For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 19 sales from Oct. 27 to Nov. 27 09 with a median sales price of $725,000 and an average sales price of about $950,000. Last year there were 18 sales but the median sales price was about $1.24 million and the average sales price was about $1.5 million. During that time period 26 escrows opened this year with a median list price of about $900,000 and last year 14 escrows opened with a median list price of $1.32 million. For the same time period 30 new listings came on the market in 09 with a median list price of about $1.1 million and in 08 there were 24 new listings with a median list price of about $1.1 million Right now there are 112 Home Estate/PUD listings on the East Side of Santa Barbara with a median list price of about $1.4 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year 1 sale for $984,000 occurred and in 08 there were 8 sales with a median sales price of $605,000 and an average sales price of $678,312. During that same time period 6 condos went into escrow this year with a median list price of $405,900 and last year 5 condos went into escrow with a median list price of about $460,000. Also during that same time period 4 new condo listings showed up in 09 with a median list price of $429,000 and last year 4 new listings showed up with a median list price of $539,000. Right now there are 47 condos for sale on the East Side of Santa Barbara with a median list price of just under $700,000.
Santa Barbara Real Estates area of Montecito Real Estate for the Home Estate/PUD market there were 9 sales for the period of Oct. 27 to Nov. 27 with a median sales price of $2 million and an average sales price of about $2.8 million. Last year there were also 9 sales but the median sales price was $1.75 million and the average sales price was about $2 million. During that same time period in 09 12 escrows opened with a median list price of about $2 million and last year 5 escrows opened with a median list price of about $3.2 million. For 09 13 new listings came on the market with a median list price of about $2 million and in 08 42 new listings showed up with a median list price of about $3.3 million. Right now there are 179 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.75 million.
For the Condo market in Montecito Real Estate for the same period there were 4 sales this year with a median sales price of about $1.34 million and an average list price of $1.36 million. Last year there were 2 sales with a median sales price of about $1.5 million and an average sales price also of about $1.5 million. During that same time period there were 4 escrows opened with a median list price of $1.27 million and last year there was only 1 escrow opened with a list price of $2.495 million. For that time period there were 3 new condo listings this year with a median list price of $2.3 million and last year there were 4 new listings with a median list price of $2.65 million. Right now there are 12 condos for sale in Montecito 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 Oct. 27 to Nov. 27 in 09 there were 2 sales compared to 4 last year and the median sales price slid from about $1.25 million down to about $540,000. The average sales price also went down from about $1.38 million to about $543,000. But during that same period in 09 8 home went into escrow with a median list price of about $750,000 compared to 4 last year with a medina list price of $569,000. During that time in 09 11 homes came on the market with a median list price of about $900,000 and last year 5 came on with a median list price of about $750,000. Currently there are 73 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 and 3 last year. But the median sales price in 08 was about $500,000 and in 09 it was about 430,000. The average sales price also slid from $500,000 down to about $430,000. But during that time period in 08 there were 6 escrows opened with a median list price of about $250,000 compared to 09 when there were 7 escrows opened with a median list price of about $400,000. For the same time period in 09 7 new listings showed up on the market with a median list price of $425,000 and last year 9 condos appeared with a median list price of $475,000. Right now there are 28 condos available for purchase in Carpinteria/Summerland with a median list price of about $500,000.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory through November 18, 2009 is up by 11% with the numbers of new listings rising by 14%. Outpacing both numbers are the escrows, which have gone up by 55%. The sales have also risen, but by 20% but the overall sold volume have slid back by 2%. The average sales price through 09 is down by 18% to about $415,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings through November 18, 2009 are down by 14% with the numbers of new listings falling by 11%. But with the inventory down the escrows are only off by 2% as are the numbers of sales. Even though the sales are down by just 2% the overall sold volume is off by 19% and the average sales price is down by 16% to about $820,000.
The PUD market for the Santa Barbara Real Estate area of Goleta North the overall inventory through November 18, 2009 is up by 41% with the numbers of new listings up 40%. The escrows are also up but by 66% with the sales dead even of where they were last year at this time. With the sales even the overall sold volume is down by 21% and the average sales price is also down 21% to about $590,000.
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The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available through November 18, 09 is down by 20% with the numbers of new listings falling by just 10%. But with the inventory down the numbers of escrows has gone up by 24% and the numbers of sales has risen by 16%. With sales up however the overall sold volume has slipped by 3% with the average sales price down by 16% to $450,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South through November 18, 2009 is down by 15% with the numbers of new listings falling just a little further by 16%. But with the listings down the escrows are up by 12% with sales falling slightly by 2%. With sales falling the overall sold volume is basically flat from last year and the average sales price has actually gone up by 3% to the current number of $911,486.
The PUD market for the Santa Barbara Real Estate area of Goleta South through November 18, 2009 the inventory is exactly where it was last year at this time but the numbers of new listings has gone up by 4. With the inventory flat the escrows are up by 1 with the sales remaining at 5 for both years. The overall sold volume has gone up by 18% even though sales remained the same and the average sales price also rose by 18% up to about $590,000.
The Condo market for the Hope Ranch Real Estate area of Santa Barbara real estate saw no activity.
For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estate through November 18 09 the total number of listings is up by 21% with the numbers of new listings rising by 4%. For the first time this year the numbers of escrows is above where it was at any point last year if only by 1 and the numbers of sales is also up by 1 from where it was last year. The overall sold volume is up by 22% from 08 with the average sales price up 15% to $3.66 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.
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The Condo market for the West of State St area of Santa Barbara Real Estate the total numbers of listings through November 18 09 is 11% below where it was last year and the numbers of new listings is down even further by 25%. But while the listings are down the escrows have risen by 34% and the sales are up 25%. With all that increased activity the overall sales volume is up by 14% but the average sales price has fallen by 8% to about $590,00.
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes that have been on the market through November 18 09 is down just 3% and the numbers of new listings has declined by 6%. With the listings down the escrows are up 14% and the numbers of sales are up 3%. But despite the increased numbers of sales the overall sold volume is down by 16% and the average sales price is down 19% to about $845,000.
The PUD market for the Santa Barbara area of West of State St there were 8 listings through November 18 09 which is up by 1 from last year and the also have been 8 new listings which is up by 3 from last year. The escrows are exactly the same for both years with 6 with the sales down by 1 to 5. With the sales only down by 1, the overall sold volume has declined by 44% with the average sales price down by 33% to $628,620.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year through November 18 09 is almost exactly where it was last year at this time as are the number of new listings. With the inventory stable the escrows are up 17% but the sales are down by 5%. The overall sales volume has declined by 15% in 09 but the average sales price has fallen by only 8% down to about $645,000.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings through November 18 09 are up by 6% with the numbers of new listings up by 12%. Outpacing the numbers of new listings are the numbers of escrows, which are up by 29% for 09, but the sales are up only 7% currently. With the sales up the overall sales volume is down by 13% with the average sales price declining by 19% to about $1.06 million.
For the PUD market on the East Side of Santa Barbara there have been 8 total listings through November 18 09 compared to 12 last year but the numbers of new listings is even at 7 for both year. There has been 1 less escrow opened this year but both years saw 3 sales to this point. The overall sold volume is down by 4% and the average sales price is down by 4% to $911,667.
In the Montecito area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through November 18 09 is down by 1 from 08 with the number of new listings up by 2 compared to last year. With the inventory at a level place the escrows have declined from 16 in 08 to 10 in 09 and the sales have declined from 18 last year to 7 this year. The overall volume has declined by 75% with the average sales price slipping 35% down to about $1.1 million.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate through November 18 the over all inventory up just 8% this year but the number of new listings is down by 5. Properties that have gone into escrow this year is down by 4% for 09 but the numbers of sales has declined by 15%. The overall sold volume has fallen off by 30% with the average sales price falling by 17% down to about $3.6 million.
For the PUD market in Montecito Real Estate there have been 5 listings this year compared to 3 last year but 4 new listings in 09 compared to 3 in 08. The escrows are the same for both years with 1 each as are the sales again with 1 in each year. But last year that sale was for about $2.5 million and this year it was for $1.5 million.
For the Santa Barbara area of Carpinteria Real Estate /Summerland Real Estate for the condo market through Nov. 18 09 the total inventory fell by 31% from the 08 level and the new listings declined even further by 35%. But with the inventory way down the escrows were up by more than 50% and the sales have risen by 31%. The overall sold volume increased by 36% but the average sales price went up only 3% to about $505,000 for the year.
For Home Estates in Carpinteria Real Estate/ Summerland Real Estate the total numbers of listings through November 18 09 was up by 14% with the new listings for the year only up by 4%. With all that increased inventory the numbers of escrows has gone up by 36% with sales rising 15%. But even with all that activity the sold volume for the year fell by 20% and the average sales price declined by 30% down to about $1.3 million.
For PUDs in the Carpinteria/Summerland through November 18 the inventory is down by 1 but the numbers of new listings is exactly where it was last year with 8 for both 08 and 09. The escrows are exactly the same also with 1 in both years as are the sales with 1 in both years. For 08 there was a have doubled from 2 to 4 as have the sales. The overall sold volume is up by 31% but the average sales price has gone down by 34% to $502,500.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 1/1/09 to 11/11/09 there have been 133 sales compared to 136 last year. The median sales price has gone down from $835,000 in 08 to $700,000 this year with the average sales price falling even further from about $970,000 to about $800,000 this year. Those 133 sales took on average 58 days to acquire an accepted offer and when you add in another 55 days of escrow time you get an average total marketing time of 113 days.
For Condominiums on the North Side Goleta Real Estate there have been 46 sales compared to 37 last year. The median sales price fell from $465,000 in 08 to just under $400,000 this year with the average sales price going down even further from just under $500,000 to just under $400,000 this year. Those 46 sales took on average 60 days to get an accepted offer with another 49 days on average of escrow time bringing us an average marketing time of 109 days.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate through November 11 09 there have been 67 sales compared to 70 last year. The median sales price has only gone down slightly from $735,500 last year to $700,000 right now and the average sales price has actually gone up from about $880,000 last year to about $915,000 this year. For those 67 sales the average time it took to get an accepted offer was 76 days and when you add in another 41 days of average escrow time you get an average total marketing time of 117 days.
For Condominiums for Goleta Real Estate South for the same time period there have been 61 sales this year compared to 55 last year. The median sales price went down from $570,000 last year to $455,000 this year with the average sales price declining from $540,000 last year to about $450,000 this year. The average time it took to get an accepted offer on those 61 sales was 76 days and when you add in another 50 days of average escrow time you get a total marketing time of 126 days on average.
For Hope Ranch Real Estate Home Estate/PUDs from 1/1/09 to 11/11/09 there have been 17 sales compared to the same number last year. But last year the median sales price was $2.85 million and this year it went down to $2.35 million. The average however due to some very large sales went from $3.16 million last year to about $3.5 million this year. The average time it took to get an accepted offer on those 17 sales this year was 114 days and when you add in another 39 days on average of escrow time you get 153 days of average marketing time.
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 11/11/09 there have been 131 sales compared to 125 sales last year. The median sales price has declined from $920,000 to $759,000 this with the average sales price dropping from $1.04 million in 08 to about $840,000 this year. For those 131 sales the average time it took to get an accepted offer was 65 days and when you add in 43 days of average escrow time you get an average marketing time of 108 days.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there have been 64 sales compared to 53 last year. The median sales price went down from $565,000 in 08 to $504,000 in 09 with the average sales price dropping from about $635,000 down to $570,000. The average time it took to get an accepted offer on those 64 sales was 93 days and when you add in another 46 average days of escrow time you get a total marketing time on average of 139 days.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for 09 through November 11 there have been 170 sales compared to 147 last year at this time. But during that same time period the median sales price went from $1.15 million down to $900,000 with the average sales price sliding from $1.35 million to $1.05 million. Those 170 sales took on average 83 days to get an accepted offer and when you add in another 44 days of escrow time you get a total marketing time of 127 days.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 49 sales this year compared to 48 sales last year. During that same time period the median sales price went from just under $600,000 to about $530,000 with the average sales price falling from approximately $705,000 in 08 to about $640,000 in 09. Those 49 sales this year took on average 60 days to get an accepted offer and when you add in another 39 days of escrow time you get on average 99 days of total marketing time.
By RAY ESTRADA Nov. 14, 2009
Since residential real estate sales usually decline in the fourth quarter of the year, a positive sign can be seen in at more South Coast transactions have occurred this October compared to the same month last year when the economic meltdown started, area experts said this week.
For the home estate and planned unit developments market in October 2009 for Santa Barbara, Montecito, Hope Ranch, Carpinteria, Summerland and Goleta 96 properties went into escrow, said Gary J. Woods, of Home Realty & Investments, who writes a monthly report on real estate trends.
The first-time buyer incentive program ended, but now has been extended, Woods said referring to the federal program that gave an $8,000 tax credit to first-time home buyers, which helped push home sales. He said another incentive program by Federal Home Administration also could be extended and also be a factor in the rising sales trend.
Woods said that might mean more South Coast real estate sales could be made during the last two months of this year, a period that usually yields very few.
The median sales price leaped from $750,000 in September to about $970,000 in October and the average sales price went up about $100,000 for the month to approximately $1.6 million, Woods said. However, he said median sales prices by month have been some what erratic, event though have generally risen since February.
Some national economists have said six months of continued growth in home sales might signal the countrys emergence from the worst recession since the 1930s.
Speaking at a Thursday panel discussion titled The Financial Future of Our Central Coast, Randy Glick with Prudential California Realty said, Its already getting better Weve hit rock bottom and were working our way back up.
One of those attending the discussion, South Coast Realtor Ruth Ann Bowe in with Coldwell Banker, said there is no real scientific approach to real estate. Our best approach is to analyze the history and watch the trends, said Bowe, whose office is in Montecito. This being said, the recent trends seem to point to a recovering market. The number of sales has increased consistently over the last several months, while inventory has declined.
When the theory of supply versus demand is added into the equation, Bowe said, it also points to a changing market.
The wild cards seem to be the continuing availability of affordable financing and the possibility of a new wave of foreclosures, although we havent seen as many in Santa Barbara recently as might have been expected, she said.
Bowe agreed with Woods that the continuation and expansion of the buyers tax credit will probably help a little.
We are seeing multiple offers over asking price on many well-priced homes in the lower end, she said. We are also seeing homes selling in the higher end. The key, if you have to sell in todays market, is to make sure your Realtor helps you prepare and position your home properly to attract real buyers that will be encouraged to write offers.
The longer a home sits on the market, Bowe said, the lower the buyers perception of value will be. The first few weeks are crucial to net top dollar for a home, she said. If you are planning to buy, now is probably as good as its going to get before everyone jumps back in when even less inventory is available, she said.
The rise in both the median and average sales prices was cause by a decline in the numbers of sales below $1 million and an increase in the sales between $1 million and $2 million, Woods said.
However, Woods said, the hot market remains from $500,000 to $850,00 and is strong up to $1 million but there are just fewer sales in that price range while sales have risen from $1 million to $2 million and also gone up slightly from $2 million and more.
More than 100 properties came on the market during the month and for the first time in a long time the median list price for those new listings was below the median sold price for the month.
The overall inventory continues to decline, which usually happens in the fourth quarter, but the median list price for that inventory remains at about $1.8 million, Woods said.
For the remainder of 20009, sales figures should push past the 2008 numbers particularly with all the homes that remain in escrow.
Below $1 million prices are stabilized for now and from $1 million to $2 million theyre solidifying but above $2 million there is still settling occurring.
In another bright spot, Woods said sales remained strong in October for the condominium market with most of those transactions selling in the $350,000 to $700,000 range.
A handful of those purchases were more than $700,000 for the month with the highest priced condo closing for $1.4 million, he said.
Condo sales remained strong and moved ahead of the September 2009 figures. The median sales price dropped below $500,000, however, hovering around $460,000.
Prices are definitely hardening for the condo market with the sales price to original list price ratio right around 94 percent and the sales price to list price ratio only a couple of points higher at 96 percent, Woods said.
To amplify whats going on with condos the days on the market for sold properties slipped to around 75 days to get an accepted offer whereas in September the days on the market for sold properties were closer to 90 days meaning it took buyers about a couple of weeks less time to make up their minds, Woods wrote in his report.
From 1/1/09 to 11/11/09 in Montecito Real Estate for the Home Estate/PUD market there have been 109 sales this year compared to 135 last year. With the numbers of sales falling the median sales price also fell from $3.2 million last year to $2.5 million this year. The average sales price also declined from $4.4 million to about $3.5 million. Those 109 sales took on average 107 days to achieve an accepted offer and when you add in another 32 days you get a total marketing time of 149 days on average.
For Condominiums for the same time period in Montecito Real Estate there have been 6 sales compared to 16 last year. The median sales price for that same period went down from $1.37 million to $830,000 and the average sales price fell even further from about $1.65 million to approximately $970,000. The average time it took to get an accepted offer for those 6 sales was 120 days and when you add in another average of 33 days of escrow time you get a total of 153 days of total marketing time.
From Jan1 to November 11 for Carpinteria Real Estate/Summerland Real Estate there have been 57 sales this year compared to 50 last year. But the median sales price has gone from about $830,000 last year to the current number of $675,000. The average sales price has slid even further from about $1.9 million to $1.2 million. Those 57 sales took an average of 91 days to get an accepted offer and when you tack on another 49 days of average escrow time you get a total marketing time of 140 days.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate for the same time period there 34 sales last year compared to 44 this year. The median sales price went down however from $464,500 last year to $417,500 this year. But the average sales price went up rising from about $490,000 to about $505,000 this year. Those 44 sales took an average of 115 days to get an accepted offer with an additional 56 days of escrow time to give you a total marketing time of 171 days.
For the Goleta Real Estate North area of Santa Barbara Real Estate in the Home Estate/PUD market there have been 127 sales compared to 136 last year. The median sales price has dropped from $835,000 last year to $700,000 currently with the average sales price falling even further from $970,000 last year to about $800,000 this year. The number of pended listings is up however from 129 in 08 to 144 in 09. But even so the median list price on those pended listings dropped from $849,000 last year to $729,000 this year. Right now there are just 52 Home Estate/PUDs available for purchase in the Goleta North area with a median list price of $1.175 million and an average list price of $2.6 million.
For the condo market in the Goleta Real Estate North area there have been 44 sales compared to 33 last year but the median sales price slid from $465,000 last year to just under $400,000 this year. The average sales price is a lot farther apart however with a $490,000 average in 08 compared to a $390,000 in 09. The numbers of pended listings went from 35 last year to 57 this year with the median list price for those pended listings dropping from just under $500,000 last year to just under $400,000 this year. Right now there are just 15 condos available for purchase in all of Goleta North with a median list price of $439,000 and an average list price of about $470,000.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been 67 sales through the end of October compared to 08 when there were 69. The median sales price has slid from $736,000 last year to $700,000 this year but the average sales price has risen from $882,891 last year to $917,493 this year. The pended listings are up however from 69 in 08 to 81 09 but the median list price on those listings went from $749,000 last year to $719,000 this year. Right now there are only 30 active listings in the Goleta South area with a median list price of $989,000 and an average list price of $1.233 million.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate there have been 59 sales this year compared to 54 last year. But the median sales price has dropped from about $575,000 in 08 to $455,000 this year. The average sales price has about the same differential falling from $541,855 in 08 to $444,236 in 09. The numbers of pended listings was 53 last year and has been 66 this year with the median list price going from $585,000 in 08 to $455,000 in 09. Right now there are only 10 condos for sale in the Goleta South area with a median list price of $369,000 and an average list price of $415,475.
For the Home Estate/PUD market in Hope Ranch Real Estate there have been only 14 sales this year compared to 17 last year with the median sales price falling from $2.85 million last year to $2.62 million this year. The average sales price due to a couple of large sales is closer together with the 08 number of $2.85 million and the 09 number of $3.57 million. There have been 17 opened escrows this year with a median list price of $2.65 million and last year there were 15 opened escrows with a median list price of just under $3 million. Right now there are 23 Home Estate/PUDs available for purchase with a median list price of $3.42 million and an average list price of about $4.12 million.
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 Estate for the Home Estate/PUD market there have been 126 sales since the first of the year with a median sales price of about $745,000 and last year there were 124 sales with a median sales price of about $925,000. The average sales price this year has been approximately $835,000 and in 08 that average was $1.05 million. The numbers of pended listings this year has reached 142 and in 08 that number was 124. But this year the median list price for those pended listings was $775,000 and last year it was $949,000. There are only 69 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.25 million and an average list price of $1.375 million.
For the condo market on the West Side of Santa Barbara Real Estate there have been 58 sales this year and in 08 there were 52. But the median sales price has drifted downward from $555,000 in 08 to $510,000 right now. The average sales price is a little bit farther apart with a $635,000 number posted in 08 and a $582,000 number for 09. The number of pended listings this year has been 75 with a median list price of $515,000 and last year there were 56 pended properties with a median list price of $535,000. Right now there are just 39 condos available for purchase on the West Side of Santa Barbara with a median list price of about $675,000 and an average list price of about $890,000.
Through the first 10 months of 09 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate there have been 165 sales compared to last year when there were 147. But last year the median sales price was $1.15 million and now its $900,000. The average sales price shows an even bigger bulge with the 08 number of $1.35 million and the 09 number of $1.953 million. The numbers of homes that went into escrow for 09 stands at 196 while the 08 number was 151. But the median list price last year was just under $1.2 million and this year it has been just under $900,000. Currently there are 129 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of $1.4 million and an average list price of about $1.75 million.
For the condo market on the East Side of Santa Barbara Real Estate in 09 there have been 49 sales this year with a median sales price of $529,900 and last year there were 47 sales with a median sales price of $614,000. Through the 1st 10 months of 09 58 escrows have been opened with a median list price of $525,000 and last year 47 escrows had been opened with a median list price of $625,000. Right now there are only 47 condos available for purchase on the East Side of Santa Barbara with a median list price of just under $700,000 and an average list price of about $825,000.
For the Home Estate/PUD market in Montecito Real Estate there have been 107 sales this year compared to 131 last year. The median sales price has fallen from $3.3 million in 08 to $2.5 million currently with the average sales price going down from about $4.5 million last year to $3.5 million this year. The pending listings have fallen from 127 in 08 to 115 in 09 with the median list price for those pending listings dipping from just over $3 million to just under $2.7 million. There are currently 196 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.75 million and an average list price of just under $6 million.
Looking at the condo market for Montecito Real Estate there have been 6 sales for the year with a median sales price of $830,000 and an average sales price of about $950,000 compared to last year when the median sales price was $1.37 million and the average was about $1.65 million. There have been 7 pended listings this year with a median list price of $945,000 compared to last year when there were 14 pended listings with a median list price of about $1.4 million. Currently there are 15 condos available for purchase in Montecito with a median list price of $1.65 million and an average list price of $1.76 million.
For the Home Estate/PUD market in October 09 for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate the sales were in low 80s from the mid 80s in September. Sales usually decline in the fourth quarter of the year and the good news is that there were more transactions this October compared to last October.
The median sales price took a big jump going from $750,000 in September to about $970,000 in October and the average sales price went up about $100,000 for the month to approximately $1.6 million. This rise in both the median and average sales prices was due to a decline in the numbers of sales below $1 million and an increase in the sales between $1 and $2 million. The hot market remains from $500,000 to $850,00 and is strong up to $1 million but there are just fewer sales in that price range while sales have risen from $1 to $2 million and also gone up slight from $2 million on up.
There were 100+ properties that came on the market for the month and for the first time in a long time the median list price for those new listings was below the median sold price for the month. The overall inventory continues to decline which usually happens in the fourth quarter but the median list price for that inventory remains at about $1.8 million.
Looking at the year over year numbers in 09 for sales they remain behind the 08 sales numbers but by less than 5 transactions. The median sales price for the year is still hovering around $850,000 which is about 20% below where it was last year at this time, but the numbers of homes that have gone into escrow is about 100 above where it was last year at this time. This difference between properties that have entered escrow and those that have closed escrow is due primarily to the number of short sales which are taking much longer to complete the buying process.
Looking at the Districts, Carpinteria/Summerland has sales up 16% for the year and the median sales price down 20% to about $675,000. For Montecito sales are down 18% with the median sales price down about 25% to $2.5 million.
Over on the East side of State St sales are up 12% but the median sales price is down 22% to $900,000 while on the West Side of town sales are up by only about 4 units with the median sales price falling by 20% to about $745,000.
In Hope Ranch sales remain about 2 behind last year with the median sales price falling by about 20% to approximately $2.35 million. For Goleta South sales are down by a couple and the median sales price is off by 5% to $700,000 and for Goleta North sales are down by 7% with the median sales price is off by 16% to $700,000.
October 08 was the month we learned new words like TARP which means that for the rest of that year and the first part of 09 sales were down with a continued decline in the median sales price of homes. Sales started to come back starting in the 3rd quarter of 09 but the median sales price remains about 20% below where it was last year.
For the remainder of 09 the sales figures should push past the 08 numbers particularly with all the homes that remain in escrow. Below $1 million prices are stabilized for now and from $1 to $2 million theyre solidifying but above $2 million there is still settling occurring.
For the condo market in October 09 sales remained strong and even moved ahead of the September 09 figures. The median sales price slid below $500,000 however hovering around $460,000. Prices are definitely hardening for the condo market with the Sales Price to Original List Price Ratio right around 94% and the Sales Price to List Price Ratio only a couple of points higher at 96%. To amplify whats going on with condos the Days on the Market for sold properties slipped to around 75 days to get an accepted offer whereas in September the Days on the Market for Sold properties were closer to 90 days meaning it took buyers about a couple of weeks less time to make up their minds.
Only about 40 properties came on the market for the month to replace the approximately 36 condos that sold but the overall inventory took a slight rise to below 150 which is still below where it was in December of 08. The good news is that just about as many properties entered escrow as closed escrow during October. But the median list price for those condos going into escrow slid to about $415,000.
Looking at the year over year sales numbers for condos sales they are about 12% ahead of where they were last year at this time but the median sales price is about $90,000 below where it was last year currently residing at about $465,000.
With sales up 11% escrows are up about 32% to over 300. This disparity between escrows and sales is largely due, just like with Home Estate/PUDs, to the short sales which are still waiting in limbo for the lending institutions to approve the transactions. Once those sales are completed the sales will be substantially ahead of where we were last year at this time.
For the Districts starting with Carpinteria/Summerland sales are up 32% with the median sales price down 9% to $417,500. In Montecito there have been 6 sales this year compared to 16 last year and the median sales price has dropped about 40% to $830,000.
Over on the East Side of Santa Barbara sales are up by a couple with the median sales price down by about $90,000 to approximately $530,000. The West Side has sales up 11% with the median sales price down by 8% to $510,000.
In Goleta South sales up are 9% while the median sales price is down by 20% to about $450,000 and in Goleta North sales are up by 33% with the median sales price down by 15% to about $400,000.
Sales remain strong in October for the condo market with most of those transactions selling in the $350,000 to $700,000 range. There were only a handful of those purchases above $700,000 for the month with the highest priced condo closing for $1.4 million.
Traditionally condos lead the way in the market so continued strong sales is definitely a good sign. But, usually during this time of year the inventory continues to shrink so in order to maintain the current momentum it would be very helpful if the inventory went up instead of down for the rest of the year. Despite the lack of inventory however escrows continue to open for at least the time being as the market continues to move forward.
Gary Woods
Through the first 10 months of 09 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there have been 57 sales compared to 49 last year. But the median sales price has fallen from $845,000 last year to $675,000 now. The pending sales number is even larger from 52 last year to 67 currently but again the median list price has gone from $825,000 then to $699,000. Currently there are 74 Home Estate/PUDs available for purchase with a median list price of about $1.4 million and an average list price of $4.4 million.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate are there have been 42 sales this year compared to 32 last year with t median sales price going down from $459,500 last year to $471,500 this year. The numbers of pending listings has gone up from 34 in 08 to 55 in 09 with the median list price dropping from $484,500 in 08 to $402,000 in 09. Right now there are just 24 condos available for purchase in Carpinteria/Summerland with a median list price of just under $500,000 and an average list price of $633,470.
For Goleta North area of Goleta Real Estate Real Estate for the Home Estate/PUD market through Oct 12 there are 55 properties available with an average list price of about $2.5 million. The highest priced listing is on the market for $22 million while at the other end of the spectrum is a home for just $180,000. The median list price for the area comes in at $1.129 million.
With 55 possible properties there are 29 that are in escrow right now with an average list price for those homes of about $850,000. Topping the list is a home thats on the market for $1.85 million while at the bottom of the list is one at just under $500,000. The median list price for homes currently in escrow is $765,000.
Through Oct 12 there have been 126 Home Estate/PUD sales on the South Side of Goleta with an average sales price of about $810,000. The highest priced sale was for $3.3 million with the least expensive property going out at $125,000. With that huge disparity the median sales price so far this year is $700,000.
For the condo market in Goleta Real Estate North through Oct 12 there are just 17 properties available with an average list price of about $480,000. The highest priced listing comes in at $1,059,000 with the least expensive condo available for under $300,000. This gives us a median list price for the area of $443,000.
Right now there are 14 condos in escrow with an average list price of about $385,000. The highest priced condo in escrow is listed at $575,000 while the least expensive condo was on the market for $228,100. This all gives us a median list price for the condos in escrow for $388,080.
Through Oct 12 there have been 41 condo sales with an average sales price of just under $400,000. The most expensive condo was purchased for just under $1 million while the least expensive condo was purchased for $118,300. When you put all that together you get a median sales price of $390,000.
In the Goleta Real Estate South area through Oct 12 there are only 34 Home Estate/PUDs available for purchase with an average list price of $1,165,700. The most expensive property available is on the market for $2.525 million while the least expensive home can be had for $333,000. The median list price for the area is about $950,000.
With 34 properties available there are 16 homes in escrow with an average list price of about $850,000. The highest priced home in escrow right now is listed for $1.85 million with the least expensive property on the market for under $500,000. The median list price for homes in escrow is $635,000.
Through Oct 12 there have been 66 sales in Goleta South with an average sales price of about $910,000. The most expensive property closed for about $2.8 million with the lowest priced home going out at $280,000. With all of that the median sales price for the area is $700,000.
For condos on the South Side of Goleta Real Estate through Oct 12 there are only 8 available properties with an average list price of about $435,000. Topping the list is a property on the market for $665,000 while at the other end of the spectrum is one listed for about $250,000. Right in the middle is the median list price for the inventory of about $400,000.
With 8 available properties there are 12 in escrow with an average list price for those 12 of $342,658. The highest priced condo in escrow is listed at about $550,000 while the least expensive property listed at $180,000. Right in the middle is the median list price for a condo in escrow of $315,000.
There have been 58 condo sales in Goleta South through Oct 12 with an average sales price of $445,000. The highest priced condo sold for about $940,000 with the least expensive property closing escrow for $129,000. Right in the middle is the median sales price for the year of $455,000.
For Hope Ranch Real Estate for Home Estate/PUDs through Oct 12 the inventory stands at 23 available properties. These homes have an average list price of about $4.1 million with the highest priced listing asking just under $10 million. The least expensive property in Hope Ranch could be purchased for $849,000 but the median list price for the area is just under $3 million.
Right now there are 3 properties in escrow for the area with an average list price of about $3.5 million. The highest priced property currently in escrow is listed for $5 million with the least expensive open escrow showing up at $2.65 million. All this gives us a median list price for homes in escrow for about $2.9 million.
Through Oct 12 there have been 14 sales in Hope Ranch Real Estate with an average sales price of about $3.6 million. The highest priced property sold for $12.8 million while at the other end of the scale was a home that sold for $745,000. With that huge disparity the median sales price through the middle of October is $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 through October 12 there are 74 Home Estate/PUDs available for purchase with an average list price of $1.334 million. The highest priced listing for the area is on the market about just under $6 million with the least expensive property available for about $350,000. With that huge disparity we get a median list price of $1.175 million.
There are 27 properties currently in escrow with an average list price of about $750,000. Topping the charts is a Home listed at $1.375 million while at the other end of the spectrum is one listed for just under $400,000. The median list price for homes currently in escrow is about $750,000.
Through October 12 there have been 121 sales on the West Side with an average sales price of about $835,000. The highest priced sale was for $2.25 million with the least expensive property going out at $230,000. The median sales price for the area through the middle of October is $736,000.
For the Condo market on the West Side of Santa Barbara Real Estate through Oct. 12 the inventory stands at 38 with an average list price of about $950,000. The highest priced listing is on the market for $2.8 million while the least expensive condo is listed at less than $400,000. The median list price for those 38 properties is $679,000.
There are 24 condos in escrow on Oct 12 with an average list price of just under $500,000. The highest priced condo in escrow is listed at $839,000 while the least expensive condo is listed at just under $300,000. The median list price for those 24 escrows is $839,000.
Through Oct 12 there have been 55 sales with an average sales price of $586,913. The most expensive sale of the year was $1.4 million with the least expensive sales leaving the gates at $275,000. The median sales price for the West Side this year is $515,000.