For the East of State St area of Santa Barbara Real Estate through Oct 12 there are 136 Home Estate/PUDs available for purchase with an average list price of about $1.7 million. The highest priced listing in the area is on the market for $12.75 million while the least expensive home is listed at $380,000. All those numbers gives us a median list price of $1.35 million.
With all those listings there are 45 homes in escrow with an average list price of about $930,000. The highest priced home in escrow lists for just under $3 million with the least expensive property listed at $308,900. The median list price for homes in escrow currently just under $800,000
Through Oct 12 there have been 157 sales with an average sales price of about $1.05 million. The highest priced sales closed escrow at $3.295 million with the lowest priced sales being rung up at $312,000. With that huge disparity the median sales price for the East Side so far in 09 is $920,000.
The condo market for the East Side of Santa Barbara Real Estate through Oct 12 shows us 46 available properties with an average list price of about $807,000. The highest priced listing is on the market for $2.8 million with the lowest priced listing available for $309,000. The median list price for the area is just under $700,000.
There are 12 condos in escrow right now with an average list price of about $540,000. The most expensive condo that has started the buying process is listed at just under $1 million with the lowest priced listings on the market for $325,000. The median price of those 12 condos in escrow is $450,000.
This year through the middle of October there have been 46 completed sales with an average sales price of about $640,000. Topping the charts was a sale for $1.875 million while at the other end of the scale was a one that sold for $365,000. When you put all that together you get a median sales price for the year of $521,000.
For Santa Barbara Real Estate in the Montecito Real Estate area through October 12 there are 210 Home Estate/PUDs available for purchase with an average list price of about $6.1 million. The highest priced listing is on the market for just under $30 million with the least expensive property available for under $900,000. You put all that together and you get a median list price of $3.79 million.
With all those listings we only have 12 homes that are in escrow with an average list price of about $3 million. Topping the list is a property thats listed for about $9.5 million with the least expensive home listed at just under $900,000. What all that gives us is a median list price for homes in escrow of $2.15 million.
Through Oct 21 there have been 103 Homes sales in Montecito Real Estate with an average sales price of about $3.5 million. The highest priced property in the area sold for over $25 million with the least expensive property selling for $750,000. With all that the median sales price has slide to $2.5 million for the year.
For the Condo market in Montecito there are currently 15 properties available with an average list price of about $1.76 million. The most expensive condo on the market is listed for $3.5 million with the least expensive property available at $655,000. The median list price for the area is $1.65 million.
Right now there are 2 condos in escrow in Montecito with an average list price of $970,000. The highest priced listed is just under $1 million with the least expensive listed at $945,000. This gives us a median list price for the condos in escrow of $945,000.
There have been 5 condos sales so far this year with an average sales price of $973,800. Topping the charts is the condo that sold for $1.45 million while the least expensive sale went out at $625,000. When you put all that together you get a median sales price of $715,000.
Some see opportunity in home price slump
By STEVE SINOVIC
NEWS-PRESS STAFF WRJTER
South Santa Barbara County home buyers have been jumping into the market, thanks to a decrease in the median price of existing homes from a year ago, particularly for properties listed way below $1 million. With the median price off by one-fifth, purchasing a single-family home or condo is a more affordable proposition for mostly high-income buyers who can swing mortgages and down payments.
"The market is definitely hot now between $500,000 and $750,000," asserted Realtor Gary Woods. "Anything in this range sells within 30 days," said Mr. Woods, co-owner of Home Realty, and who also crunches data on monthly home sales in Santa Barbara Real Estate, Goleta Real Estate, Carpinteria Real Estate, Summerland Real Estate, Montecito Real Estate and Hope Ranch Real Estate.
"When you get to this range of sales prices, there are a lot of offers, because so many home buyers are within reach of the $729,000 FHA maximum loan," he said. "Agents never used to talk about FHA," said Mr. Woods. "It never came up in the conversation" as a financing option. It certainly has been a motivator for buyers taking advantage of a 22 percent drop in the median selling price from September 2008. It currently stands at $750,000, down from last year's number of $1.1 million. In many cases, prices were dragged down by short sales. "That's certainly a determining factor," said Mr. Woods, who will soon finish compiling October 2009 numbers.
Of the nearly 600 homes listed in South Santa Barbara County; in September, 65 percent were priced above $1 million, but there's been a strong shift in what many people have been buying.
Of the 84 sales that occurred in September, Mr. Woods said 19 were homes priced between $500,000 and $650,000, many with multiple offers presented. "One buyer asked, Why isn't it (going) in the mid-500s? said Mr. Woods, referring to a home that was perhaps priced for $800,000 a few years ago and is now selling in the mid-600s. "I told him that it's a good house at a good price and to grab it!" "It's fascinating how many (purchases) are coming in all cash," added Mr. Woods, referring to the feedback from other agents serving clients trading up from transactions elsewhere. He said September 2009 sale are 11 percent from last year when the economy started to fall off a cliff and many real estate deals came to screeching halt.
Condominiums have presented an interesting dynamic in the marketplace. Mr. Woods said that in the first nine months of the year, condo sales were up about 10 percent from 2008 levels. But the median sales price dropped about $100,000 from the same point last year to the current level of approximately $475,000. The big story however, remains the sudden lack of inventory which is down about 75 properties from this time last year said Mr. Woods. He predicted a rise in the median price for condos given the current demand but fewer properties in the mix.
While lower prices were a draw, a few condo buyers couldnt swing both the mortgage payments and homeowner association fees and backed out.
Some condo complex (HOAs) are in the $400-$600 range, which is a huge mountain every month for buyers Mr. Woods acknowledged.
Like other areas in California Mr. Woods and another real estate professional attribute a definite uptick in client activity in recent months as buyers chased the first time buyer tax credit. Its been spurring a lot of activity, said Alyson Spann, president of the Santa Barbara Association of Realtor.
The tax credit program is set to expire Nov. 30, but potential buyers hoping to take advantage of the $8,000 incentive who haven't already started the purchasing process might be out of luck, said Ms. Spann, an agent with Comstock Homes.
Ms. Spann said agents told her they noticed more urgency with clients as the deadline-approached and they were keen to finish-the process. Ms. Spann said there Is momentum on the part of the National Association-of Realtors to lobby Congress to extend the tax credit and perhaps increase the amount. She said that a recent survey conducted by California Realtors found that 68 percent of the purchasers buying with FHA loans couldn't have completed the transactions without the credit.
She believes that reinstating the credit and maintaining the FHA loan limit along with historically low fixed interest rates for those who qualify will continue to stoke sales activity. That huge motivator should translate to better home sales numbers in October predicted Mr. Woods. "I don't know that it will be a surge, but it should be fairly strong," Mr. Woods said. Congress first approved a $7,500 tax credit in the middle of last year, but it had to be repaid over 15 years. In February 2009, the credit was increased to $8,000 and the payback requirement was dropped.
Buying and selling strategies occupy a lot of an agents time. With fixed interest rates in the 5 percent range, Ms. Spann said she advises buyers who quality to grab them rather than waiting on the sidelines for sticky home prices to slowly drop. With rates forecasted to rise in the next year, shes advising clients to buy at todays prices with the lower interest rates.
E-mail: ssinovic@newspress.com
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market through October 21 there are 72 properties available with a median list price for about $1.5 million and an average list price of about $4.5 million. Topping the charts is one thats on the market for about $30 million and the other end of the spectrum is a home listed for $550,000.
In escrow currently there are 18 Homes with an average list price of just under $1 million. The highest priced home in escrow is listed for $6.5 million while the least expensive property can was listed at $435,000. Put all that together and it gives us a median list price of $600,000.
Looking at Sold properties through October 21 we see that 53 homes have closed escrow with an average sales price of $1.41 million and a median list price of $687,500. The most expensive home that has closed escrow this year went out at $6.35 million while the least expensive property was snapped up at $310,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate 22 properties are available for purchase with an average list price of $654,518. The median list price for the area is currently just under $500,000 with the highest priced property on the market at $1.875 million. On the other end of the scale is a condo that can be had for $359,000.
In escrow right now are 17 condos with an average list price of $356,200. The median list price for condos in escrow is $365,000 with the highest priced condo in escrow listed at $489,000. On the other end of the scale is a condo listed for $219,500.
Through Oct. 12 there have been 42 condos sales in Carpinteria/Summerland with an average sales price of $507,602. The median sales price is $415,000 with the highest priced sale going out at $4 million. All the way down at the other end is a condo that sold for $210,000.
Through the first 10 months of 09 for Carpinteria/Summerland in the Home Estate/PUD market there have been 14% fewer sales this year compared to 07 and the median sales price has fallen by over 17%. Despite the decline in the numbers of sales the properties that have entered escrow are only down by 2 compared to last year but the difference in the median list price of those pending properties is down over 22%. Right now there are 63 Home Estate/PUDs available in Carpinteria/Summerland with a median list price of $1.275 million and an average list price of over $5 million.
For the condo market for the Carpinteria/Summerland are there are about 32% fewer sales this year and the median sales price is down by about 17% just like the Home Estate market. But unlike the Home Estate market the numbers of condos that have entered escrow is down by about 25% and the median list price for those condos entering escrow is down by 18%. Currently there are 64 condos available in Carpinteria/Summerland with a median list price of $679,000 and an average list price of $844,557.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs market for the period between Sept. 15 and Oct. 15 there were 20 sales compared to last year when there were 14. This year the median sales price was $651,500 and last year it was $720,750. For 09 there were 14 opened escrows with a median list price of $749,000 and last year there were 10 escrows with a median list price of $699,000. This year 23 new listings appeared on the market with a median list price of $749,000 and last year there were 17 new listings with a median list price of $877,000. Right now there are 59 Home Estate/PUDs available for purchase with a median list price of $1.175 million.
For the condo market in Goleta Real Estate North for the same period there were 5 sales for the period were talking about and last year there were 3. This year the median sales price is $420,000 and last year it was $439,100. For the same time period there were 11 open escrows with a median list price of $399,500 for 09 and in 08 there were 5 opened escrows with a median list price of $519,000. This year 7 new listings showed up in the marketplace with a median list price of $388,080 and last year 7 new listings also showed up with a median list price of $499,000. Right now there are just 18 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 from Sept. 15 to Oct. 15 there were 3 sales this year and 9 last year. But this year the median sales price was $1.635 million and last year it was $650,000. For 09 there were 9 opened escrows with a median list price of $635,000 and last year there were 6 escrows with a median list price of $649,500. This year 10 new listings showed up on the market with a median list price of $709,900 and last year there were also 10 listings but the median list price was $695,000. Right now there are just 37 Home Estate/PUDs available for purchase in Goleta South with a median list price of $989,000.
For the condo market in Goleta Real Estate South for the same period there were 6 sales compared to 6 last year. But the median sales price this year is $502,000 and last year it was $510,000. For 09 there were 4 opened escrows with a median list price of $315,000 and in 08 there were 2 with a median list price of $549,000. This year there were 3 new listings that came on the market with a median list price of $283,000 and last year there were 7 with a median list price of $595,000. Right now there are just 7 condos available for purchase with a median list price of $399,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of Sept. 15 to Oct. 15 there were 2 sales with a median sold price of about $8.9 million. Last year there were 3 sales with a median sales price of about $3.5 million. This year 2 properties went into escrow with a median list price of about $1.6 million and last year only 1 entered escrow with a list price of $3 million. For 09 there were 5 new listings with a median list price of about $5 million and last year there were 2 new listings with a median list price of $2.55 million. Right now there were 24 properties available for purchase with a median list price of about $2.7 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 for the period of Sept. 15 to Oct. 15 there were 11 sales this year with a median sales price of $865,000. Last year there were also 11 sales but the median sales price of $710,000. For the same time period there were 13 escrows opened with a median list price of $799,000 and last year there were 12 escrows opened with a median list price of $849,000. This year 18 new listings showed up with a median list price of $1,049,000 and last year there were 21 new listings with a median list price of $1,039,000. Right now there are 73 Home Estate/PUDs with a median list price of $1.149 million.
For the condo market for the same time period on the West Side of Santa Barbara Real Estate there were 7 sales with a median sales price of $555,000. Last year there were 2 sales with a median sales price of $522,500. In 09 there were 12 escrows opened with a median list price of $499,000 and last year there were 2 escrows opened with a median list price of $415,000. This year 16 new listings showed up with a median list price of $499,000 and last year there were 10 new listings with a median list price of $521,000. Right now there are 39 Condos available for purchase with a median list price of $674,900.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 25 sales from Sept. 15 to Oct. 15 compared to 17 in 08 for the same period. The median sales price this year is $825,000 and in 08 it was $1.15 million. For 09 32 properties went into escrow with a median list price of $899,000 and in 08 there were 17 escrows with a median list price of about $1.2 million. This year there were 31 new listings that came on the market with a median list price of $945,000 and last year 34 new listings showed up with a median list price of $1.25 million. Right now there are 141 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of about $1.3 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year 6 sales for the period were talking about with a median sold price of $525,450. Last year for the same period there were 8 sales with a median sales price of $511,500. For 09 5 properties entered escrow with a median sales price of $485,000 and last year 6 went into escrow with a median sales price of $529,000. This year 9 new listings showed up with a median list price of $890,000 and last year there were 11 new listings with a median list price of $645,000. Right now there are just 46 condos available for purchase on the West Side of Santa Barbara.
Santa Barbara Real Estates area of Montecito Real Estate for the Home Estate/PUD market there were 13 sales for the period of Sept. 15 to Oct. 15. In 08 there were 18 sales for the same period. But in 09 the median sales price was just below $2 million and in 08 the median sales price was $2.137 million. For the same period 12 homes went into escrow this year with a median list price of $2.65 million and last year 13 went into escrow with a median list price of $2.15 million. For 09 27 new listings showed up with a median list price of $3.1 million and in 08 there were 31 new listings with a median list price of about $3.6 million. Currently there are 203 Home Estate/PUDs for sale in Montecito with a median list price of about $3.9 million.
For the Condo market in Montecito Real Estate for the same period there were no sales compared to last year when there were 2. In 08 the median sales price was $2.3 million. This year 3 properties are in escrow with a median list price of just under $1 million and last year there was 1 escrow opened with a list price of just under $1 million. For 09 1 new condo came on the market with a list price of $945,000 and last year there were 2 new listings with a median list price of about $1.2 million. Right now there are 15 condos for sale in Montecito with a median list price of $1.65 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 Sept. 15 to Oct. 15 there were 6 sales this year with a median sales price of $669,500 and last year for the same period there were also 6 sales but the median sales price was $674,500. In 09 6 properties went into escrow with a median list price of $699,000 and last year there were 7 that went into escrow with a median list price also of $699,000. For 09 13 new properties came on the market with a median list price of $975,000 and last year 22 new homes appeared with a median list price of $829,000. Right now there are 73 Home Estate/PUDs available for purchase with a median list price of $1.35 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period there 6 sales this year compared to 9 last year. But the median sales price for 09 was $470,000 and last year it was $437,500. For 09 12 properties entered escrow with a median list price of $385,000 compared to 08 when 3 entered escrow with a median list price of $525,000. This year 10 new listings showed up with a median list price of $402,000 and in 08 there were 8 with a median list price of $449,000. Right now there are just 21 condos available for purchase in Carpinteria/Summerland with a median list price of $499,000.
For Santa Barbara Real Goleta Real Estate North area for the Home Estate/PUD through October 9th shows us 121 sales compared to 118 in 08 for a 2.5% rise. But the median sales price fell from $850,000 in 08 down to $700,000 in 09 for a 18% drop.
The gap between the median list price of $1.275 million and the median sold price of $700,000 is a whopping 45%. Compared to last year when there was a $990,000 median list price and a $850,000 median sold price for a 14% gap.
For the condo market in Goleta Real Estate North through October 9th there have been 39 sales compared to last year when there were 29. This is a rise of about 35%. But the median sales price fell from $465,000 last year to $389,000 this year for a 16% drop.
The gap between the median list price of $439,000 and the median sold price of $389,000 gives us a 11.4% bulge. This compares to last year when the median list price was $500,000 and the median sold price was $465,000 for a 7% difference.
For Santa Barbara Real Goleta Real Estate South area for the Home Estate/PUD through October 9th there have been 64 sales compared to 67 last year for a 4.5% drop. The median sales price fell from $745,000 in 08 down to $700,000 this year for a 6.1% decline.
The gap between the median list price of just below $1 million and the median sold price of $700,000 is 30% compared to last year when it was 17% with a $900,000 median list price and a $745,000 median sold price.
For the condo market in Goleta Real Estate South through October 9th shows us 55 sales compared to 52 last year for a 6% rise. The median sales price fell from $575,000 to $455,000 for a 20% drop.
The gap between the median list price of $460,000 and the median sold price of $455,000 in 09 is just 0.9% this compared to 08 when there was a $555,000 median list price and $574,950 median sold price for a 3.4% bulge.
For Santa Barbara Real Estate Hope Ranch Real Estatefor the Home Estate/PUD market through October 9th there have been 13 sales compared to 17 last year for a decline of 23.5%. The
Median sales price has fallen about $500,000 from $2.85 million to $2.35 million for a 18% drop.
The gap this year of the median list price of about $3 million and a median sold price of $2.35 million yields a 22% difference. This compares to last year when there was a 5% gap with a $3 million median list price and a $2.85 million median sold price.
For Santa Barbara Real Estates 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 Estatearea of West of State St area for the Home Estate/PUD market through October 9th there have been 115 sales which is exactly the same number there were last year. The median sales price has dropped from $935,000 in 08 to the current number of $735,000 for a 21% decline.
The gap between the median list price of $1.15 million and the median sold price is $735,000 for a 36% bulge. This compares to last year when the median list price was $1.039 million and a $935,000 median sold price gives us a 10% gap.
For the Santa Barbara Real EstateWest Side condo market there have been 53 sales in 09 compared to 47 last year for a 13% rise. The median sales price has dropped from $575,000 last year to $515,000 this year for a 10% drop.
The gape of the median list price of $649,000 compared to the median sold price of $515,000 gives us a 20% differential. This compares to last year when there was a 25% gape with a $769,000 median list price and a $575,000 median sales price.
For the Goleta Real Estate North area of Santa Barbara Real Estate in the Home Estate/PUD market there have been 117 sales this year compared to 116 last year. But the median sales price has fallen from $850,000 last year to $703,000 this year. The average sales price has come down even further from just under $1 million to just over $800,000. The numbers of escrows is ahead of the previous year standing at 123 currently up from 119. The median list price on those escrows is down however from $850,000 last year to $729,000 this year. The sales price to original list price ratio is exactly where it was last year with 92% in both frames. Right now there are 59 Home Estate/PUDs available for purchase with a median list price of $1.275 million and an average list price of $2.37 million. The average day on the market for those 59 homes is 115.
For the condo market in the Goleta Real Estate North there have been 36 sales this year compared to 29 last year. The median sales price has fallen from $465,000 in 08 to $375,050 currently with the average sales price going down from just under $500,000 to $387,330. The numbers of escrows is up from 32 in 08 to 51 in 09 with the median list price for those escrows falling from $475,000 to $399,000. The sales price to original list price ratio hasnt moved but 1 point falling to 91%. Right now there are just 16 condos available for purchase with a median list price of $439,000 and an average list price of $450,161. The average day on the market for those 16 condos is 115.
For Santa Barbara Real Estatearea East of State St area for the Home Estate/PUD market through October 9th there have been 148 sales compared to 135 last year. This is an increase of about 10%. But the median sales price has fallen from $1.15 million in 08 to $893,000 in 09 for a 22.3% decline.
The gap between the median list price of $1.349 million and the median sales price of about $900,000 is 34% compared to last year the gape was 22.7% with a $1.5 million median list price and a $1.5 million median sold price.
On the condo side of the ledger for the East Side of Santa Barbara Real Estatethrough October 9th there have been 46 sales this year compared to 41 last year for a 12% rise. But the median sales price went from $629,000 last year to $525,450 this year for a 17% drop.
The gap for 09 of the median list price of $709,000 and the median sales price of $525,450 is 26% which compares to last year when the gap was just 10% with a median list price of $700,000 and a median sold price of $629,000.
For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures through October 9th are down about 20% from 125 in 08 to 100 currently. The median sales price has fallen 25% from $3.34 million to $2.5 million.
The gap between the median list price of $3.7 million and the median sales price of $2.5 million is 32% for 09 and 08 it was just 10% with a $3.7 million median list price compared to a $3.334 million median sold price.
For the condo market in Montecito Real Estate through October 9th there have been 4 sales compared to 15 last year. This is a 74% drop in sales while the median sales price has fallen about 50% from $1.38 million in 08 to about $700,000 this year.
The gap between the median list price of $1.65 million and the median sales price of $700,000 is 58% for 09 while in 08 it was 19% with a median list price of $1.7 million and a median sold price of $1.38 million.
For Santa Barbara Reals Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price through October 9th there have been about 16% more sales this year compared to last but the median sales price has dropped about 19% to approximately $690,000.
The difference between the median list price of $1.35 million and the median sold price of about $690,000 is about 50% for 09 compared to last year when the gap was 34% with a median list price of $1.279 million and a median sold price of about $850,000.
For the Carpinteria Real Estate/Summerland Real Estate condo market the numbers of sales is up 30% with a total of 39 but the median sales price has dropped about $460,000 in 08 to $415,000 this year for a about a10% decline.
The median sales price this year is about $500,000 but the median sold price of $415,000 gives us a 17% drop. This compares to last year when there was a $640,000 median list price and a $460,000 median sold price for a 28% gap.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been 63 sales this year which is exactly how many sales there were last year. The median sales price has fallen $50,000 down to $700,000 with the average also very close dropping from $895,000 last year to $887,000 this year. The escrows are up however going from 65 in 08 to 72 in 09 and the median list price for those escrows went from about $750,000 last year to $720,000 this year. The sales price to original list price ratio slid slightly from 93% down to 90% and right now there are just 32 Home Estate/PUDs available for purchase in Goleta South with a median list price of $1.05 million and an average list price of $1.24 million. Those 32 homes have average days on the market of 148.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate there have been 54 sales this year compared to 49 last year but the median sales price fell from $585,000 last year to $453,000 this year. The average also declined from $550,000 to $440,000. The sales price to original list price ratio is very close together also going from 93% last year to 90% this year. Right now there are just 8 condos for sale in Goleta South with a median list price of $399,000 and an average list price of $434,481. The average days on the market for those 8 condos are 97.
For the Home Estate/PUD market in Hope Ranch Real Estate there have been 11 sales with a median sales price of $2.175 million and an average sales price of just under $2.8 million. Last year there were 16 sales with a median sales price of $2.7 million and an average sales price of about $3.2 million. Interestingly enough the numbers of escrows is up from last year by 3 currently residing at 17 but the median list price on those 17 escrows is down from $2.85 million last year to $2.65 million this year. The sales price to original list price ratio has taken a big tumble from 92% last year to 80% currently. Right now there are 23 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of about $3 million and an average list price of about $4.133 million. The average days on the market for those 23 homes are 108.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of 08 has seen no activity.
On the West Side of Santa Barbara Real Estatefor the Home Estate/PUD market there have been 112 sales through the 1st 9 months of 09 compared to 109 in 08 but the median sales price has fallen about $200,000 down to $732,500. The average sales price is down even further from $1.058 million to $823,000. The escrows are up however from 116 in 08 with a median list price of $949,000 to 129 in 09 with a median list price of $759,000. The sales price to original list price ratio was very close together dropping only 1% point down to 89%. Right now there are 76 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.149 million and an average list price of $1.33 million. The average day on the market for those 76 homes is 124.
For the condo market on the West Side of Santa Barbara Real Estatethe sales are up from 47 last year to 52 this year. The median sales price is down however from $575,000 to $510,000. The average sales price is even further apart dropping from $654,000 to $584,000. The sales price to original list price ratio declined only 4 points down to 85% but the numbers of escrows went from 49 to 67 with the median list price falling from $550,000 to just under $500,000. Right now there are only 38 condos available for purchase on the West Side of Santa Barbara with a median list price of about $680,000 and an average list price of $895,000. The average day on the market for those 38 condos is about 190.
Through the first 9 months of 09 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estatethe numbers of sales is above the previous year by 7 currently residing at 139. The median sales price dipped from $1.125 million last year to $900,000 this year with the average falling from $1.328 million to $1.03 million. The escrows are even farther ahead with 133 posted last year compared to 166 this year. But the median list price for those 166 is just under $900,000 compared to last year when it was $1.175 million. The sales price to original list price ratio slid from 88% in 08 down to 84% in 09. Currently there are about 150 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of $1.3 million and an average list price of $1.67 million. The average day on the market for those properties is 118.
For the condo market on the East Side of Santa Barbara Real Estatein 09 there have been 42 sales compared to 41 last year. But the median sales price went from $629,000 in 08 down to $529,500 in 09. The average sales price is also about $100,000 apart with $742,000 posted last year and $642,000 posted this year. The numbers of escrows is up from 43 last year to 54 currently with the median list price going down from $625,000 last year to about $530,000 this year. The sales price to original list price ratio declined only slightly from 91% in 08 to 89% in 09. Right now there are 48 Condos available for purchase on the East Side of Santa Barbara with a median list price of $650,000 and an average list price of $824,000. The average day on the market for those 48 condos is 126.
For September 09 examining the Home Estate/PUD market for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate we see that sales once again climbed into the 80+ range just as they did in June and July after dipping down to the high 60s in August. But, while the numbers of sales rose the median sales price continued to decline. It went from around $880,000 in July down to about $830,000 in August and for September has slid into the mid $700,000 range.
This decline in the median sales price is somewhat surprising because the median list price for the properties that went into escrow in August was right around $1 million. The further decline in the median sales price can be explained at least somewhat when you look at the Sales Price to Original List Price ratio which for September hovered right around the mid 80% level and was in the low 80% range in August. The numbers of homes that went into escrow for September remained in the low 90s range with the median list price for those homes that entered escrow hovering around the $900,000 mark.
The inventory continues to trickle down in the area with available properties from Carpinteria to Goleta numbering below 600. The median list price for those properties continues to be about $1.8 million meaning that the gulf between the median sales price of about $750,000 and the median list price of $1.8 million continues to grow.
Looking at the Districts we see that sales in Carpinteria/Summerland remain about 15% ahead of last year with the median sales price dropping about $180,000 to the current level of around $690,000. In Montecito sales remain about 25% below where they were last year and the median sales price is down about $900,000 to approximately $2.6 million.
For the East Side of State St in Santa Barbara the sales are about 5% ahead of where they were last year but the median sales price is down about $225,000 to around $900,000. On the West Side of town the sales are also up about 5% with the median sales price also declining in the $200,000 range to about $730,000.
Hope Ranch continues to slide backward as far as sales are concerned compared to 08 when there were 16 sales through September. This year the 1st 9 months have seen 11 sales and the median sales price has fallen about $500,000 to around $2.2 million.
For Goleta South sales are almost exactly where they were last year with the median sales price falling by about $50,000 down to around $700,000 and finally Goleta North is also almost exactly where it was last year as far as sales are concerned with the median sales price dropping about $150,000 down to approximately $700,000.
A couple of things that could be driving the market right now are the First Time Buyer Tax Credit which is coming to an end shortly and the $729,000 FHA maximum loan which is up for renewal and may not be around for much longer. An interesting phenomenon thats occurring with the increase in homes going into escrow is the number of multiple offers coming in for some properties and of particular note is the number of all cash offers that are showing up. It could be that people are uneasy about the stock market or the banking system and are looking for a safer place to put their money.
For the Condo market in September sales once again were in the 30 range but unlike the Home Estate/PUD market which has seen a decline in the median sales price condos have seen an increase up to around $500,000 for the month. In July the median sales price was around $480,000 then it fell to about $430,000 in August and is now pushing forward again up to that approximately $500,000 level in September. This rise in the median sales price can be attributed primarily to the lack of inventory accompanied by an increased demand. Basic economics dictate that when there is less of something and more people want that product prices go up.
To further emphasize the upward pressure in condo prices the Sales Price to Original List Price Ratio for September went to the high 80% level after residing in the high 70% level in August and the Sales Price to List Price Ratio which is the final asking price compared to the sales price rose to the mid 90% level.
September was the second month in a row that saw 40 some condos go into escrow. The median list price on those properties remained around $460,000 so well have to see whether this will continue to push the median sales price upward.
There were about 55 new listings that came on the market during September with a median list price of about $490,000 but the overall inventory continued slide down maintaining the trend of the last 6 months. At this time there are below 150 condos from Carpinteria to Goleta for sale which is below where the inventory was in December 08.
Looking at the Districts we see that Carpinteria/Summerland in 09 has sales that are about 60% ahead of where they were last year but the median sales price is about $40,000 lower currently hovering around $410,000. Montecito is the one area that is underperforming compared to the previous year as far as sales are concerned. There have only been 4 sales compared to 14 in 08 and the median sales price has gone down from about $1.37 million to around $700,000.
For the East Side of State St in Santa Barbara sales are basically where they were last year but the median sales price has fallen approximately $100,000 down to around $530,000. The West Side is ahead of the 08 sales level by about 10% but the median sales price is down approximately $65,000 to $510,000.
For Goleta South sales are about 10% ahead of where they were but the median sales price has fallen approximately $130,000 to around $450,000 and finally Goleta North is about 20% ahead of the 08 sales pace with the median sales price falling around $90,000 to about $375,000.
For the entire Santa Barbara area for the 1st 9 months of 09 sales are up about 10% and the median sales price has dropped about $100,000 to the current level of approximately $470,000. Condos that have gone into escrow this year are up around 30% over the 08 numbers and the Sales Price to Original List Price Ratio is down slightly from last year residing in the mid to high 80% range. The big story however remains the lack of inventory which is down about 75 properties from this time last year. With the way the condo market has been performing the only thing that could spoil the recovery would be if more condos dont come on the market in the next few months. With the median sales price starting to come up this could be the catalyst that gets those potential condo sellers off the sidelines and into the game.
Gary Woods
For the Home Estate/PUD market in Montecito Real Estate the numbers of sales went from 122 in 08 down to 93 this year with the median sales price dropping from about $3.4 million to $2.6 million. The average dropped about $1 million from $4.6 million to $3.6 million. The pending properties are a lot closer together with 119 showing up last year compared to 105 in 09 and the median list price for those properties is closer together with $3.2 million last year compared to $2.8 million this year. But the sales price to original list price ratio in 09 was a robust 90%+ and this year its below 80%. Currently there are 204 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.8 million and an average list price of over $6 million. The average days on the market for those 204 homes are 169.
Looking at the condo market for Montecito Real Estate there have been only 4 sales through September compared to 14 last year with the median sales price dropping from $1.37 million last year to below $700,000 this year. The average sales price fell from $1.6 million in 08 to about $860,000 this year. The escrows are a little closer together with 14 last year with a median list price of $1.4 million compared to 6 this year with a median list price of $800,000. The sales price to original list price ratio went from 88% last year to the current 82% and currently there are 18 condos available for purchase with a median list price of $1.6 million and an average list price of $1.7 million. The average days on the market for those 18 condos in Montecito are just under 200.
Through the first 9 months of 09 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there have been 49 sales compared to 43 in 08. But the median sales price went from $850,000 last year down to about $690,000 this year. With more sales we also had more pending properties with the 08 number showing us 44 compared to 62 this year. The median list price for these pending properties went down from $870,000 last year to about $700,000 this year with the sales price to original list price ratio dropped from 93% down to 83%. Currently there are just 76 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.5 million and an average list price of about $4.5 million. The average days on the market for these available homes are about 180.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate there have been 38 sales this year compared to 24 last year but the median sales price has declined from about $450,000 to approximately $410,000. The escrows are way up also with 32 showing up last year compared to 45 this year. The median list price for those properties went from about $470,000 last year to about $410,000 this year. The sales price to original list price ratio took a big tumble in 09 falling from 88% last year to the current 79%. The inventory is way down in Carpinteria/Summerland with only 27 condos available for purchase with a median list price of about $490,000 and an average list price of about $600,000. The average days on the market for the inventory are 135.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is up by 17% for a total of 94 and the numbers of new listings is up by 22% for a total of 77. With the inventory up the escrows are up even further with a 55% rise but the theres only been a 16% increase in the numbers of sales for a total of 36. The overall sold volume is down by 10% however with the average sales price sliding by 22%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings are down by 17% for a total of 233. The new listings are down by 14% for a total of 188. With the inventory down the escrows are off by only 5 for a total of 123 and the sales are down by just 6 for a total of 109. The overall sold volume has fallen by 24% with the average sales price falling by 20%.
The PUD market for the Santa Barbara Real Estate area of Goleta North the overall inventory is up by 3 for a total of 13 and the numbers of new listings is up by 2 for a total of 10. The escrows are also up by 7 for a total of 7 but the numbers of sold is down by 2 for a total of 5. What is way down is the total sold volume which has fallen by 49% and the average sales price is down by 29%.
The Condo market for the Goleta Real EstateSouth area of Santa Barbara the numbers of properties available is down by 22 but the total numbers of new listings has fallen 11% to a total of 69. With the inventory down the escrows are up by 20% for a total of 65 and the sales are up by 17% for total of 55. With all that activity the overall sold volume is down by 3% with the average sales price falling even further down by 17%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is down by 16% for a total of 144 with the numbers of new listings down by 19% to 104. The numbers of escrows is up by 2% however for a total of 71 with the numbers of sold properties exactly where it was last year at this time with 61. You would presume by that number that the overall sold volume would be very close and is by just 1% with the average sales price also falling by just 1%
The PUD market for the Santa Barbara Real Estate area of Goleta South the overall inventory saw 10 listings for both year but 1 more new listing this year with 8. The escrows stand at 4 this year compared to 4 last year with 5 sales this year compared 4 last year. The total sold volume is up by 38% however with the average sales price up by 10% for the year.
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 Estateoverall inventory is up by 13 for a 26% increase but the numbers of new listings is only up 3 for a 7% rise. What has come way up is the numbers of escrows which is 1 ahead of last years mark for a total of 17 but the total number of sales is down by 4 for a total of 10. The total sold volume is down by 29% with the average sales price falling only 1% to about $3 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.
The Condo market for the West of State St area of Santa Barbara Real Estatethe total numbers of listings is down by 8% for a total of 160 with the numbers of new listings down by 25% for a total of 105. With the inventory down the numbers of escrows is up by 28% with the numbers of sales up by just 6%. With all that increased activity the total sold volume is down by 7% with the average sales price falling by 12%.
For Home Estates in the Santa Barbara Real Estatearea of West of State the total homes that have been on the market in 09 have fallen by 3% to 217 with the numbers of new listings falling by 6% to 226. The numbers of escrows is up however by 14% for a total of 135 with the numbers of sales up by 2 for a total of 111. The overall sold volume is down by 20% however with the average sales price off by 22%.
The PUD market for the Santa Barbara area of West of State St there were 7 listings last year with 7 this year but 5 new listings last year with 7 this year. With the inventory about equal the number of escrows is very close also. Currently escrows are down by 1 compared to last year with the numbers of sales down by 2 compared to 08. But while everything else is rather close together the overall sold volume is down by 56% and the average sales price is down by 34%.
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 just 7 with the total number of new listings also up by 7 to 117. With the inventory up slightly the escrows are up by 20% with the numbers of sales also rising but by 7%. The overall sold volume is down 13% however with the average sales price dropping by 19%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings are up by 22 for a total of 510. The numbers of new listings has risen by 10% for a total of 393. The escrows have gone up 19% however but the numbers of sales are down by 2 for a 1% decline. The overall sold volume is off by 19% with the average sales price falling by 18%.
For the PUD market on the East Side of Santa Barbara there have been just 6 active listings which is half the number of last year. But there have been only 2 fewer new listings with a total of 5 for the year. The escrows are down by 1 for a total of 3 with the sales also down by 1 for a total of 2. The overall sold volume is down by 37% with the average sales price falling by only 6%.