entering escrow. With this increased activity home sales prices are also sliding up but not much at this time. With properties entering escrow at a greater rate than what we saw in ’08 the numbers of closings should start to come closer to the previous year’s mark.
For the condo market in Santa Barbara for the month of May ’09 the sales are about where they were in April hovering around the mid 20s’. This means that the sales level has returned to about where it was last year at this time when for quarters 2 and 3 we had between 25 and 30 sales a month. With the increase in the numbers of sales the median sales price is also moving up to just below $500,000 for the month of May.
The numbers of condo escrows that opened in May is above the April level with the median list price for those newly opened escrows also rising to about the $490,000 range. Unlike the Home Estate/PUD Sales Price to Original List Price Ratio which is in the 80s the Condo Ratio is closer to the 90s which means that the condo sales price should continue to slide upward.
With the decrease in the $500,000 to $800,000 Home Estate/PUD inventory condos have all of a sudden become the hot ticket. The rise in the median sales price of condos is due to the lack of inventory which has started to fall. This fall is more pronounced than what is occurring in the Home Estate/PUD market which has only started to drop from April to May. It remains to be seen whether the condo momentum can be maintained because the new listings that are coming on the market are pushing the median list prices higher.
Looking at the districts it’s interesting to see that in Carpinteria/Summerland the condo sales are almost exactly where they were last year despite a dramatic fall in the number of available units but the median sales price has declined by about $120,000 down to $395,000. In Montecito there has been only 1 sale this year for $679,000 compared to last year when there were 7 sales with a $1.75 million median.
For East of State St we’ve had a real increase in activity and currently the numbers of sales is almost exactly where it was last year at this time. To achieve that amount of activity the median sales price has dropped about $170,000 down to $528,000. The West Side of town has also experienced almost exactly the same numbers of sales as last year but the anomaly over there is that the median sales price has actually gone up about $6,000 to $520,000.
For Goleta South it’s been a tough year for sales with around 20 closings compared to last year when there were around 30 closed escrows. The problem is exacerbated when we see that the median sales price has also fallen dramatically from about $615,000 to about $410,000. For Goleta North the numbers of sales is almost exactly what it was last year but the median sales price has dropped about $150,000 down to $340,000.
The condo market in Santa Barbara is finally moving forward with the numbers of sales about equaling the numbers of the past 2 corresponding months of the previous year. Currently the median sales price is moving upward so we’ll have to see whether that momentum can be sustained.
If there aren’t a whole new round of single family foreclosures that get dumped on the market condos should continue to sell at their present level or even move up with the median sales price also rising somewhat because currently the numbers of escrows opened in ’09 is about 40% above the number opened in ’08. But if there are a great number of low priced single family homes that come on the market in the next few months the condo market will probably start to falter.
Gary Woods
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 5 months of ’09 for Home Estate/PUDs we’ve seen 38 sales compared to 73 last year. For all of ’09 we’ve been at about half the production we saw last year. The median sales price has also come in significantly lower than last year and has been about $1.3 million below last year’s figure of $3.7 million. This lack of production is accentuated because the inventory for Montecito has gone up significantly with the median list price dropping about $400,000 to $3.3 million. The pending listings have risen in the last couple of months currently standing at 52 but last year at this time that number was 74. The median list price on those pending is about $1 million below where it was year. Right now there are 205 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.7 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first five months for the condo market we have had 7 sales in ’08 compared to 1 in ’09. Last year the median sales price was $1.75 million and this year the 1 sale was for $679,000. Despite the lack of activity the numbers of new listings is up by 4but the median list price is down $120,000 to $1,475 million. There has been only 1 escrow open this year compared to 7 last year. The median list price last year was $1.595 million and this year the list price was $729,000. Right now there are 23 condos available for purchase in Montecito with a median list price of $1.695 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for Home Estate/PUDS for the first 5 months there have been 16 sales compared to 20 at this time last year. The area started way back at about half the numbers of sales racked up last year so 16 is actually rather good. But the numbers of new properties that came on the market this year has also surged so that accentuates the decline in sales. The median sales price has declined dramatically in the area falling about $360,000 to a $634,000 median sales price. The good news is that the pending properties are some 35% ahead of where we were last time so we should at least equal and probably surpass the numbers of sales. But the median list price of those pending properties is about $300,000 below last year’s figure currently standing at $785,000. Right now there are 83 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.3 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first five months of the year in the condo market there have been 14 sales which is exactly the same number we saw last year at this time. What makes this number interesting is that we have about half the number of new listings that we had last year. The median sold price is down by about $115,000 from last year currently residing at just under $400,000. The sales should start surging forward because the numbers of pending properties is double where it was last year at this time. But the median list price on those properties is about $165,000 below where it was last year at this time and currently shows up at $385,000. Right now there are 31 condos available for purchase in Carpinteria/Summerland with a median list price of $575,000.
For Goleta Real Estate North area of Santa Barbara Real Estate for the Home Estate/PUD market there are currently 65 properties on the market with an average list price of about $2.28 million. The most expensive property in the area can be had for just $23.5 million while on the other end of the scale there’s a listing for just under $270,000. You mush all that together and you get a median list price for Goleta North of $1.095 million.
Right now there are 29 Home Estate/PUDs in escrow for Goleta North with an average list price of about $884,913. On the upper end of the scale there’s a home in escrow for just under $3.5 million while at the bottom of the list there’s one for $299,000. You swirl all that around and you come up with a median list price for homes in escrow for $729,000.
For the time period we’re talking about 49 homes closed escrow with an average sales price of just under $815,000. On the tippy top a property closed escrow for $2.7 million while at the other end of the scale one slipped out the door for $180,000. Even so the median sales price for Goleta North this year has been $717,000.
For the condo market in Goleta Real Estate North there are just 19 properties available right now for an average list price of $452,905. Topping the active list is a condo for $1.055 million while at the lower end of the scale one is listed for $118,300. The median however is a lot closer then bottom than the top and resides currently at $409,000.
Right now only 11 condos are in escrow in Goleta South with an average list price of $429,463. The highest priced condo in escrow tops the charts at $779,000 while the bottom of the list shows us one at $228,100. When you look to the middle the median list price for a condo in escrow is $399,000.
For Goleta North for the period we’re speaking of there was 12 sales with an average price of $364,833. The highest priced sale closed escrow at $537,500 while the least expensive property left the gates at $128,800. Even so the median sales price for all of ’09 so far is $324,500.
In the Goleta Real Estate South area there are 45 Home Estate/PUDs available with an average list price $1.42 million. The highest priced listing in the area can be had for $3.15 million while the least expensive home is on the market for $609,000. All of that gives us a median list price of about $1.36 million.
Currently there are 16 properties in escrow for Goleta South with an average list price of $864,999. The highest priced listing now in escrow is on the market for $1.95 million and the least expensive property is listed for $449,000. The median list price for Homes in escrow is $719,000.
For the period we’re talking about 29 homes closed escrow with an average sales price of just over $781,713. The most expensive home in the area went out at $1.7 million while the least expensive property closed at $280,000. The median price for Goleta South is $680,000 so far this year.
For condos on the South Side of Goleta Real Estate we currently have 12 units available with an average list price of just over $523,416. The highest priced listing is on the market for about $750,000 with the least expensive home showing up at $220,000. This gives us a median list price of $510,000.
There are 23 condos in escrow currently with an average list price of $403,178. The highest priced condo in escrow is listed for just under $600,000 with the least expensive property listed at $129,900. The median list price for a condo in escrow is $455,000.
For the Goleta South area for the period we’re talking about 17 condos closed escrow with an average sales price of $437,586. The most expensive condo that has closed escrow this year went out at about $940,000 and the least expensive home closed for $195,000. The median sales price is $410,000.