In the Goleta Real Estate South area there are 41 Home Estate/PUDs available with an average list price of $1.26 million. Topping the charts is a property on the market for about $2.5 million and at the other end of the spectrum is a home which could be purchased for under $500,000. The median list price for the however is $1.7 million.
Right now there are 14 properties in escrow with an average list price of about $870,000. On the top of the heap is a property listed for just under $1.9 million and at the other end is one listed for under $400,000. The median list price for homes currently in escrow is $625,000.
So far this year 49 homes have sold with an average sales price of about $920,000. The highest priced escrow that closed was for just over $2.8 million and at 1/10 of that number was one that closed for $280,000. The median sales price for the area is $725,000 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 about $520,000. The most expensive condo is on the market for just under $1 million while the least expensive condo can be had for just $315,000. The median list price for the area is $499,000.
There are 14 condos in escrow right now with an average list price of about $430,000. The highest priced property currently in escrow is on the market for just under $700,000 and the least expensive property is on the market for $180,000. The median list price for condos currently in escrow is $460,900.
So far this year only 40 condos have sold with an average list price of about $440,000. The most expensive condo that has closed escrow this year in the area went out at about $940,000 with the least expensive condo selling for just $129,000. The median sales price for the area is $430,000.
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 29 properties available with an average list price of $4.2 million. Topping the list is a home which could be purchased for just under $16 million while at the other end of the scale is a property which could be purchased for $849,000. When you mush all that together the median list price for the area is just under $3 million.
Right now there are 2 pending properties with an average list price of about $2.6 million. The most expensive home in escrow is on the market for just under $3 million while on the other end of the scale is a property listed for $2.2 million giving us a median list price of $2.2 million.
So far this year there have been 8 sales with an average sales price of $3.1 million. The highest priced property that closed escrow went out at $8.2 million while the least expensive property slid out the door at $745,000. All this gives us a median sales price of $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 90 Home Estate/PUDs with an average list price of about $1.25 million. The most expensive listing on the West Side could be purchased for just under $6 million while the least expensive property could be had for $469,000. With all of that the median list price for the area is still over $1 million standing at $1,049,000.
There are 24 homes in escrow on the West Side with an average list price of just under $750,000. The most expensive home in escrow is listed for $1.249 million while the least expensive home is listed at $449,000. The median list price however stands at just under $700,000.
There have been 85 sales on the West Side this year with an average sales price of just about $840,000. The highest priced sale was $1.125 million while the least expensive sale was $230,000. The median sales price through this time period is $735,000.
For the Condo market on the West Side of Santa Barbara Real Estate there are 42 units currently available with an average list price of just under $800,000. The most expensive active listing is on the market for just under $1.9 million with the least expensive property available for $339,000. The median list price for the area however is $639,000.
Right now there are 13 condos in escrow with an average list price of about $540,000. The highest priced condo in escrow is listed for $959,900 while the least expensive home was on the market at $375,000. The median list price for homes currently in escrow is $457,400.
So far this year 34 condos have closed escrow with an average sales price of about $600,000. The median sales price has been $505,000 for the year with the highest priced condo leaving the gates at $1.4 million and the least expensive condo going out at just $275,000.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 143 Home Estate/PUDs available for purchase with an average list price of about $1.7 million. Topping the list of available homes is one currently listed at $9.8 million while at the other end of the spectrum is a home listed for just $425,000. Currently on the East Side the median list price is $1.375 million.
Right now there are 42 Home Estate/PUDs in escrow on the East side with an average list price of just under $900,000. The median list price is $750,000 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 $299,900.
So far this year 92 Home Estate/PUDs have been sold with an average sales price of about $1.06 million. The median sales price is right at $900,000 with the highest priced home closing escrow at $3.225 million and the least expensive home sliding out the door at $312,000.
The condo market for the East Side of Santa Barbara Real Estate has 44 properties for sale with an average list price of just under $800,000. The most expensive condo listing on the East Side is on the market for $1.75 million while at the other end of the scale is a property which could be purchased for just $325,000. When you hash it all out the median list price for the East Side of Santa Barbara is $675,000.
There are 9 condos in escrow right now with an average list price of about $450,000. Topping the charts is a property thats in escrow for $649,000 while at the other end is one in escrow for $379,000. The median list price for properties starting the buying process is $445,500.
So far this year 32 properties have closed escrow with an average sales price of $608,184. On the top of the heap is a condo that sold for $1.3 million while on the other end of the scale is one that closed for $365,000. The median sales price thus far in 09 is $510,000.
For Santa Barbara Real Estate in the Montecito Real Estate are there are currently 219 Home Estate/PUDs available with an average list price of about $5.8 million. On the top of the heap is a property listed for just under $30 million while the least expensive current listing in the area could be had for under $900,000. The median list price resides at about $3.6 million.
Right now there are 15 homes in escrow in Montecito with an average list price of about $5.7 million. Pushing that average is the highest priced home currently in escrow which is listed at $16 million while the least expensive property is in escrow with a $1.2 million list price. The median list price for properties starting the buying process is just under $4 million.
Through July 23 there have been 61 Home Estate/PUDs complete the buying process and those 61 have an average sales price of about $2.9 million. The median sales price has been about $2.25 million with the highest priced listing closing for over $25 million and the least expensive property going out at $750,000.
For the Condo market in Montecito Real Estate there are currently 24 properties available with an average list price of about $1.7 million. The median list price is just slightly south of that number at $1.6 million. The highest priced condo listing now on the market is listed for $3.495 million with the least expensive listing way down at $655,000.
Right now there 1 condo in escrow which is listed at $795,000 and 1 condo has closed escrow at $679,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market there are currently 86 properties available for purchase with an average list price of a whopping $4.3 million. The highest priced listing topping the charts is on the market at just under $30 million but the least expensive property could be snapped up for just $449,000 with the median list price right around $1.4 million.
Currently there are 18 Home Estate/PUDs in escrow with an average list price of about $780,000. At the top of the list for homes that have gone pending is one listed for $1.22 million and at the other end of the scale is a home listed for just $479,900. Right in the middle is the median list priced property on the market for just under $700,000.
There have been 30 sales so far this area in Carpinteria/Summerland with an average sales price of about $1.4 million. One the top of the heap is a property that sold for $6.35 million but the other end of the spectrum shows us one at $310,000. The median sales price however is $650,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate 29 properties are available with an average list price of about $635,000. The most expensive condo is listed for $1.3 million while the least expensive condo could be had for $385,000. In the middle of the pack is the median list price of $590,000.
There are currently 16 condos in escrow in the area with an average list price of about $720,000 but way up high is a property thats listed for $5.9 million while way down low is a condo listed for just $204,500. The median list price for condos currently in escrow is $365,000.
So far this year there have been 23 condo sales with an average sales price of about $409,491 with the most expensive condo in the area selling for $807,000. All the way down at the other end is a property that closed escrow for $210,000 while the median sales price is $400,000.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs 20 sales for the period were talking about compared to 15 for last year. But last year the median sales price was $910,000 compared to this year when the median sales price is $701,450. While the sales are up the pending sales are down. For 08 during this period there were 18 properties that started the buying process with a median list price of $899,000 and this year there have been 11 pended properties with a median list price of $698,000. There have been more new listings this year with 26 compared to 08 when there were 23 but this year the median list price for new properties is $795,500 compared to last year when the median list price was $879,000. Currently there are 68 Homes available for purchase in Goleta North with a median list price of about $1.1 million.
For the condo market in Goleta Real Estate North there were 7 sales for this period with a median sales price of $370,000. Last year there were 3 sales with a median sales price of $480,000. But this year there have been 4 pended listings with a median list price of $399,000 and last year there were only 2 pended listings with a median list price of $440,000. On the other side of the coin there were 8 new listings last year for this time period with a median list price of $435,000 and last year there were 5 new listings with a median list price of $450,000. Currently there are 14 condos available for purchase in Goleta North with a median list price of $443,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 10 properties closed escrow from June 17 to July 17 09 with a median sales price of $750,000. Last year there were also ten sales but the median sales price was $810,000. This year however there were 13 pended properties with a median list price of $724,680 compared to last year when there were 7 pended properties with a median list price of $625,000. There were 14 new listings in 08 with a median list price of $745,000 and this year there were 17 new listings with a median list price of just under $1 million. Currently there are 39 Homes available for purchase in the Goleta South area with a median list price of about $1.2 million.
For the condo market in Goleta Real Estate South shows us 12 sales for the period with a median sales price of $489,500. Last year at this time there were 3 closings with a median sales price of $553,000. In 08 for this period there were 6 pended listings with a median list price of $517,000 and in 09 there were 9 pended listings with a median list price of $523,000. For this year 6 new listings have come on the market with a median list price of $399,000 and last year there were also 6 new listings with a median list price of $549,000. Right now there are 14 condos available for purchase in the Goleta South area with a median list price of $499,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of May 5 to June 5 09 there 2 sales with a median sold price of about $4.5 million and last year there were 2 sales but the median sales price was about $2.8 million. Both years also had 2 listings go pending during this period but this year the median list price for those properties is $2.2 million compared to last year when it was about $1.7 million. This year there have been 9 new listings with a median list price of about $2.4 million and last year there were 8 new listings with a median list price of about $2.9 million. Currently there are 29 Homes available for purchase in Hope Ranch with a median list price about $3 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 19 sales this year compared to 14 last year. But last year the median sales price was $975,000 and this year its been $735,000. The pending numbers are 12 for 09 compared to 10 for 08 with the median list price last year at $718,900 compare to 09 when its been $749,000. For the period were talking about there have been 27 new listings with a median list price of $934,900 and last year there were 34 new listings with a median list price of $895,000. Currently there are 88 Homes available for purchase on the West Side of Santa Barbara with a median list price of $1,050,000.
For the condo market the sales figures show us 11 sales for the period with a median sales price of $500,000. Last year there were 7 sales with a median sales price of $675,000. But this year there are only 6 pended properties with a median list price of $419,000 compared to last year when there were 14 pended listings with a median list price of $629,999. For 09 for this period there have been 10 new listings with a median list price of $497,500 compared to last year when there were 18 new listings with a median list price of $549,000. Right now there are 39 condos available on the West Side of Santa Barbara Real Estate with a median list price of $739,000.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 14 sales from June 17 to July 17 there were 19 sales compared to last year when there were 16 sales. But the median sales price slid from $1.695 million last year to $985,000 this year. The pended listings are also up this year with 20 compared to 18 last year but the median list price for those listings went from $860,000 last y ear to $740,000 this year. There were 39 new listings this year during the time period with a median list price of $1,049 million compared to last y ear when there were 29 new listings with a median list price of $1.325 million. Currently there are 147 Homes available for purchase on the East Side of Santa Barbara with a median list price of $1.349 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year there have been 6 sales for the time period and thats exactly how many we had 6 sales which is exactly the number of sales we had in 08. The median sales price is very close together also. Last year it was $634,500 and this year its $639,000. There were 6 properties that went pending this year for the period were talking about but last year there were 4. The median list price for those pending listings this year is $415,000 and last year it was $480,000. For 09 there were 16 new listings with a median list price of $469,000 and last year there were 9 with a median list price of $678,000. Currently there are 45 Condos available for purchase on the East Side of Santa Barbara with a median list price of $650,000.
Santa Barbara Real Estates area of Montecito Real Estate for the Home Estate/PUD market there were 16 sales for the period of June 17 to July 17 there were13 sales compared to 11 for the same time last year. But the median sales price went from $3,339,000 in 08 to $2,340,000 this year. The pended listings are also up from 9 last year to 11 this year and interestingly enough the median list price for those pended listings went from $3.9 million last year to $3,995,000 this year. The new listings are almost exactly where theyve been for both years. This year there have been 40 new listings with a median list price of $2.895 million and last year there were 39 new listings with a median list price of $3.45 million. Currently there are 219 homes available for purchase in Montecito with a median list price of $3.6 million.
For the Condo market in Montecito Real Estate there was 1 sale last year for the period were talking about and this year there have been none. Last year there during this period there 3 escrows opened with a median list price of $895,000 compared to last year when there was 1 escrow opened with a list price of $795,000. There have been 2 new listings this year with a median list price of $895,000 compared to last year when there were 4 new listings with a median list price of $765,000. Currently there are 24 condos available for purchase with a median list price of $1.595 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 June 17 to July 17 there were 6 sales this year compared to 8 last year. The median sales price went from $1,169,500 in 08 to $850,000 this year. The pending sales were up however from 4 last year to 7 this year and the median list price went up from $775,000 last year to $799,000 this year. During that time period 11 new listings came on the market this year with a median list price of $862,900 compared to 17 new listings last year with a median list price of $979,000. Currently there are 82 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.5 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period there were 4 sales this year compared to 2 last year and the median sales price went up from $379,500 last year to $429,500. The pending listings are also up this year from 3 last year to 7 this year and the median list price of the pended listings went from $439,900 last year to the current $525,000. There are fewer new listings that came on this year with 6 appearing in 09 compared to 14 in 08. But the median list price for those new listings is down from $619,000 last year to $250,000 this year. Currently there are just 31 condos available for purchase in Carpinteria/Summerland with a median list price of $575,000.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 1/1/09 to 7/9/09 there have 75 sales compared to 81 last year. With the decline in numbers of sales the median sales price has dipped from $850,000 down to $704,000. The good news is that it took slightly less time to get an accepted offer this year with the time dipping from 74 days in 08 down to 65 in 09. But when you add in the 60 days of average escrow time you come up with an average of 125 days to get a completed sale.
For Condominiums on the North Side of Goleta Real Estate there have been 20 sales for the time period were discussing compared to 18 last year. But the median sales price has slid from $485,000 down to $408,500 for that time period. The good news is that it took only 54 days on average to get an accepted offer compared to 92 last year. But when you add in the 42 average days of escrow time the total marketing time comes to 96 days.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate for 09 there have been 44 sales compared to 46 last year at this time and the median sales price slid from $766,000 in 08 down to $717,500 in 09. The days on the market is exactly the same for both years standing at 74 and with the 44 day average escrow time the total marketing time for Goleta South stands at 118 days.
For Condominiums for Goleta Real Estate South for the same time period there have been 32 sales which is exactly the same number that occurred last year at this time. But to achieve those sales the median sales price dipped from $607,000 in 08 down to $412,000 in 09. To add insult to injury it took 24 days longer to get an accepted offer so far in 09 with an average DOM of 84. Once the 43 average escrow time is added in it is taking 127 days on average to get a property closed in Goleta South.
For Hope Ranch Real Estate Home Estate/PUDs from 1/1/09 to 7/9/09 there have been 8 sales compared to 10 in 08. That two fewer numbers of sales brought a drop in the median sales price from $3.26 million last year to $2,365,500 this year. The days on the market more than doubled this year from 56 in 08 to 114 in 09 and when you add in the average escrow time for 31 days you get a total marketing time of 145 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 7/7/09 there have been 77 sales compared to 74 last year. To get that increase in the numbers of sales required a drop in the median sales price from $1 million down to $759,000. With the decrease in the median sales price the days on the market also declined from 95 in 08 down to 67 for 09. But when you add in the 43 average escrow days you come up with a total marketing time of 110.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there have been 30 sales compared to 25 last year at this time. The rise in the numbers of sales saw a rise in the median sales price from $575,000 in 08 to the current $517,500 for 09. The decline in the median sales price brought a rise in the days on the market from 74 last year to 108 this year and when you add in the 31 average days of escrow time you get a total marketing time of 139.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for 09 through July 9 weve had 80 sales compared to 81 last year. But while the numbers of sales has remained basically constant the median sales price has dipped from $1.175 million in 08 to $910,000 in 09. The good news is that it took about week less time to get an accepted offer with the average days on the market for 09 showing up at 84 but when you tack on another 47 days of escrow time you get a total marketing time of 131 days.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 30 sales compared to only 26 in 08. But just like with Home Estates the median sales price has slid from $704,500 last year to $511,000 this year. With the drop in median sales price the days on the market has also dropped from 100 in 08 to 60 in 09. But when you add in the 40 average days of escrow time the total marketing time comes to 100 days.
From 1/1/09 to 7/9/09 in Montecito Real Estate for the Home Estate/PUD market there have been 53 sales compared to 85 in 08 for the same period. With the sales falling the median sales price has also come down to the current number of $2.34 million from the 09 number of $3.625 million. The days on the market has stayed rather constant for both years. In 09 its taken 100 days on average to get an accepted offer and last year it took 106. When you add in the 35 day average escrow time the total marketing time for 09 comes to 135 days.
For Condominiums for the same time period in Montecito Real Estate there has been only 1 sale for $679,000 compared to 9 last year with a median sales price of about $1.6 million. It took 274 days to get an accepted offer on that 1 sale and when you add in the 63 day escrow period you get 337 days of total marketing or almost a year to get that condo closed.
From Jan1 to July 9 there have been 26 sales in the Carpinteria Real Estate/ Summerland Real Estate Home Estate/PUD market compared to last year when there were 27. But while there have been only 1 fewer sales the median sales price has slid from about $950,000 last year to about $650,000 this year. The sellers are giving up a lot in the area which is indicated by the sales price to original list price ratio of 80% compared to last year when that ratio was 94%. The average days on the market this year have been 91 to get the property into escrow and then tack on another 56 for the escrow period for a total marketing time of 147 days.
For Condominiums in Carpinteria Real Estate/ Summerland Real Estate for the same time period there were 19 sales compared to last year when there were 16. The median sales price for condos has also fallen but not nearly as much. In 08 the median sales price was $487,000 and currently that number is $400,000. The days on the market are also rather close for both years. In 09 its taken 128 days to get an accepted offer and in 09 it took 122 days. You slap on another 57 days for escrow time and this year its taken on average 185 days to get a condo sold.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 6 months of 09 there have been 70 sales compared to 77 last year. This 10% drop in the numbers of sales is due to the declining inventory in the area and should continue in that vein for the foreseeable future because the escrows are 2 behind where they were last year at this time. The median sales price has declined from $850,000 last year to the current $702,000 for an 18% drop. The median list price for Homes going into escrow also declined from $875,000 last year to $749,000 this year for a 15% drop. There are only 61 Home Estate/PUDs available for purchase in the Goleta North area with a median list price of $1.15 million.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first six months of 09 there have been 18 sales compared to 16 last year. The median sales price has dropped from $500,000 last year to the current $420,000 for a 16% decline. The pending properties are way up however almost double the number of condos that went into escrow at this time last year. But the median list price on those almost double numbers of escrows dropped from $519,000 last year to $372,000 currently. Right now there are only 12 condos available for purchase in Goleta North with a median list price of $439,000.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 6 months of 09 there have been 42 sales compared to last year when there were 43. I keep expecting the sales to start dropping for Goleta South because the inventory is declining but so far the sales have kept up. In fact the escrows are ahead of where they were last year so the sales should continue to grow. The median sales price is easing closer to what it was last year. Currently the median sales price is $705,000 about 6% below where it was last year. The median list price for properties that have gone into escrow is also rather close currently residing at $739,000 which is about 8% below where it was last year. There are just 40 Home Estate/PUDs available for purchase in Goleta South right now with a median list price of $1.15 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first six months there have been 31 sales compared to 32 last year. But the median sales price has dropped by almost $200,000 down to the current number of $410,000. The escrows are 10 ahead of where they were last year with the median list price for those 10 more escrows residing at $429,000. Right now there are only 14 condos available for purchase in Goleta South with a median list price of $549,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 6 months of 09 for the Home Estate/PUD market there have been 7 sales compared to 9 in 08. This gap continues to shrink with the numbers of sales getting closer together. The numbers of escrows is actually ahead of the 08 number so the sales for the current year should start to surpass those of last year. The median sales price is very close together with the current year actually of the 08 level by about $30,000 standing at the current $2,556,000. The median list price this year is way down from last year when it was almost $4 million. Right now the median list price for pending properties is $2.65 million. The inventory for this year is ahead of last years pace with the median list price for the 25 available properties standing at $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.
Looking at the Home Estate/PUD market for the greater Santa Barbara Real Estate area from Carpinteria Real Estate/Summerland Real Estate to Goleta Real Estate including Montecito Real Estate and Hope Ranch Real Estatefor the first 6 months of 09 the numbers of sales finally rose into the high 70s to low 80s ranges which is about 20% above the numbers of sales in June 08. Even more encouraging is the numbers of properties that entered escrows which was in the 90s for the month of June 09 compared to the low 80s for June 08.
With the numbers of sales rising, the median sales price slid back for June to the mid $800,000s after rising each month since February. The median list price for homes entering escrow also is in the mid $800,000 range so that should be about where the median sales prices are going to stay for at least the short term future.
The sales price to original list price ratio rose in June to the high 80s low 90s after dipping down into the high 70s for May. This means that prices are starting to stiffen particularly in that hot $600,000 to $800,000+ range.
After falling from April to May the inventory continued to decline in June. The median list price for the approximately 150 new listings that came on the market in June remains at about a $1.2 million median list price level with the overall inventory continuing at about a $1.85 million median list price level for the something like 625 available homes.
Looking at the districts, Carpinteria/Summerland has almost exactly the same numbers of sales as we experienced in 08 through the end of June and is even slightly ahead of last years pace but the median sales price has fallen by about 35% to approximately $645,000. In Montecito sales remain sluggish but are starting to climb closer to the 08 level. The median sales price has fallen about $1.2 million from June 08 however to the current number of about $2.35 million.
In the East of State St area sales are down about 5% from where they were in June 08 and the median sales price has fallen about 24% to right around $900,000. Over on the West Side sales are slightly above where they were last year but the median sales price is down about 26% to the current level of approximately $735,000.
For Hope Ranch sales are about where they were last year with the median sales price residing currently at about $2.55 million approximately $30,000 above where it was through June 08. For Goleta South despite declining inventory, sales are almost exactly where they were last year and even slightly ahead of the 08 pace with the median sales price presently residing at about $715,00 which is only approximately $35,000 below where it was last year at this time. For Goleta North the lack of inventory has finally caught up with the area and the sales are down about 9% with the median sales price down by about 17% to the current number of roughly $700,000.
With the numbers of sales rising and the numbers of pending properties continuing to surge were going getting closer to the sales pace set during 08. The median sales price should remain in the mid $800,000 range throughout the summer with perhaps a slight rise for the next couple of months. It is rumored that there were will be another round of foreclosures hitting the market in September which will affect the pricing structure and overall inventory but for the time being sales are moving forward and prices are stabilizing.
For the Condo market in the Santa Barbara area the flood gates finally opened for sales in June. The previous 2 months saw sales in the mid 20s but for June the sales were in the 40s. A lot of those pending listings that had been stacking up finally came into the Sold column in June and it looks like the party will continue because the numbers of condos going into escrow stayed in the 40s range. But, while the numbers of sold condos rose, the median sales price for those condos slid back into the mid $400,000 level and it looks like thats about the level well stay at because the median list price of the condos entering escrow was also at the mid $400,000 level.
The sales price to original list price ratio slid back from the high 80s in May to the mid 80s for June which means that the sellers had to give back more than what they had in the previous month which is indicated by the fall in median sales price. The days on the market which is the time from when a property is listed until it goes into escrow went up in June to about 90 days from the mid 70s in May indicating that buyers are taking a couple of more weeks to make up their mind before submitting an offer.
After falling the previous 5 months the inventory took a little upturn in June and the median list price for the overall inventory also slid up slightly to the mid $600,000s from the low $600,000s in May. The days on the market for the overall inventory remain at about 140 days or almost 5 months waiting for an acceptable offer.
Looking at the districts we see that there have been about 20% more sales of Condos in Carpinteria/Summerland than we saw in 08 but the median sales price has dropped about 18% down to the current level of roughly $400,000. In Montecito we still only have 1 sale for all of 09 with a sales price of $679,000 compared to 08 when we had 9 sales with a median sales price of about $1.6 million.
On the East Side of Santa Barbara the numbers of sales is almost exactly where it was last year at this time but the median sales price has gone down about 30% to the current level of roughly $500,000. Over on the West Side the sales are up about 12% for 09 with the median sales price falling about 6% to somewhere in the $525,000 range.
For Goleta South the level of sales is also almost exactly where it was last year but the median sales price has fallen precipitously by over 30% to the current level for $410,000. Finally in Goleta North the sales are ahead of where they were in 08 after lagging most of the year but the median sales price has fallen by about 15% to the current level of $420,000.
Traditionally condo sales lead the way in the marketplace so the rise to the 40s in numbers of sales for June is very good news. The condo buyer is usually more vulnerable to shifts in the money market so with the uptick in interest rates we will have to see whether this momentum can be maintained. For at least July and August we should continue to experience a surge in the condo market but if the rumored foreclosures do appear in September that prognosis could change.
For the time being both the Home Estate/PUD and Condo markets should continue to outperform what occurred in the previous year at this time. If this trend continues then the overall figures for 09 will grow closer to numbers of sales posted in 08 and even perhaps surpass those numbers. If the foreclosures do appear in September the numbers of sales could go up substantially and be ahead of the 08 level but the median sales price would continue to trend downward.
Gary Woods
For the West of State St area of Santa Barbara Real Estate for the first 6 months there have been 74 Home Estate/PUD sales compared to 72 at this time last year. The West Side is been ahead of the numbers of sales for most of the year and the trend should continue because last year to this point there were 83 escrows opened compared to 91 this year. But the median sales price has fallen for the area by about 25% with the median list price for properties entering escrow down about 22%. There are only 77 properties currently available on the West Side of Santa Barbara with a median list price of $1,049,000.
For the West of State are of Santa Barbara Real Estate for the first six months in the condo market there have been 27 sales compared to 24 last year and 40 escrows opened this year compared to 30 last year. This 13% rise in the numbers of sales and 33% rise in the numbers of escrows should continue to push sales forward for the next few months. Unlike the other districts in town the median sales price has fallen only $35,000 down to the current $525,000 level with the median list price of pending properties declining a greater distance from about $600,000 to the current approximately $520,000 level. Right now there are only 47 condos available on the West Side of Santa Barbara with a median list price of just under $600,000.
For the East of State St area of Santa Barbara Real Estatefor the first 6 months for Home Estate/PUDs there have been 73 sales which is about 10% behind where we were in 08. In contrast the numbers of pending sales is over 20% ahead of where we were last year. The difference is the median sales price for those 73 properties is about 25% below where it was last year and the median list price for the over 100 pending sales is also about 25% down from the 08 level. The inventory on the other hand is about at the same level it was last year with 146 Home Estate/PUDs currently available in the East of State St area with a median list price of about $1.4 million.
For Condos on the East of State St area of Santa Barbara Real Estatefor the first six months there have been 27 sales compared to 26 last year but there have been 35 escrows this year compared to 28 last year. This 25% rise in the numbers of escrows should spur sales forward for the next few months. But decline the median sales price from about $700,000 to about $500,000 for 09 should also continue because the median list price for pending properties was $699,000 last year compared to $539,000 this year. The inventory is about at the same place it was last year with 46 properties currently available for purchase with a median list price of $649,000.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 6 months of 09 there have been about 50 sales which approximately 41% below where we were last year at this time. This picture could be getting better however because the numbers of pending properties is only about a third below where we were last year. Accompanying the reduced amount of activity for sales is a decline in the median sales price which is down to about $2.35 million for the area for about a 35% drop from 08. The median list price for properties in escrow is also down to about $2.695 million from $3.385 million last year for a decline of about 20%. What definitely isnt down in Montecito is the numbers of Home Estate/PUDs that are on the market. The inventory is up over 30% and currently has over 200 properties available with a median list price of $3.695 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first six months there has been only 1 sale for $679,000. This compares to last year when there had been 9 sales with a median sales price of about $1.6 million. The drought for Montecito Condos will continue because there has been only 1 opened escrow this year compared to 9 last year. Meanwhile the available condos continue to stack up with 25 properties available for purchase with a median sales price of about $1.6 million and average days on the market of 142.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 6 months of 09 as far as Home Estate/PUDs are concerned there have been almost exactly the same numbers of sales as occurred to this point in 08. The sales should continue to grow for the next few months because the numbers of pending properties is about 40% ahead of where it was in 08. But while the numbers of sales is about equal the median sales price has drifted down to about $635,000 which is approximately 35% below where it was last year at this time. Currently there are only 78 Home Estate/PUDs available purchase in the area with a median sales price of about $1.5 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first six months for the condo market the sales are ahead of where they were last year by about 20% with the numbers of condos entering escrow ahead of the 08 pace by almost double. With all this activity in the area the median sales price has fallen about $85,000 over last years mark and currently resides at about $400,000. The median list price for the condos in escrow is farther down the scale at about $390,000 so the downward pressure on prices should continue for the foreseeable future. Right now the biggest problem in Carpinteria/Summerland condo sector is the inventory which is down to only 32 available properties with a median list price of $590,000.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is up by 13% to 67 but the number of escrows is way up by 63%. All of this activity has only given 16 sales this year however which is exactly the same number we had last year at this time. The same number of sales has yielded an average sales price which has fallen 24% down to the current approximately $415,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings are down by 24% but the numbers of escrows has fallen only 3%. Unfortunately this drop of 3% in pending listings has lead to a drop of 15% in the numbers of sales with the average sales price also slipping by 15% down to the current approximately $850,000.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North see the overall inventory down 2 with the numbers of escrows falling by 3. The good news is that even though the numbers of units and escrows have declined the numbers of sales is exactly where it was last year with 4 for both years. But even the sales are the same the average sales price is down by 34% to the currently approximately $540,000.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is down by 26% but the numbers of escrows is up by 22%. But with the escrows up the sales have fallen by 15%. The average sales price of about $450,000 is down by 21% from where it was last year at this time.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is down by 16% from where it was last year at this time but the numbers of escrow is up by 6%. Even with the escrows more prevalent the sales have fallen by 7% from the 08 level with the average sales price down by 8% to the current level of about $850,000.
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 escrows have doubled from 2 in 08 to 4 in 09. The numbers of sales is also up from 3 last year to 4 this year and to complete the trifecta the average sales price has gone up from $800,000 to $862,500 for a 7% rise.
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 about 30% ahead of where it was last year but all that activity has given us only 12% more properties that entered escrow with the numbers of sales falling by 33%. With the numbers of sales down by 33% the average sales price has fallen 17% and currently resides at about $2.7 million.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate there were no listings last year and just 1 this year. The good news is that 1 is now in escrow but has not closed yet.