In the Goleta Real Estate South area through January 25 there are only 32 Home Estate/PUDs available for purchase with an average list price of about $1.2 million. The most expensive listed property can be purchased for $1.85 million while the least expensive property is listed for just $260,000. The median list price for the area is about $989,000.
There are 5 homes in escrow with an average list price of about $549,000. The most expensive property in escrow is listed for $765,000 while the least expensive property is on the market for just $392,500. The median list price for Goleta South properties in escrow is just under $525,000
Through January 25 there have been 5 sales with an average sales price of about $549,000. The highest priced sale was for $765,000 with the least expensive sale going out for $392,500. The median sales price for Goleta South through the end of January is $525,000
For condos on the South Side of Goleta Real Estate through January 25 there are only 6 available properties with an average list price of about $490,000. The highest priced condo in the area is one the market for $679,900 while the least expensive condo can be purchased for $259,000 giving us a median list price of $525,000.
With 6 available properties there are 2 in escrow with an average list price for those 2 of $377,000. The highest priced listing in escrow is on the market for just under $459,000 while the least expensive condo in escrow is listed for $295,000. The median list price for condos in escrow in Goleta South is $295,000.
There have been 2 condo sales in Goleta South through January 25 with an average sales price of $470,000. The more expensive sale was for $475,000 and the lesser priced home sold for $465,000.
For Hope Ranch Real Estate for Home Estate/PUDs through January 25 the inventory stands at 13 homes with an average list price of $4.7 million. The highest priced listing is on the market for just under $10 million while the least expensive property is available for $1.795 million which gives us a median list price of just under $4 million.
Right now there is 1 property in escrow with a list price of $1,699,000.
Through January there have been 2 sales in Hope Ranch with an average sales price of $3,582,125. The most expensive home sold for $3,664,250 while the less expensive home sold for $3.5 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 January 25 there are 53 Home Estate/PUDs available for purchase with an average list price of about $1.4 million. The highest priced listing on the West Side is on the market for about $6.9 million while at the other end of the spectrum is a property listed for just under $400,000 which gives us a median list price of about $1.1 million.
There are 8 properties currently in escrow with an average list price of about $1,016,000. The most expensive property in escrow is listed at about $1.9 million while at the other end is one listed for $519,000. When you mush all this together you get a median list price for homes in escrow of $679,000.
Through January 25 there have been 3 sales on the West Side with an average sales price of about $1 million. The most expensive home sold for $1.85 million while the least expensive sale was $519,000 which gives us a median sales price so far this year of $679,000.
For the Condo market on the West Side of Santa Barbara Real Estate through January 25 there are 37 properties available for purchase with an average list price of $871,853. The highest priced listing is available for $2.75 million and the least expensive listing can be had for just under $350,000 which gives us a median list price of $625,000.
There are 4 condos in escrow on January 25 with an average list price of just over $500,000. The most expensive condo in escrow right now is listed just under $700,000. The least expensive home in escrow is on the market for just under $400,000 which gives us a median list price of the 4 condos in escrow of $419,000.
Through January 25 there have been no Condo sales on the West Side of Santa Barbara.
For the East of State St area of Santa Barbara Real Estate through January 25 there are 100 Home Estate/PUDs available for purchase with an average list price of about $1.8 million. At the top of the charts is a home listed for $12.75 million while at the other end of the spectrum is a home that can be purchased for $395,000. All this gives us a median list price of just under $1.4 million.
With all those listings there are 11 homes in escrow with an average list price of about $875,000. The most expensive home in escrow is on the market for $1.275 million while the least expensive home in escrow is listed at $600,000. All this gives us a median list price for homes in escrow of $839,000.
Through January 25 there have been 12 sales with an average sales price of $874,895. The highest priced sale was $1.275 million and the least expensive sale was for $600,000. The median sales price for homes on the East Side is $839,000 so far this year.
The condo market for the East Side of Santa Barbara Real Estate through January 25 shows us 37 properties on the market with an average list price of $821,792. The most expensive condo is on the market for $2.8 million while the least expensive listing is for just $361,900 which gives us a median list price of $679,000.
There are 2 condos in escrow right now with an average list price of $432,000. The highest price property in escrow is $435,000 and the least expensive listing was on the market for $429,000 giving us a $429,000 median list price.
This year through January 25 there have been 5 condo sales with an average sales price of about $405,000. The highest priced sale was for $825,000. The least expensive property sold for $290,000 giving us a median sales price thus far this year of $305,000.
For Santa Barbara Real Estate in the Montecito Real Estate area through January 25 there are 167 Home Estate/PUDs available in the area with an average list price of about $5.7 million. Topping the list is a home on the market for $29 million and on the other end of the spectrum is property that can be purchased for just $875,000 but the median list price for the area is just under $4 million.
With all those listings we have 3 homes that are in escrow right now with an average list price of about $2.7 million. The most expensive home in escrow is listed at $5.45 million and the least expensive home is listed at $772,900. The median list price on homes in escrow right now is about $1.6 million.
Through January 3 there have been 3 Home Estate/PUD sales in Montecito with an amazing average of over $10 million. Topping the charts is a property that sold for $15.5 and on the other end is one sold for $943,000 this gives us a whopping $15 million median sales price.
For the Condo market in Montecito Real Estate there are currently 13 properties available with an average list price of about $1.47 million. The highest priced condo listing is a whopping $2.5 million and the least expensive condo can be snapped up for under $600,000 which gives us a median list price for Montecito of about $1.4 million.
Right now there are 2 condos in escrow in Montecito with an average list price of $1.125 million. The higher priced condo in escrow is listed for $1.2 million and the other one in escrow is on the market for $1,050,000 which gives us a $1,050,000 median list price.
There has been 1 condo sale for $1,050,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/ Summerland Real Estate for the Home Estate/PUD market through January 25 10 there are 62 properties available for purchase with an amazing average list price of about $4.15 million. Topping the charts in the area is 1 home listed for $29 million and on the other end of the scale you is a home you can get for just $359,900. When you mix it all together you get an approximately median list price for Carpinteria/Summerland is $1.495 million.
In escrow currently there are 4 homes with an average list price of $556,850. The most expensive home which has started the buying process is listed at $769,000 and the least expensive home of the 4 is listed at $373,500. The median list price for home currently in escrow is $535,000.
Looking at Sold properties through January 25 there have been 6 that completed the buying process with an average sales price of $1,463,333. Topping the list is a property that sold for $4 million and the other end of the scale is a property that sold for $675,000. Starting off the year the median sales price for the area has gone up substantially currently residing at $905,000.
For the condo market in Carpinteria Real Estate/ Summerland Real Estate 23 properties are available with an average list price of about $580,000. Right at the top of the list is 1 condo on the market for $1.875 million and at the other end is a condo on the market for $320,000 but the median list price for the area is $487,000.
In escrow right now are 5 properties with an average list price of $$408,200. The highest priced condo in escrow right now is listed at $569,000 and the least expensive condo in escrow is listed for just under $300,000 but the median list price for condos in escrow is just under $400,000.
Through January 25 there have been 3 condo sales with an average sales price of about $325,000. The highest priced condo sold for $375,000 and the least expensive condo sold for $269,000. Right about in the middle is the median sales price thus far in 10 is $330,000.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory through January 16 this year there have been 16 active listings compared to 23 last year. There were also 6 new listings compared to only 1 this year. But, both years saw 2 escrows opened but only 10 had 1 sale with none posted for 09. That 1 sale this year was for $459,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings through January 16 this year there have been 68 active listings compared to 56 for last year. In 09 there were 11 new listings compared to 14 in 10 but 09 there were 9 opened escrows compared to 3 this year. The sales for both years were the same however with 5 in both skeins. The average sales did drop however from $748,000 in 09 to $629,000 in 10.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory through January 16 10 has seen 6 active listings compared to 3 in 09 and 2 new listings compared to 0 last year. But there was 1 escrow opened in 09 with 0 for 10 and now sales were rung up for either year.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available through January 16 10 is 9 compared to 20 for 09. The new listings however are a different story with 1 last year and 4 this year. Escrows however are equal for both years with 2 in each skein but sales show us 1 in 09 and nothing so far in 10. That 1 sale in 09 was for $375,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South through January 16 10 there have been 32 active listings compared to 48 last year and 8 new listings last year compared to 4 this year. Even more dramatic is there were 8 escrows opened at the start of 09 and so far none have appeared in 10 and there were 3 sales in 09 and just 1 this year. Last year the average sales price for the area was $923,333 and this year that 1 sale was for $525,000.
The PUD market for the Santa Barbara Real Estate area of Goleta South through January 16 there 2 active listings last year and 1 this year. Both years had no new listings and no escrows opened. But in 09 there was 1 sale for $1,000,000 compared to none this 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 Estatethrough January 16 there have been 13 active listings this year compared to 24 in 09 and the new listings went from 4 last year to 1 this year. This rest of the numbers including escrows and sales are the same for both years, 0.
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 Estate the total numbers of listings through January 16 this year is 39 compared to 60 in 09 and there have been only 3 new listings this year compared to 5 last year. But there have been 2 open escrows this year compared to 0 in 09 with 1 sale in 09 and 0 this year. That 1 sale last year was for $520,000.
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes that have been on the market through January 16 10 is 63 compared to 109 last year and new listings are down from 18 in 09 to 9 in 10. Escrows are also down by half falling from 8 last year to 4 this year and sales have dropped from 6 to 2. The average sales price however has risen from $1,012,583 to $1,264,500.
The PUD market for the Santa Barbara area of West of State St there were 0 listings last year but 2 this year but both years have seen no new listings, no escrows and no sales.
For Condos in the Santa Barbara Real Estatearea of East of State the total numbers of properties for sale this year through January 16 there have been 40 total active listings compared to 60 in 09 and there were 11 new listings last year compared to 6 this year. The escrows were also almost doubled going from 4 in 09 to 2 in 10 but the sales were reversed with 2 in 09 and 4 in 10. The average sales price however dipped way down dropping from $679,000 last year to just $300,000 this year.
The Home Estate market for the East of State St area of Santa Barbara Real Estatethe total numbers of listings through January 16 this year is 128 compared to 143 last year and there were 26 new listings in 09 compared to 20 in 10. The escrows are up this year however from 6 in 09 to 9 this year and the sales are also up from 4 last year to 6 this year. The average sales price has dropped however from $1,367,500 in 09 to $922,708 in 10.
For the PUD market on the East Side of Santa Barbara there have been 3 total listings this year and 2 last year. The new listings stand at 1 each near and so far there have been now escrows and no sales in either year.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through January 16 is exactly where it was in 09 with 17 for both years. The new listings did rise however from 2 to 3 in 10 and the escrows went from 0 in 09 to 1 in 10. But both years had 0 sales.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate through January 16 the inventory went from 203 in 09 to 202 in 10 and the new listings went from 24 in 09 to 21 in 10. But the escrows tripled going from 1 in 09 to 3 in10. Unfortunately the sales didnt follow through with 5 sales opening 09 and so far none have gone through this year. Those 5 sales had an average sales price of about $2.4 million.
For the PUD market in Montecito there have been 4 active listings this year and 2 last year. But both years gave us 1 new listing. So far this year 1 escrow has been opened with non showing up in 09 but no sales were completed in either year.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through January 16 10 the overall inventory has dropped from 37 properties in 09 to 26 this year and the new listings went from 6 in 09 to 4 in 10. But the escrows jumped up from none early in 09 to 3 this year and the sales also went from 1 last year to 3 this year. The average sales price however dropped by 33% down from $485,000 in 09 to $324,667 in 10.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through January 16 has the inventory down from 89 in 09 to 72 in 10 with new listings dropping only slightly from 9 to 8 this year. The numbers of escrow did go up however from 1 to 2 and the sales also rose from 1 to 3. The average sales price even went up from $500,000 in 09 to $1,066,667 this year.
For PUDs in the Carpinteria/Summerland through January 16 there was no activity.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 12/8/09 to 1/8/10 there were 17 sales compared to 12 for the previous year. The median sales price actually rose slightly this year going from $687,325 the previous year to just under $700,000 this year. The average was also higher going from $760,276 in the previous year to $832,679 this year. For those 17 sales it took on average 52 days to get an accepted offer and adding in another 42 days of escrow time gives us on average 94 days of total marketing time.
For Condominiums on the North Side Goleta Real Estate there have been 4 sales this year compared to just 1 the previous year. Those 4 had a median sales price of $426,250 and an average sales price of $444,212 while that 1 sale in the previous year sold for $128,800. Those 4 sales took an average of just 12 days to get an accepted offer but another 57 days of average escrow time for a total of 69 days of total marketing time.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate from December 8 09 to January 8 10 there were 9 sales compared to 8 the previous year. The median sales price the previous year was $820,000 and this year it dropped to $640,000. The average sales price also fell from $936,250 down to $862,444. Those 9 sales took on average 90 days to get an accepted offer and on average 61 days of escrow time for a total marketing time of 151 days.
For Condominiums for Goleta Real Estate South for the same time period there was 1 sale compared to 4 for the previous year. That 1 sale was for just $200,000 and the previous year the median sales price was $332,500 and the average sales price last year was $330,000. For that 1 sale it took 52 days to get an accepted offer and another 42 days of escrow time for a total of 94 days of total marketing time.
For Hope Ranch Real Estate Home Estate/PUDs from December 8, 09 to January 8, 10 there were no sales compared to the previous year when there were 2. Those 2 sales had an average sales price of $4.54 million.
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 December 8,09 to January 8 10 there were 7 sales compared to 10 the previous year. But the median sales price went from $877,500 with a $912,950 average sales price last year to a $700,000 median and a $675,700 average sales price. Those 7 sales took on average 115 days to get an accepted offer and when you add in 75 average days of escrow time you get a total average marketing time of 190 days.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there 5 sales in both year but interestingly enough the median sales price went from $390,000 in the previous year to $500,000 this year and the average sales price rose even further from $450,900 last year to $639,000 this year. Those 5 sales this year took on average 124 days to get an accepted offer and on average another 31 days of escrow time for a total marketing time of 155 days.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for December 8 09 to January 8 10 there were 18 sales compared to 13 for the previous year. But in the previous year the median sales price was $1.25 million with a $1.37 million average and this year the median sales price was just about $850,000 and the average was approximately $990,000. For those 18 sales the average time it took to get an accepted offer was 116 days and the average escrow period was 47 days for a total of 163 total marketing days on average.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there were 9 sales this year and 4 sales the previous year. But the median sales price fell from $421,500 in the previous year down to $310,000 this year and the average also tumbled from $545,750 last year to $465,111 this year. For those 9 sales the average time it took to get an accepted offer was just 69 days but the average escrow time was 73 days for a total marketing time of 142 days on average.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for December 8 09 to January 8 10 there were 18 sales compared to 13 for the previous year. But in the previous year the median sales price was $1.25 million with a $1.37 million average and this year the median sales price was just about $850,000 and the average was approximately $990,000. For those 18 sales the average time it took to get an accepted offer was 116 days and the average escrow period was 47 days for a total of 163 total marketing days on average.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there were 9 sales this year and 4 sales the previous year. But the median sales price fell from $421,500 in the previous year down to $310,000 this year and the average also tumbled from $545,750 last year to $465,111 this year. For those 9 sales the average time it took to get an accepted offer was just 69 days but the average escrow time was 73 days for a total marketing time of 142 days on average.
From 12/8/09 to 1/8/10 in Montecito Real Estate for the Home Estate/PUD market there were 11 sales for both years. But this year the median sales price was $1.8 million compared to the previous year when it was $3.2 million. The average sales price differential was also substantial going from $4.22 million the previous year and sliding to $2.89 million this year. Those 11 sales this year took on average 207 days to get an accepted offer but then only an average of 30 days of escrow time adding up to 237 days of total marketing time.
For Condominiums for the same time period in Montecito Real Estate this year there was just 1 sale and the previous year had none. That one sale was for $655,000. The sale took 255 days to get an accepted offer and then another 44 days of escrow time add up to a total of 299 days of total marketing time.
From December 8 09 to January 8 10 for Home Estate/PUDs in Carpinteria Real Estate/Carpinteria Real Estate there were 13 sales compared to the previous year when there were 7 sales. Even more interesting is that for that period the median sales price was $882,500 compared to the previous year when it was $550,000. The average sales price was even more substantial going from $4.3 million this year and dropping to $1.54 million the previous year. Those 13 sales took an average of 92 days to go into escrow and then another 45 days to close escrow adding up to a total of 137 days of marketing time.
For Condominiums in Carpinteria Real Estate/Carpinteria Real Estate for the same time period there 3 sales this year and 4 sales the previous year and again the median sales price was higher this year. Right now the median sales price is $480,000 and last year the median sales price was $385,750. The sales price was even a wider spread going from $555,000 this year compared to an average sales price of $385,850 the previous year. Those 3 sales took an average of 128 days to go into escrow and then just 16 days on average to close escrow for a total marketing time of 144 days.
For the Goleta Real Estate North area of Santa Barbara Real Estate the Home Estate/PUD market we finished the year with 12 more sales than occurred in 08 for about a 10% rise in productivity. The median sales price dropped about 12% however going from $800,000 in 08 down to $705,000 in 09. The numbers of pended listings was also up by almost 10% going from 155 in 08 to 169 in 09 and the median list price for those pended listings dropped from $824,900 in 08 to $729,000 in 09 for almost a 12% decline. Right now there are just fewer than 60 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $1.05 million and an average list price of about $2.17 million.
For the Condo Market in the Goleta Real Estate North area of Santa Barbara Real Estate there were 56 sales in 09 compared to 39 in 08 for a 44% rise in sales. But in order to get that 44% rise the median sales price went from $465,000 in 08 to just under $400,000 in 09 for a drop of over 15%. The pended listings went up from 37 in 08 to 62 in 09 for almost 68% but the median list price on those 62 pended listings was just under $400,000 for a drop of 16%. Right now there are just 14 condo listings in Goleta North with a median list price of $425,000 and an average list price of just under $450,000.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market we finished the year 4 sales above where we did in 09. This is a 5% rise year over year. But on the other side of the coin the median sales price declined about 5% for the year down to $700,000. The listings that entered escrow however are up by almost 20% with the median list price for those homes entering escrow falling by about 7% down to just below $700,000. Right now there are just 24 Home Estate/PUDs available for purchase in Goleta South with a median list price of $989,000 and an average list price of $1.6 million.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate there were 10% more sales in 09 compared to 08 finishing the year with 66. The median list price however fell from $551,900 in 08 down to $450,500 in 09. This is a decline of almost 20% which is a theme that has carried through most of the districts and property types. The escrows are also up from 59 in 08 to 74 in 09 with the median list price maintaining that $100,000 differential going from $565,000 in 08 to $449,000 in 09 for more than a 20% drop. Right now there are just 4 condos available for purchase in Goleta South with a median list price of $525,000 and an average list price of $532,474.
For the Home Estate/PUD market in Hope Ranch Real Estatewe ended the year with exactly where we ended 08 with 20 sales. But in 09 that same 20% decline in median sales price also plagued Hope Ranch. The median sales price went from $2.875 million in 08 down to $2.335 million in 09. The pending numbers look good however with 17 opened escrows in 08 compared to 23 in 09 and the median list price for those opened escrows eased closer together with a $3 million median list price posted in 08 compared to $2.65 million in 09. As we finish 09 there are just 13 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of just below $4 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 sales are up by 11% over 08 finishing the year at around 150 sold units. But with the sales up the median sales price is down by about 20% finishing the year at $750,000. The pending sales are up by 15% but again the median list price for those opened escrows is down by that pesky 20% to $759,000. Most of the areas in Santa Barbara just as most of the areas in the entire country have seen a decline in price by about 20% in their median sales price. Right now there are just 55 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.2 million.
For the condo market on the West Side of Santa Barbara Real Estatesales are up 30% finishing the year just 80 closed units and unlike other areas the median sales price has declined only slightly from $525,000 in 08 to $503,000 for 09 for just a 4.2% drop. Escrows are up even farther from the previous year finishing 09 with just under a 40% rise. The median list price on those opened escrows is also close together showing up less than 4% below the 08 number. We ended the year with just 31 condos available for purchase on the West Side of Santa Barbara with a median list price of $729,000.
Through December 09 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate for most of the year sales were ahead 08 by a substantial margin and we finished the year with over 20% more sales. But to achieve that 20%+ rise in sales to a decline of the median sales price of more than 20%. Finishing 09 the median sales price was just below $900,000 compared to 08 when it was $1.15 million. It looks like the trend will continue on into 10 because the numbers of escrows opened during 09 is up by 30% over 08. But it also looks like the median sales price will remain where it is because the median list price for opened escrows is 25% below the median list price of 08 showing up at just below $900,000. Right now there are 104 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of about $1.45 million.
For the condo market on the East Side of Santa Barbara Real Estate in 09 saw sales basically equal to the 08 numbers which is where weve been for most of the year. But while the numbers of sales was equal the median sales price declined by about 10% from the 08 level down to approximately $535,000 for the year. The pending listings however are way ahead of the number posted in 08 rising by about 30% over the previous year. Even though the escrows are way up however the median list price for those opened escrows remains about $100,000 below where it was the previous year falling to $519,000. Right now there are 36 condos available for purchase on the East Side of Santa Barbara with a median list price of just under $700,000.
For the Home Estate/PUD market in Montecito Real Estate earlier in the year sales were about 30% below the 08 mark but about the middle of the year sales came up comparatively and we finished the year with about 15% fewer sales. The median sales price for the first part of 09 was about $1.2 million below where it was for the equivalent period in 08 but as the year reached the halfway mark the numbers started getting a little closer together. As we finish 09 the median sales price is about $800,000 below where it was last year currently hovering around $2.375 million which is a decline of roughly 25% year over year. The opened escrows are a lot closer together however lagging 08 by 8% and the median list price for those homes in escrow is also closer together than the sold properties. Looking at the whole year the median list price is about $450,000 down from 08. Right now there are 160 Home Estate/PUDs available for purchase in Montecito with a median list price of just under $4 million.
Looking at the condo market for Montecito Real Estate there have been over 40% fewer sales in 09 compared to 08. We finished the year with just 10 condos closing escrow compared to 17 last year. The median sales price also dropped dramatically from about $1.38 million in 08 to $1,060,000 in 09. There are sign of life in Montecito however when you look at the pending sales. In 08 at this time there were 15 with a median list price of $1.55 million and in 09 there were 13 escrows opened but with a median list price of below $1 million. Right now there are just 14 condos available for purchase in Montecito with a median list price of just under $1.4 million.
Looking at 09 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market the sales compared to last year have remained ahead for most of the year. At the end of 09 sales are about 15% of where they were the previous year ending December 31 with 68 closed sales. But also this year the median sales price has declined by about 15%. This also has been the case for most of the year. We finished 09 with a median sales price of around $670,000. A lot of escrows remain open as we end 09 with 85 sales begun this year compared to 58 last year so the beginning of January 10 could be a productive time for the area. But the median sales price will remain in that approximately $670,000 range because the median list price for those properties in escrow is below $700,000. Right now there are about 60 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.5 million.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate area sales ended the year about 28% ahead of where they were last year ending 09 with over 50 sales. The median sales price declined in the area but only by about 5% ending at approximately $430,000 down from $460,000 last year. Just like with Home Estates the pending sales are also way up ending the year at 62 which is a 40% rise from the previous year. The median list price for those condos in escrow is slightly below $400,000 but currently theres upward pressure in prices for the area because of a lack of inventory. Right now there are just 22 condos available for purchase in Carpinteria/Summerland with a median list price of just below $500,000.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs market for the period of Nov. 25 to Dec. 25 09 there were 15 sales this year compared to 13 last year and the median sales price was also very close together. Last year it was $691,650 and this year it was $695,000. The average sales price was up however from just under $700,000 last year to about $765,000 this year. The pending properties went from 13 in 08 with a median list price of about $650,000 to 15 this year with a median list price of also $650,000. For 09 14 new listings came on the market with a median list price of about $670,000 while in 08 there were 16 new listings with a median list price of about $650,000. Right now there are 61 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $1.15 million.
For the condo market in Goleta Real Estate North for the same period there were 4 sales this year compared to 2 last year. The median sales price dropped however from about $590,000 last year to about $380,000 this year. In 08 there was only 1 escrow opened on a condo listed for $399,000 and this year there were 3 escrows opened with a median list price of about $460,000. For 09 3 new condo listings showed up with a median list price of about $460,000 and in 08 there were also 3 new listings but the median list price was about $430,000. Right now there are just 14 condos available for purchase in Goleta North with a median list price of $425,000.
For the greater Santa Barbara Real Estate area including Carpinteria Real Estate/Summerland Real Estate, Montecito Real Estate, Hope Ranch Real Estateand Goleta Real Estate single family residence sales trailed 08 sales for most of the year until the end of November but by the end of the year sales had moved ahead of the previous year by roughly 7% finishing the year with around 830 sales. Condo sales, on the other hand after starting the year way behind the previous years numbers surged forward and by the end of June had eclipsed the previous years sales significantly finishing the year about 16% ahead of 08.
The median sales price, which is derived by ordering sales from the highest priced property to the lowest and then going to the middle of the list however was a whole different story. Single family residences went from a median sales price of approximately $1,050,000 in 08 down to about $850,000 in 09 and when you remove Montecito and Hope Ranch from the equation the median sales price for 09 was roughly $750,000 for the year down from about $870,000 in 08. This drop in the median sales price for the whole area means that from 07 to 08 single family residence median sales prices fell 12.5% and from 08 to 09 they fell 19% which means from 07 to 09 there was a decline of about 30% in the median sales price for the area.
Condo sales prices were not affected as severely as Single Family residence prices in 09 going from about a $535,000 median in 08 down to about a $465,000 median for 09. This translated into a 13% decline for the year. In 07 the median sales price for condos was about $630,000 which means from 07 to 08 there was a decline of 15% and from 07 to 09 there was a drop of roughly 26% in the median sales price.
This decline in the median sales price for both single family residences and condos puts it right around the median sales price for 2003 which is comparable to the rest of the country having declined at the same rate and to the same point in most of the United States. In 03 the country and the world for that matter was awash in money for home loans. It was at that time that financial brokerages along with Fanny Mae and Freddie Mac began packaging loans and selling them to investors in derivatives and collateralized debt obligations. The effect of these packages along with looser underwriting standards for loans spurred a 20% rise in the median sales price from 03 to 04 and then a 25% rise from 04 to 05. From 05 to 07 the median sales price remained stable and then in 08 those derivatives and collateralized debt obligations triggered by the looser underwriting standards began to unravel causing the decline in the median sales price almost everywhere from 07 to 08 and a further decline on into 09.
For about the last six months of 09 prices began to stabilize and there has been some upward pressure on prices particularly in the condo market. There are three motivating factors in causing the upward price pressure. First, is a general decline in the number of properties available for purchase in the sub-million dollar range. Second, is the $729,000 maximum FHA loan limit which is evidenced by the $850,000 median sales price and third is the first time buyers income tax credit which has brought a lot of people into the marketplace.
If things remain as they are right now, which is a big if, it looks like sales will continue to increase and will eventually cause prices to rise. This is evidenced by the significant numbers of properties that have entered and remain in escrow at this time. But, there are a couple of elements which are lurking out there. First, there is a considerable number of what are called pre-foreclosure properties. The owners of these properties have either fallen behind in their payments or have stopped paying their mortgages altogether. Also, there are a lot of variable rate mortgages which are going to re-set in March with a number of these loans in the million dollar plus range. Whether these pre-foreclosure properties turn into foreclosures and whether its a flood or trickle will have a great significance on the marketplace.
The second element that will affect prices is interest rates. At this point interest rates remain close to an all time low which has allowed Real Estate sales to continue moving forward. With the government continuing to run up huge deficits it is only a matter of time before interest rates go up. When interest rates go up we will have a whole different landscape to deal with. Peoples ability to qualify for higher loans will be diminished if rates increase which should cause prices to decline further and could mean a decline in the numbers of sales.
Two of the most important numbers that determine where the market is going is the numbers of sales compared to the numbers of properties that went into escrow. When the numbers of properties going into escrow is higher than the numbers of sales then the market is picking up and conversely if the there are fewer homes going into escrow than are sold then the market is slowing.
For 09 the numbers of single family home escrows opened was about 120 above the numbers of sales and for condos the opened escrows was almost 100 over the numbers of sales. Both of these numbers are significantly ahead of the numbers posted in 08 which means there is a lot more activity in the marketplace in 09 compared to the previous year meaning that there is still a great deal of vitality in the market.
A lot of this increase in activity we experienced is the increase in the number of what are called short sales. This is a situation in which the seller owes more on the property than the property is worth. A short sale generally takes longer because the lending institution or investor can take a great deal of time in deciding whether to accept the reduced price as full compensation for the debt. This is one of the big reasons that there were so many properties that remained in escrow at the end of the year.
Going into 2010 theres still a lot of strength in the Real Estate market. Sales continue to grow and there are a substantial number of properties that entered escrow in 09 that will sooner or later become completed sales. The number of homes available for sale has continued to decline but a lot of that is seasonal with a lot of people taking their properties off the market during the holidays. The numbers of homes for sale will grow as we move into the year and listings begin to pick up at the end of February. But, there are still a lot of short sales and bank owned properties on the market. Somewhere between 15% and 20% of the available single family residences and condos are either short sales or foreclosures, what are called REOs (Real Estate Owned) that make up the available properties for sale in the area. Until these properties are gone prices will remain roughly where they are right now with some upward pressure particularly with condos.
Gary Woods
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market from Nov. 25 to Dec. 25 09 there were 12 sales compared to 6 last year but the median sales price dropped from $716,500 last year to $664,500 this year. The average sales price didnt fall as far however dropping from just under $900,000 last year to just over $830,000 this year. For the same time period there were 7 escrows opened in 09 compared to 8 in 08 but the median list price went from $769,000 last year to just under $600,000 this year. For 09 6 new listings came on the market with a median list price of about $650,000 and in 08 5 new listings showed up with a median list price of about $840,000. Right now there are just 27 Home Estate/PUDs available for purchase in Goleta South with a median list price of about $990,000.
For the condo market in Goleta Real Estate South for the same period there were 3 sales compared to 3 last year. But the median sales price went up from $290,000 in 08 to $425,000. The average sales price also went up from about $315,000 in 08 to about $390,000 in 09. During that same time period 4 condos went into escrow with a median list price of about $369,000 and last year 4 escrows opened with a median list price of $399,000. There were only 2 new listings this year with a median list price of $295,000 and last year there were 5 new listings with a median list price of $419,000. Right now there are just 4 condos available in Goleta South with a median list price of $525,000.
For the Santa Barbara Real Estate area of Hope Ranch Real EstateReal for the period of Nov. 25 to Dec. 25 09 there were 2 sales and last year there were 2. The median sales price was about $1.9 million this year compared to last year when that home sold for $4.5 million. During the same time period there was 1 escrow opened this year with a list price of $1.7 million and last year there were no escrows opened. For the same time period there was 1 new listing that showed up on the market with a list price of about $3.9 million and last year there were 4 new listings with a median list price of about $4.9 million. Right now there are just 13 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of about $3.95 million.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.