In the West of State St area for 1/1/2008 to 3/15/2008 for Santa Barbara Real Estate and the Home Estate/PUD market there are currently 96 for sale. The average list price for those 96 properties is $1,363,176 with the most expensive listing almost at $6 million. The least expensive listing on the West Side is below $500,000 and stands at $494,900. The currently Median List price for the 96 homes on the market is $1,075,000.
Currently there are 20 properties in escrow with a median list price of $1,430,535. The highest priced home in escrow is listed for $5,250,000 and the least expensive home currently pending is $649,000. That brings us to a median list price for the 20 homes in escrow of $1,049,000.
Sales are down for the West Side Home Estate/PUD market but so far 48 homes have closed escrow with an Average Sales Price of $1,084,270. The most expensive home in the West Side closed escrow at $2,645,000 and the least expensive home went out at JUST $450,000. This brings us to a Median Sales price for the area of $935,000.
For the West of State St area for Condominiums in Santa Barbara Real Estate there are currently 70 for sale with an average list price of $1,032,637. The highest priced condo is listed at $2,595,000 and the least expensive property can be had for $379,000. This gives us a Median List Price for the 70 properties of $825,000.
Sales are not quite as depressed as they are on the East Side, but still on the West Side we have only 6 condos in escrow. The Average List Price for the 6 is $523,500 with the highest priced property in escrow going for $698,000. The least expensive condo now in escrow is listed at $354,000 giving us a Median List Price for condos in escrow of $499,000.
Through the first week in May we have had just 16 condos close escrow with an Average Sales Price of $693,781. The most expensive sale for 08 has been $2,150,000 and the least expensive sale shows up at JUST $385,000. Even with the extremes in sales prices the Median Sales Price for the area is $517,500.
For the East of State St area of Santa Barbara Real Estate there are currently 142 Home Estate/PUDs available. The Average List Price for those 142 properties stands at an amazing $1,864,014. The Highest Priced listing on the East Side is on the market for $7,950,000 and the least expensive home estate can be had for a paltry, for Santa Barbara $399,000. Even with this $399,000 home the Median List Price for the East Side comes in at $1,595,000.
Its been a tough year for the East Side and currently there are just 21 properties in escrow. The prices have not dropped precipitously for the area and the Average List Price for the Pending home is $1,259,190. The highest priced home in escrow is priced at $2,695,000 and the least expensive home that has gone pending is only $512,000. This gives us a Median List Price of $1,175,000 for homes currently in escrow.
Sales on the East Side are down dramatically but 50 homes have closed escrow so far this year with an average sales price of $$1,296,425. The highest priced home to have cleared escrow sold for $3,400,000 and the least expensive home went out at just $400,000. The Median Sales Price for the Santa Barbara East Side through May 8 is $1,175,000.
For Condominiums in the East of State St area for Santa Barbara Real Estate we have 45 condos currently on the Market. On the East Side, listings are up but sales are down. The 45 listed condos have an Average List Price of $817,664 with the highest priced listing coming in at $1,950,000. The least expensive condo currently on the market is listed for $440,000 which gives us a Median List Price for the 45 properties of $699,900.
Currently there are just 8 condos in escrow on the East Side with an Average List Price of $749,609. The highest priced condo that is currently in escrow is listed for $1,089,000 and the least expensive condo is JUST $475,000. For 8 condos in the area that are currently in escrow the Median List Price is $699,000.
Through the first week of May 08 weve seen 17 condos close escrow on the East Side with an average sales price of $817,764. The highest priced condo went out at $2,200,000 and the least expensive condo closed for JUST $290,000. When you put all those numbers together you get a Median Sales Price for the 17 condos of $699,000.
For Santa Barbara Real Estate in the Montecito Real Estate area there are currently 127 Home Estate/PUDs on the market. The prices out in Montecito have taken a big jump this year and the average for active Homes stands at $5,854,196. There have been some very expensive homes on the market this year and currently the top figure is $47,000,000 and the least expensive into exclusive Montecito can be had for the low, low price of $1,100,000. Even so that gives us an active list median price of $3,975,000.
Currently there are 19 Home Estate/PUDs in escrow in Montecito with an Average List Price for those 19 standing at $4,602,052. The highest priced home that is currently in escrow stands at a $9,500,000 List Price and the lowest priced home in escrow is JUST $1,199,000. Even so the Median List Price for homes in escrow in Montecito is $3,750,000.
As of the first week in May 58 homes have closed escrow in Montecito which is about 20% behind last years number. Even though the numbers of sales is down all the rest of the numbers are up. The Average Sales Price for Montecito for the first half of 08 is $4,801,719 with the highest priced listing closing at $21,000,000. Amazingly the least expensive Montecito home went out at only $900,000 but the Median Sales Price still stands at $3,625,000.
For Montecito Real Estate in the Santa Barbara area Condominiums there are currently19 available with an Average List Price of $1,947,473. The highest priced condo is currently at $5,900,000 for a property right on the water but the lowest priced listing can be had for a paltry $745,000. All of that brings us to a current Median List Price for the 19 properties of $1,695,000.
Currently there are only 2 condos in escrow in Montecito with an average list price of $$1,074,975. The highest priced condo in escrow is $1,350,000 and the least expensive condo is listed at JUST $799,950 giving us a Median List Price of $799,055 for the 2 condos in escrow.
As of the second week in May 5 condos have closed escrow in Montecito with an Average Sales Price of $2,248,300. The highest sale, again right on the water was $4,300,000 and the least expensive condo went out at $1,360,000. The Median sales price for the 5 Montecito Condos in 08 has been $1,750,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate the Price Range Statistics for 1/1/2008 to 3/15/2008 there have been 48 Home Estate/PUDs on the market. The highest priced listing in the area is $35 million and the least expensive active listing is $499,000 with a Median List Price of $1,245,000. Carpinteria/Summerland is a difficult area to get a handle on price wise because of the huge separation of Homes. The ones on the beach and some of those on the Foothill corridor skew the statistics upward so an Average List Price of $3,574,550 doesnt accurately reflect the market place.
Currently there are 8 properties that are in escrow with an average list price of $1,863,000. The highest priced Home Estate currently pending has an asking price of $4,750,000 and the lowest priced property is at $710,000 with a Median List Price of $1,250,000.
As we approach the half way mark for 2008 only 18 Home Estates have closed escrow so far with the highest priced home closing at $7,500,000 and the least expensive home going out at $485,000. The Median Sales Price of $899,000 is about half of what the $1,956,945 average sales price. Overall sales have been sluggish in the area so well have to see whether this situation is corrected in the second half of the year.
For Carpinteria Real Estate/Summerland Real Estate area for Condominiums currently there are 81 active listings in the area. The Average List Price of those 81 stands at $679,671 with the highest priced condo topping the charts at $1,995,000. The least expensive condo in Carpinteria is listed at $299,000 and the Median List Price comes in at $679,000. Its been a tough year for condos in the Carpinteria/Summerland area with the inventory definitely stacking up at this time.
Currently in escrow there are 7 with an Average List Price of $470,771. Topping the charts for condos that have gone pending is one at $620,000 and the least expensive condo in escrow is listed at $309,000. Currently for condos in escrow the Median List Price stands at $484,500.
At almost the half point of the year we see that 11 condos have closed escrow with an average sales price of $513,045. The most expensive condo that has gone out was sold for $895,000 and the least expensive condo closed at $250,500 in April. All that said we have a Median Sales Price of Condos in the Carpinteria/Summerland area of $500,000.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 4 months of 08 for Home Estate/PUDs we have seen 42 sales and in 07 that number was 50. The Median Sales Price for 08 has been $805,000 and in 07 that number was $943,250. The difference between this year and last for homes going into escrow is last year at this time 61 has gone pending and last year that number was 55. But last year the median list price was $995,000 and this year the number is $850,000. The days on the market are very closer however. In 08 it has taken 80 days to get an accepted offer and in 07 that number was 84. For homes coming on the market the numbers are also very close. In 08 weve seen 105 new enter the market place with a Median List Price of $935,000 and in 07 there were 98 that came on the market with a Median List Price of 999,998.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first four months of 07 in the Condo market there were 17 sales at this time compared to the 08 number of 10. The Median Sales Price last year was $550,000 and this year its been $500,000. For the condos going into escrow the numbers are much closer together. In 07 16 had entered escrow with a Median List Price of $570,000 and in 08 that number has been 14 with a Median List Price of $519,500. Coming on the market the numbers are also rather close together. In 08 weve seen 32 new condos come on the market and in 07 there were 28. The Median List Price last year was $570,000 and in 08 the Median List Price has been $519,500. The days on the market are the widest chasm of all. In 08 it has taken 124 days to get an accepted offer and in 07 that number was 83.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 4 months of 08 for the Home Estate/PUD market weve seen 27 sales which is exactly the number that occurred last year. The Median Price of those sales last year was $854,000 and this year that number is down to $785,000. To get that $785,000 has taken considerably longer however. Last year it took 61 days to get an accepted offer, but this year that number is up to 90. The homes that have gone into escrow are also very close to the number which went in last year. In 07 there were 34 escrows and this year there have been 31. The Median List Price of homes going into escrow in 07 was $799,500 and last year it was $899,000. Coming onto the market for 08 there have been 63 new listings with a median list price of $849,000. In 07 there were 66 new listings but the median list price was $949,000.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first four months of 08 in the Condo market there have 22 sales and last year at this time there have been 25. The Median Sales Price currently is $615,000 and last year it was $529,000. While the Median Sales Price has risen it has also taken less time to get an accepted offer. The Days on the market for 08 have been 68 and it 07 that number was 85. So far in 08 weve seen 25 condos go into escrow and in 07 that number was 28. The Median List Price for those 28 was $515,000 and in 08 the 25 condos Median List Price has been $629,000. With the rise in the Median Sales Price weve also seen a decline in the days on the market for 08. So far this year it has taken 68 days to get an accepted offer and last year it took 85.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 4 months of 08 for the Home Estate/PUD market weve seen 7 sales. In 07 that number was 10. The Median Sales Price is also close with $2,627,500 for 07 and $2,259,080 for 08. The Homes that have gone into escrow are quite different year over year. In 08 weve 7 properties go pending while in 07 that number was 14. Interestingly the homes that have gone pending in 08 have a much higher Median List Price of $3,995,000 as opposed to the 07 number of $2,995,000. Another big difference is the days on the market. In 07 it took 167 to get an accepted offer whereas in 08 its only taken 78. The numbers of properties that have come on the market are much closer together. This year 17 new homes have come on with a median list price of $3,195,000 as opposed to last year when there were 18 that came on with a median list price of $3,195,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first four months of 07 and 08 in the Condo market there was and has been no activity.
For the Santa Barbara Real Estate area of West of State St for the first 4 months of 08 for Home Estate/PUDs weve had 44 sales in 07 for the same period that number was 66. With the decline in sales weve also seen a drop in the median sales price from $1,027,000 to the current $932,000. While the Median Sales Price has dropped the Days on the Market have gotten longer. In 07 it took 79 to get an accepted offer for 08 it has taken 86. The gap between this year and last is not as pronounced for properties entering escrow. In 08 weve seen 57 homes go into escrow and for 07 that number was 70. The Median List Price for those houses is also closer together. For 08 that number has been $999,000 and in 07 it was $1,035,000. Coming on the market the numbers are also very close together. In 07 110 new homes came on the market and for 08 its been 113. The median list price for this year as opposed to last year is wider however. In 07 new homes came on the market at a $1,149,000 level and in 08 its been $999,000.
For the Santa Barbara Real Estate area of West of State St for the first four months of 08 for the condo market weve seen 16 sales and in 07 there were 25 for the same period. The difference between the Median Sales Price for both years also has been substantial. In 08 the Median Sales Price has been $546,250 and in 07 it was $640,000. Interestingly enough the Days on the Market has been substantially lower for 08. This year that number has been 71 as opposed to last year when it was 101. The condos that have gone into escrow is way down from last year also. In 08 weve seen only 15 condos go pending and in 07 at this time that number was 29. Last year the condos that went pending had a Median List Price of $659,000 and this year the number has been $525,000. The number of new listings is quite close together however. In 07 we saw 58 condos come on the market and in 08 there have been 59. The Median List Price is a lot closer together than the Median Sold Price. In 08 the Median List Price has been $629,000 and the Median Sold Price was $679,000.
Looking at the Home Estate/PUD market for the Santa Barbara Real Estate area including Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate April 08 looks a lot like March 08 with a few differences. The numbers of sales for both months shows about a 10% increase in April from what we saw in March but the Median Sales Price is very close for both months showing only a minor fluctuation.
The Median Sales Price bounces around a lot from month to month but the current mark of close to $1 million means that there have been a substantial number of properties sold below $1 million. Slightly fewer than half the homes sold for April were below $1 million and about a third of the homes were between $1 and $2 million. We saw slightly fewer homes sell in the $2 million and up market but still there were a significant number of homes that closed over $5 million. This compares to the March numbers of 39 of the 67 sold properties closing below $1 million, 19 closing from $1 to $2 million and 19 at $2 million and up.
The Sales Price to Original List Price Ratio took a dive in April dipping below the 93.65% number of March. This dip shows more of a willingness on the part of sellers to come down in their hoped for price. During the month sellers gave away about 11% of the price they would have liked to have seen.
There are a couple of numbers that jump out at me. First is Days on the Market which is the amount of time it takes to get an accepted offer. In April that number was almost at the 100 day level which means it took almost a month longer for a deal to be hammered out as opposed to the March number of 70 days. A lot of factors could explain this longer period. The two factors I think are the most prevalent are 1.lenders are definitely taking a longer time to decide whether they are going to fund a sale and 2.with the increased inventory there are a lot more choices for buyers to consider.
The second number that jumps out at me is the numbers of homes that went into escrow during the month. About 25% more properties went pending in April when compared to March. To expand on that number, the Median List Price for those homes in escrow took a big jump of over a quarter of a million dollars in April. Again, these Median Sales and Median List Prices bounce around a lot, but the raw numbers tell us that more homes farther up the price scale are selling.
A couple of numbers which remained constant for both March and April were the numbers of new listings that came on the market and the overall inventory of Home Estate/PUDs. Over 150 new homes entered the marketplace for both months and the total inventory from Carpinteria to Goleta remains at about 550 as of the end of both months. Now you may ask, how can there be over 150 homes coming on the market for 2 months in a row and the total inventory remains the same? The simple answer is New isnt always new. New could be a listing that was previously listed by another agent and expired or was cancelled and then brought back on with a new Multiple Listing Service number but with that said, we are still definitely seeing a lot of new homes coming on the market.
Looking at the Home Estate/PUD market through the end of April 08 there are some encouraging signs. The rise in the numbers of properties entering escrow is definitely encouraging and the amount of activity below $1 million is helpful. With the new higher FHA loan maximums coming on line this could be a very opportune time for buyers in the $600,000 to $800,000 range to finally be able to purchase a home. More activity in this area would continue to move the market forward.
For condominiums in the Santa Barbara area the figures for April 08 are similar to those of the previous month. The numbers of sales is almost exactly what they were in March but the Median Sales Price has risen slightly. Interestingly enough, while the Median Sales Price has risen the Sales Price to Original List Price ratio has dropped by a couple of percentage points. This means that the sellers are still bringing their properties on the market at a higher price point then dropping that price down to where their condo will sell.
The encouraging number that jumps out at me is an almost 50% rise in the numbers of condos that have gone into escrow for April. To achieve that substantial gain the sellers had to settle for slightly less money than the amount agreed to in March, but a big jump in activity is definitely heartening.
To expand on the rise of activity we see that the Days on the Market for the Sold condos was substantially over 100 for April but the Days on the Market for the Condos entering escrow in April was just over 2 months. Combining the numbers of escrows with the decrease in Days on the Market looks like a substantial surge for the condo market. Hopefully this surge will continue to where we will see the same or higher monthly sales figures than weve experienced for the past few years. The surge started in February then fell back in March, but maybe this time it will continue.
Most of the condo sales for April were below the $700,000 mark but there were a few in the $1 million range and 1 over $4 million. Condo prices overall have dropped only about 4% year over year but there are some that have come down at a much greater rate. The Montecito area still lags substantially from the pace that was set in 07, but the condos that have sold in Montecito have had a higher Median Sales Price than what we experienced last year.
This drop in the year over year numbers of sales is not confined to Montecito however. Sales are off about 25% in Carpinteria/Summerland, 50% East of State St, 33% West of State St, 18% in Goleta South and 44% in Goleta North. Even if what weve seen in April is a real surge it will take a while to pick up lost ground for the year.
Im feeling a lot less sure about the condo market than I do about the Home Estate market. Traditionally the condos lead the way in the market place but currently its being lead by Single Family Home sales. If the surge we see in condos going into escrow in April holds up it could be a real stabilizing factor in the overall Santa Barbara Real Estate market. Until then as Ive been saying all year, whatever is happening in Santa Barbara is a whole lot better than what is happening in the rest of the country.
For Santa Barbara Real Estate area of East of State St for the first 4 months for Home Estate/PUDs for 08 there have been 48 sales compared to 73 for 07. The Median Sales Price has risen slightly this year however to $1,185,000 from $1,125,000 in 07. The numbers of homes that have gone into escrow this year is about half of last years numbers. In 07 we saw 93 go pending and in 08 that number is 56. Theres only $5,000 difference between the Median List Price of what went into escrow this year compared to last year. In 08 the Median List Price of homes going into escrow is $1,200,000 compared to $1,195,000 last year. Last year at this time 151 new homes had entered the market place compared to 143 this year. But the Median List Price for the new listings in 08 stands at $1,399,000 compared to $1,350,000 a year ago. The days on the market is also quite close for both years. In 08 it has taken 91 days to get an accepted offer compared to 85 days in 07.
For the Santa Barbara Real Estate area of East of State St for the first four months of 08 in the condo market weve had 17 sales compared to the 07 number of 33. The Median Sales price has also fallen from $776,000 in 07 to the current $699,000. The numbers of condos entering escrow is down even farther than the numbers sold. Last year 39 condos had entered escrow compared to only 19 this year. The median list price of those condos entering escrow is down over $100,000. Last year it was $849,000 and this year were at $740,000. The interesting number is the days on the market. Last year for condos at this time it 140 days to get an accepted offer compared to 114 this year. There are fewer new listings that have come on the market with the 08 number being 49 and the 07 number being 56. And the Median List Price for those new properties is down considerably from $838,000 in 07 to the current $699,000.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 4 months of 08 for Home Estate/PUDs weve seen 54 sales compared to 71 for 07. The Median Sales Price however has gone up substantially from $2,900,000 in 07 to $4,530,365 in 08. The numbers of escrows shows a similar gap. In 07 we had 71 homes go into escrow compared to 08 when weve seen 58 go pending. The numbers of homes that have come on the market this year are up from 114 in 07 to 120 in 08. The Median List Price for those homes is up slightly this year to $3.6 million compared to $3.2 million last year. The Days on the Market are relatively close with 100 this year compared to 113 last year.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first four months for the condo market we have had only 4 sales compared to 12 last year. The Median Sales Price however is up to $2.1 million from $1.5 million last year. The Days on the Market are slightly ahead this year with 118 in 08 compared to 130 in 07. The numbers of condos going into escrow stands at 5 this year compared to 9 last year but the Median List Price of those condos that have gone into escrow is up substantially from $1.1million last year to $1.5 this year.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for Home Estate/PUDS for the first 4 months of last year there were 20 sales. This year weve seen 17. This is definitely encouraging compared to other districts. The Median Sales Price is also up this year from $1.7 million last year to $1.9 million this year. The numbers of homes that have gone into escrow are also down only slightly from 22 in 07 to 20 in 08. The Days on the Market is actually down this year at 101 from 122 last year. The numbers of new listings is down from last year when it was 51 to the current 42 for 08. And the Median List Price for those new properties is almost exactly where it was last year when it was $995,000 compared to the 08 number of $998,000
For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for the first four months of the condo market the sales are down from 14 last year to 10 this year. The Median Sales Price has dropped from $584,000 in 07 to $536,450 this year. The condos that have gone into escrow are slightly behind with the current 15 compared to 18 in 07. The big difference in 08 is the time it has taken to get into escrow. The days on the market for condos stands at 136 compared to 100 for 07.The new condos that have come on the market this year is way up. Its 74 for 08 with a Median List price of $675,000 and in 07 that number was 58 with a Median List Price of $595,000.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory has dropped by about 18% year over year but the new listings that have come on the market this year is down by just 6%. Unfortunately the condos that have entered escrow are off by 38% but even more dramatically the numbers of sales is down by 50%. The average sales price is not as dramatic showing up at just.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of homes that have been on the market this year is up but by only 3%. The numbers of new listings that came on the market this year is also up but by only 4%. Showing remarkably consistency the numbers of escrows are down only by 3% but the numbers of sales has declined by 13%. The real decline comes in the average sales price which has slipped 20% from the previous year.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is down 42% from 7 available properties last year to only 4 this year. But the numbers of new listings is exactly the same with 2 this year vs. 2 last year. Unfortunately the numbers of escrow for 08 stands at 0 compared to 2 for 07. But the numbers of sales is only off by 1 with 3 posted last year compared to 2 this year. And miraculously the average sales price of PUDs has risen by 9% over last year. Both Goleta North and South are doing better than the rest of the town but not quite as good as Montecito.
The Condo market for the Goleta Real Estate South area of Santa Barbara inventory for the year is slightly ahead with a 6% gain but the numbers of new listings is down about 10%. Also the numbers of condos which have gone into escrow is about 10% behind of where it was in 07 but the numbers of sales is down by about 16%. This number I expect to grow as the condos that are currently in escrow complete the sales process. The average sales price for the area has drifted down by about 3%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is up by 22% but the numbers of new listings has declined by 4%. The numbers of escrows is down by only 6% and remarkably the numbers of sales is actually up by 8%. Even more remarkably the average sales price is down by only 2%. Currently the sales wise the Goleta South area is the strongest district in town. Both the numbers of sales and the average sales price are holding strong.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South shows us that the total numbers of listings is off by 25% and the numbers of new listings is down by a total of 3. Likewise the numbers of escrows is down by three but the numbers of sold PUDs is down by just 1. The average sales price has declined by about 21% however.
The Condo market for the Hope Ranch Real Estate area of Santa Barbara estate saw now activity.
For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estate there have been fewer homes on the market this year for a drop of 22%. But the new listings are only down by 10%. This slight drop in the numbers of new listings is also accompanied a drop in the numbers of escrows by 64% but a drop in the numbers of sold properties by 30%. The average sold price is also down by 20% but this is due to some rather large sales early in 07. I think it will turn out to be another good year for Hope Ranch despite some of the current down numbers.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate saw no activity.
The Condo market for the West of State St area of Santa Barbara Real Estate has a slight decline in inventory year over year. This approximately 4% drop is offset by the 5% rise in new listings that have come on the market this year. But theres been a huge reduction in the numbers of escrows where we see them off by about 46%. Interestingly enough while the escrows are down by 46% the sales are down by only 38%. Further cloud the issue is the fact that while both of those important numbers are down the average sales price is up by 8%. The condo numbers for the West Side are tilted by the number of very large sales which have occurred in the first part of 08. Except for those $2 million plus sales the overall market price is down for the rest of the area.
For Home Estates in the Santa Barbara Real Estate area of West of State the inventory is also almost exactly where it was at this time last year show about a 1% drop. And the new listings that came on the market this year are down by just 2%. Unlike the condos however the decline in escrows is nowhere as extreme. This year weve seen a 17% drop in escrows but a 39% drop in sales. My hunch is that substantially more of those escrows will close sooner or later but for now that almost 40% drop in sales is substantial. The Average Sales Price is also down but now quite as significantly as the drop in sales and escrows. Currently were looking at a 4% drop from last year.
The PUD market for the Santa Barbara Real Estate area of West of State St there are 57% fewer listings overall and 66% fewer new listings. These numbers are deceptive because what were really talking about is 7 listings last year and 3 this year. The numbers of escrows are off by 50% but again that only means we had 2 last year and 1 this year. The sales are off by 100% but this means 1 sale last year and 0 this year. With so few PUDs on the market these numbers can be easily skewed.
For Condos in the Santa Barbara Real Estatearea of East of State the overall numbers of condos available for sale is down by 7% and the numbers of new listings is down by 13%. The real declining numbers however are the escrows which have fallen by 50% and the sold condos which are down by 53%. At this point in the year only 15 condos have closed escrow for the entire East Side. This lack activity is despite the falling average sales price which has dropped by 9% for the year. This 9% drop gives us a sales price of $819,467 which is still a substantial amount of money for a condo and represents only a 3% drop in the sales price to last price ratio. The East Side area condo market has been hit most dramatically and its not clear at this point what it will take to get it moving again.
The Home Estate market for the East of State St area of Santa Barbara Real Estateshow us an inventory which is up by 11% but new listings are down by 2%. But numbers of escrows which is down by 40% is slightly better than the condo market and the numbers of closed escrow which is down 39% is definitely better than the condo market. Interestingly enough the average sales price is only off 2% year over. At this time the sellers of both condos and home estates are holding to their prices which currently mean that sales and escrows will remain down.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the numbers of total listings is exactly where it was last year at this time when we saw 33. The numbers of new listings is down slightly however by about 16%. Even though the list numbers are close the numbers of escrows and sales is not. Escrows are down by a whopping 63%. At this time there have been only 4 escrows this year and so far only 3 of those escrows has closed. Because of the huge surge of activity last year this means that currently the numbers of sales is down by 80%. The amazing number is that even though the sales are almost non-existent the average sales price is up by 11% rising to $1.85 million dollar.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the overall listings are up only slightly by 1%. But the numbers of new listings is down slightly by 4%. So with the numbers of listings basically at a wash numbers of escrows has declined by 21% and the numbers of sold properties is down by 23%. But just like with condos in Montecito the properties that have sold have pushed the average sales price up. The average sales price has risen by an astounding 29%. Home prices in Montecito continue to rise for both Home Estates and Condos.
For the Santa Barbara area of Carpinteria Real Estate/ Summerland Real Estate for the condo there are about 13% more listings than there were in 07. Even more dramatic is the increase in new listings where we see 26% more this year. These increases contrast markedly to the decline in properties that have gone into escrow. This number is down by 33% and the sold condos are down even farther at -38%. To add insult to injury the average sales price is down by 17% for the year. So, even though the sellers have come down dramatically in their price the numbers of sales have not come risen. This is basic economics. If there is more of something then the price falls.
For Home Estates in Carpinteria Real Estate/ Summerland Real Estate the total numbers of listings is also up by 10%. But the numbers of new listings that came on the market this year is down by 14%. The listings that have gone into escrow are down also by about 13%. But the numbers of homes that have closed escrow is down by a more dramatic 37%. The average sales price is difficult to gauge because of a number of very large sales early in 07. At this point last year the Average Sales Price was $4.6 million and currently its $2.4 which is still a huge number. But nevertheless thats a 47% decline. The decline in the numbers of sales may be somewhat short time because of the substantial numbers of properties that have entered escrow. Presumably these homes in escrow havent closed yet.
For Santa Barbara Real Estates Goleta Real Estate North area the Median Sales price for the period of Jan. 1 through Apr. 15 for Home Estate/PUDs has been $797,500 compared to the 08 number of $920,000. The numbers of sales is off slightly from 42 last year to 36 this year.
The gap between the Median List price of $1,029,999 and the Median Sales price of $797,500 is almost cavernous. A difference of about $250,000 on a sales price of about $800,000 is big. This gap is more telling than the 90.4% difference between the Sales Price to Original List Price ratio.
Whats very interesting to me is that the inventory is actually below where it was last year. In 08 weve got 93 Home Estates on the compared to the 07 number of 96. The days on the market is also down this year with sellers getting an accepted offer in 77 days compared to 85 days for last year.
Hopefully Goleta North is leading the way for the recovery of the areas Home Estate market. The interesting part of the phenomenon is that with Home prices declining people who were interested in buying a Condo are now looking at purchasing a House instead.
For Santa Barbara Real Estates Goleta Real Estate North area for the condo market in 08 has seen only 7 sales compared to the 07 number of 15. Accompanying the drop in the numbers of sales we also see a decline in the Median Sales price down to $470,000 for the year so far. This compared to the figure of $550,000 for the same time period in 07.
The number that is very close to that posted last year is the number of listings available. In 08 on April 15 there were 32 condos on the market and in 07 there were 31. The difference is in the median list price for those two periods. Last year that figure was $549,000 and this year that number is $505,000.
The Days on the Market have declined this year however. Currently it has taken 63 days for the sellers to get an accepted offer compared to the 74 days it took last year.
The gap between the Sales Price to List Price is pretty close at this time. The Median List Price is currently $505,000 compared to the Median Sold Price of $470,000. These numbers are very good for people looking at purchasing a condo. Well have to see however whether they are now at a level which will spur sales. Or, if they have to come down further to get the ball rolling.
For Santa Barbara Real Estates Goleta Real Estate South area the Median Sales price for time period for Jan. 1 through Apr. 15 shows us 26 Home Estate/PUD sales for 08 compared to 24 for 07. But with the numbers of sales rising for this year the Median Sales price has declined. In 08 so far its been $782,500 compared to the 07 number of $852,000.
The really interesting number to me is the Sales Price to Original List price ratio. For 08 its been 94.32% compared to the 07 number of 95.27%. What this tells me is that the sellers are coming closer to the right number from the beginning of the listing instead of doing the traditional method of bringing it on higher then reducing the price as time goes on.
The hot market right now particularly in Goleta is $600,000 to $800,000. This figure brings a lot more people into the market place that have previously been priced out of the market. The gap between Sales Price and List Price is a lot closer in Goleta. Currently the Median List Price is $839,000 and the Median Sold Price is $782,500.
The inventory numbers for both years are also a lot closer than weve seen in other districts. Last year there were 53 Home Estates on the market in the area and this year there are 60. The only number that has changed substantially is Days on the Market. Last year that number was 62 and currently it is at 91.
For Santa Barbara Real Estates Goleta Real Estate South area for the condo market the numbers are also close. In 07 there were 23 sales and in 08 weve seen 21. Interestingly enough the Median Sales Price is up 08 to a $615,000 compared to the 07 number of $560,000.
With the Median Sales price and numbers of sales close so is the gap between sales price and list price. The Median List price for the area is $589,900 compared to the $615,000 median sales number. This approximately $25,000 difference is well within the 91.88% sales price to original list price ratio.
Also unlike the other districts the inventory is up only slightly from 44 condos available last year at this time to the 50 that are currently on the market. And the really good news is that the average days on the market have shrunk from the 07 number of 88 to the current level of 72.
Hopefully the Goleta South area condo market is pointing the way to recovery for the condo market in the rest of the area.
For Santa Barbara Real Estates Hope Ranch Real Estatearea the Median Sales price for Home Estate/PUD market shows us 7 sales so far for the year compared to 8 for last year. The Median Sales prices are also rather close. In 08 its been $2,259,080 and in 07 it was $2,627,500.
The sellers have been likely to reduce their price in 08 as weve seen a 90.77% Sales Price to Original List price ratio compared to the 07 number of 93.62%. The good news for 08 is the Days on the Market have been dramatically reduced from 137 last year to just 78 this year. Theres about a $300,000 gap between the Median List price and the Median Sales price but with a $2.25 million Median Sales price but this translates to only about 15%.
The inventory has remained constant when looking at the Year over Year numbers. In 07 there had been 20 homes on the market and in 08 there have been 18. Basically at this time the Hope Ranch Home Estate market is stable making really no movement up or down for price, inventory and median sales 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 Estate area of West of State St area the Median Sales price for Home Estate/PUDs for the period of Jan. 1 to Apr. 15 this year is $924,500. This is a decline of about $80,000 from last year. The gap between the Median List price and the Median Sales price is about $225,000 and at this time last year the gap was only $68,000.
With the widening gap of Sales Price to List Price the sales have dropped from 60 last year to just 32 this year. As the sales dropped by about half the inventory has increased by about 20%. Currently weve got 119 Home Estate/PUDs that have come on the market this year compared to the 101 that were on last year at this time. Usually when you have more of something the price drops, but on the West Side last year the Median List price was $1,075,000 and this year its $1,149,000.
With the rise in price has also come a lengthening in the Days on the Market. Last year it took an average of 78 days to get an accepted offer, this year it has taken 96. The only statistic which has remained the same year over year is the Sales Price to Original List Price ratio. In 08 its been 90.75% and in 07 it was 90.34%.
For the Santa Barbara Real Estate area of West of State St area for the same period in the Condo market weve also seen a decline in the numbers of sales. Last year at this time we had 23 condos close and this year there have been 14. With the decline in the numbers of sales the Median Sales price has also dropped by about $100,000. In 07 the Median Sales price was $640,000 and this year it is $546,250.
Like Home Estates the Sales Price to Original List price ratio has been relatively constant. This year it has been 90.89% and last year it was 92%. On the bright side the Days on the Market has gone down substantially from 96 in 07 to 78 in 08.
The number that really jumps out at me is the gap between the Median Sales price of $546,250 and the Median List price of $698,000. This $150,000 difference is a huge gulf that Im not sure will be closed at any time in the near future.
The condo market remains in the doldrums and Im not sure what its going to take to get it moving again in 2008.
For the Santa Barbara Real Estate area East of State St area the Median Sales price through April 15 has been $1,195,000 which is up about $150,000 at this time. The sales however are down from 60 last year at this time to the current number of 37. This difference becomes even more evident when we see that the numbers of listings is up to 183 this year from the 132 of last year. The Median List price is down slightly this year to $1,499,000 from the 07 mark of $1,519,000 but the gap between List Price and Sales Price was even larger last year than it is currently.
With the Median Sales price up for the area it tells me that the homes farther down in the price level are the ones that are not currently selling. This group of people would generally be more susceptible to market fluctuations and so at present are not participating in the buying for the year.
The gap between the current Median Sales price of $1,195,000 and the current Median List price for the entire inventory of $1,499,000 is almost $300,000. This means that the gap between the two prices is approximately 13%.
For Santa Barbara Real Estatearea of East of State St area through April 15 there have been almost half the numbers of sales as there were in the previous year. The Median Sales price is also down from $775,000 last year to the current $699,000. At present there really is not gap between the Median List price of $712,000 and the Median Sales price of $699,000 but this is the same condition that existed last year at this time.
Unlike other areas that have seen a huge rise in the inventory the East of State St district is only slightly ahead with 57 listings this year compared to 48 last year. With this modest increase in the numbers of listings the Median List price has declined from $795,000 last year to the current $712,000. I keep thinking that the condo market will start to rebound but so far that is not the case.
For Santa Barbara Real Estates Montecito Real Estate area the Median Sales price through April 15 08 is up dramatically for the Home Estate/PUD market from last year. Currently that number stands at $3,801,250 compared to the 07 number of $2,800,000. The sales are off about 25% however with 44 this year compared to 59 last year at this time. The comparison of the Media Sales Price of $3.8 million is right in line with the current Median List price of $3.89 Million so there is no gap for the Home Estate/PUD market.
But while the numbers of sales is down by about 25% the numbers of listings is up by about 25%. Currently there have been 166 homes listed for 08 compared to 133 for 07. Also in 07 the Median List price was $3.49 Million which gave us a pretty healthy gap between the Sales Prices and List Prices.
The only number which is exactly the same as last year is the Days on the Market. For both years it took an average of 106 days to get an accepted price of an offered listing. In 08 despite the fact that the sales are down from 07 Montecito is leading the way in the Santa Barbara market.
For Santa Barbara Real Estates Montecito Real Estate area for the time from the first of the year until April 15 the condo market has not performed in 08. As of the middle of April only 3 condos have closed escrow which means that a total of 4 have closed since last November. The Median Sales price for those 3 is up substantially from last year when the number was $1,475,000. Currently the median sales price stands at $1,750,000 with the average sales price even higher at $1,853,333.
For 08 despite the lack of production there is no gap between the Median List price of $1,780,000 and the Median Sales price $1,750,000. Interestingly enough in 07 the Median Sold price was actually $200,000 above the Median asking price $1,275,000.
Just like Home Estates the condo inventory is up for 08. So far this year weve seen 22 condos come on the market compared to the 15 of last year. I think the condo market will start to pick up in Montecito because of the closeness of the Median List and Median Sales prices. Also, there are some good values on the market for people with the ability to act.
For Santa Barbara Real Estates Carpinteria Real Estate/Summerland Real Estate area the Median Sales price for 08 through April 15 has been $946,125 for Home Estate/PUDs. This compares to a year ago for the same time period when the Median Sales price was $1,615,000. This substantial drop illustrates two things. First the number of sales on the high end is down and also the overall value for the area has diminished. Interestingly enough the Median List price of $1,399,000 for 08 is substantially higher than the Median List price of 07 which was $1,029,000. So this tells us that the houses farther up on the scale have been listed but presently not that many have sold.
The gap between the current Median Sales price of $946,125 and the current Median List price for the entire inventory of $1,399,000 is almost $450,000 which gives us a gap of about 50%. I think this gap will diminish throughout the year as higher priced homes start to sell but currently thats a rather wide chasm between what people are willing to pay and what people are willing to sell for.
The numbers of sales which were dramatically down earlier in the year have started to come back for the area. Last year at this time there were 19 sales of Home Estate/PUDs compared to the current number of 13 which is in contrast to the inventory which is larger than it was last year when there were 60 properties listed compared to the current 72.
For Santa Barbara Real Estates Carpinteria Real Estate/Summerland Real Estate area for the condo market the picture is a little starker. In 08 weve seen only 8 sales through April 15 compared to 11 for the same period in 07. The Median Sales price has also dropped substantially with the Median Sales price currently residing at $472,500 compared to a year ago when it was $598,000.
The gap between the Sales Price and the Median List price is also substantial. Currently the Median List price is $679,000 which gives us a gap of over $200,000 between the Median Sales price.
This gap was definitely not as pronounced last year when the Median List price stood at $579,900 compared to the Median Sales price of $598,000. So our interesting phenomenon is that last year people were asking less and getting more and in 08 theyre asking more and getting less.
For the Santa Barbara Real Estate area of Goleta Real EstateNorth for the first 3 months of 08 weve seen 32 home estates close escrow with a median sales price of $795,000 and an average sales price of $1,000,764. For the same period in 07 we saw in the Single Family Home market 33 homes closed escrow with a median sold price of $915,000 and an average sold price of $1,216,220. Thus far in 08 there have been 76 home estate listings come on the market with a median asking price of $899,000 and average asking price of $1,169,939. For 07 69 homes came on the market with a median asking price of $1,150,000 and an average asking price of $1,638,769. Also for that period in 07 48 properties went into escrow, 4 were withdrawn from the market, 9 listings cancelled, 21 expired and 13 came back on the market. For the same period in 08 37 home estates have entered escrow with 8 listings canceling, 30 listings that expired and 18 coming back on the market. Currently there are 72 homes for sale in the area with a median list price of $929,000 and an average list price of $1,502,442.
For the Santa Barbara Real Estate area of GoletaGoleta Real Estate North for the first three months of 08 6 condos have closed escrow with a median sales price of $494,750 and an average sales price of $526,416. In 07 for the same period in the Condo market 11 condos closed escrow with a median sold price of $569,000 and an average sold price of $536,336. So far in 08 weve seen 28 new condo listings come on the market with a median asking price of $529,000 and an average asking price of $534,010. In 07 for the same period those numbers were 22 condos came on the market with a median asking price of $570,000 and an average asking price of $593,913. Also for that period in 07 13 properties went into escrow, 4 were withdrawn from the market, 7 listings cancelled, 8 expired and 2 came back on the market. This compares to the 08 numbers when weve seen 7 condos go into escrow, 2 listings get withdrawn, 3 listings get cancelled and 7 expire with only 3 coming back on the market. Currently there are 29 condos for sale in the area with a median list price of $499,999 and an average list price of $524,344.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 3 months of 08 there have been 17 home estate sales with a median sales price of 780,000 and an average sales price of $1,042,764. For the same period last year there were 21 homes closed escrow with a median sold price of $850,000 and an average sold price of $1,004,047. So far in 08 41 new listings have entered the market place with a median asking price of $849,000 and an average asking price of $1,079,136. For the same period in 07 those numbers showed up as 50 homes came on the market with a median asking price of $929,000 and an average asking price of $1,127,859. So far in 08 there have been 23 home estates that entered escrow with 3 listings being withdrawn and 5 cancelled. 13 listings cancelled and 9 came back on the market. For that same period in 07 there were 25 properties that went into escrow, 3 were withdrawn from the market, 7 listings cancelled, 9 expired and 7 came back on the market. Currently there are 51 homes for sale in the area with a median list price of $899,000 and an average list price of $1,447,752.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first three months of 08 16 condos have closed escrow with a median sales price of $617,500 and an average sales price of $582,656. For the same period in 07 those numbers were 18 condos closed escrow with a median sold price of $544,500 and an average sold price of $560,416. Thus far in 08 36 new listings have appeared on the market with a median asking price of $574,000 and an average asking price of $576,713. In 07 we saw 36 condos come on the market with a median asking price of $539,000 and an average asking price of $551,293. Also for that period in 07 20 properties went into escrow, 2 were withdrawn from the market, 6 listings cancelled, 12 expired and 6 came back on the market. In 08 as a comparison 22 condos have gone into escrow, with 0 withdrawn from the market and 7 listings cancelled with 10 expiring and 5 coming back on the market. Currently there are 39 condos for sale in the area with a median list price of $574,000 and an average list price of $579,661.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 3 months of 08 there have been 7 home estate sales with a median sales price of $2,259,080 and an average sales price of $2,719,154. This compares to the same time period for home estates in 07 when we saw in the Single Family Home market 6 homes closed escrow with a median sold price of $2,627,500 and an average sold price of $3,284,166. So far in 08 11 new home estate listings have come on the market with a median asking price of $2,595,000 and an average asking price of $3,147,454. In 07 those numbers were12 homes came on the market with a median asking price of $3,195,000 and an average asking price of $5,159,916. Thus far in 08 there have been 4 home estates go pending, 0 listings cancelled and 2 expired, with 2 coming back on the market. For 07 those numbers were 10 properties went into escrow, 1 was withdrawn from the market, 1 listing cancelled, 7 expired and 3 came back on the market. Currently there are 14 homes for sale in the area with a median list price of $2,850,000 and an average list price of $5,603,928.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first three months of 07 in the Condo market there was no activity
For the Santa Barbara Real Estatearea of West of State St for the first 3 months of 08 weve seen 26 home estates go into escrow with a median sales price of $900,000 and a average sales price of $1081,250. For that same time frame in 07 in the Single Family Home market 47 homes closed escrow with a median sold price of $999,000 and an average sold price of $1,123,164. So far in 08 85 new listings have come on the market with a median asking price of $1,025,000 and an average asking price of $1,240,525. In 07 for that same period 80 homes came on the market with a median asking price of $1,150,000 and an average asking price of $1,336,121. So far in 08 weve send 40 home estates go pending, 8 listings got withdrawn 17 were cancelled and 28 expired with 13 coming back on the market. During 07 for that period 58 properties went into escrow, 8 were withdrawn from the market, 28 listings cancelled, 25 expired and 12 came back on the market. Currently there are 88 homes for sale in the area with a median list price of $1,149,000 and an average list price of $1,297,824.
For the Santa Barbara Real Estatearea of West of State St for the first three months of 08 12 condos have been sold with a median sales price of $605,000 and an average asking price of $751,500. For the same time period in 07 for the Condo market 14 condos closed escrow with a median sold price of $640,000 and an average sold price of $606,821. So far in 08 weve seen 41 new condo listings come on the market with a median asking price of $629,000 and an average asking price of $815,129. For the same period in 07 there were 39 condos that came on the market with a median asking price of $679,000 and an average asking price of $810,317. In 08 weve seen only 11 listings go into escrow, 1 go withdrawn, 5 cancelled and 16 expired with 3 coming back on the market. That compares to 07 when for the same period 22 properties went into escrow, 4 were withdrawn from the market, 9 listings cancelled, 18 expired and 14 came back on the market. Currently there are 48 condos for sale in the area with a median list price of $649,000 and an average list price of $905,652.
For the Santa Barbara Real Estate area of East of State St for the first 3 months of 08 30 homes estates have closed escrow with a median sold figure of $1,185,000 and an average sold price of $1,303,016. This compares to07 in the Single Family Home market 51 homes closed escrow with a median sold price of $1,000,000 and an average sold price of $1,154,664. So far in 08 111 new listings have appeared on the market with a median list price of $1,395,000 and an average list price of $1,590,540. For 07 those numbers looked like 112 homes came on the market with a median asking price of $1,295,000 and an average asking price of $1,659,606. In 08 so far weve seen 40 home estates go into escrow with 13 withdraws, 18 listings cancelled and 49 expired with 26 coming back on the market. For the same period in 07 those numbers looked like 67 properties went into escrow, 15 were withdrawn from the market, 14 listings cancelled, 29 expired and 18 came back on the market. Currently there are 137 homes for sale in the area with a median list price of $1,529,000 and an average list price of $1,803,779.
For the Santa Barbara Real Estate area of East of State St for the first three months of 08 only 12 condos have closed escrow with a median sales price of $687,000 and an average sales price of $814,000. For the same period in 07 those numbers were 23 condos closed escrow with a median sold price of $749,000 and an average sold price of $812,152. In 08 weve seen 38 new listings appear on the market with a median list price of $712,000 and an average list price of $868,386. In 07 for the same period 43 condos came on the market with a median asking price of $829,000 and an average asking price of $964,446. So far in 08 weve seen 13 condos go into escrow, with 14 listings being withdrawn, 3 cancelled and 16 expired with only 5 coming back on the market. For the same period in 07 we saw 26 properties went into escrow, 7 were withdrawn from the market, 7 listings cancelled, 11 expired and 9 came back on the market. Currently there are 41 condos for sale in the area with a median list price of $719,000 and an average list price of $833,223.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 3 months of 08 there have been 35 sales with a median sold price of $3,850,000 and an average sold price of $4,908,600 that compares to the 07 numbers in the Single Family Home market when 45 homes closed escrow with a median sold price of $2,800,000 and an average sold price of $3,637,555. For 07 84 homes came on the market with a median asking price of $3,325,000 and an average asking price of $5,106,498. During that same period for 08 91 new listings came on the market with a median list price of $3,495,000 and an average list price of $4,803,703. So far in 08 weve seen 38 Home Estates go into escrow, 16 get withdrawn from the market, 32 listings cancelled and 34 expired with only 24 coming back on the market. This compares to the same period in 07 when for that same period 50 properties went into escrow, 10 were withdrawn from the market, 18 listings cancelled, 33 expired and 23 came back on the market. Currently there are 135 homes for sale in the area with a median list price of $4,000,000 and an average list price of $6,281,251.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first three months of 08 3 condos have closed escrow with a median sales price of $1,750,000 and average sales price of $1,853,333. This compares to 07 in the Condo market when 10 condos closed escrow with a median sold price of $1,500,000 and an average sold price of $1,666,000.
So far in 08 9 new listings have come on the market with a median list price of $1,895,000 and an average list price of $1,926,666. This compares to 07 for the Montecito condo market when 13 condos came on the market with a median asking price of $1,369,000 and an average asking price of $1,627,461. For 08 so far 3 condos have gone pending, 0 have been withdrawn from the market, 2 listings canceled and 6 expired with only 1 returning to the market. This compares to that same that same period in 07 when 7 properties went into escrow, 2 were withdrawn from the market, 2 listings cancelled, 5 expired and 0 came back on the market. Currently there are 14 condos for sale in the area with a median list price of $1,895,000 and an average list price of $2,222,785.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 3 months of 08 11 homes closed escrow with a median sold price of $964,125 and an average sales price of $%2,362,365 compared to 07 when 15 homes closed escrow with a median sold price of $1,615,000 and an average sold price of $5,923,333. For 08 31 new homes came on the market with a median asking price of $998,000 and an average asking price of $2,194,414 while in 07 that number was 32 with a median asking price of $1,250,000 and an average asking price of $3,815,184. In 08 so far 14 homes went pending, 7 were withdrawn 3 canceled and 25 expired with 6 coming back on the market. For 07 those numbers were 18 properties went into escrow, 7 were withdrawn from the market, 4 listings cancelled, 13 expired and 6 came back on the market. Currently there are 46 homes for sale in the area with a median list price of $1,350,000 and an average list price of $3,791,823.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first three months of 07 in the Condo market 9 condos closed escrow with a median sold price of $570,000 and an average sold price of $580,000 compared to the 08 numbers of 6 sold condos with a median sales price of $472,500 and an average sales price of $492,583. 44 condos came on the market with a median asking price of $589,000 and an average asking price of $610,599 in 07 and in 08 23 came on the market with a median asking price of $559,000 and an average asking price of $572,300. During 08 so far 9 properties went pending, 6 were withdrawn and 7 cancelled, 15 expired with 11 coming back on the market. Compared that to the same period in 07 when 15 properties went into escrow, 2 were withdrawn from the market, 7 listings cancelled, 17 expired and 5 came back on the market. Currently there are 36 condos for sale in the area with a median list price of $565,000 and an average list price of $623,937.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 12 with a Median Sales Price of $800,499 and an Average Sales Price of $907,249. The Sales Price to Original List Price ratio has remained high however showing up at 92.26%. Even better news is that the Days on the Market dipped down to 59. Entering the market for the period were 31 Home Estate/PUDs with a Median List Price of $895,000 and an Average List Price of $1,200,302. On the down side replacing those 12 sales were only 9 Homes that went into escrow. Those 9 had a Median List Price of $825,000 and an Average List Price of $958,755 but getting those higher numbers took a while longer with the Days on the Market showing up at 84. Currently there are 74 Home Estate/PUDs on the Market with a Median List Price of $925,000 and an Average List Price of $1,486,049.
For condominiums in the Goleta Real Estate North area of Santa Barbara Real estate there was only 1that closed escrow with a sales price of $519,500. The Sales Price to Original List Price ratio on this property was 99.05% and it took only 43 Days to get an accepted offer. Coming on the market were 18 new properties with a Median List Price of $529,000 and an Average List Price of $529,049. The area is moving in the right direction with 2 condos replacing the 1 that closed escrow. But the Median List Price of the pending properties was $499,000 with the Average List Price showing up at $553,450. Currently there are 29 Condos available in the area with a Median List Price of $499,999 and an Average List Price of $524,344. Those currently available condos have an Average Days on the Market of 100.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market there were 8 that closed escrow. The Median Sold Price slid down however to $743,000 with the Average remaining strong at $959,125. The Sales Price to Original List Price ratio was also high at 95.32% with the Days on the Market remaining steady at 69. Coming on the market were 12 new listings with a Median List Price of $839,000 and an Average List Price of $1,101,733. Replacing the 8 sold properties were 8 that entered escrow. Those entering escrow slid up to a Median List Price of $839,000 and an Average List Price of $1,131,975. Currently there are 49 Home Estate/PUDs active in the area with a Median List Price of $899,000 but an Average List Price of $1,460,395. Those 128 Homes have an Average Days on the Market of 128.
For Condominiums in the Goleta Real Estate South area of Santa Barbara Real Estate there were 9 that closed escrow with a Median Sold Price of $620,000 and an Average Sold Price of $586,833. The Sales Price to Original List Price ratio has remained high at 93.46% and the Days on the Market have slid down to 55. Coming on the market were 8 Condos during the same period with a Median List Price of $515,000 and an Average List Price of $601,987. Unfortunately replacing the 9 closed condos were only 4 that went into escrow. The properties entering escrow had a Median List Price of $629,000 and an Average List Price of $547,475. The good news is that it took only 41 days for those condos to go into escrow. Currently there are 37 units available with a Median List Price of $574,000 and an Average List Price of $585,115. Those 37 Condos have an average days on the market of 84.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the last 30 days there were 2 sales with a Median and Average Sold Price of $2,084,540. The Sales Price to Original List Price ratio for those 2 was an amazing 99.5% and it took only 12 days to get an accepted offer. Coming on the market for those 30 days were 3 Homes with a Median List Price of $2,450,000 and an Average List Price of $2,732,333. Unfortunately replacing those 2 sold homes was nothin. 0 Homes entered escrow for the period. Currently there are 14 Home Estate/PUDs active in Hope Ranch with a Median List price of $2,850,000 and an Average List Price of $5,611,071. The Average Days on the Market for 14 is 135.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
Analysis of Santa Barbara Real Estatethrough the end of March 08 including Goleta Real Estate, Carpinteria Real Estate/ Summerland Real Estate, Montecito Real Estate and Hope Ranch Real Estate.
There were more Home Estate/PUD sales in March than there were in February but the numbers did not reflect the substantial surge of activity that occurred in the last 3 weeks of February. Last month we saw 52 Home Estates close escrow and in March there were 67. Most of the increase can be attributed to the natural seasonal increase in activity rather than what could be termed a trend. The Median Sales price for March came down to $1,140,000 from the $1,335,500 mark of February which meant that there was more activity slightly father down the price scale than was evidenced in the previous month. 39 of the 67 sales came in below $1,000,000 with 19 from $1 to $2 million and 19 above $2 million. The upper end remained strong however with 4 sales over the $5 million mark but definitely the real action for the month was in the $600,000 to $800,000 range.
The Sales Price to Original List Price rise rose in March up to 93.65% meaning that the sellers gave away only about 6.5% of their expected sales price compared to the 88% mark of the previous month and it took on average only 70 Days for those sellers to get an acceptable price.
During the month of March an amazing 153 Home Estate/PUDs came on the market with a Median List Price of $1,399,000 and an Average List Price of $2,242,677. The Median List Price of those 153 New Listings is about $250,000 above what the Median Sales Price of the 67 Homes that closed escrow, which opens up a considerable gap between what people are willing to pay and what people want for their homes.
During March we saw 74 Home Estate/PUDs enter escrow with a Median List Price of $1,050,000 and an Average List Price of $1,513,329. These 74 homes replace the 67 that closed escrow which means were seeing just slightly more homes going pending than are closing escrow and when you figure in the Fall Through rate it means that the month will be about a wash.
Looking at the numbers Year over Year shows us that the overall Inventory of Total Active Listings for the year is up about 10% but the New Listings that came on the market this year is almost exactly where it was last year. The Median List Price is also almost exactly where it was in 07 but the numbers of sold properties has dipped by about 41%. That huge rush of activity which happened in the first 2 quarters of last year really warp the comparisons to this years numbers but interestingly enough the Median Sales Price for 08 is up about 6% rising to $1,197,500. When you take Montecito and Hope Ranch out of the mix however that median sales number goes down to $892,500. This is a decline of about 9% compared to last year. The comparison becomes even more dramatic when you look at the 07 Average Sales Price of $1,992,449 compared to the 08 number of $2,150,696, which is a rise of about 8%. But, when you take Hope Ranch and Montecito out of the mix the Average Sales Price declines by about 23% for 08 down to $1,244,546.
As of the end of March from Carpinteria to Goleta there were 546 Home Estate/PUDs on the market with a Median List Price of $1,599,000 and an Average List Price of $3,017,979. The inventory has definitely been expanding since the first of the year and the gap between both the Average and Median List Prices and Sales Prices is widening. Currently the Average Days on the Market for those 546 homes is 120 Days compared to the 70 Days it took for the homes that closed escrow to get an accepted offer.
At this time the Home Estate market is moving forward slightly but not at the hoped for pace that showed up at the end of February. There are some of what could be termed bargains in town but those are predominantly in the sub $1 million range.
Looking at the condo market, the hoped for surge during the month of February also did not come to fruition. We saw 23 condos close escrow during March with a Median Sales Price of $575,000 and an Average Sales Price of $701,413. It took an average of 78 Days for the condo sellers to get an accepted offer and they had to give up more than 10% of their asking price when the Sales Price to Original List Price Radio dipped to 89.49%.
During the month 65 new condo listings came on the market with a Median List Price of $575, 000, which matches exactly the Median Sold Price of the homes that closed escrow.
The disappointing news for the month comes in the pending number, which fell to 19. With sales coming in at 23 and condos entering escrow falling to 19 it looks like the condo market is still having a rough time. The interesting figure for the homes entering escrow is that the Median List Price for those properties was $629,000 or about $50,000 above the condos that closed.
The overall inventory when compared to 07 is down about 7% and the new condos that came on the market this year are down by about 14%. The Median List Price has declined by about 5% Year Over Year but the number of properties that entered escrow is off 35% with the number that has closed escrow down by 38%.
Despite the huge drop in numbers of sales the Median Sales Price for 08 is only down 2.4% and the Average Sales Price is down by 5.4%, and amazingly enough without the Montecito Condos in the mix the average sales price is up by 1.1%. Even though the inventory overall is down it took a huge surge in March up to 251 units from the February number of 181.
The condo market is still in the doldrums with banks requiring more from a buyer than they have required in previous years. In time this will be a good thing because you will have a stronger group of owners with firmer financial footing. But until we get to that place it could continue to be tough for the condo buyer.
In the Santa Barbara area from Carpinteria to Goleta the market is not surging forward, but its also not declining and its definitely in better shape than most of the rest of the country. For those with good credit it remains a good time to buy with inventories moving upward and the interest rates remaining down particularly in the Home Estate/PUD market where there are opportunities that weve havent seen in about a decade.
Gary Woods
For the Santa Barbara Real Estate areas of West of State St for Single Family Homes
There were 13 Homes Estate/PUDs that closed escrow with a Median Sales Price of $910,000 and an Average Sales Price of $988,038. The Sales Price to Original List Price radio remained sold at 94.1% and the Days on the Market slid down to 63. Coming on the market for the same 30 day period were 22 properties with a Median List Price of $999,000 and an Average List Price of $1,206,450. Replacing those 13 properties were 18 that entered escrow. The Median List price for those homes in escrow incremented up to $1,049,000 with the Average rising to $1,264,277. It did however take 80 days to get them into escrow as opposed to the 63 for the ones that closed. Currently there are 88 Home Estate/PUDs available on the West Side with a Median List Price of $1,085,000 and an Average List Price of $1,283,949.
For Condominiums in the West of State St area of Santa Barbara Real Estate there were 4 that closed escrow with a Median Sales Price of $537,500 and an Average Sales Price of $552,500. The really good news for those 4 is that the average days on the market for them was 14.The Sales Price to Original List Price rise is even higher than the Home Estate showing up at 96.17%. Coming on the market were 11 condos for the 30 day period with a Median Sales Price of $629,000 and an Average Sales price of $618,545. The worrisome news is that only 1 condo went into escrow during the 30 days. That property had a List Price of $525,000. Currently there are 51 Condos available on the West Side with a Median List Price of $649,000 and an Average List Price of $885,554.
For Santa Barbara Real Estate East of State St for Single Family Homes there were 13 sales with a Median Sold Price of $998,000 and an Average Sales Price of $1,068,423. The Sales Price to Original List Price Radio also slid down to 88.94% and the Days on the Market remained constant at 92. During those 30 days 39 new Homes came on the market with a Median List Price of $1,639,000 and an Average List Price of $1,811,653. The really good news is that replacing those 13 properties was 19 that entered escrow. The ones entering escrow remained constant with a $995,000 Median List Price and an Average List Price of $1,146,783. Currently active on the East Side are 137 Home Estate/PUDs with a Median List Price of $1,809,516.
For Condominiums in the East of State St area of Santa Barbara Real Estate there were only 4 sales for the same period. The Median Sold Price slid down to $533,500 and the Average Sold price also took a tumble to $710,500. Just like Home Estate the Sales Price to Original List Price ratio was 88.95% and it took a huge 126 days to get an accepted on the 4 condos. Coming on the market were 9 new Condos with a Median List Price of $619,000 and an Average List Price of $633,888. Replacing the 4 closed Condos were 4 that went into escrow. But the ones that went in rose to an $850,000 Median List Price and an Average list price of $924,500. Currently there are 50 Condos available on the East Side with an Median List Price of $740,000 and an Average List Price of $1,000,323.
Santa Barbara Real Estates areas of Montecito Real Estate for Home Estate/PUDs there were 12 sales with a Median Sold Price of $3,097,500 and an Average Sales Price of $3,486,583. The Sales Price to Original List Price ratio is up to 93.78% and the Days on the Market was only 84. Coming on the Market in the same 30 day period were 35 Homes with a Median List Price of $2,950,000 and an Average List Price of $4,397,999. Replacing the 12 Sold Homes were 11 Homes that entered escrow. The Median List Price of those Homes has also slid down slightly to $2,795,000 and the Average has fallen even further to $2,584,000. Currently in Montecito there are 138 Home Estate/PUDs available with a Median List Price of $3,975,000 and an Average List Price of $6,310,391.
Montecito Real Estate Condominiums in the Santa Barbara Real estate saw 2 closed escrows with a Median Sales Price of $1,905,000 and remarkably an Average Sales Price of $1,905,000. To get the deals put together the sellers Sales Price to Original List Price ratio slid way down to 83.37% and the Days on the Market zoomed up to 213. During that 30 day period 4 New Condos came on the market with a very low Median List Price of $799,950 but an Average List Price of $1,174,975. The good news is that instead of 213 Days it took ONLY 142 days to enter escrow. Currently there are 15 Condos for Sales in Montecito with a Median List Price of $1,995,000 and an Average List Price of $2,231,266.
Check Out Montecito Real Estate on Squidoo
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/ Summerland Real Estate for Home Estates and PUDs for the period of 2/29 through 3/29 6 homes closed escrow. The Median Sold Price for those 6 homes has moved up to $1,780,000 and the Average Sales Price and even more amazing $2,525,833. Even with all that activity the Sales Price to Original List Price Ratio has moved up to 94.11%, but the Days of the Market has also moved up to 136 Days. 10 New Homes have come on the market in the same time period but at a more modes $914,900 Median List Price, but the Average List Price remains high coming in at $2,627,200. The only real fly in the ointment is that the Properties that went pending in that time period dipped to 2 with the Median List Price also sliding to $914,000 and the Average sliding to $1,140,780. Currently there are 42 Home Estate/PUDs on the market in the area with a Median List Price of $1,350,000 and an astounding Average List Price of $4,105,193.
For the condo market of Carpinteria Real Estate/ Summerland Real Estate for Santa Barbara Real Estate the number of sales for the past 30 days has been 3. The Median Sales Price has remained steady at $525,000 but the Average has fallen to $475,166. The Sales Price to Original List Price ratio has dipped markedly to 85.42% but the Days on the Market have also fallen to 66. There have been 12 Condos come on the market in the last 30 days with a Median List Price of $565,000 and an Average List Price of $584,658. Replacing the 3 sold condos were 3 pending condos. The only difference is that the ones that went in to escrow had a Median List Price of $499,000 with the Average even farther down at $459,000. Currently there are 35 Condos for sales in Carpinteria/Summerland with a Median List Price of $565,000 and an Average List Price of $622,737.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate there have been 3 fewer sales this year as opposed to last year. In 08 weve seen 28 properties close escrow as opposed to the 31 we saw last year. The Median Sales price has dropped over a hundred thousand to $795,000 this year compared to $905,000 last year. The Average Sales numbers are very close however. In 08 its been $1,015,873 compared to the 07 number of $1,016,621. The Days on the Market is also very close. In 08 it took 71 days to get an accepted offer compared to the 07 number of 73 days.
For Condominiums on the North Side of Goleta Real Estate things are dramatically different. For 08 weve seen only 5 sales compared to the 11 of last year. The Median Sales price has also dipped to $470,000 this year compared to the 07 number of $550,000. The Average Sales price however is very close together. This year its been $527,800 compared to the 07 average of $524,427. The real diversity however is the Days on the Market. For 08 its only taken an average of 33 days to get an accepted offer compared to the 07 number of 95.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate the sales are 3 behind of the numbers posted in 07. This year there have been 14 sales compared to 17 that were posted last year. The Median Sales price is also down from the $850,000 number posted in 07 compared to the current number of $787,500. The Average Sales price however tilts toward 08 when we see a $1,113,367 number compared to $977,176 for 07. In 08 it has taken 83 days to get an accepted offer compared to 07 when it took only 63 days.
For Condominiums for Goleta Real Estate South the numbers of has been 12 this year compared to the 19 of last year. But the Median Sales price this year is up to $602,500 compared to the 07 Median Sales price of $560,000. The Average Sales price is also up this year to $592,666 compared to the 07 number of $562,973. The Days on the Market has about 2 weeks in 08 to 86 days compared to the 102 days it took in 07.
For Hope Ranch Real Estate the sales are up this year by 2 homes. 6 homes have closed escrow so far in 08 compared to 4 for the same period in 07. The Median Sales price is slightly down however with the 08 number posting at $2,392,040 compared to the 07 number of $2,627,500. The Average Sales price is also down from the 07 number. This year the Average Sales price has been $2,887,346 compared to the 07 number of $3,588,750. The only saving grace has been that it has taken only 86 Days on the Market to get an accepted offer in 08 compared to the 118 Days it took in 07.
For Condominiums in Hope Ranch Real Estate there was no activity.
For West of State St in Santa Barbara Real Estate of Home Estate/PUDs numbers of sales for 08 is down with 20 properties closing escrow as opposed to 40 in 07. The Median Sales price is also rather dramatic. In 08 its been $865,000 compared to $990,000 in 07. The Average Sales price however is rather close together. In 08 its been $1,058,850 compared to the 07 number of $1,080,887. The Days on the Market numbers are about 3 weeks apart. In 08 its taken 74 days to get an accepted offer as opposed to 93 in 08.
For Condominiums on the West Side of Santa Barbara Real Estate there have been 10 sales as opposed to 13 for 07. But the really big bulge occurs with the Average Sales price. In 08 the average sales price has been $806,800 compared to $603,500 for 07. The Median Sales price is rather close however. In 08 it has been $660,000 compared to the 07 number of $640,000. The Days on the Market for 08 has been 80 days compared to the 07 number of 116.
For the East of State St Home Estate/PUDs for Santa Barbara Real Estate there have been 26 sales compared to 45 for 07. But interestingly the Median Sales price is exactly reversed. For 08 that number has been $1,137,500 compared to the 07 number of $1,000,000. The Average Sales numbers mirror those for the Median Sales number. In 08 the Average has been $1,286,557 compared to 07 when it was $1,168,263. The numbers that are really close however are the Days on the Market. In 08 its been 96 and in 07 it was 99.
For Condominiums in the East of State St area of Santa Barbara Real Estate there have been 11 sales compared to 22 last year. And there is an equal bulge as far as Median Sales price is concerned. In 08 its been $675,000 compared to $762,000 for 07. But the Average Sales price has been very close. In 08 its been $820,818 compared to last years number of $832,613. On the upside it has take dramatically less time to get an accepted offer. In 08 its been 126 compared to the 07 number of 161.
Through the middle of March 08 for Montecito Real Estate weve seen 28 Home Estate/PUD sales compared to 38 for 07. But the high end has really taken over in 08 tilting the Median Sales price up to $3,992,500 compared to $2,881.250 for 07. And the bulge for the Average Sales price is even larger where we see a $5,178,071 number posted for 08 compared to a $3,831,578 number for 07. For 08 its taken about 3 weeks longer to get an accepted offer but I think waiting 3 weeks more for more than a million dollars is a reasonable trade off.
For Condominiums in Montecito Real Estate there have been 2 sales compared to 10 in 07. The Median Sales price is a lot closer. In 07 that number was $1,500,000 compared to the 08 number of $1,555,000. The Average Sales price is also very close with a $1,555,000 number posted for 08 compared to a $1,666,000 number for 07. It has taken longer in 08 get an offer with the current Days on the Market being 162 compared to the 07 number of 149.
Check Out Montecito Real Estate on Squidoo
Through the middle of March 08 for Carpinteria/ Summerland Real Estate there have been 5 sales compared to the 13 that were posted for the same period in 07. This is a significant 25% reduction in the numbers of sales. But the biggest difference is in the median sales price where we see a $946,125 number posted for 08 compared to $1,615,000 last year. This median and average sales numbers can be deceptive for Carpinteria/Summerland however because of the diversity of properties. A few of the homes in the beach area or foothills can skew these numbers dramatically. The days on the market has lengthened by almost 3 weeks. In 08 its been 107 days for sellers to get an accepted offer compared to 86 for 07.
For Condominiums in Carpinteria Real Estate/ Summerland Real Estate there have been 5 sales in 08 compared to 6 in 07. The Median Sales price for those periods is also rather close. In 08 the Median Sold price has been $525,000 compared to $537,500 in 07. Also the Average Sales price is close for both years. In 08 its been $541,000 compared to $525,500 for 07. As far as Days on the Market is concerned for 08 its taken 111 Days to get an accepted offer as opposed to 149 in 07.
Please give a listen to our podcasts at Santa Barbara Real Estate Podcasts
For Goleta Real Estate North area of Santa Barbara Real Estate the Price Range Statistics for 1/1/2008 to 3/15/2008 show that there are currently 67 Home and Estate/PUDs on the market. The highest priced listing stands at $11,250,000 with the least expensive home listed at $319,000. That wide diversity of prices pushes the average list price up to $1,561,414 but the median list price of $999,000 gives a more accurate picture. The average market time for the 67 homes is 111 days.
18 Home Estate are currently in escrow in Goleta North. The highest priced listed home is $2,449,000 with the least expensive property listed at $325,000. Even with the $2 Million home in escrow the average list price for the 18 houses is $982,247 with the median list price dipping down to $799,000. The average market time for those homes currently in escrow is 79 days.
For Goleta North Sales in 2008 there have been 27 properties close escrow. The most expensive home sold for $3,740,000 and the least expensive home sold for $545,000. For those 27 homes the average sales price was $1,034,192 while the average dips down to $810,000. The good news out of that bunch of numbers is that the average market time was only 70 days.
For Goleta Real Estate North the Condo Price Range Statistics for Santa Barbara Real Estate there are currently 22 condos on the market. The highest priced condo currently being marketed is listed at $989,000 with the least expensive listing showing up at $329,000. Even with the $989,000 number as the top the average priced condo in Goleta North is $523,226 with the median going down to $499,999. Average market time for those 22 properties is at 115 days.
There are 3 condos in Goleta North that are in escrow. The most expensive condo currently in escrow has a $605,900 price tag on it while the least expensive condo is only $369,000. The average and median numbers are very close together with a $498,113 average and a $519,500 median list price.
In Goleta North for 2008 there have been 5 condos close escrow. The highest priced condo went out for $730,000 while the lowest priced condo sold for $410,000. When you average out the sales numbers those 5 properties come in at $527,800 with a median sales price of $470,000. But the really good news is that the average market time for the 5 was only 33 days.
In the Goleta Real Estate South areas for 1/1/2008 to 3/15/2008 show that there are currently 47 Home and Estate/PUDs on the market. The highest priced listing is $15,000,000 with the least expensive home listed for $550,000. The $15 Million listing definitely tilts the average list price which shows up at $1,524,948 compared to the median list price of a more accurate $925,000. The average market time on these 47 homes is currently at 122 days.
Currently there are 12 properties in escrow in Goleta South with the highest listed property at $1,687,000 and the least expensive home showing up at $679,000. The average price of the homes in escrow is $867,391 with the median trending down to $750,000. Average time for those 12 properties to get into escrow has been 90 days.
In Goleta South for 2008 there have been 14 properties closed escrow. The highest priced home that closed was at $2,525,000 with the least expensive property closing at $615,000. With the over $2 Million sale dragging up the average to $1,113,357 we get a more accurate picture of the area with the $785,000 median sales price and the average market time of 83 days.
Goleta Real Estate South the Price Range Statistics for Condominiums for this area of Santa Barbara Real Estate shows that there are currently 33 condos on the market. The highest priced condo is listed at $925,000 and the least expensive property listed at $279,000. Even so the average for the area is $583,872 and the median is right up there at $589,900. For those 33 condos the average market time stands at 77 days.
14 condos are now in escrow for the Goleta South area. The highest priced listing is $740,000 with the lowest priced condo showing up at $274,900. For the pending properties the average list price is $555,092 and the median list price is slightly higher at $600,000. The average market time is slightly over 2 months at 66 days.
For Sales in Goleta South area for condos in 2008 there have been 11 properties close escrow. The most expensive condo sold in the area in 2008 stands at $925,000 with lowest priced condo closing at $288,000. With this wide diversity of numbers amazingly the average and median numbers are rather close. The average sales price for the area has been at $612,090 and the median sales price is only $3,000 different at $615,000. Average market time for those 11 homes has been 79 days.
For Hope Ranch Real Estate for 1/1/2008 to 3/15 /2008 there are currently 11 Home Estates on the market. The highest priced listing is a whopping $28,950,000 with the lowest priced listing still showing up above $2 Million and coming in at $2,175,000. With the $28 Million listing leading the way the average listing price in Hope Ranch zooms up to $6,387,272 but the median list price is a not insubstantial $2,995,000. The average market time for those 11 homes is 124 days.
There are 2 properties currently in escrow in Hope Ranch and theyre both around the same price range. The highest priced property is listed at $2,495,000 and the lowest priced property is listed at $1,895,000. The average market time for those 2 homes was over 6 months at 182 days.
For Sales in Hope Ranch for 2008 there have been 6 Homes close escrow. So far in 08 the highest priced closed property was $4,600,000 with the least expensive home closing at $1,635,000. When you average it all out the number comes to $2,887,346 with the median sales price slightly lower at $2,259,080. For those 6 homes the average market time was a rather brisk 86 days.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no acti