The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is up by 13% to 67 but the number of escrows is way up by 63%. All of this activity has only given 16 sales this year however which is exactly the same number we had last year at this time. The same number of sales has yielded an average sales price which has fallen 24% down to the current approximately $415,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings are down by 24% but the numbers of escrows has fallen only 3%. Unfortunately this drop of 3% in pending listings has lead to a drop of 15% in the numbers of sales with the average sales price also slipping by 15% down to the current approximately $850,000.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North see the overall inventory down 2 with the numbers of escrows falling by 3. The good news is that even though the numbers of units and escrows have declined the numbers of sales is exactly where it was last year with 4 for both years. But even the sales are the same the average sales price is down by 34% to the currently approximately $540,000.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is down by 26% but the numbers of escrows is up by 22%. But with the escrows up the sales have fallen by 15%. The average sales price of about $450,000 is down by 21% from where it was last year at this time.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is down by 16% from where it was last year at this time but the numbers of escrow is up by 6%. Even with the escrows more prevalent the sales have fallen by 7% from the ’08 level with the average sales price down by 8% to the current level of about $850,000.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South has the inventory is exactly where it was last year at this time but the numbers of escrows have doubled from 2 in ’08 to 4 in ’09. The numbers of sales is also up from 3 last year to 4 this year and to complete the trifecta the average sales price has gone up from $800,000 to $862,500 for a 7% rise.
The Condo market for the Hope Ranch Real Estate area of Santa Barbara real estate saw no activity.
For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estate overall inventory is about 30% ahead of where it was last year but all that activity has given us only 12% more properties that entered escrow with the numbers of sales falling by 33%. With the numbers of sales down by 33% the average sales price has fallen 17% and currently resides at about $2.7 million.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate there were no listings last year and just 1 this year. The good news is that 1 is now in escrow but has not closed yet.
The Condo market for the West of State St area of Santa Santa Barbara Real Estate the overall numbers of properties available is down by 8% for the year but the numbers of escrows is up by 53%. Unfortunately the numbers is sales has fallen this year by 8%. If even half of those escrows start to close the ’09 numbers will be ahead of ’08. The average sales price has slid down by 7% and currently stands at about $627,000.
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes that have been on the market in ’09 are down by 44% but the numbers of escrows has risen by 18%. With that many more escrows open we are only 2 sales or 2% ahead of where we were last year at this time. What has fallen dramatically is the average sales price which is down by 27% currently standing at $854,004.
The PUD market for the Santa Barbara Real Estate area of West of State St there were 7 listings last year at this time and currently there have been 3. Of those 7, 6 went into escrow last year and so far none have started the buying process this year. With 6 entering escrow in ’08 only 2 had closed by this time and so far in ’09 none have completed the buying process. Last year the average sales price for a PUD was about $780,000.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year is up by 4% with the total numbers of escrow up by 21%. The numbers of sales is slightly farther down but is still ahead of the ’08 pace by 16%. But to achieve those sales and escrow numbers the average sales price has fallen by 28% to the current approximately $600,000 range.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings is down by 2% but the numbers of escrows is up by 12%. This increase in escrows has not given way to an increase in sales which are currently down by about 10%. The average sales price has also dipped and is off by 13% from ’08 currently residing at about $1.1 million.
For the PUD market on the East Side of Santa Barbara Real Estate there were only 9 active listings last year and this year has given us only 3. There were only 2 escrows opened in ’08 which is 2 more than have been opened in ’09. There was only 1 sale last year and 0 for ’09 and that 1 sale was for $750,000.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through June 22nd is up by 2 for a total of 42. But the numbers that went into escrow has fallen from 8 in ’08 to just 1 in ’09. Also the Sales have fallen from 9 last year to just 1 this year with the average sales price going from $1,869,050 in ’08 to just $679,000 for the one sale this year.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of listings is up by 23% for a total of 400 homes that have been available for purchase this year. But with the surge of listings the escrows are down by 29% with the numbers of sales even farther down by 42%. The average sales price has also fallen dramatically from about $4.9 million last year to just over $3 million this year.
For the PUD market in Montecito Real Estate there have been just 3 listings this year which is exactly the same number we saw last year. For ’08 we saw 1 escrow compared to none this year and 1 sale compared to none this year. The average sales price last year was about $2.5 million.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate
for the condo market through June 22nd there have been about 38% fewer active listings compared to last year. A substantial portion of those missing listings are due to one new development that came on the market and there has been no similar developments appear this year. But even though there are fewer listings to sell the numbers of sales is up by 20% for the year. Unfortunately with the numbers of sales up the average sales price is down by about 20% to the current approximately $400,000 level.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate
the total numbers of listings through June 22nd is up from ’08 by 22% with the escrows rising by 44% for the year. But despite this surge in activity the numbers of sales remains down by 3% with the average sales price sliding down by 26% to the current $1.75 million mark.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate
through June22nd there have been only 2 listings compared to 4 last year. But the number of properties going into escrow is exactly the same at 1 for each year. The sales are also the same with 1 for both ’08 and ’09 but the sales price last year was $745,000 compared to $591,000 this year.
For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market there have been 61 sales this year compared to 67 last year for a 9% drop. The median sales price has declined at a slightly greater rate. The median sales price was $800,000 last year and it currently $710,000 for an 11.3% drop.
The gap is a lot wider however. This year the median list price is $1.349 million and when combined with the $710,000 giving us a -47.4% gap and last year there was a $929,000 median list price with a $800,000 median sales price for a -13.9% gap.
For the Goleta Real Estate North condo market there have been 15 sales compared to last year when there were 14. This puts the sales 7.1% ahead of where it was last year. The median sales price however has fallen from $500,000 last year down to $380,100 this year for a 24% drop. The however is another story altogether. Last year there was a median list price of $499,000 with a median sold price of $500,000 for a +0.2% gap and this year the median list price is $439,000 combined with the median sold price of $380,100 gives us a -13.4% gap.
For Santa Barbara Real Estate’s Goleta Real Estate South area for the Home Estate/PUD there have been 35 sales and last year at this time there were 35 sales. What’s different is the median sales price which has fallen about 10% from $780,000 last year to $700,000 this year.
The gap has also widened dramatically this year where we see a $1.2 million median list price to go with the $700,000 median sales price for a -43.1% gap and last year there was a $799,999 median list price to go with the $780,000 median sold price for a time -2.5% gap.
For the condo market in Goleta Real Estate South the numbers are a mess. There have been 23 sales compared to 30 last year at this time for a 23.3% drop. These two numbers continue to get closer together the farther we get in the year. The median sales price however has gone down from $607,000 last year to below $400,000 this year for a 34.9% drop.
The gap however shows a huge shift. This year the median list price is $523,000 and with a median sales price of $395,000 that gives us a -24.5% compared to last year then the median list price was $529,500 combined with a median sales price of $607,000 gave us a +14.6% gap.
For Santa Barbara Real EstateHope Ranch Real Estatearea for the Home Estate/PUD market there have been 6 sales compared to 9 last year for a 33.3% drop. But the median sales numbers are a lot closer together. Last year the median sales price was $2.525 million and this year it’s $2.365 million for a 6.3% drop.
The gap this year is a lot farther apart however. Last year the median list price was $2.65 million with a median sold price of $2.525 million giving us a miniscule -4.7% and this year the median list price is farther up at $3.295 million with a median list price of $2.365 million for a -28.2% gap.
For Santa Barbara Real Estate’s 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 for the Home Estate/PUD market there have been 62 sales this year compared to 65 last year. This is a drop of about 5%. But last year the median sales price was $1 million and this year it’s $776,050 for a drop of 22.4%.
Looking at the gap figures we see that for ’09 the median list price is $1.14 million with a median sales price of $776,050 giving us a -31.9% gap and last year the median list price was $995,000 with a median sold price of $1 million giving us a positive gap of +0.5%.
For the Santa Barbara Real Estate West Side condo market there have been 20 sales this year compared to 22 last year which gives us a drop of only 5.3%. The median sales figures are also pretty darn close together with last year showing us a $546,250 median and this year giving us a $517,500. All this gives us a drop of about 9.1% in the median sales figures.
For Santa Barbara Real Estate area East of State St area for the Home Estate/PUD market there have been 68 completed sales which is exactly what we had last year at this time. The difference is the median sales price last year was about $1.1 million and this year it’s $910,000 for a 26% drop.
The gap for both years is about the same with a median list price of about $1.5 million last year and a median sold price of about $1.1 million giving us a -27.5% gap and this year a median list price of $1.35 million and a median sold price of $910,000 giving us a -32.6% gap.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate there have been 23 sales and last year there were 23 sales. Again the difference is in the median sales price for both years. Last year the median sales price was just below $700,000 and this year it’s $517,000 for a 26% decline.
There’s also a big switch in the gap with last year’s median list price of $675,000 and median sold price actually yielding a gap of +3.6% and this year a median list price of $699,000 and a median sold price of $517,000 giving us a -26% gap.
For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures for ’09 44 vs. 76 for the same period in ’08. This is a decline of about 40% which is actually closer than it’s been all year. The median sales price is also inching closer together standing currently at $2.3 million compared to $3.7 million last year for a decline of about 38%.
What isn’t shrinking this year is the gap between median sales price and median list price. Right now that gap is -41% with a median list price of $3.9 million and a median sold price of $2.3 million. Whereas last year the gape was a miniscule -1.3% with a median list price of $3.75 million and a median sold price of $3.7 million.
For the condo market in Montecito Real Estate there’s only been 1 sale for $679,000 this year compared to last year when there were 9 sales with a median sales price of about $1.6 million. So if you’re keeping score that’s a drop of almost 90% in sales and 57% in the median sales price.
The gap is equally as cavernous with the median list price this year at $1.6 million and the sale at $679,000 giving us almost a -60% gap. Compared to last year when there was a $1.75 million gap and a $1.6 million sales figure giving us about a -10% gap.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price through June 12 of ’09 is $634,000 which is down from $990,562 for the same period in ’08. This is a 36% drop in price. The numbers of sales however are exactly where they were at this time last year with 20 reporting for both periods.
The difference between the median list price for ’09 of about $1.3 million and the median sales price of $634,000 is a rather cavernous -51%. The gap exist primarily because the houses that have been listed in the $600,000 range are now out of the inventory and sold and the homes that remain are the ones farther up on the price scale. Last year the gap for Home Estate was -23.7% with the $1.3 million median list price but the median sold price closer to $1 million.
For the Carpinteria Real Estate/Summerland Real Estate condo market the numbers of sales is actually above where it was last year with 17 compared to 14 last year. This is a 21.4% rise in the numbers of sales. The median sale price however has fallen by about 22% and currently resides right at $400,000 compared to $512,500 last year.
The gap between median list price and median sold price for ’09 is -30.4% with a median list price of $575,000 compared to the median sold price of $400,000. Whereas last year the gap was -18.3% with a median list price of $627,000 and a median sold price of $512,500.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs 8 sales for the period we’re talking about compared to 19 last year. This year the median sales price this year is $672,750 compared to last year when it was $790,000. The pending listings are also down from last year when there were 18 compared to this year when there are 14. The median list price also went down from $855,000 last year to $729,000 this year. The inventory is falling in Goleta North where we see only 21 new listings with a median list price of $899,000 compared to last year when there were 36 new listings with a median list price of $879,000. Currently there are just 60 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $1.1 million and an average list price of about $2.4 million.
For the condo market in Goleta Real Estate North there were 2 sales for this period with a median sales price of $715,000. Last year there were 4 sales with a median sales price of $560,000. This year the pending properties are up currently posting 8 escrows while last year at this time there was just 3 escrows. But last year the median list price was $499,000 and this year it’s $339,000. The inventory is growing for Goleta North with 9 new listings with this with a median list price of $365,000 and last year there were 4 new listings with a median list price of $574,000. Currently there are just 15 condos available for purchase in Goleta North with a median list price of $439,000 and an average list price of $482,500.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 7 properties closed escrow from May 5 to June 5 ‘09. Last year during the same period there were also 7 closed properties. Interestingly enough the median sold price last year was $699,000 and this year it was just $1,000 higher at $700,000. The pending listings are also very close together. This year there were 7 with a median list price of $739,000 and last year there were 8 with a median list price of $749,000. The listings are definitely slowing down in Goleta South because last year there were 20 new listings with a median list price of $899,000 and this year there were 7 with a median list price of $875,000. Right now there are just 38 Home Estate/PUDs available for purchase with a median list price of $1.375 million and an average list price of $1.421 million.
For the condo market in Goleta Real Estate South shows us 8 sales for the period with a median sales price of $457,000. Last year at this time there were 7 closings with a median sales price of $585,000. This year there were 12 condos that went into escrow with a median list price of $489,000 and last year there were just 4 escrows opened with a median list price of $425,000. The inventory appears to be growing in Goleta South with 14 new listings coming on for this year with a median list price of $523,000 and last year there were 11 new listings with a median list price of $509,000. Currently there are just 18 condos available in Goleta South with a median list price of $523,000 and an average list price of $535,666.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of May 5 to June 5 ’09 there was 1 sale for $2.15 million. Last year there was also 1 sale but it sold for $6.195 million. This year during the time period 2 properties entered escrow with a median list price of just $795,000 compared to last year when there were no escrows opened. 3 new listings came on the market this year with a median list price of $3.295 million and last year there were 3 new listings with a median list price of $3.495 million. Currently there are 22 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.495 million and an average list price of over $5 million.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate area of West of State St for Home Estate/PUDs there were 8 sales compared to last year when there were 16 from May 5 to June 5 ‘09. The median sales dropped from $1.057 million to $752,500. The pending listings are way up this year from 14 in ’08 when the median list price was $999,000 to 23 this year with a median list price of $759,000. There are 25 new listings this year with a median list price of $949,000 compared to last year when there were 27 new listings with a median list price of $919,900. Right now there are 83 Home Estate/PUDs on the market on the West Side of Santa Barbara with a median list price of $1.145 million and an average list price of $1.267 million.
For the condo market the sales figures show us 3 sales for the period with a median sales price of $535,000. Last year there were 6 sales with a median sales price of $543,000. But the pending numbers are up this year to 11 with a median list price of $499,000 from last year when there were 7 pending properties with a median list price of $625,000. For ’09 we’ve seen 17 new condo listings with a median list price of $515,000 compared to last year when there were 16 new condo listings with a median list price of $599,000. Right now there are 53 condos available for purchase on the West Side of Santa Barbara Real Estate with a median list price of $599,000 and an average list price of $768,513.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 14 sales from May 5 to June 5 ‘09 compared to 13 last year for this time period. Interestingly enough the median sales price for each year is just as close as the numbers of sales. This year the median price was $946,000 and last year it was $950,000. The numbers of opened escrows is also very close with 18 opened this year with a median list price of $869,000 and last year there were 16 opened with a median list price of $1.2 million. The listings are starting to slow for the East Side also where we see 40 new listings for the period with a median list price of $1.15 million and last year there 45 new listings with a median list price of $1.495 million. Right now there are 152 Home Estate/PUDs on the market on the East Side of Santa Barbara with a median list price of $1.395 million and an average list price of $1.785 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year there have been 10 sales for the period we’re talking about with a median sold price of $490,000 and last year there were only 4 sales with median sales price of $672,000. It looks like the trend will continue because there are currently 7 condos in escrow with a median list price of $765,000 compared to last year when there were only 4 open escrows with a median list price of $659,000. The inventory continues to shrink for East Side condos with 8 new listings with a median list price of $539,000 compared to last year when there were 10 new listings with a median list price of $543,500. Right now there are just 38 condos available on the East Side with a median list price of $639,000 and an average list price of $734,365.
Santa Barbara Real Estate’s area of Montecito Real Estate for the Home Estate/PUD market there were 16 sales for the period of May 5 to June 5 ’09 while this year there have been 13 sales. The difference is last year the median sales price was $3.775 million and this year it’s just under $2 million. There are most escrows opened this year however with 17 compared to 12 last year but this year the median list price for those escrows is $2.13 million and last year it was $2.595 million. The surge of new listings is starting to slow down this year because for the time we’re talking about there were 31 new listings with a median list price of $3.3 million and last year there were 39 new listings with a median list price of $3.75 million. Currently there are 204 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.775 million and an average list price of about $6 million.
For the Condo market in Montecito Real Estate there was 1 sale last year for the period we’re talking about and this year there have been none. As far as opened escrows is concerned last year there was also 1 for $2.35 million and this year there have been none. There are 3 new listings this year with a median list price of $895,000 whereas last year there were 4 new listings with a median list price of $729,000. Right now there are 23 condos available for purchase in Montecito with a median list price of $1.695 million and an average list price of $1.683 million.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from May 5 to June 5 ’09 saw 4 sales compared to 3 for the same period last year. Unfortunately last year the median sales price for those 3 properties was $1.325 million and this year the median sales price is $646,000. The sales surge looks like it’s going to continue because last year at this time there were 5 properties in escrow and this year there are 8. The median list price for those properties is a lot closer together than the sold numbers. This year the median list price is $679,000 and last year it was $799,000. There is 1 more property that came on the market this year compared to last year but in ’08 the median list price was $1.25 million and this year it’s $1.075 million. Currently there are 82 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1.249 million and an average list price of $4.393 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period there were 3 sales this year and 3 sales last year. But this year the median sold price has dropped by $175,000 down to $400,000. The pending sales shows a big divergence with only 1 in escrow last year compared to 8 right now. The 1 escrow for last year had a list price of $299,000 while this year the median list price is $397,000. The inventory is starting to pick up with 12 new condos coming on the market this year with a median list price of $525,000 while last year there were 9 new listings with a median list price of $469,000. Right now there are 31 condos available for purchase with a median list price of $575,000 and an average list price of $791,029.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 5 months of ’08 for Home Estate/PUDs we have seen 52 sales compared to 61 for ’08. For most of the year sales have been ahead of the previous year’s pace but we’ve not fall back. The median sales price has also fallen by about $95,000 down to $716,000. The sales should continue to fall back because the numbers of new properties went from 133 in ’08 to 107 in ’09 with the median list price for those new properties falling from $899,000 to $849,000. The pended listings have declined from 66 to 63 this year with the median list price for those pended listings dropping from $869,000 in ’08 to the current $775,000. Right now there are just 64 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $1.1 million.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first five months of ’09 we’ve see 13 sales compared to 13 for ’08. This becomes really remarkable because through February there was only 1 sale in the area. To get those 13 sales however took a $150,000 drop in the median sales price. The inventory has surged in the area going from 34 new listings in ’08 to 43 in ’09 with the median list price dropping from $509,000 last year to $399,000 this year. The pended listings are way ahead of last year’s number when it was just 16. Currently there have been 26 escrows opened but the median list price for those pended listings went from $519,000 to $359,000. Right now there are just 18 condos available for purchase in the Goleta North area with a median list price of $409,000.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 5 months of ‘09 for the Home Estate/PUD market we’ve seen 33 sales compared to 34 for ’08. Sales should start dropping in the area however because the numbers of new listings has fallen from 82 in ’08 to 65 for ’09. The median sales price seems to have about stabilized at $700,000 for the year down from $782,500 last year. The pended listings are about 10% ahead of last year’s figure but the median list price for those pended properties is down to $719,000 from $799,500. Right now the there are just 40 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.375 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first five months of ’09 in the Condo market there have been 19 sales compared to 29 last year. The median sales price has fallen from $615,000 in ’08 down to $410,000 in ’09. The sales have fallen because the numbers of new listings has fallen from 57 last year to 46 this year and the median list price for those properties went from $539,500 last year to $469,000 this year. Interestingly enough the pended listings are actually up from 30 last year with a median $629,000 median list price to 38 listings this year with a median list price of $419,000. Right now there are just 15 condos available for purchase in the Goleta South area with a median list price of $523,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 5 months of ’09 for the Home Estate/PUD market we’ve seen 5 sales compared to 8 at this time last year. The median sales price is up about $160,000 from last year but the average sales price is down about $260,000. The fewer sales are accentuated because the inventory is up this year by 4 properties with the median list price for the new homes up by about $400,000. We may be drawing closer in the numbers of sales however because the numbers of pended properties is above the ’08 level but just by 1 but the median list price for those pended properties is about $1.5 million below the ’08 level currently standing at $2.55 million. Right now there are 22 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.495 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first five months of ’07 and ’08 in the Condo market there was and was been no activity.
For the West of State St area of Santa Barbara Real Estate for the first 5 months of ’09 for Home Estate/PUDs we’ve had 55 sales compared to 58 last year. For most of the year sales have been ahead of the pace set last year but now we’ve fallen slightly behind. The median sales price has fallen about $125,000 down to $775,000 and the numbers of new listings has fallen by 9 down to 127 with a median list price of $895,000. The pending sales are up however so the numbers of sales may surge past the ’08 figures but the median list price for those sales is down by about $275,000 to $775,000. Right now there are 90 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1,079,000.
For the West of State are of Santa Barbara Real Estate for the first five months of ’09 for the condo market we’ve seen 19 sales compared to 20 last year. For most of the year condo sales have lagged significantly for the area so drawing close is good news. The median sales price for the area is actually above where it was last year by about $5,000 and shows up at $520,000. The sales figures are particularly interesting because the numbers of new listings is down by 27 to a total of 56 for ’09 with the median list price showing u at $539,000. The pending listings are way ahead of last year’s pace so the surge in sales should continue with the median listing for those pended listings just $10,000 below the ’08 pace. Right now there are 50 condos available for purchase on the West Side of Santa Barbara with a median list price of $569,000.
For the East of State St area of Santa Barbara Real Estate for the first 5 months for Home Estate/PUDs for ’09 we’ve finally drawn even to the numbers of sales last year when there were 61. But to get those sales the median sales price has dropped about $180,000 to $920,000. Also to get those sales the numbers of new listings has surged from 180 in ‘08 to 212 in ’09 with the median list price falling from $1.38 million to about $1.2 million this year. The sales should continue to go up because we’ve had 82 pending listings this year compared to 71 last year but the median list price for those pending listings has fallen by about $300,000 to $900,000. There are currently 161 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of $1.42 million.
For East of State St are for Santa Barbara Real Estate of for the first five months of ’09 in the condo market we’ve had 18 sales compared to 19 last year. This number lagged dramatically most of the year so we’ve come a long way back. But to get those sales the median sales price is down by about $130,000 to $528,000. The inventory is up slightly for the East Side with the median list price falling by about $50,000 down to $605,000. The pending listings up are this year which means we should start pushing forward in the numbers of sales but the median list price is down by about $175,000 to $525,000. Right now there are just 40 condos available for purchase on the East Side of Santa Barbara with a median list price of $675,000.
For May of 2009 for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate the Home Estate/PUD sales should have been more robust for the month because of the almost 90 properties that went into escrow in April but the total number of homes that closed escrow in May slid into the 50s after being in the 60s the previous month. There were some closings that were delayed due to the fire but whether that’s the reason that sales didn’t reach the expected level or the reason is that homes are taking longer to close escrow due to financing or because a substantial number of homes entering escrow are short sales is unclear at this time.
The median sales price continues to crawl upward but still remains below $900,000 for May while the numbers of Home Estate/PUDs entering escrow is at about the same rate we saw in April when almost 90 listings started the buying process. The median list price for those properties entering escrow also continues to slide up and is almost at the $900,000 level but when you look at the Sales Price to Original List Price Ratio for May of around 80% you can see that the closing price on those almost 90 escrows will be farther down into the $800,000 to $850,000 range rather than closer to $900,000.
The inventory of available properties is slowing and actually declined from April to May with the median list price for the overall inventory still hovering around the $1.8 million range and the average listing price topping $3.5 million. This disparity between the median sales price and median list price primarily tells you that the homes that were listed below $1 million and especially those in the $500,000 to $800,000 range have been sold and are out of the inventory and the properties that remain are farther up on the price scale.
Looking at the districts, we see that for the Home Estate/PUD market sales in Carpinteria/Summerland after starting the year way behind are about 20% below where they were last year with the median sales price down by about $360,000 to a $634,000 median. In Montecito sales remain at about half of what they were last year with the median price dropping by about $1.3 million this year down to the current $2.4 million median sales price.
For the East Side of Santa Barbara sales are almost exactly where they were last year after lagging for most of the year but the median sales price is down about $200,000 to a $920,000 median. Over on the West Side after being ahead of the ’08 sales pace for most of the year sales have fallen back slightly to below the ’08 level with the median sales price down by about $125,000 from a year ago to a $775,000 median.
Sales in Hope Ranch are down by about 40% from where they were last year but the median sales price is up about $150,000 to $2.556 million. For Goleta South sales are almost equal to what they were last year but the median sales price has fallen about $80,000 to the current number of $700,000. For Goleta North after being ahead most of the year the sales have fallen to about 20% below the ’08 level with the median sales price down by about $90,000 to the current $716,000.
There’s a lot of activity in the Home Estate/PUD market with a significant number of homes entering escrow. With this increased activity home sales prices are also sliding up but not much at this time. With properties entering escrow at a greater rate than what we saw in ’08 the numbers of closings should start to come closer to the previous year’s mark.
For the condo market in Santa Barbara for the month of May ’09 the sales are about where they were in April hovering around the mid 20s’. This means that the sales level has returned to about where it was last year at this time when for quarters 2 and 3 we had between 25 and 30 sales a month. With the increase in the numbers of sales the median sales price is also moving up to just below $500,000 for the month of May.
The numbers of condo escrows that opened in May is above the April level with the median list price for those newly opened escrows also rising to about the $490,000 range. Unlike the Home Estate/PUD Sales Price to Original List Price Ratio which is in the 80s the Condo Ratio is closer to the 90s which means that the condo sales price should continue to slide upward.
With the decrease in the $500,000 to $800,000 Home Estate/PUD inventory condos have all of a sudden become the hot ticket. The rise in the median sales price of condos is due to the lack of inventory which has started to fall. This fall is more pronounced than what is occurring in the Home Estate/PUD market which has only started to drop from April to May. It remains to be seen whether the condo momentum can be maintained because the new listings that are coming on the market are pushing the median list prices higher.
Looking at the districts it’s interesting to see that in Carpinteria/Summerland the condo sales are almost exactly where they were last year despite a dramatic fall in the number of available units but the median sales price has declined by about $120,000 down to $395,000. In Montecito there has been only 1 sale this year for $679,000 compared to last year when there were 7 sales with a $1.75 million median.
For East of State St we’ve had a real increase in activity and currently the numbers of sales is almost exactly where it was last year at this time. To achieve that amount of activity the median sales price has dropped about $170,000 down to $528,000. The West Side of town has also experienced almost exactly the same numbers of sales as last year but the anomaly over there is that the median sales price has actually gone up about $6,000 to $520,000.
For Goleta South it’s been a tough year for sales with around 20 closings compared to last year when there were around 30 closed escrows. The problem is exacerbated when we see that the median sales price has also fallen dramatically from about $615,000 to about $410,000. For Goleta North the numbers of sales is almost exactly what it was last year but the median sales price has dropped about $150,000 down to $340,000.
The condo market in Santa Barbara is finally moving forward with the numbers of sales about equaling the numbers of the past 2 corresponding months of the previous year. Currently the median sales price is moving upward so we’ll have to see whether that momentum can be sustained.
If there aren’t a whole new round of single family foreclosures that get dumped on the market condos should continue to sell at their present level or even move up with the median sales price also rising somewhat because currently the numbers of escrows opened in ’09 is about 40% above the number opened in ’08. But if there are a great number of low priced single family homes that come on the market in the next few months the condo market will probably start to falter.
Gary Woods
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 5 months of ’09 for Home Estate/PUDs we’ve seen 38 sales compared to 73 last year. For all of ’09 we’ve been at about half the production we saw last year. The median sales price has also come in significantly lower than last year and has been about $1.3 million below last year’s figure of $3.7 million. This lack of production is accentuated because the inventory for Montecito has gone up significantly with the median list price dropping about $400,000 to $3.3 million. The pending listings have risen in the last couple of months currently standing at 52 but last year at this time that number was 74. The median list price on those pending is about $1 million below where it was year. Right now there are 205 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.7 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first five months for the condo market we have had 7 sales in ’08 compared to 1 in ’09. Last year the median sales price was $1.75 million and this year the 1 sale was for $679,000. Despite the lack of activity the numbers of new listings is up by 4but the median list price is down $120,000 to $1,475 million. There has been only 1 escrow open this year compared to 7 last year. The median list price last year was $1.595 million and this year the list price was $729,000. Right now there are 23 condos available for purchase in Montecito with a median list price of $1.695 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for Home Estate/PUDS for the first 5 months there have been 16 sales compared to 20 at this time last year. The area started way back at about half the numbers of sales racked up last year so 16 is actually rather good. But the numbers of new properties that came on the market this year has also surged so that accentuates the decline in sales. The median sales price has declined dramatically in the area falling about $360,000 to a $634,000 median sales price. The good news is that the pending properties are some 35% ahead of where we were last time so we should at least equal and probably surpass the numbers of sales. But the median list price of those pending properties is about $300,000 below last year’s figure currently standing at $785,000. Right now there are 83 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.3 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first five months of the year in the condo market there have been 14 sales which is exactly the same number we saw last year at this time. What makes this number interesting is that we have about half the number of new listings that we had last year. The median sold price is down by about $115,000 from last year currently residing at just under $400,000. The sales should start surging forward because the numbers of pending properties is double where it was last year at this time. But the median list price on those properties is about $165,000 below where it was last year at this time and currently shows up at $385,000. Right now there are 31 condos available for purchase in Carpinteria/Summerland with a median list price of $575,000.
For Goleta Real Estate North area of Santa Barbara Real Estate for the Home Estate/PUD market there are currently 65 properties on the market with an average list price of about $2.28 million. The most expensive property in the area can be had for just $23.5 million while on the other end of the scale there’s a listing for just under $270,000. You mush all that together and you get a median list price for Goleta North of $1.095 million.
Right now there are 29 Home Estate/PUDs in escrow for Goleta North with an average list price of about $884,913. On the upper end of the scale there’s a home in escrow for just under $3.5 million while at the bottom of the list there’s one for $299,000. You swirl all that around and you come up with a median list price for homes in escrow for $729,000.
For the time period we’re talking about 49 homes closed escrow with an average sales price of just under $815,000. On the tippy top a property closed escrow for $2.7 million while at the other end of the scale one slipped out the door for $180,000. Even so the median sales price for Goleta North this year has been $717,000.
For the condo market in Goleta Real Estate North there are just 19 properties available right now for an average list price of $452,905. Topping the active list is a condo for $1.055 million while at the lower end of the scale one is listed for $118,300. The median however is a lot closer then bottom than the top and resides currently at $409,000.
Right now only 11 condos are in escrow in Goleta South with an average list price of $429,463. The highest priced condo in escrow tops the charts at $779,000 while the bottom of the list shows us one at $228,100. When you look to the middle the median list price for a condo in escrow is $399,000.
For Goleta North for the period we’re speaking of there was 12 sales with an average price of $364,833. The highest priced sale closed escrow at $537,500 while the least expensive property left the gates at $128,800. Even so the median sales price for all of ’09 so far is $324,500.
In the Goleta Real Estate South area there are 45 Home Estate/PUDs available with an average list price $1.42 million. The highest priced listing in the area can be had for $3.15 million while the least expensive home is on the market for $609,000. All of that gives us a median list price of about $1.36 million.
Currently there are 16 properties in escrow for Goleta South with an average list price of $864,999. The highest priced listing now in escrow is on the market for $1.95 million and the least expensive property is listed for $449,000. The median list price for Homes in escrow is $719,000.
For the period we’re talking about 29 homes closed escrow with an average sales price of just over $781,713. The most expensive home in the area went out at $1.7 million while the least expensive property closed at $280,000. The median price for Goleta South is $680,000 so far this year.
For condos on the South Side of Goleta Real Estate we currently have 12 units available with an average list price of just over $523,416. The highest priced listing is on the market for about $750,000 with the least expensive home showing up at $220,000. This gives us a median list price of $510,000.
There are 23 condos in escrow currently with an average list price of $403,178. The highest priced condo in escrow is listed for just under $600,000 with the least expensive property listed at $129,900. The median list price for a condo in escrow is $455,000.
For the Goleta South area for the period we’re talking about 17 condos closed escrow with an average sales price of $437,586. The most expensive condo that has closed escrow this year went out at about $940,000 and the least expensive home closed for $195,000. The median sales price is $410,000.
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 25 properties available with an average list price of about $4.67 million and a median list price of $3.495 million. The most expensive property currently available in the ranch is listed for almost $15,75 million while the least expensive property can be had for $795,000. The average marketing time for those 25 listings is 95 days.
Right now there is 1property in escrow for Hope Ranch which is listed at $9.95 million.
For the time period we’re talking about only 5 home closed escrow in the area with the highest priced property closing for $4.737 million and the least expensive home going out for $2.15 million. That gives us a median sales price of $2.556 million.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity.
In the West of State St area of Santa Barbara Real Estate the inventory currently stands at 89 Home Estate/PUDs with an average list price of about $1.25 million and a median list price of just over $1 million. The most expensive property on the West Side is listed for $3.23 million while the lowest priced listing can be had for $449,000. The average marketing time for those 89 Home Estate/PUDs is 121 days.
Right now there are 29 Home Estate/PUDs in escrow on the West Side of Santa Barbara with an average list price of about $782,220. The highest priced property in escrow is listed for about $1.597 million. The least expensive condo is escrow is listed for about $329,900 with a median list price of about $750,000.
For the period we’re talking about 53 homes closed escrow with an average sales price of about $900,000 million and a median sales price of $775,000. The highest priced home that closed escrow sold for $2.125 million while the least expensive home had a selling price of $230,000. The average marketing time for those 53 properties was 81 days.
For the Condo market on the West Side of Santa Barbara Real Estate there are 51 units currently available with an average list price of about $760,000. The highest priced listing is on the market for just under $2 million with the least expensive property on the market for $370,000 with a median list price of about $600,000.
There are currently only 14 condos in escrow on the West Side with a top price of $899,000 and a bottom price of $349,500. This gives us a median list price for the 14 condos of $460,000 and an average list price of about $535,492.
For the period we’re talking about 18 condos closed escrow with an average sales price of $560,516 and a median sales price of $503,000. The highest priced condo closed for $1,095,000 with the least expensive property going out for $310,000.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 157 Home Estate/PUDs available for purchase with an average list price of about $1.9 million. The most expensive property available can be had for about $12 million with the least expensive property on the market for $415,000. The median list price for the East Side is about $1.5 million.
There are 30 Home Estate/PUDs in escrow right now for the East Side with an average list price of just under $1 million. The highest priced home in the area is listed for just under $3 million with the least expensive property on the market for $359,900. The median list price for homes in escrow is $799,000.
For the period we’re talking about 58 Home Estate/PUDs have closed escrow on the East with an average sales price of about just over $1 million. The highest priced closing was about $3.2 million with the least expensive home going out for just $312,000. The median sales price on the East Side is currently $900,000.
The condo market for the East Side of Santa Barbara Real Estate has 40 properties for sale with an average list price of about $800,000. The highest priced condo can be purchased for $1.595 million while the least expensive property is a mere $351,000. The median list price is $679,000.
Right now there are 12 condos in escrow with an average list price of about $519,958. The highest priced home in escrow is listed for about $1.85 million while the least expensive condo in escrow is listed for $379,900. The median list price is $424,900.
For the period we’re talking about 16 properties closed escrow with an average sales price of about $635,681. The highest priced condo slid out the door for about $975,000 with the least expensive home leaving for $410,000. The median sales price was $539,000.
For Santa Barbara Real Estate in the Montecito Real Estate area currently 213 Home Estate/PUDs are on the market with an average list price of about of $6,252,000 million. The highest priced listing in the area is $47 million with the least expensive home on the market for just $829,000. The median list price for Montecito is currently about $3.7 million.
Currently there are 16 properties in escrow in Montecito which have an average list price of just over $3 million. The highest priced listing in escrow is on the market for about $9.5 million with the least expensive home in escrow about $1.2 million. The median list price for homes in escrow in Montecito is about $2.13 million.
For the period we’re talking about 35 Home Estate/PUDs closed escrow in Montecito with an average sales price of about $2.8 million. The highest priced listing that’s closed escrow so far this year went out at about $8.3 million with the least expensive home closing for $825,000. The median sales price is $2.5 million.
For the Condo market in Montecito Real Estate there are currently 25 properties available with an average list price of just under $1.7 million. The highest priced condo available is on the market for about $3.5 million while the least expensive property can be snapped up for just $695,900. The median however is right about $1.7 million.
Currently there are no condos in escrow in Montecito.
For all of ’09 there has been just 1 condo that closed escrow and that property sold for $679,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate there are currently 85 Home Estate/PUDs available for purchase. The highest priced listing is just under $30 million with the least expensive home offered at just under $449,000. The median list price for the area is about $1.295 million. The inventory continues to grow in the area and the median list price is tickling down
For Carpinteria/Summerland there are 15 homes currently in escrow with a highest priced listing going for just under $3 million. The least expensive home in escrow is just way down at $379,900 and the median list price is just under $700,000.
For the period we’re talking about there have been 16 sales with the highest priced property going out at $6.35 million and the least expensive home being sold for $500,000. This all gives us a median sales price of $632,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate there are 27 properties available currently which continues to shrink. The highest priced listing topping the charts at $5.9 million. On the other end of the scale there is a condo for $364,000 and the median list price is $575,000.
There are currently 19 condos in escrow with the highest priced dwelling listed for just under $500,000. The least expensive property is listed for $242,000 and the median list price is $385,000.
For the period we’re talking about 12 properties have closed escrow with a median sales price of $390,000 and the highest priced condo going out at $650,000. The least expensive property went out at $210,000.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is up by 11% to 57 with the new listings up 17% at 40. But with the increased numbers of properties available the numbers of sales is exactly where it was last year at this time with 11. What has fallen however is the average sales price which resides at $367,091 a 30% decrease.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings are down by 19% compared to ’08 with the numbers of new listings falling by 15%. The sales are also down declining by 16% and the average sales price is off by 19% currently standing at $829,146.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North see the overall inventory down by 2, while the numbers of new listings has fallen by 3. But with the inventory down the sales are actually up by 1 but the average sales price is down by 46% to $506,667.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is down by 32% with the numbers of new listings declining by 24%. With the inventory way down you’d expect the sales to be way down and they are falling by 42%. The average sales price has also fallen in ’09 and is now at $462,100 about 18% below last year’s number.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is down by 16% with the numbers of new listings falling by 20%. But the sales have declined by only 10% though this number should start to fall. The average sales price has also declined and is down 21% to $790,322.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South has the inventory is exactly where it was last year at this time but the numbers of new listings is 1 ahead of last year’s pace. The sales are exactly where they were last year and the average sales price has only fallen 3% down to $855,000.
The Condo market for the Hope Ranch Real Estate area of Santa Barbara real estate saw no activity.
For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estate overall inventory is way up standing 41% above last year but the numbers of new listings is up only 14% year over year. The numbers of sales are starting to move in Hope Ranch and now stand at 5 compared to 8 last year at this time and the average sales price for the year has dropped about 8% down to $2.8 million.
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 the overall numbers of properties available is down by 9% with the new listings way down dropping by 39%. But remarkably with the decline in inventory the numbers of sales is only off by 3 but the average sales price has fallen by 21%.
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes that have been on the market in ’09 is up by 4 while the numbers of new listings is exactly where it was last year at this time. With the inventory rather stable the sales are down by only 2 this year but the average sales price is down by 18%.
The PUD market for the Santa Barbara Real Estate area of West of State St there were 5 listings last year compared to 0 this year and 3 new listings last year compared to 0 this year. Going down that same road we see 2 sales last year with 0 this year so once again no sales gives us no average sales price.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year is up by 3 while the numbers of new listings is up by 5. But despite this increase in the numbers of properties to sell the sales are down by 3 for the year with the average sales price falling by 21%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings is down by 2% with the numbers of new listings up by 2%. With the inventory about the same as last year the numbers of sales has fallen about 9% with the average sales price declining 17%.
For the PUD market on the East Side of Santa Barbara Real Estate there have been only 3 active properties this year compared to 9 last year. The new listings went from 4 in ’08 to 2 ’09 and the sales went from 1 last year to 0 this year. So with no sales this year we get no average.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through May 15 is exactly what it was last year at this time but the new listings that came on the market this year are up by 3. But while the listings are the same the numbers of sales is down by 5 posting only 1 sale this year which came in at $679,000.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of listings is up by 29% with the numbers of new listings up by 21%. This big rise in the numbers of properties to sell hasn’t resulted in a large number of sales however and they’re down by more than half at 52%. The average sales price has also fallen and is down to about $2.5 million a decline of 50% from ’08.
For the PUD market in Montecito Real Estate there have been just 3 listings this year which is exactly the same number we saw last year. The numbers of new listings is down by 1 however as is the numbers of sales. Currently there have been no PUD sales in Montecito for ’09.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through May 15 the total active listings have declined by 40% with the new listings down even farther falling by 48%. Despite this decline in the numbers of properties to sell the sales are exactly where they were last year at this time but the average sales price has declined by 18%.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through May 15 are up by 30% while new listings are up only 23%. Despite the increase in properties the numbers of sales is down however by 22% which is an exact reversal of the condo market for the area. With the sales down the average sales price has also declined 19% from the previous year.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate through May 15 there has been 1 more listing this year compared to last year but the numbers of new listings is exactly the same at 2. The sold PUDs are also the same posting 1 in each year but the average sales price has fallen by 20%.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 4 months of ’09 for Home Estate/PUDs we have seen 46 sales which are 2 above the figure set for ’08. After lagging for most of the year Goleta North sales have nosed ahead. The median sales price for the year is easing closer together but still stands about $115,000 below the previous year when it was $830,500. The numbers of pending listings is 3 ahead of the ’08 level so we should continue at about the same level of sales we’ve seen thus far. Just like with Goleta South the numbers of foreclosures is dwindling so the numbers of new listings that came on this year is about 20 behind the number that came on last year. Right now there are 56 Home Estate/PUDs available for purchase in Goleta South with a median list price of $1.17 million and an average list price of $2.48 million.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first four months of ’08 in the Condo market there were 10 sales which is exactly the same number of sales there were last year. After lagging dramatically in the numbers of sales for the entire year the sales gap has closed. The median sales price is still about $120,000 below what it was last year when it stood at $500,000 but the increased active is welcome. The numbers of sales should continue to surge because so far this year there have been 21 escrows opened compared to 13 last year. But the median list price for those escrows is still about $140,000 below last year’s $519,500 figure. Right now there are only 17 condos available in Goleta North with a median list price of $439,000 and an average list price of $519,182.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 4 months of ‘09 for the Home Estate/PUD market we’ve seen 25 sales compared to 27 in ’08. After being ahead of the previous year’s pace for most of the year Goleta South has fallen behind. The biggest reason for this is that the numbers of foreclosures coming on the market this year has slowed to trickle. The median sales price is stabilizing at about $680,000 compared to last year when it was $785,000 and at least for now the numbers of pending escrows is still about of last year’s numbers currently standing at 36 compared to 31 last year. The sales price to original list price ratio is basically the same as it was last year but the numbers of new listings is about 12% below the ’08 level. Currently there are just 46 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.36 million and an average list price of $1.422 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first four months of ’09 in the Condo market there have 12 sales compared to 23 last year. The median sales price has also fallen dramatically from $615,000 last year to the current $399,250. The numbers of pending condos is starting to come up however and is at 21 compared to 27 last year which is a lot closer together than the sales figures who lead you to believe. But the median list price is still rather far apart with a $629,000 figure posted last year compared to $375,500 this year. Currently there are just 19 condos available in the Goleta South area with a median list price of $489,000 and an average list price of $464,231.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 4 months of ’09 for the Home Estate/PUD market we’ve seen 3 sales with a median sales price of $2.556 million and an average sales price of almost exactly the same number. Last year at this time there had been 7 sales with median sales price of $2.559 million and an average sales price of only about $160,000 higher. The difference is in the sales price to original list price ratio which last year stood at about 90% and this year has fallen to about 77%. The sales figures may be moving closer together however because so far for ’09 there have been 6 escrows opened and last year there was only 1 more. The difference comes in the median list price for those escrows. This year the median list price is $2.65 million and last year it was almost $4 million. Right now there are 24 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.495 million and an average list price of almost $5 million.
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 ’09 for Home Estate/PUDs we’ve had 44 sales which are exactly what occurred in ’08. After being ahead of the previous year’s pace we’ve now drawn even. The median sale price has fallen back somewhat and now stands about $180,000 behind the ’08 number of $932,000. To amplify that difference we see that the sales price to original list price ratio has gone from 91.25% last year to 86.94% currently. The pending properties for ’09 are still ahead of the previous year by a ratio of 61 this year vs. 56 last year but we’ll have to see whether that impetus can be maintained. Currently there are 86 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $949,000 and an average list price of $1,173,524.
For the Santa Barbara Real Estate area of West of State St for the first four months of ’09 for the condo market there have been 13 sales compared to 16 last year. Those numbers have been edging closer together since starting off the year way behind. The median sales price is also rather close together with a $546,250 figure posted in ’08 compared to the current $525,000. As these numbers would indicate the sales price to original list price ratio is very close also with 91.39% showing up last year compared to 86.89% this year. Right now there are 51 condos available for purchase on the West Side of Santa Barbara with a median list price of $569,000 and an average list price of $826,543.
For Santa Barbara Real Estate area of East of State St for the first 4 months for Home Estate/PUDs for ‘09 the numbers of sales remains roughly where it was in ’08 but slightly behind the previous year’s pace. The gap between the median sales price of last year also remains about where it’s been all year currently residing about $250,000 below where it was last year when it was about $1.2 million. The good news however is that the numbers of pending listings is up for the year by about 25% but the median list price for those pending listings is about $300,000 below where we were last year. The sales price to original list price ratio is down below 80% for the year compared to about 88% last year. Currently there are 157 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of about $1.5 million and an average list price of $1.85 million.
For the Santa Barbara Real Estate area of East of State St for the first four months of ’09 in the condo market sales remain sluggish with a little above half the number rung up for the same time period in ’08. The median sales price remains about $160,000 below where it was last year when it stood at $719,000. But things may be looking up on the East Side because condos in escrow for ’09 stands at 23 compared to ’08 when that number was 17. The median list price for those escrows remains about $175,000 below the ’08 number of $699,000 but more activity is always good. Right now there are 38 condos available for purchase on the East Side of Santa Barbara with a median list price of $679,000 and an average list price of about $800,000.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 4 months of ’09 there have been 29 sales compared to 55 last year. While this is a sizable gap it appears to be moving closer together. The gap will be maintained at least for a while because there have currently been 34 homes go pending this year compared to 60 last year. The difference in the median sales price for the area is also maintaining its distance for the foreseeable future. Last year that number was $3.62 million and this year its $2.36 million. The average sales price is even wider standing at over $2 million. The huge surge in listings looks like it’s slowed somewhat with the current inventory standing at 206 with a median list price of $3.79 million and an average list price of $6.48 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first four months for the condo market there has been only 1 sale for $679,000. Last year at this time there had been 4 sales with a median sales price of $2.1 million. This level of activity appears to about where we’re going to stay at least for a while because currently there has been only 1 open escrow for the area compared to last year when there were 5 with a median list price of $1.55 million. The inventory of condos continues to grow however and currently is at 26 with a median list price of $1.75 million and an average list price of $1,791,034.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for Home Estate/PUDS for the first 4 months of ’09 there have been 14 sales compared to 17 last year. While this figure is behind the previous year the gap continues to close and next month it might be even with the previous year because currently there are 21 homes that have been in escrow compared to last year when there were 18. The median sales price however remains rather far apart however. Last year it was just under $900,000 at this time and this year it’s $634,000. The Sales Price to Original List Price Ratio has also dipped from 90% in ’08 to under 80% in ’09. Currently there are 78 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1.295 million and an average list price of more than $4 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate /Summerland Real Estate for the first four months of the condo market the numbers of sales has drawn even of where it was last year at this time after being ahead for most of the year. The numbers of sales may surge forward however because there have been 19 pending condos this year compared to 13 last year. But just like with Home Estate/PUDs the median sales price remains rather far apart and the gap appears to be widening. Last year the median sales price was $500,000 and this year it’s $390,000. Unlike the Home Estate/PUD market the Sales Price to Original List Price Ratio has actually gone down this year. In ’08 that ratio was about 85% and this year it’s about 88%. Currently there are only 30 condos available for purchase in the Carpinteria/Summerland area with a median list price of $545,000 and an average list price of $862,193.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs 8 sales for the period we’re talking about compared to 9 last year for the same time period. The median sales price has fallen from $912,500 last year to $695,000 this year. The numbers of pending listings is 18 for both years but the median list price for those pending listings was $850,000 last year compared to $719,000 this year. The new listings however are fewer this year currently standing at 24 with a median list price of $795,000 compared to last year when there were 30 new listings with a median list price of $895,000. Right now there are 53 Home Estate/PUDs available with a median list price of $1.349 million.
For the condo market in Goleta Real Estate North there were 4 sales for this period with a median sales price of $295,000. Last year there was 1 sale with a sales price of $510,000. 5 properties went into escrow with a median list price of $389,000 and last year there 5 condos that went into escrow with a median list price of $519,000. During the same time period 4 new condo listings showed up this year with a median list price of $379,000 and last year 8 new listings came on the market with a median list price of $499,000. Right now there are 21 condos for sale in Goleta North with a median list price of $439,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 4 properties closed escrow from March 24 to April 24. This compares to the same period for ’08 when there were 13 homes sold. The median sales price for that period dropped $200,000 down to the current $550,000. On the other hand the pending listings have gone up from the ’08 number of 9 to the ’09 number of 13. Interestingly enough the median list price last year was $799,500 and this year that number is $759,000. The numbers of new listings has declined this year to 15 with a median list price of $985,000 and last year there were 23 new listings with a median list price of $745,000. Currently there are 44 Home Estate/PUDs available for purchase in Goleta south with a median list price of $1.35 million.
For the condo market in Goleta Real Estate South shows us 7 sales for the period with a median sales price of $410,000. Last year at this time there were 8 sales with a median sales price of $617,500. For the same period there were 5 escrows opened last year with a median list price of $549,500 compared to this year when 11 escrows opened with a median list price of $309,000. The numbers of new listings has fallen by more than half. Last year there were 11 that came on the market with a median list price of $515,000 and this year there were 5 that came on with a median list price of $399,000. Currently there are 21 condos available for purchase in Goleta South with a median list price of $525,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of March 24 to April 24 there was 1 sale for $2.8 million. Last year there was also 1 sale but it sold for $1.7 million. This year 3 properties have gone pending with a median list price of $5.6 million and last year 2 went pending with a median list price of $3.995 million. Both years saw 6 properties come on the market but this year the median list price was $2.2 million and last year it was $2.65 million. Right now there are 26 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.495 million.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate area of West of State St for Home Estate/PUDs there were 15 sales compared to last year when there were 18 from March 24 to April 24. With the numbers of sales falling back the median sales price is declining even further from $1,067,500 last year to $775,000 this year. The pending sales are pushing forward however. This year there have been 20 enter escrow compared to 18 last year. But last year the median list price was $1,059,000 and this year it’s $795,000. The new listings are only 1 apart for the two years. For ’09 30 new listings came on the market with a median list price of $850,000 compared to last year when there were 29 with a median list price of $1,045,000. Right now there are 86 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $949,000.
For the condo market the sales figures show us 4sales for the period with a median sales price of $564,900. Last year there were also 4 sales with a median sales price of $508,750. The pending numbers are also rather close together with 4 posted this year compared to 5 last year but last year the median list price for those condos was $519,000 and this year that number is $450,000. The new listings are very far apart however. Last year 20 condos had come on with a median list price of $698,000 and this year only 3 came on with a median list price of $479,000. Currently there are 46 condos available for purchase on the West Side of Santa Barbara Real Estate.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 12 sales from March 24 to April 24 compared to 17 last year for this time period. The median sales price has also slid from $1.24 million last year to $967,500 this year. The good news is that the pending listings currently stand at 29 with a median list price of $899,000 whereas last year there were only 12 properties entering escrow but with a median list price of $1.199 million. More new listings are coming on this year with 58 posted for the period with a median list price of $1 million compared to last year when there were 32 listed with a median list price of $1.485 million. Currently there are 153 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.495 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year there have been 3 sales for the period we’re discussing compared to 5 last year. The median sales price is also very far apart with a $480,000 median sales price posted this year compared to last year when that number was $985,000. The good news is that the pending numbers are way up with 8 currently in escrow compared to 3 last year. But the median list price this year is $517,000 compared to $985,000 last year. The new listings are down however from 12 last year with a median list price of $740,000 which compares to this year with 9 new listings and a $559,900 median list price. Currently there are 38 condos available on the East Side of Santa Barbara with a median list price of $685,000.
Santa Barbara Real Estate’s area of Montecito Real Estate for the Home Estate/PUD market there were 11 sales for the period of March 24 to April 24. This compares to last year when there were 20 sales for that time period. The median sales price went from $3.1 million in ’08 to the current $2.35 million which is actually closer together than it has been for the rest of the year. The pending properties are starting to get closer together also with 10 homes currently in escrow compared to 16 at this time last year. But the median list price for those properties in escrow is moving farther apart. In ’08 the median list price was $3.795 million and this year it’s $2.175 million. One of the reasons that sales price are coming down is the inventory is still expanding. For the time period we’re discussing 37 new listings appeared with a median list price of $3.2 million compared to last year when there were 32 with a median list price of $3.895 million. Right now there are 208 Home Estate/PUDs available for purchase with a median list price of $3.775 million.
For the Condo market in Montecito Real Estate there was 1 sale this year which is the same number that was posted last year. But this year that condo sold for $679,000 and last year it went out at $4.3 million. Currently there are no condos in escrow whereas last year there were 2 in escrow with a median list price of $1.35 million. There are 3 new listings this year with a median list price of $1.475 million compared to 4 last year with a median list price of $1.35 million. Right now there are 25 condos available in Montecito with a median list price of $1.75 million.
Through the month of April ’09 for 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 many of the escrows that had been building up during the previous months started to close. While it wasn’t a tidal wave of closings it was definitely more activity than we’ve seen in the previous 3 months. For April the completed escrows were in the mid to high 60’s compared to April ’08 when there were 77 sales.
The median sales price for April rose slightly from the previous month but was still in the low to mid $800,000 range. This compares to April ’08 when the median sales price was $1,170,000. What’s important to note is that does not mean that the $1.17 million house that sold in April ’08 is now worth about $850,000. But it does mean that the house purchased last year is worth less than it was last year.
The numbers of Home Estate/PUDs that went pending in April was about 10% higher than what we saw in March and the median list price for those pended properties was about $50,000 above the previous month’s figure of $849,000 which means that the median sold price should start to come up. Also rising up in April was the sales price to original list price ratio which went from the high 70% range in March to the mid to high 80% level in April.
The inventory also continued to grow throughout the month and is about 10% above where it was in March now standing at the mid 600 level. The median list price for those listed properties fell slightly but the difference between the median list price and median sales price for April still resides at about $900,000.
Looking at the districts through April ’09 we see that Carpinteria/Summerland is slightly behind the numbers of homes sold at this time last year but the median sales price is down about $250,000 from ’09 to approximately a $634,000 median. For Montecito sales are starting to come up but they’re still about 40% down from where they were last year with the median sales price falling by about $1.3 million to the current median price of about $2.3 million.
Sales for the East of State St areas are about where they were last year but the median sales price is down about $250,000 from ’08 to about a $950,000 median. On the West Side sales are also about where they were last year with the median sales price falling about $180,000 to about a $750,000 median. In Hope Ranch sales are about half of what they were last year but the median sales price is actually up slightly to about a $2.55 million median.
For Goleta South the sales are about where they were last year but the median sales price has fallen about $100,000 to about a $680,000 median and Goleta North is slightly above the ’08 sales figures but the median sales price is down roughly $115,000 to about a $715,000 median.
It looks like homes are starting to move in most areas of town except for Montecito and Hope Ranch which lag. Sales in both Goleta North and South should start to slow however because the inventory has fallen in those areas but sales should start to come up for both the East and West of State St areas of Santa Barbara because of the increased inventory there. Unless there is another big wave of foreclosures that are dumped on the market I think we’re currently at the bottom of the price swing at least for the sub million dollar market, but prices are still resetting above $1 million.
For condos, just like with Home Estate/PUD properties there have been a lot of escrows piling up for the first few months and now they’re starting to close. We’ve finally broken into the 20s for closings for 1 month after being in the teens and single digits earlier in the year, but the median sales price dropped to about the mid $500,000 level for April ’09 compared to $610,450 in April ’08.
This decline can be attributed to almost a complete lack of activity for higher priced condos. There has been only one condo sale in Montecito all year with that property selling for $679,000 and there have been only a handful of sales over $700,000 throughout the rest of the area.
The numbers of pending properties rose in April however by about 30% from the March numbers but the median list price for those condos that entered escrow fell to the low $400,000 range. Comparing April ’09 to April ’08 the pending numbers are up about 35% while the median list price for those pending condos has declined by about $200,000 to the $400,000 range. I see that as more of a shift in the type of condo that’s selling rather than a dramatic drop in the price of a condo. But the sales price of condos has declined year over year, it just hasn’t fallen by as big a margin as would be ascertained from a drop of about $600,000 to $400,000 in the median list price of pended properties.
The inventory also declined slightly from March to April while the median list price for the inventory stayed stable at about $600,000. There were only a little over 40 new listings that came on the market for the month and the median list price for those new listings was in the low $400,000 range. That means that the condos coming on the market in April actually had a median list price below the median sales price of the condos that sold last month.
Looking at the Districts we see that Carpinteria/Summerland has experienced about the same numbers of sales that occurred last year at this time but the median sales price has dipped about $110,000 to the current approximately $390,000 median. As I said Montecito has experienced only 1 sale this year down from 4 last year and that sale was for $679,000 compared to last year when the median sales price was $2.1 million.
East of State St has a little over half the numbers of sales compared to ’08 and the median sales price has fallen about $170,000 to the current median of approximately $550,000. West of State St is only a few sales behind where it was last year at this time and the median sales price has slipped only $20,000 down to about a $525,000 median.
For Goleta South sales are down by half but that’s more a function of a drastically reduced inventory. Even with fewer condos to sell however the median sales price has come down about $215,000 to the current median of almost $400,000. Goleta North on the other hand has rebounded nicely from a slow start and is now at about the same sales level as last year. Even so the median sale price has declined about $120,000 and now resides at about a $380,000 median.
The condo market is starting to rebound because the lower priced single family homes that were available in Goleta and Carpinteria are basically gone at this time making condos look more attractive as an entry level purchase. Unless there are a lot of new foreclosures put up for sale the condo market should continue to move forward with prices starting to stabilize.
Gary Woods
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from March 24 to April 24 saw 7 sales compared to 5 for the same period last year. But it took a $200,000 drop in the median sales price to get that increased activity. It looks like the area will stay ahead of the ’08 figures as far as sales are concerned because last year at this time there were 4 properties in escrow and this year there are 5. But that same $200,000 price differential is still there. There are 3 more properties that came on the market this year but the median list price is even wider at $300,000. Right now there are 78 Home Estate/PUDs available in Carpinteria/Summerland with a median list price of $1,295,000.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period only 2 properties sold with a median sales price of $465,750 whereas in ’08 there were 3 sales with a median sales price of $474,000. It looks like the sales are going to pull slightly ahead because currently there are 6 pending condos with a median list price of $379,900 compared to last year when there were 5 pending condos with a median list price of $620,000. Right now there are 29 condos available in Carpinteria/Summerland with a median list price of $595,000.
For Goleta Real Estate North area of Santa Barbara Real Estate for the Home Estate/PUD market there are currently 58 properties on the market which is about 8 more than were on the market 5 weeks ago. The average list price for those 58 homes is about $2.4 million while the median list price is about half that amount. The most expensive available on the north side is listed for $23.5 million while the least expensive home can be had for just $269,000.
There are currently 23 properties in escrow with an average list price of about $875,000 and a median list price of $749,900. Topping the charts as far as properties in escrow is one listed for $2.345 million while at the other end of the spectrum that was on the market for $447,900.
So far this year 37 homes have closed escrow on the north side with an average sales price of about $775,000. The median sales price is a little lower at $700,000 but the highest priced sales was for $2.7 million with the least expensive home escaping for just $180,000.
For the condo market in Goleta Real Estate North there are just 20 properties available right now which is 1 more than was on the market 5 weeks ago. The average list price for the area is about $550,000 with the median list price standing at $459,000. The most expensive condo can be had for $1.139 million while the least expensive property is on the market for just $279,000.
There are now 10 condos in escrow with an average list price of $375,400 and a median list price slightly less at $359,000. The most expensive condo in escrow is listed at $695,000 while the least expensive condo in escrow was available for $112,700.
So far this year there have been 9 condos close escrow with an average sales price of about $360,000 and a median sales price of just $300,000. The highest priced condo on the North Side of Goleta went out for $537,500 and the lowest priced condo escaped for just $128,800.
In the Goleta Real Estate South area there are 44 Home Estate/PUDs available which is 2 more than were available 5 weeks ago. The average list price is about $1.4 million for the area with the median list price at just about the same number. The most expensive home available for purchase is on the market for $3.15 million while on the other end of the scale there’s a home on the market for $549,000.
Right now there are 18 properties in escrow with an average list price of about $760,000 and a median list price of $649,000. The highest priced property in escrow is on the market for $1.675 million while the cheapest property in escrow was available for $399,000.
So far this year 20 homes have sold with an average list price of about $775,000 and a median sales price of $630,000. Topping the charts is a home that closed escrow for $1.7 million while on the other side of the ledger is one that sold for just $280,000.
For condos on the South Side of Goleta Real Estate we currently have 23 units available which is one less than was on the market 5 weeks ago. The average list price for those 23 is about $480,000 with the median list price just $20,000 higher. The most expensive condo available on the South Side of Goleta is listed for about $750,000 while the least expensive is about $220,000.
There are 10 condos in escrow right now with an average list price of about $365,000 and a median list price of $309,000. But the most expensive condo in escrow was on the market for just under $600,000 with the lowest priced condo in escrow listed at just under $200,000.
So far this year only 9 condos have sold with an average list price of about $480,000 and a median list price for about $390,000. The priciest condo that made it through the selling process left the gates at $939,500 while the lowest priced condo changed hands for $325,000.
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 25 properties available which are 3 up from where it was 5 weeks ago. The average list price for the area is $5.2 million with the median list price down out $3.85 million. The highest priced listing in Hope Ranch is just under $20 million while on the other side of the scale you can live in the Ranch for just $819,000.
Right now there are 2 pending properties with an average list price of $3.9 million but a median list price of $2.2 million. The highest priced home in escrow is listed for $5.6 million while the least expensive is $2.2 million.
So far this year there have been 3 sales with an average sales price of $2.5 million and a median sales price of $2.5 million. The highest price sale of the 3 closed for $2.8 million while the lowest priced property slid out the door at $2.175 million.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity.
In the West of State St area of Santa Barbara Real Estate the inventory currently stands at 89 Home Estate/PUDs which is almost exactly where it was 5 weeks ago. The average list price on the West Side is about $1.2 million with the median list price showing up at $969,500. Topping the charts for a possible new home is one at $2.9 million while at the other end of the spectrum is one at $489,000.
There are 26 homes in escrow on the West Side with an average list price of just over $800,000 and a median list price just slightly farther down at $784,000. The highest price Home in escrow right now is listed for about $2 million while the least expensive property was on the market for $784,000.
There have been 38 sales on the West Side this year with an average sales price of just over $900,000. The median is a lot farther down however at about $715,000. The highest priced sale on that side of town was $2.125 million while the least expensive was just $230,000.
For the Condo market on the West Side of Santa Barbara Real Estate there are 48 units currently available which is down 4 from 5 weeks ago. The average list price is about $900,000 while the median list price is just under $900,000. Topping the charts is a condo listed about $2.595 million while on the other end of the scale is one that can be had for just $219,000.
Right now there are 9 condos in escrow with an average list price of about $500,000. The median list price is almost exactly the same number with the highest priced condo in escrow listed at $675,000 and the lowest priced condo in escrow at just under $400,000.
So far this year 12 condos have closed escrow with an average sales price of about $620,000. The median sales price is about $100,000 farther down however while the highest priced condo sale this year was about $1.1 million. On the other side of the ledger the least expensive condo sale was $310,000.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 146 Home Estate/PUDs available for purchase which is about 20 more than were available 5 weeks ago. The average list price on the East Side is about $1.9 million with the median list price a little lower at $1.485 million. The highest asking price for the area is $11.9 million with the lowest priced property available at just under $400,000.
Right now there are 31 Home Estate/PUDs in escrow on the East side with an average list price of about $1.1 million. The median list price is just below $900,000 however but the highest priced listing in escrow is on the market for just under $3 million. Down at the other end of the scale the least expensive property in escrow is on the market for $359,900.
So far this year 37 Home Estate/PUDs have been sold with an average sales price of about $1.05 million. This median sales price is about $100,000 south but the highest priced home went out at just about $3.2 million. On the other end of the market the least expensive sale was just $312,000.
The condo market for the East Side of Santa Barbara Real Estate has 39 properties for sale which is down about 10 form 5 weeks ago. The average list price for a condo is about $790,000 while the median list price is about $100,000 below that figure. The highest priced condo available on the East Side is on the market for about $1.6 million while the least expensive condo could be snapped up for $370,000.
There are 9 condos in escrow right now with an average list price of about $550,000. Just like the other figures the median list price is about $100,000 farther down but the highest priced condo in escrow tops the charts about $1.15 million while the least expensive condo in escrow is listed about $379,900.
So far this year 10 properties have closed escrow with an average sales price of $628,950. The median sales price is again about $100,000 below that figure with the most expensive condo leaving the gate at $940,000. On the other side of the ledger the lowest priced condo sold for $418,000.
For Santa Barbara Real Estate in the Montecito Real Estate are there are currently 205 Home Estate/PUDs available. This number is up about 25 from about 5 weeks ago. The average list price for the area is about $6.5 million with the average showing up at about $3.85 million. The highest priced listing at the area is still at $47 million with the least expensive property listed at just under $900,000.
Right now there are 11 homes in escrow in Montecito with an average list price of about $2.8 million. The median list price is just under $2 million however which is down about $1.3 million from last year. The highest priced property in escrow at this time is listed at about $9.5 million while the least expensive property in escrow is listed for $1.275 million.
Through April 17 there have been 26 Home Estate/PUDs complete the buying process and those 26 have an average sales price of about $2.5 million. The median sales price is just slightly farther down at $2.35 million. The most expensive home in Montecito so far in ’09 sold for just under $6 million with the lowest priced home closing at $825,000.
For the Condo market in Montecito Real Estate there are currently 23 properties available with an average list price of about $1.9 million. The median list price is just slightly south of that number at $1.75 million. The highest priced condo listing now on the market is listed for $3.495 million with the least expensive listing way down at $715,000.
Right now there are no condos in escrow but 1 has closed escrow this year at $679,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market there are currently 79 properties available for purchase. This number has remained stable for about a month. The average list price for those 79 has grown however. Right now the average is $4.1 million with a median list price of $1.365 million. The highest priced listing tops the charts at just under $30 million with the least expensive property way down at $379,900.
Right now there are 9 Home Estate/PUDs in escrow with an average list price of about $2 million. The median list price however is a lot farther down at $580,000. The highest priced property in escrow is listed at $7.5 million with the least expensive home in escrow listed at just under $500,000.
There have been 10 sales so far this area in Carpinteria/Summerland with an average sales price of $1.3 million but an average sales price of $600,000. The most expensive home went out at $6.3 million with the least expensive home sliding out the door for $500,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate 29 properties available this is down from where it was a month ago. The average list price for the area is about $900,000 while the median list price is just under $600,000. The most expensive condo is on the market for $5.9 million while the least expensive property is on the market for $242,900.
There are currently 13 condos in escrow in the area with an average list price of about $380,000 and a median list price above that at just under $400,000. The highest priced condo in escrow is about $500,000 and the least expensive condo is listed at $234,900.
So far this year there have been 8 condo sales with an average sales price of about $440,000. The median is a little farther down at $390,000 and the highest priced sale went out at $650,000. The least expensive condo left the gate at $240,000.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 1/1/09 to 4/9/09 there have been 36 sales. Just like with Goleta South throughout the year the numbers of sales for Goleta North have been ahead of the ’08 figure but currently they are sliding back. The gap between this year’s median sales price and last year’s is wider than on the South side and currently stands at about $150,000 below last year’s figure. In ’08 the median sales price was $851,000 and currently for the North it’s at $700,000. For those 36 sales the average days it took to get an accepted offer has been 79 with another 72 days tacked on to get the escrows closed.
For Condominiums on the North Side of
Goleta Real Estate there has been an increase in activity over the last 5 weeks. For most of the year there was only 1 sale of a condo on the North Side but now there have been 6 compared to 7 at this time last year. The median sales price is about $100,000 below last year’s number however currently standing at $350,800 compared to last year when it was $470,000. The good news is that it has take on average only 44 days to get an accepted offer for a North Side condo and then another 33 days to get that condo closed.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate for ’09 there have been 17 sales compared to 25 at this time last year. For most of ’09 Goleta South has kept pace with the previous year’s numbers of sales but currently it is sliding back. Throughout the year the median sales price has remained about $100,000 the ’08 number and currently that is still the case. In ’08 we saw a $780,000 median sales price and currently it stands at $680,000. The good news is it has taken only an average of 70 days to get an accepted offer and then another 33 to get those 17 escrows closed.
For Condominiums for Goleta Real Estate South for the same time period there have been just 8 sales so far this year compared to 21 last year. The bulk of that discrepancy is because there was a new condo development which sold very well at the beginning of ’08 and currently there is nothing to take the place of that development. The same can be said for the median sales price which went from $615,000 last year to the currently $381,750. So far this year those 8 sales have taken about 47 days to get an accepted offer and another 51 days of escrow time to get them closed.
For Hope Ranch Real Estate Home Estate/PUDs from 1/1/09 to 4/9/09 there 3 sales which is 5 fewer than we saw at this time last year. But despite the lack of activity the median sales price has remained at almost exactly the same level. For ’08 for the 8 sales the number was $2,259,080 and this year the median sales price resides at $2,556,000. The days on the market however have ballooned up to 132 to get an accepted offer but after that the properties have closed rather quickly in an average of just 23 days.
For Condominiums in Hope Ranch Real Estate there was no activity.
For West of State St in Santa Barbara Real Estate for Home Estate/PUDs for the period of 1/1/09 to 4/99/09 there have been 35 sales with a median sales price of $715,000. This is $200,000 below where the prices were last year but the numbers of sales is 5 above where they were last year. At this point I would definitely take the increase in activity so hopefully it will continue. To get those 35 accepted offers it took about 10 weeks which is quicker than the East Side, Montecito and Carpinteria/Summerland. It also took just 6 weeks to get those properties closed after they entered escrow so things are definitely moving on the West Side.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there have 10 sales which is four down from where we were last year. The median sales price has not dropped significantly however going from $546,250 in ’08 to the current $522,500 this year. Those 10 sales took an average of about 3 months to come up with an accepted offer and another almost 2 months after that to get those sales closed.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for ’09 we’ve had 32 sales thus far for the year which is 4 behind the pace set last year. With the numbers of units sold sliding back the medium sales price has also declined by about the same percentage. Last year the medium price was $1.175 million and this year it’s down to $960,000. To get an accepted offer on those 32 sales took an average of just over 3 months then another approximately 7 weeks to get them closed.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 9 sales compared to 13 at this time last year. During that time period the median sales price went from about $700,000 to about $575,000. To get those 9 sales took an average of 68 days and then another month or escrow time to get them closed.
From 1/1/09 to 4/9/09 in Montecito Real Estate for the Home Estate/PUD market there were 23 sales compared to 44 last year. The decline in the numbers of units sold goes together with the decline in the median sales price from about $3.8 million last year to about $2.55 million this year. The good news is it took just slightly over 3 months to get an accepted offer on those 23 sales and then only a little over 1 month to get them closed after that.
For Condominiums for the same time period in Montecito Real Estatenothing has sold this year and last year there were 3 sales with a median selling price of $1.75 million. The high end condo market for the entire Santa Barbara area has about crawled to a stop.
From Jan1 to April 9 there were 8 sales in the Carpinteria Real Estate/Carpinteria Real Estate Home Estate PUD market compared to 13 for the previous year. The median sales price in that time went from about $950,000 in ’08 to about $620,000 a year later. Even though the numbers of sales and median sales price are significantly down from where they were last year that actually represents a rise from where they had been earlier in the year. It took just over 4 months to get an accepted offer on those 8 sales and then another almost 2 most get those escrows closed.
For Condominiums in Carpinteria Real Estate/Carpinteria Real Estate for the same time period there were 8 sales this year with a median sales price of about $440,000 compared to 6 last year when the median sales price was about $35,000 higher at about $475,000. Condo sales continue ahead of last year’s pace even though they’re slightly lower in price. I think the condo market in Carpinteria/Summerland is starting to firm up at this time. Those 8 sales took approximately 4 and one half months to get an accepted offer and then another almost 2 months to close escrow.
For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market the numbers of sales has been ahead of the ’08 number for most of the year but as we closed the 1st quarter that number fell below last year’s pace. In ’08 there were 36 sales and in ’09 there have been 34 for a 5.6% drop. The drop in the median sales price is wider however with ’08 posting an $858,000 median sales price and ’09 giving us a $707,500 figure for a 17.5% drop off.
The gap report for the area has widened in ’09. This year the median list price of $1.149 million compares to a $707,500 median sales price gives us almost a 40% gap whereas in ’08 there was a $899,000 median list price compared to a $858,000 median sales price for a 4.6% gap.
For the Goleta Real Estate North condo market has been really rough for ’09 up until the end of the quarter then there has been a substantial amount of activity. The numbers of sales still lags however but that number is way up from where it was. In ’09 we’ve seen 5 condo sales compared to 7 in ’08 for a 28.66% decline but the median sales price went from $470,000 in ’08 to $460,000 in ’09 for only a 2.1% fall off.
The gap report for the area is also rather close together. In ’08 the median list price was $499,000 with a median sales price of $470,000 for a 1.2% gap and in ’09 the median list price is $465,500 compared to a median sales price of $460,000 giving us a 5.8% gap.
For Santa Barbara Real Estate’s Goleta Real Estate South area for the Home Estate/PUD market most of the way through the first quarter sales were almost exactly what they were last year. As come to the end of the first quarter sales are starting to fall back. In ’08 there were 21 sales and for ’09 there have been 17. This is a decline of about 20% year over year. The median sales price is a little closer together and has gone from $785,000 last year to $680,000 this year for a 13.4% decline.
The gap report is a very wide gulf however. In ’08 the median list price was $819,900 and when compared to the median sales price of $785,000 we come up with only a 4.3% gap. This year however we have a $1.195 million median list price with a $680,000 median sales price which gives us a 43.1% gap.
For the condo market in Goleta Real Estate South the numbers are a mess. There have been only 8 sales this year compared to 20 last year for a 60% drop and the median sales price went from $615,000 last year to $381,750 this year for a 37.9% decline.
The gap report is also flipped on its head from last year. In ’08 the median list price was $560,000 and when compared to the median sales price of $615,000 we get a positive 8.7%. But this year the median list price is $469,000 while the median sales price is $381,750 giving is almost a 20% gap.
For Santa Barbara Real Hope Ranch Real Estate area for the Home Estate/PUD market there have been only 2 sales through the first quarter of the year. This compares to 7 sales for the first quarter of ’08. This gives us a 71.4% drop in activity. The median sales price however is actually higher this year than it was last year. For ’08 the median sales price was $2,259,080 and this year it’s been $2,365,000 for a positive 4.7% rise.
The gap report looking at the difference between the median sales price and median list price is a lot wider this year however. In ’08 the median list price was $2.598 million compared to a median sold price of $2,259,080 which gave us a 13% gap. This year however the median list price is $3.35 million compared to a $2,365,500 median sold price which gives us almost a 30% gap.
For Santa Barbara Real Estate’s 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 for the Home Estate/PUD market the sales are above the ’08 numbers. This year there have been 32 closings compared to 28 last year for almost a 15% rise in activity. To get that rise in activity however the median sales price slid from $900,000 in ’08 to $730,000 in ’09 for about a 19% drop.
The gap between the median sales price and the median list price is very close together for both years. Last year the median list price was $1.129 million and the median sales price of $900,000 gave us a gap of 20.3% whereas in ’09 the median list price of $980,000 and the median sales price of $730,000 give us a gap of 25.5%.
For the Santa Barbara Real Estate West Side condo market the numbers are not quite as rosy as the Home Estate/PUD market. There have been 10 sales this year compared to 14 last year for a 28.6% decline and the median sales price went from $546,250 last year to $522,500 this year for a miniscule 4.3% drop.
The gap figures comparing the median list price and median sales price are farther apart however. Last year the median list price was $640,000 and the median sales price of $546,250 gave us a 14.6% gap. But this year the median list price of $795,000 is a lot farther away from the $522,500 median sold price giving us a 34.3% gap.
For Santa Barbara Real Estate area East of State St area for the Home Estate/PUD market there have been 30 sales compared to 34 last year. This translates into 11.8% less activity. The difference in the median sales price is a little wider however. Last year the median sales price was $1.185 million and this year it’s $977,500 for a 17.5% decline.
For the gap report that figure has widened out this year. With a $1.435 million median list price compared to a $977,500 median sold price there is almost a 32% gap, whereas last year the median list price was $1.449 million compared to a median sales price of $1.185 million which gave us an 18.2% gap.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate there have been 8 sales compared to 12 last year for a 33% decline in activity. The median sales price while down from last year is a little closer to the previous year’s figure. In ‘08 the median sales price for the first quarter was $687,000 and now it’s $556,000 for almost a 20% decline.
The gap between sales price and list price is wider this year. In ’08 the median list price was $759,000 with a median sales price of $687,000 for a 9.5% gap and this year the median list price is $725,500 compared to a $556,000 median sold price for a 23.3% gap.
For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures for ’09 are 21 vs. ’08 when there were 41 sales. This is almost a 50% drop in activity. The median sales price also dropped but not quite as far. It went from $3.8 million last year to $2.5 million this year for a 34.3% decline.
Looking at the gap numbers comparing median list price to median sales price for ’09 we see a $4.295 median list price and a $2.5 million median sold price which gives us almost a 42% gap. Whereas last year at this time the median list price was $3.75 million with a $3.8 median sold price for a positive 1.4% gap.
For the condo market in Montecito Real Estate there is no median sales price because there have been no sales. Last year there were 3 sales at this time a $1.75 million median sales price. Since we have no sales we have no gap this year but last year it was just 2.7%.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price for the 1st quarter of ’09 is just below $600,000. That figure is about 40% below the ’08 level. The sales are even further down and stand at exactly 50% of where we were last year at this time.
This disparity is supported when we look at the gap which is the difference between the median list price and the median sales price. For ’09 the gap is over 50% with a $1.25 million median list price compared to a $595,500 median sales price. In ’08 the gap was half that with a $1.299 median list price compared to almost a $1 million median sales price.
For the Carpinteria Real Estate/Summerland Real Estate condo market the numbers are a lot closer together. In fact the numbers of sales is 33% above last year’s number while the median sales price is only about 8% below where the ’08 number resides.
The gap for condo sales price to list price is a lot closer together this year. For ’09 a $499,900 median list price and a $436,250 median sales price gives us only a 12.7% gap whereas in ’08 a $649,000 median list price vs. a $472,500 median sales price gives us a 27.2% gap.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 3 months of ’09 for the Home Estate/PUD market the sales have been basically where they were for ’08. But the median sales price has dropped about $75,000. The pending listings remain above the ’08 level but the gap for ’08 of $829,000 is widening when compared to this year and presently stands at $659,000. The number of new listings is almost exactly where it was last year but the median list price for ’08 was $839,000 compared to $799,000 for ’09. Right now there are 42 Home Estate/PUD listings in Goleta South with a median list price of $1.329 million and an average list price of $1.39 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first three months of ’09 for the condo market there have been on 6 sales compared to 18 last year. For ’09 the median sales price is $372,000 compared to ’08 when it was $602,500. The pending listings aren’t quite as far apart as the sold listings but the gap is still significant. This year 9 condos have gone into escrow and last year 21 entered the buying process. The median list price for those 9 condos is just under $400,000 whereas last year it was about $640,000. The new listings are also down significantly from 37 in ’08 with a median list price of $566,000 to 27 in ’09 with a median list price of about $400,000. Currently there are 28 condos available for purchase in Goleta South with a median list price of $459,000 and an average list price of $456,729.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 3 months of ’09 there have been just 2 sales compared to ’08 when there were 7. The median sales price however is remarkably close showing up at $2,259,080 last year compared to $2,365,500 this year. Remarkably the numbers of pending Home Estates is exactly the same for both years standing at 4. But the median list price last year for those 4 homes was $1.895 million compared to this year when it’s $2.65 million. The new listings are up however from 10 last year with a median list price of $2.45 million to 14 this year with a median list price of $3.35 million. Right now there are 23 Homes available for purchase in Hope Ranch with a median list price of $3.85 million and an average list price of $6.5 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first three months of ’09 in the Condo market there was no activity
For the Santa Barbara Real Estate area of West of State St for the first 3 months of ’09 the numbers of Home Estate/PUD sales is above the ’08 level but the median sold price is about $150,000 behind. The pending sales are even farther out in front this year but the gap between the median list prices is wider at $175,000. Unlike the other areas the numbers of new listings are below the ’08 level by about 15% and the median list price this year is about $65,000 below last year. Currently there are 87 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $990,000 and an average list price of just under $1.2 million.
For the Santa Barbara Real Estatearea of West of State St for the first three months of ’09 2 fewer condos have sold this year compared to last year. Last year the median sales price for condos was about $600,000 but this year its closer to $520,000. The good news is the numbers of pending condos is up from 10 in ’08 with a median list price of $525,000 to 14 in ’09 with a median list price of $521,000. Just like with Home Estates the numbers of new listings is down for the district from 41 last year to 30 this year and the median list price is down from about $600,000 to about $550,000. Currently there are 52 condos available on the West Side of Santa Barbara with a median list price of $675,000 and an average list price of about $890,000.
For the Santa Barbara Real Estate area of East of State St for the first 3 months of ’09 the numbers of Home Estate/PUD sales is just 2 behind the ’08 figures but the median sales price has come down about 20% from last year. The numbers of pending properties is only 1 behind the pace from last year but the median list price for those properties is also about 20% below the previous year’s figures. The numbers of new listings is up about 10% this year however with the median list price for those properties also above the ’08 level. Currently there are 145 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.495 million and an average list price of $1.87 million.
For the Santa Barbara Real Estate area of East of State St for the first three months of ’09 there have been only 7 condo sales compared to 12 last year. With the numbers of sales down by about half the median sales price is down by a little over $100,000. On the bright side the pending condos are 2 above last year’s number but the median list price for those condos is about $160,000 below the figure from last year. But again the numbers of new listings is up from 39 in ’08 with a median list price of $675,000 to 44 for ’09 with a median list price of $660,000. Right now there are 45 condos available on the East Side of Santa Barbara with a median list price of $699,000 and an average list price of about $775,000.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 3 months of 9 there have been 20 sales compared to 37 for ’08. Percentagewise this is actually ahead of where it’s been for most of the year so hopefully things are looking up. For those 20 sales the median sales price is about $2.3 million which is about $1.5 million below where it was at this time last year. The pending properties are also inching forward and currently stand at 29 compared to 40 last year and the gap between the median list price of $2.45 million for the 29 properties compares to last year’s number of just under $3 million for 40 homes is a lot closer than the sold figures. What has jumped up is the numbers of new listings. In ’09 we’ve seen 119 new Home Estates come on the market with a median list price of $3.55 million compared to last year when there were 93 new listings with a median list price of $3.495 million. Currently there are almost 200 Home Estate/PUDs on the Market in Montecito with a median list price of just under $4 million and an average list price of $6.7 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first three months of ’09 there have been no sales this year compared to 3 last year. The median sales price in ’08 was $1.75 million and the average was $1.85 million. This is currently 1 pending condo in Montecito with a list price of $729,000 compared to last year when there were 3 with a median list price of $1.55 million. What has jumped in Montecito is the numbers of new listings. This year there have been 16 new condos come on the market with a median list price of $1.695 million compared to last year when there were 9 with a median list price $1.799 million. Right now there are 23 condos available for purchase in Montecito with a median list price of $1.795 and an average list price of just under $2 million.
This is an analysis of Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate Goleta Real Estate from January to March of 2009. March ’09 had about the same number of Home Estate/PUD sales as we saw in February ‘09. Generally by this time in the year we see an upswing in closed sales but so far ’09 has started out not quite as robust as we had hoped. The median sales price rose in March however but that brought it up to the mid to low $800,000s from the low $700,000s of the previous month. What fell was the Sales Price to Original List Price Ratio. That number flirted with a sub 80% performance meaning that buyers were demanding and receiving substantially below what sellers would have liked to have gotten for their homes.
Another number which rose for March ’09 was the pending listings which were about 15% above the same time last year. The properties that went into escrow in March of this year were across a wide price spectrum with a substantial number coming in above $1 million and even some above $5 million but the median list price for homes that went into escrow in March was in the mid $800,000 range which means that the median sold price of $850,000 should remain about the same for the next month or so. Even with a lower price point more homes entering escrow should mean more homes closing escrow in the next few months than we’ve seen earlier in the year so prospects are starting to brighten for the Home Estate/PUD market in the Santa Barbara area.
There were almost 200 new listings that came on the market in March which was about 25% higher than the same time period last year but the median list price at which they came on was about 50% higher than the median sold price of the homes that closed escrow. At the end of March there were about 600 Homes available for purchase from Carpinteria to Goleta and because a substantial number of homes which came on the market were in Montecito, Hope Ranch and the nicer sections of Santa Barbara the median list price for the overall inventory is about $1.9 million with an average list price of about $3.8 million.
Looking at the Districts, for Carpinteria/Summerland sales are about half of what they were last year with the median sales price hovering about $600,000 which is approximately 35% below last year’s mark. In Montecito sales are a little bit better than half of what they were last year with the median sales price down by about $1.5 million giving us a $2.3 million median sales price. The East Side of Santa Barbara has almost exactly the same numbers of sales as the previous year but the median sales price is about 20% down to about $970,000. On the West Side sales are still ahead of last year but the median sales price is about 15% down to about $755,000. In Hope Ranch the sales are about one third of what they were last year but the median sales price is down by only about $100,000 to about $2.36 million. Goleta South has about the same numbers of sales with the median sales price down about $70,000 to about a $700,000 median sales price and Goleta North also has about the same numbers of sales with the median sales price off by about $150,000 to about a $700,000 median sales price.
At this point a lot of the inventory that was priced from $500,000 to $800,000 has been purchased so if the market is going to continue forward the impetus needs to come from the $1 to $2 million buyers. Money is available at great rates for well qualified buyers and the inventory is in place so we’ll have to see whether there’s sufficient confidence from the $1 million plus buyer to start the local Real Estate market moving forward again.
For the condo market in Santa Barbara the numbers of sales is starting to move forward but very incrementally. We went from 10 sales in February to the mid teens in March which compares to March ’08 when we had 25 sales. The median sales price for the month continues to hover around $500,000 which is a drop of about $62,000 from March ’08 but remaining stable for both years is the Sales Price to Original List Price Ratio which has been holding right around 90%.
What moved forward in March was the number of condos that went into escrow. For ’09 there were close to 30 condos entering escrow compared to ’08 when there were about half that number. While the escrows pile up this month, the median list price of those escrows has dropped about $140,000 from the median list price of escrows in March’08. But, just as we said with the Home Estate market, more escrows should be mean more sales even though the price point is somewhat lower.
Unlike the Home Estate market the numbers of new listings has not surged forward from last year. In fact that number is almost exactly what it was at this time last year despite a slight rise in the median list price for the condos that came on the market this year. The overall inventory for condos remains at about 200 for the month of March with a median list price of about $629,000 and an average list price of right around $900,000.
Looking at the Districts, Carpinteria/Summerland has enjoyed a surge of sales over the ’08 number with the median sales price dropping only about $35,000 to about a $436,000 median sales price. If this trend continues it could end up being a good year for this district’s condo market. In Montecito however the condo drought continues with no sales and only 1 escrow opened with a $729,000 list price. At this time last year in Montecito there had been 3 sales with a median sales price of $1.75 million and 3 escrows opened. The high end condo market has almost completely disappeared for now.
East of State St has seen about a 50% decline in the numbers of sales in ’09 with a drop of over $100,000 to about $575,000 in the median sales price whereas on the West Side of Santa Barbara sales are only down by a couple while the median sales price has slid about $80,000 to about a $520,000 median sales price. It’s interesting that both for Home Estates and Condos the West Side is outpacing the performance of the East Side.
For Goleta South the sales are about one third of what they were last year but that’s more an issue of the inventory which has fallen dramatically for the area. Last year there was a new condo development which did very well for both sales prices and numbers of units sold. For Goleta North up until March things were really dismal but the area rebounded nicely and currently is only a couple of sales behind last year’s numbers of units sold and only about $10,000 below the median sales price which is currently about $460,000.
I’m encouraged by the numbers of escrows opened in March ’09 for both Home Estate/PUDs and Condos. While the price point is overall lower than where it was last year at this time the buyers are starting to show a confidence in the market which hopefully will carry us forward into the year.
Gary Woods
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 3 months of ’09 there have been 6 Home Estate/PUD Sales. This is down from 11 in the previous year. The median sales price has also dropped from about $950,000 in ’09 to $595,000 in ’08. The good news is that the pending properties are up from the previous year but the median list price for those pending properties is about a third below where it was last year. What is up for Carpinteria/Summerland is the numbers of new listings which is at 46 with a median list price of about $1.1 million compared to last year when there were 32 new listings with a median list price of $929,000. Right now there are 77 currently active listings for the area with a median list price of $1.3 million and an average list price of $4.2 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first three months of ’09 for the condo market the sales are 2 ahead of last year while the median sales price is about $36,000 below last year’s pace. All in all this is pretty darn good. Even better is the pending condos are 3 ahead of last year but the median list price for those condos is about $61,000 behind last year’s number. There have been 3 more new listings this year but they’ve come in at about $70,000 below where they were last year. Right now there are 33 active condo listings for Carpinteria/Summerland with a median list price of $595,000 and an average list price of about $860,000.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs 12 sales for the period with a median sales price of $721,000. This compares to last year when there were 13 sales but the median sales price was $851,000. During this period 26 new listings came on the market with a median list price of $849,000 and last year 34 homes came on the market but the median list price was $899,000. This year pending properties number 13 with a median list price of $775,000 and last year there were only 7 pended properties but the median list price was $825,000. Currently there are 56 Home Estate/PUDs available for purchase in Goleta North with a median list price of $1,099,000 and 83 days on the market.
For the condo market in Goleta Real Estate North there were 4 sales for this period with a median sales price of $388,300. Last year there were 3 sales with a median sales price of $410,000. 4 properties went into escrow with a median list price of $299,000 and last year there 2 condos that went into escrow with a median list price of $519,500. During the same time period 7 new condo listings showed up with a median list price of $499,000 and last year 12 new listings came on the market with a median list price of $499,000. Right now there are 19 condos for sale in Goleta North with a median list price of $475,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of February 20th to March 20th ’09 there was 1 sale for $2.556 million compared to 3 the previous year which had a median sales price of $2,259,080. During the same time period 5 new Home Estate/PUD listings came on the market with a median list price of $2.975 million. Last year there were 2 new listings with a median list price of $2.15 million. So far this year 1 escrow has been opened in Hope Ranch with a list price of $2.975 million and last year there was just one with a list price of $1.895 million. Right now there are 24 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of just $3.795 million and an average list price of $6.2 million. Those homes have average days on the market of 124.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate area of West of State St for Home Estate/PUDs there were 9 sales from the period of February 20th to March 20th ’09. Those 9 had a median sales price of $725,000. Last year there were 12 sales with a median sales price of $814,250. Coming on the market this year there have been 23 new Home Estate/PUD listings with a median list price of $975,000 and last year there were 23 new listings with a median list price of $1,099,000. So far this year 11 properties have entered escrow with a median list price of $589,800 and last year there were 14 escrows opened with a median list price of $1,025,000. Currently there are 87 Home Estate/PUDs available for purchase on the Santa Barbara West Side with a median list price of $990,000 and 140 days on the market.
For the condo market the sales figures show us 3 sales for the period with a median sales price of $560,000. Last year there were also 3 sales with a median sales price of $575,000. During the time period 11 new condos came on the market with a median list price of $599,000 and last year 9 condos came on with a median list price of $559,000. This year 3 escrows have been opened with a median list price of $499,000 but last year there were 4 that went into escrow with a median list price of $525,000. Currently there are 57 condos available on the West Side of Santa Barbara Real Estate Real with a median list price of $599,000 and 151 days on the market.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 11 sales from February 20th to March 20th ’09 with a median sales price of $820,000. During the previous year there were also 12 sales with a median sales price of $881,500. This year 34 new listings appeared on the market with a median list price of just under $1.199 million and last year there were 40 new listings with a median list price of $1.449 million. There were more pending properties last year ringing up 19 as opposed to this year when there were 15. But last year the 19 properties had a median list price of $1.2 million and this year the median list price is $799,000. Currently active on the East Side of Santa Barbara are 132 Home Estate/PUDs with a median list price of $1.475 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year there have been 4 sales for the period we’re talking about with a median sales price of $556,000 and last year there were 5 sales with a median sales price of $562,000. During the same time period 16 new condos came on the market this year with a median list price of $605,000 and last year there were 12 new listings with a median list price of $530,000. This year the pending properties are exactly the same as last year when standing at 4. But the median list price is very different. This year the median list price for pending condos is $459,000 and last year it was $969,000. Right now there are 48 condos available on the East Side of Santa Barbara with a median list price of $699,000.
Santa Barbara Real Estate’s area of Montecito Real Estate for the Home Estate/PUD market there were 10 sales for the period of February 20th to March 20th ’09 with a median sales price of $2.5 million. For the previous year there were 14 sales but the median sales price was a $2.695 million. During that same time period there were 36 new listings that came on the market with a median list price of $3.319 and last year for the same period there were 36 new listings with a median list price of $2.595 million. This year we’ve seen 9 properties go into escrow with a median list price of $3.495 million and last year there were 13 escrows opened with a median list price just under $3.1 million. Currently there are 192 Home Estate/PUDs on the market in Montecito with a medina list price of $3.895 million and average list price of $6.5 million and days on the market of 134.
For the Condo market in Montecito Real Estate there were no sales for the period and nothin’ went into escrow. The previous year there was 1 sale for $1.75 million and 2 escrows opened with a median list price of $799,500. This year 9 properties came on the market with a median list price of $1.495 million and last year there 5 new listings with a $1.399 million median list price. Right now there are 25 condos available in Montecito with a median list price of $1.75 million and days on the market of 100.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from February 20th to March 20th ’09 there was 1 sale for $6.35 million but it took 265 days to get an accepted offer on that property. That compares to the same period last year when there were 4 sales with a median sales price of $1.78 million. The pending numbers for that same period are identical showing up with 8 in both years but the median list price for those 8 was $889,000 in ’08 compared to $799,000 for ’09. On the other side of the coin 15 new properties came on this year with a median list price of $950,000 compared to last year when there were 10 new listings with a median list price of $875,000. Currently there are 79 Home Estate/PUDs available in Carpinteria/Summerland with a median list price of $1.495 million and an average list price of $4.23 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period only 2 properties sold with a median sales price of $648,500 whereas in ’08 there were 3 sales with a median sales price of $650,000. The good news is this year 7 properties went pending with a median list price of $449,000 compared to ’08 when there were just 2 with a median list price of $299,900. There was just about exactly the same number of new properties that came on the market. 9 this year with a median list price of $489,000 compared to ’08 when there were 10 new with a $499,000 median list price. Currently there are 34 condos available with a median list price of $550,000 and an average list price of $861,532.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is up by 2 properties with the numbers of new listings also up by 2. The numbers of condos going into escrow has taken a big surge and is currently by 8 from last year but the numbers of sales is down by half. The average sales price however is off by 23%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings are down by 30% with the numbers of new listings also down by 30%. With the numbers of available properties falling back the numbers of homes that went into escrow is only down by 2 with the numbers of sales down by 8. The average sales price however has fallen by 33%.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is up by 1 from last year but the numbers of new listings is the same for both years standing at 2. The PUDs in escrow is 3 ahead of last year but the numbers of sold PUDs is down by 1. The average sales price has dipped a bunch is down by 53%.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is down by 43% for ’09 with the numbers of new listings down by 40%. The numbers of properties entering escrow has fallen even further and is down by 52% with the sales falling by 66%. But the average sales price has fallen only 10% for the year.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is down by 16% with the numbers of new listings falling by 20%. But escrows have only fallen by 2 with sales at exactly the same place they were last year. Even so the average sales price is down by 28% to $828,000.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South has the inventory doubled to 6 properties with the numbers of new PUDs up by 4 from 0 last year. With that entire added inventory the numbers of escrows is up by only 1 with the numbers of sales standing at 1 for each year. And amazingly the average sales price went from $615,000 last year to $1,000,000.
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 Montecito Real Estate
Hope Ranch Real Estate the inventory has gone up by 65% with the numbers of new listings up 40%. But with that entire inventory the numbers of properties that have gone into escrow is down by 1 with the numbers of sales down by 4. The average sales price has slid lightly from about $2.9 million last year to about $2.36 million this year.
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 the total inventory for ’09 is up by 7 properties while the numbers of new listings has fallen by 12. With the inventory up the escrows are down by 2 with the sales down by 5. That brings us to the average sales price which has dipped by 30%.
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes available is down by 8% with the numbers of new listings declining by 24%. But despite the inventory being down the numbers of escrows is only down by 1 while the numbers of sold properties is up by 2. The average sales price has taken a slight dip however and is off by 5%.
The PUD market for the Santa Barbara Real Estatearea of West of State St there 3 listings last year compared to 0 this year and 1 new listings last year compared to 0 this year. There were 2 escrows last year with 0 this year but there no sales in either year.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year is down by 1 while the numbers of new listings is also down by 1. On the flip side the numbers of escrow is up by 1 but the numbers of sales has fallen by 4. The average sales price has also dipped and is down by 25%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings is down by 14% with the numbers of new listings falling off the pace by about 20%. This decline in inventory has led to an 11% drop in the numbers of homes going into escrow and a 23% drop in the numbers of closed escrows. The average sales price has also fallen and is down by 20%.
There’s not a whole lot of activity in the PUD market on the East Side of Santa Barbara Real Estate but last year there 7 active properties compared to 3 this year. But numbers of new properties is exactly the same at 2. There was 1 PUD that went into escrow last year compared to 0 this year but both years saw no sales.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available for the year is up by 2 as are the new listings. The under contact numbers for both years stands at 1 with 2 sales showing up last year at this time compared to 0 for this year.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of listings is up by 28% compared to last year with the numbers of new listings up by 11%. The numbers of listings under contract is coming back somewhat but it is still down by about 27%. The numbers of sold properties is also coming up comparatively but it is still down by about 43%. Mirroring the decline in sold properties is the decline in the average list price also down by 43% to about $2.8 million.
For the PUD market in Montecito Real Estate there have been just 2 listings this year and 2 for the previous year. But at this time last year 2 new listings had come on compared to 1 this year. The numbers of PUDs under contact is 1 this year compared to 0 last year but the numbers of sales for both years stands at 0.
For the Santa Barbara area of Carpinteria Real Estate/ Summerland Real Estate for the condo market through March 13 the inventory is up by 1 over last year at this time while new listings are up by 8. The numbers of sold listings is currently ahead by 1 but the average sales price has declined by about 20%.
For Home Estates in Carpinteria Real Estate/ Summerland Real Estate the total numbers of listings through March 14 is up by 28% over last year’s numbers with the new listings surging by 20%. But with the inventory up the numbers of properties that entered escrow is exactly where it was last year and the numbers of sold homes is down by 6 with the average sales price sliding by 62%.
For PUDs in the Carpinteria Real Estate/ Summerland Real Estate there’s not much goin’ on. Last year there were 2 listings at this time and all the other numbers are 0. There was also 1 under contact last year but none this year. There has been 1 sale for $591,000 compared to none last year.
For Goleta Real Estate North area of Santa Barbara Real Estate for the Home Estate/PUD market there are currently 50 properties on the market with an average list price of about $2.7 million. The most expensive property in the area can be had for just $23.5 million while on the other end of the scale there’s a listing for just under $300,000. You mush all that together and you get a median list price for Goleta North of $1.125 million.
Right now there are 15 Home Estate/PUDs in escrow for Goleta North with an average list price of about $950,000. On the upper end of the scale there’s a home in escrow for just under $3 million while at the bottom of the list there’s one for $447,900. You swirl all that around and you come up with a median list price for homes in escrow for $749,000.
For the time period we’re talking about 27 homes closed escrow with an average sales price of just under $700,000. On the tippy top a property closed escrow for $1.22 million while at the other end of the scale one slipped out the door for $180,000. Even so the median sales price for Goleta North this year has been $686,000.
For the condo market in Goleta Real Estate North there are just 19 properties available right now for an average list price of $533,936. Topping the active list is a condo for $1.139 million while at the lower end of the scale one is listed for $375,000. The median however is a lot closer then bottom than the top and resides currently at $475,000.
Right now only 10 condos are in escrow in Goleta South with an average list price of $347,860. The highest priced condo in escrow tops the charts at $695,000 while the bottom of the list shows us one at $112,700. When you look to the middle the median list price for a condo in escrow is $322,000.
For Goleta North for the period we’re speaking of there was only 3 sales with an average price of $375,433. The highest priced sale closed escrow at $537,500 while the least expensive property left the gates at $128,800. Even so the median sales price for all of ’09 so far is $460,000.
In the Goleta Real Estate South area there are 42 Home Estate/PUDs available with an average list price $1.36 million. The highest priced listing in the area can be had for $3.3 million while the least expensive home is on the market for $549,000. All of that gives us a median list price of about $1.3 million.
Currently there are 11 properties in escrow for Goleta South with an average list price of $865,809. The highest priced listing now in escrow is on the market for $2.3 million and the least expensive property is listed at under $500,000. The median list price for Homes in escrow is $615,000.
For the period we’re talking about 12 homes closed escrow with an average sales price of just over $850,000. The most expensive home in the area went out at $1.7 million while the least expensive property closed at $280,000. The median price for Goleta South is $680,000 so far this year.
For condos on the South Side of Goleta Real Estate we currently have 24 units available with an average list price of just over $500,000. The highest priced listing is on the market for $775,000 with the least expensive home showing up at under $200,000. This gives us a median list price of $539,000.
There are 7 condos in escrow currently with an average list price of $384,157. The highest priced condo in escrow is listed for just under $600,000 with the least expensive property listed at $239,000. The median list price for a condo in escrow is $349,900.
For the Goleta South area for the period we’re talking about 4 condos closed escrow with an average sales price of $542,125. The most expensive condo that has closed escrow this year went out at about $940,000 and the least expensive home closed for $325,000. The median sales price has been just $375,000.
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 22 properties available with an average list price of about $6.6 million and a median list price of $3.85 million. The most expensive property currently available in the ranch is listed for almost $29 million while the least expensive property can be had for $859,000. The average marketing time for those 23 listings is 162 days.
Right now there is nothing in escrow for Hope Ranch. That’s right, zip, nada, nothin’.
For the time period we’re talking about only 2 home closed escrow in the area with the highest priced property closing for $2.55 and the least expensive home going out for $2.175 million. That gives us a median sales price of $2.175 million.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity.
In the West of State St area of Santa Barbara Real Estate the inventory currently stands at 87 Home Estate/PUDs with an average list price of about $1.25 million and a median list price of just under $1 million. The most expensive property on the West Side is listed for $2.9 million while the lowest priced listing can be had for $439,800. The average marketing time for those 87 Home Estate/PUDs is 133 days.
Right now there are 20 Home Estate/PUDs in escrow on the West Side of Santa Barbara with an average list price of about $875,000. The highest priced property in escrow is listed for about $2 million. The least expensive condo is escrow is listed for about $325,000 with a median list price of about $750,000.
For the period we’re talking about 20 homes closed escrow with an average sales price of about $1 million and a median sales price of $860,000. The highest priced home that closed escrow sold for $2.125 million while the least expensive home had a selling price of $230,000. The average marketing time for those 20 properties was 92 days.
For the Condo market on the West Side of Santa Barbara Real Estate there are 52 units currently available with an average list price of about $880,000. The highest priced listing is on the market for about $2.6 million with the least expensive property on the market for $315,000 with a median list price of about $600,000.
There are currently only 6 condos in escrow on the West Side with a top price of $1.12 million and a bottom price of $219,000. This gives us a median list price for the 6 condos of $414,800 and an average list price of about $560,000.
For the period we’re talking about 6 condos closed escrow with an average sales price of $567,333 and a median list price of $520,000. The highest priced condo closed for $900,000 with the least expensive property going out for $427,000.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 126 Home Estate/PUDs available for purchase with an average list price of about $1.9 million. The most expensive property available can be had for about $12 million with the least expensive property on the market for $427,900. The median list price for the East Side is about $1.4 million.
There are 17 Home Estate/PUDs in escrow right now for the East Side with an average list price of about $1.3 million. The highest priced home in the area is listed for $3.4 million with the least expensive property on the market for just under $500,000. The median list price for homes in escrow is $1,050,000.
For the period we’re talking about 20 Home Estate/PUDs have closed escrow on the East with an average sales price of about just over $1 million. The highest priced closing was about $2.4 million with the least expensive home going out for just $312,000. The median sales price on the East Side is currently $920,000.
The condo market for the East Side of Santa Barbara Real Estate has 49 properties for sale with an average list price of about $1.1 million. The highest priced condo can snapped up for a cool $15 million while the least expensive property is a mere $379,900. The median list price is $725,500.
Right now there are only 5 condos in escrow with an average list price of about $600,000. The highest priced home in escrow is listed for about $1 million while the least expensive condo in escrow is listed for $424,900. The median list price is $539,000.
For the period we’re talking about only 5 properties closed escrow with an average sales price of about $660,000. The highest priced condo slid out the door for about $950,000 with the least expensive home leaving for $418,000. The median sales price was $625,000.
For Santa Barbara Real Estate in the Montecito Real Estate area currently 178 Home Estate/PUDs are on the market with an average list price of about of about $7 million. The highest priced listing in the area is $47 million with the least expensive home on the market for just $885,000. The median list price for Montecito is currently about $4 million.
Currently there are only 15 properties in escrow in Montecito which an average list price of about $2.3 million. The highest priced listing in escrow is on the market for about $6 million with the least expensive home in escrow about $1.1 million. The median list price for homes in escrow in Montecito is about $1.5 million.
For the period we’re talking about 14 Home Estate/PUDs closed escrow in Montecito with an average sales price of about $2.8 million. The highest priced listing that’s closed escrow so far this year went out at about $6 million with the least expensive home closing for $865,000. The median sales price is $2.9 million.
For the Condo market in Montecito Real Estate there are currently 21 properties available with an average list price of just under $2 million. The highest priced condo available is on the market for about $3.5 million while the least expensive property can be snapped up for just $725,000. The median however is right about $2 million.
Currently there’s 1 in escrow in for Montecito Condo with a list price of just $729,000.
But for the period we’re talking about nothing closed escrow. It’s definitely been a quiet time for Montecito condos.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate there are currently 79 Home Estate/PUDs available for purchase. The highest priced listing is just under $30 million with the least expensive home offered at just under $500,000. The median list price for the area is about $1.5 million.
For Carpinteria/Summerland there are only 8 homes currently in escrow with a highest priced listing going for about $2.5 million. The least expensive home in escrow is just under $500,000 and the median list price is $629,000.
For the period we’re talking about there have been 4 sales with the highest priced property going out at $600,000 and the least expensive home being sold for $500,000. This all gives us a median sales price of $585,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate there are 34 properties available currently with the highest priced listing topping the charts at just under $6 million. On the other end of the scale there is a condo for $234,900 and the median list price is $545,000.
There are currently 5 condos in escrow with the highest priced dwelling listed for just under $500,000. The least expensive property is listed for $250,000 and the median list price is $449,000.
For the period we’re talking about 6 properties have closed escrow with a median sales price of $340,000 and the highest priced condo going out at $650,000. The least expensive property went out at $240,000.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 2 months of ’09 the Home Estate/PUD sales are up from 21 last year to 25 this year. But the median sales price has fallen from $810,000 last year to $686,000 this year. This numbers of pended listings is also up slightly from 24 last year with a median list price of $849,000 to 27 this year with a median list price of $779,000. The new listings are down however from 45 in ’08 with a median list price of $899,000 to 35 this year with a median list price of $849,000. Currently there are 48 Home Estate/PUDs available in Goleta North with a median list price of $1.125 million.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first two months of ’09 for the condo market there has been 1 sale with a price of $460,000. This compares to ’08 when there were 5 sales with a median sales price of $470,000. The pended listings are way up however from 5 in ’08 with a median list price of $519,500 compared to ’09 when there have been 12 escrows open with a median list price of $324,900. The new properties are way up however from 12 in ’08 with a median list price of $519,500 compared to this year when 19 new listings have entered the market place with a median list price of $449,000. Currently there are 18 condos available in Goleta North with a median list price of $449,000.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 2 months of ’09 we’re 1 sale behind where we were last year at this time but the median sales price has fallen from $815,000 in ’08 to $787,350 in ’09. The numbers of pending listings however is up from ’08 when it was 16 with a median list price of just under $800,000 to 20 in ’09 with a median list price of $669,000. The numbers of new listings is exactly where it was last year with 29 but the median list price has fallen from $839,000 in ’08 to $799,000 for ’09. Currently there are 39 Home Estate/PUDs available in Goleta south with a median list price of $1,375,000.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first two months of ’09 the condo market has fallen way behind of the ’08 pace. In ’09 we’ve seen only 3 sales with a median sales price of $375,000 compared to ’08 when there were 9 sales with a median sales price of $590,000. The pending listings are down by half from 16 in ’08 to 8 in ’09 with the median list price falling from $629,000 last year to $322,500 this year. The new listings are also down from 25 last year with a median list price of $566,000 to 15 this year with a median list price of $449,000. Currently there are 21 condos available in Goleta South with a median list price of $539,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 2 months of ’09 for the Single Family Residence market there have been 2 sales with a median sold price of $2,365,500 compared to last year when there were 4 sales with a median sales price of $3.46 million. There have also been half the numbers of escrows opened this year compared to last but interestingly enough at least at this point the median list price for those escrows is up from $1.895 million last year to $2.55 million this year. There have been more properties come on the market however with 9 this year with a median list price of $3.85 million compared to 7 last year with a median list price of $2.595 million. Currently there are 21 Homes available for purchase in Hope Ranch with a median list price of $4.85 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first two months of ’09 in the Condo market there was no activity.
For the Santa Barbara Real Estatearea of West of State St for the Home Estate/PUD market for the first 2 months of ’09 sales have been great. 18 sales have been posted with a median sales price of $946,000. Last year at this time only 7 sales had been completed with a median sales price of just under $700,000. The pended properties have also shot up from 8 in ’08 to 26 in ’09 with a median list price for ’08 of $525,000 compared to ’09 when it has been just under $800,000. New properties are also up from 30 in ’08 to 40 in ’09 with the median list price also rising from $599,000 to $950,000 in ’09. Currently there are 86 Home Estate/PUDs available for purchase on the West Side with a median list price of $990,000.
For the Santa Barbara Real Estateof West of State St for the first two months of ’09 in the condo market the news is not nearly as good. 5 sales have been completed ’09 with a median sales price of $525,000 compared to last year when there were 7 sales with a median sales price of $698,000. Things are kind of easing closer together however with 8 condos going pending in ’08 compared to 7 in ’09. The median list price for those condos is also closer together with $525,000 posted in ’08 compared to $521,000 in ’09. Currently there are 52 condos available on the West Side of Santa Barbara with a median list price of $789,000.
For the Santa Barbara Real Estate area of East of State St for the first 2 months of ’09 the numbers of sales is almost exactly where it was last year but the median sales price has fallen from $1,222,500 last year to $920,000. Unfortunately this dramatic drop hasn’t yet spurred a huge spurt in activity. The numbers of pended listings are ahead of last year however with 24 going into escrow but the median list price for those 24 is $1,050,000 compared to last year when 22 escrows were opened with a median list price of $1.25 million. The numbers of new listings is slightly ahead of where it was last year with 76 properties coming on the market with a median list price of $1.4 million compared to ’08 when there were 22 new listings with a median list price of $1.25 million. Currently there were 128 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of $1.425 million.
For Santa Barbara Real Estate area of East of State St for the first two months of ’09 in the condo market there have been 5 sales with a median sales price of $625,000. This compares to last year when there were 7 sales with a median sales price of just under $700,000. The numbers of escrows opened is also 2 behind from last year but the median list price for those 2 fewer escrows about $100,000 below where it was last year. The new listings however are 2 ahead of where they were last year with a median list price of $725,500 compared to ’08 when it was just under $700,000. Currently there are 48 condos available on the East Side of Santa Barbara with a median list price of $749,000.
For the Santa Barbara Real Estate area of Montecito Real Estatefor the first 2 months of ’09 there have been 12 sales compared to 23 last year. The median sales price has also fallen dramatically this year down to just under $3 million from the ’08 number of $4.2 million. We may be seeing a resurgence in the numbers of sales however because the pended listings are rising and currently stand at 21 compared to last year when they were 26. The median list price for those 21 pended listings for ’09 is about $700,000 below the number posted for last year. What is up in Montecito is the numbers of listings. This year there have been 72 new properties that came on the market with a median list price of $3.5 million compared to last year when there were 58 new listings with a media list price of about $3.3 million. Currently there are 173 listings available for purchase in Montecito with a median list price of about $4.2 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first two months of ’09 not much has gone on. No sales have been rung up and only 1 property went in to escrow with a list price of $729,000. But last year there was only 1 sale with a price of $1.75 million and 1 pended listing with a price of $2.45 million. The new listings are way up however with 8 coming on this year with a media list price of $2.1 million compared to ’08 when there were 5 new properties with a median list price of just under $2 million. Currently there are 18 Condos available in Montecito with a median list price of just under $2 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 2 months of ’09 for the Home Estate/PUD market there have been 3 sales with a median sales price of $585,000 compared to last year when there were 5 sales with a median sales price of about $950,000. The trend looks like it’s going to continue because so far this year there has been 6 properties go into escrow with a median list price of $580,000 compared to ’08 when there were 9 pended listings with a median list price of $900,000. What is up in Carpinteria/Summerland is the numbers of new listings. This year 28 properties have come on the market with a median list price of $1.2 million compared to last year when there were 21 with a median list price of just under $1 million. Currently there are 81 Home Estate/PUDs available in the area with a median list price of just under $1.5 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first two months of ’09 in the condo market has give us 5 sales compared to 4 last year but this year the median sales price is $340,000 compared to last year’s $472,500 mark. The pended properties are also 1 ahead of last year’s market but this year the median list price is $264,900 compared to last year when it was $549,000. Just like Home Estate/PUDs the numbers of new listings is way up with 17 being posted with a median list price of $590,000 compared to last year when there were 11 new listings with a median list price of $559,000. Currently there are 36 condos available in the Carpinteria/Summerland area with a median list price of $590,000.
For the month of February ’09 the increase in properties that went into escrow in January didn’t result in a significant rise in the numbers of closed Home Estate/PUD properties in the Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate areas. The numbers of closed properties was above the
January ’09 level but below the February ’08 level. Whether those properties that went into escrow in January fell through or are still in escrow remains to be seen. What did change for the month was the median sales price which dipped into the low to mid $700,000 range. This means that the majority of the activity was still coming from Goleta with some help from Carpinteria.
There was again in February a surge of properties going into escrow and the good news is that the median list price for those homes that did start the buying process was right around the million dollar level, significantly higher than it’s been up until now. This also tells us that areas other than Goleta and Carpinteria/Summerland are seeing a rise in activity.
The Sales Price to Original List Price ratio came up a bit for February but still remained in the 80s meaning that buyers are demanding and getting significant reductions in what the sellers would like to receive. Also there is about a 10% decline in the time it takes to get an accepted offer for a property but it is still taking roughly 3 months to get a home into escrow.
Looking at the districts, Carpinteria/Summerland has seen the numbers of sales drop with the median sales price dropping by about half. It looks like it will continue at this level for a while because the numbers of pending properties is also down as is the median list price for those homes.
Montecito has also had a decrease of about half the numbers of sales compared to ’08 and the median sales price has dropped by about $1 million. There are some encouraging numbers in the pending category however but the median list price for those homes is still substantially below the ’08 level.
For East of State St the sales are almost exactly where they were last year but the median sales price has declined significantly. The good news is that the pending listings this year are ahead of last year’s pace but the median list price for those properties is significantly below last year’s level.
Our shining star this year is the West Side where sales are almost triple last year’s pace and the median sales price is up over 30%. The pending properties are also way up for the area so it looks like the trend will continue there.
Hope Ranch continues to struggle posting half as many sales compared to this time last year and a decline of over $1 million in the median sales price. The pending listings are also about half of what they were in ’08 but at least the median list price for those homes is above last year’s level.
Goleta South is slightly ahead of the level that we saw last year but the median sales price slid down. It looks like the area will really start to surge however because the pending listings are ahead of the ’08 pace but the median list price for those properties has moved down into the mid $600,000 level.
Goleta North is the other bright star in our galaxy. Sales are ahead of where they were last year but the median sales price for those properties is more than $100,000 below where it was in ’08. The pending numbers are also up for the area but just like with sales the median list price is below last year’s number by about $75,000.
For the condo market the numbers are still rather dismal. The numbers of sales is close to the single digit range for February with the median sales price hovering around $500,000. The properties going into escrow is somewhat encouraging however but they are still below the ’08 level and about $100,000 below the median list price for condos going into escrow last year.
The sales price to original list price ratio is in the 90th percentile which is almost exactly where it was last year. But, the days on the market has dropped by about 3 weeks. This means it’s taking about 2 months to get an accepted offer compared to last year when it took almost 3.
With the lack of sales the condo inventory continues to grow and currently has a median list price for the almost 200 available properties of about $625,000 and an average list price of just under $1 million. The average days on the market for the entire inventory are just over 4 months.
Looking at the districts we see that sales for Carpinteria/Summerland are actually ahead of where they were last year but the median sales price has dropped over $100,000. The pending numbers are also up for the area but the median list price for those pending properties is half of what it was last year.
For Montecito there have been no condo sales but last year there was only 1 for $1.75 million. There is one pending listing however but the list price for that property is $729,000 compared to last year when there was 1 pending listing with a list price of $2.45 million.
On the East Side of Santa Barbara the sales are down by a couple with the median sales price down by about $75,000. The pending listings are also down by a couple with the median list price down by about $100,000.
For the West Side unlike the Home Estate/PUD market the sales of condos are down by a one with the median sales price falling by about $175,000. The pending numbers are also down by only 1 however with the median list price off by just $4,000.
Goleta South has seen sales fall almost 3 fold with about a $150,000 drop in the median sales price. The pending numbers are also down by about half of the amount we saw in ’08. Unfortunately the median list price for those condos is also down by over $200,000.
Goleta North has had only 1 sale through February with a sales price of $460,000. This compares to last year when there were 5 with a median sales price of $470,000. The good news here is that the pended listings are more than double the numbers we saw in ’08 which means the activity should increase dramatically. But, the bad news is that the median list price for those properties is still down about $200,000.
Santa Barbara’s Home Estate/PUD market is showing signs of moving forward in February particularly on the West Side as well as both Goleta North and South. The rise in the median list price of properties going into escrow tells us that the $1 to $2 million segment of the market is re-establishing itself. The $2 million and up part of the market also made gains in the pending category for the month while the sub $1 million range remained about where it’s been.
The condo market is continuing to have problems with people who would have normally bought a condo now looking at single family dwellings which have come into their price range. The upper end condo market has been hit particularly hard with very little activity being registered above $800,000. Until the lower end Homes get moved out the condo market will continue to struggle.
Gary Woods
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 1/1/09 to 2/19/09 there were 18 sales with a median sales price of $684,500. Last year for the same time period there were also 18 sales but the median sales price was $795,000. The average sales price is a lot wider apart however. Last year the average sales price was $921,111 and this year the average has fallen to just over $700,000. The average days on the market for Goleta North are 63 for this year with another 52 days added on for the escrow period. This adds up to 115 total days worth of marketing time.
For Condominiums on the North Side of Goleta Real Estate there has been only 1 sale for the period with a sales price of $460,000. This compares to last year when there were 3 sales with a median sales price of $470,000. The average sales price is tilted slightly more towards last year when it was just under $500,000. The only good news for Goleta North Condos is that the days on the market were 26 with 11 days tacked on for the escrow meaning that property moved out in just 37 days.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate for ’09 there have been 8 sales with a median sales price of $787,350. This compares to ’08 when there were 8 sales with a median sales price of $800,000. The average sales price is tilted slightly towards last year when it was $983,000 compared to this year when it’s been $916,337. The average days on the market for ‘09 has been a rather zippy 74 days with a 32 day escrow period added on. This means the whole transaction from start to finish took just over 100 days.
For Condominiums for Goleta Real Estate South for the same time period there were 3 sales with a median sales price of $375,000. This compares to ’08 when there were also 3 sales but the median sales price was $290,000. The average sales price tilts farther towards ’09 however when it shows up at $546,500 compared to ’08 when it was $306,666. The average days on the market for this year are just 68 with a 35 day escrow period tacked on. So this adds up to 113 days worth of total marketing time.
For Hope Ranch Real Estate Home Estate/PUDs from 1/1/09 to 2/19/09 there has been just 1 sale with a sales price of $2.175 million. This compares to last year when there were 3 sales with a median sales price of $2.525 million. The average sales price stretches things out a little further with ’08 showing up at just under $3 million. The days on the market for Hope Ranch this year give us 107 with only a 7 day escrow period. So even though there hasn’t been much activity it took a relatively short time to close that escrow.
For Condominiums in Hope Ranch Real Estate there was no activity.
For West of State St in Santa Barbara Real Estate for Home Estate/PUDs for the period of 1/1/09 to 2/29/09 there have been 15 sales compared to only 11 last year. The median sales price is slightly behind however showing up at $912,000 compared to $935,000 for $912,000 this year. This average sales price is further apart however with ’08 posting a $1.25 million average compared to ’09 which shows us a $1,050,866 average sales price. The average says on the market is 114 for the West Side with another 37 added in for escrow time bringing us to 151 days of total marketing time.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there have been 3 sales with a median sales price of $520,000. This compared to ’08 when there were 7 sales with a median sales price of just under $700,000. The average sales price is a lot farther apart however. In ’08 the average was about $910,000 compared to ’09 when it’s been $630,666. The average days on the market for the West Side have been 153 with another 44 thrown in for escrow time. This brings the total marketing period to about 200 days.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for ’09 we’ve had 13 sales with a median sales price of $970,000. This compares to ’08 when there were 14 sales with a median sales price of $1.325 million. The average sales price lengthens the equation out a little further with ’08 showing up at about $1.6 million compared to ’09 which is just over $1 million. The average days on the market for the East Side are not inconsiderable. It’s taken about 148 gets to get an accepted offer over there with another 48 days throw in for escrow time. That brings the total to just less than 200 days to get a completed escrow.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 3 sales with a median sales price of $850,000 which is about $120,000 above the median sales price posted for this time last year. Unfortunately it’s almost half as many sales as we saw last year. The average sales price flips over however. In ’08 for this period the average condo sold for about $920,000 and this year the average is about $736,000. The average days on the market for the East Side is a rather zippy 56 with another 24 added on for escrow time. This adds up to 61 days total for the properties that closed.
From 1/1/09 to 2/19/09 in Montecito Real Estate for the Home Estate/PUD market there were 7 sales with a median sales price of $2.5 million. This compares to ’08 when there were 17 sales and the median sales price was $4.2 million. There’s an even bigger gulf with the average sales price which resided last year at about $5.9 million compared to this year when it rests at about $2.4 million. The average days on the market for Montecito Home Estate/PUDs are 112 and when you add on another 42 days for escrow time it’s taking about 156 days to get a Montecito Home sold.
For Condominiums for the same time period in Montecito Real Estate nothing has sold this year and last year there was just 1 sale with a selling price of $1.75 million. At least starting off this year it still looks tough for the Montecito Condo market.
From 12/11/08 to 1/11/09 there were 3 sales in the Carpinteria Real Estate/Summerland Real Estate Home Estate PUD market compared to 5 for the previous year. The median sales price of ’09 however has been right around $600,000 compared to last year when it was about $950,000. The difference gets even bigger when you look at the average sales price for ’08 which was about $2.2 million compared to ’09 when it’s been about $560,000. The Average Days on the Market for those 3 sales this year is 103 which is the time it took to get an accepted offer and you tack on another 93 days for escrow time and we’re looking at almost 200 days to get a home sold.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate for the same time period there were 3 sales this year compared to only 2 the previous year and the median sales price is almost exactly where it was last year. For ’08 the median sales price was $372,500 and in ’09 it’s $340,000. The average sales price for both years is also very close separated by $17,500. The Average Days on the Market this year 165 for condos and tacking on another 46 days for escrow time we’re looking at about 211 days to get a condo closed for Carpinteria/Summerland.
For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market the area Median Sales through February 12th is $684,500 with 18 sales compared to last year when it was $810,000 on 15 sales. So this tells us the market is going in 2 different directions with the median sales price down by about 16% but the numbers of sales are up by 20%.
For the gap report both years come in almost exactly the same. In ’08 there was a gap of just over 16% and for ’09 that gap is just under 17%.
For the Goleta Real Estate North condo market there is no median sales price this year because there have been no sales. Last year there were 3 sales through February 12th with a median sales price of $470,000.
For the Gap report in ’08 there was just $5,000 difference between the median list price and the median sold price and again this year no sales yields no gap.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price through February 12th has been $787,500 on 6 sales while last year it was $785,000 on 7 sales. It looks now like the median sales price for the area is starting to stiffen while the numbers of sales is remaining stable.
Now for the gap report for Goleta south. Last year there was a small gape of 2% with a median list price of $800,000 and a median sales price of $785,000. This year the gap has grown to about 35% with a median list price of $1.21 million compared to a median sales price of $787,500.
For the condo market in Goleta Real Estate South the median sales price of $375,000 on 3 sales doesn’t look too good compared to ’08 when it was $590,000 on 7 sales. This translates out to about a 37% drop in the median sales price and more than a 50% in the numbers of sales.
The gap report for amplifies those numbers when was see ’08 had just a 1.5% gap and ’09 has given us a 29% gap with a median list price of $525,000 and a median sales price of $375,000.
For Santa Barbara Real Hope Ranch Real Estate area there has been only 1 sale for $2.175 million compared to last year when there were 2 sales with a median sales price of $2,080,000. Roughly 2 million seems to be about where we’ve been for the past half year out in Hope Ranch. Hopefully the numbers of units sold will pick up.
Looking at the gap report for Hope Ranch this year it stands at almost 38%. The median list price for the area is about $3.5 million and the one sale came in at $2.175 million. Last year the gap was about 20% with a median list price of about $2.6 million and a median sales price of $2,080,000.
For Santa Barbara Real Estate’s 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 Home Estate/PUD is currently $912,000 on 13 sales and last year it was about $1.1 million on 10 sales. So with the median sales price down about 17% and the numbers of sales up 30% things actually pretty good on the West Side.
The gap between the median sales price of $912,000 and the median list price of $980,000 is only 0.5% this year but last year that gap was slightly wider at 6.9%. Hopefully West Side Home Estate sales will be leading the way for the rest of the area.
For the Santa Barbara Real Estate West Side condo market the median sales price has fallen to $520,000 on 3 sales from $691,500 last year on 6 sales. So with the median sales price down by about 25% and the numbers of sales down by 50% the condo market on the West Side is directly reversed from what we see in the Home Estate market.
The Gap Report really amplifies the sales and sales price numbers. In ’08 the gap was just 1.1% but in ’09 that gulf has widened out to 40.2% with a sales price of $520,000 and a list price of $869,000.
For Santa Barbara Real Estate area East of State St area the Median Sales price through February 12th has been $945,000 on 12 sales. The sales are just 1 behind the ’08 figures but the median sales price has fallen about 25% from $1.25 million last year to $945,000 this year.
As far as the gap ratio or the median list price versus median sales price for ’08 it was only 5.7% apart but this year it stands at about 35%. Interestingly while the sales prices come down the properties that come on the market continue to go up.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate the median sales price is actually up about 17% from where it was last year. But the numbers of sales is down by half. Again, all these numbers are rather small so trying guess whether this is a trend or an anomaly is difficult.
Now for the gap report, in ’08 the gap was 16.7% but this year there actually is no gap with the median sales price coming in at $850,000 and the median list price showing up at $799,000.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through February 12th has been $2.5 million with 7 sales. This compares to ’08 when there were twice as many sales and the median sales price was $4.35 million. A 42.5% drop in the median sales price and a 50% drop in the numbers of sales is definitely something catches your attention.
As big as the median sales price and numbers of sales are the gap ratio is even bigger. In ’08 the difference between the median sold and median list numbers was a positive 25% meaning that the sales price was actually above the list price. In ’09 those numbers are totally reversed with the median list price standing at $4.4 million and the median sales price coming in at $2.5 million for a 94.3% gap.
For the condo market in Montecito Real Estate there is no median sales price because there have been no sales. Last year there was 1 sale at this time for $1.75 million. Since we have no sales we have no gap this year but last year it was a razor thin 1.7%.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price so far in ’09 is $585,000 on 3 sales. This is down about 30% from last year at this time and that was on 4 sales. These numbers are obviously early but a 30% drop year over year is significant.
The gap, which is the difference between the median sales and median list price, was 36.6% last year which was substantial but this year it’s a huge chasm standing at 63.3%. The median list price for the area is currently about $1.6 million with the median sales price not even at $600,000.
For the Carpinteria Real Estate/Summerland Real Estate condo market the current median sold price is $340,000 on 3 sales while last year with just 2 sales it stood at $372,000. This 8.7% difference is basically insignificant as is the difference in the numbers of sales.
For the gap both years are also very close together. In ’08 it was 37.8% and in ’09 we’re at 35.2%. It looks like for a while anyway Carpinteria/Summerland condos have found their level. We’ll have to see if that changes throughout the year.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is up by 30% and the numbers of new listings is up by 88%. All those condos have led to a doubling in ’09 of the properties that went into escrow but so far none of those escrows have closed because there are 0 sales compared to 3 in ’08.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings are down by 33% with the numbers of new listings down by 40%. With dramatically fewer properties to sell the numbers of escrows for ’09 is only down by 1 and the numbers of sales is up by 1. The big number however is the average sales price which dipped from just over $1 million last year to under $700,000 this year.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is up by 1 from last year but neither year saw any new listings. Escrows are up by 1 this year but sales are down by 2 with 0 being rung up this year.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is down by 50% for ’09 with the numbers of new condos coming on the market down by 62%. That dramatic fall in the inventory has given half the numbers of escrows we saw last year and 66% fewer sales. But amazingly those condos that have sold this year are up by 13%
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is down by 13% the numbers of new listings down by 6%. But with the inventory down the numbers of escrows is up by 85% with the sales exactly at the same level they were last year. But to achieve those numbers the average sales price is down by 23%.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South has the inventory for the year exactly where it was last year but the new listings are 1 ahead of the ’08 level. Both years showed up escrows opened at this time but both years also have 1 sale but in ’09 that sale was $1 million and in ’08 that sale was $615,000.
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 the inventory has more than doubled peaking out at a 58% rise and the numbers of new listings is up by 14%. With all those homes to sell you’d think things would be rolling in Hope Ranch but there were only 2 escrows for both years and 2 sales last year with 1 this year. The average sale is up slightly for ’09 reaching $2.175 million.
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 the total inventory for ’09 is up by 14% but the numbers of new condos that came on the market this year is down by 40%. Despite that fall in new condos the escrows are up by 25% but the sales are down by 40%. But despite that dramatic drop the average sales price is down just 10%
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes available is down by 7% with the numbers of new listings down by 27%. With the inventory down you’d think the numbers of escrows and sales would be down but escrows are up 90% and sales are up 33%. To get that rise in numbers of sales the price on the West Side has come down about 20%.
The PUD market for the Santa Barbara Real Estate area of West of State St very little activity has occurred this year. Last year there were 2 listings and this year there are none. There were no new listings in either year and there was 1 escrow in ’08. All the rest of the numbers are goose eggs for both years.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year is down by just 3% with the numbers of new listings off by 8%. The interesting part is with few condos to sell the escrows are up by 25% but the sales are down by 40%. Then to complete this whacky romp the average sales price is up by 11%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings is down by 21% with the numbers of new listings down by 32%. The good news is that even though there are fewer properties to sell the escrows are down by only 1 from ’08 and the numbers of sales is down by just 2. Unfortunately what has fallen is the average sales price which is down by about 40%.
There’s not a whole lot of activity in the PUD market on the East Side of Santa Barbara Real Estate but last year there 5 properties to sell and this year there are 2. But there is 1 more new PUD than there was at this time last year. The rest of the numbers are goose eggs. No escrow and no sales for either year.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available for the year is down by 4% but the numbers of new listings is surging ahead at 66%. Unfortunately those new listings have led to no new escrows and we’re still waiting for our first sale of a Montecito condo for ’09. But then again ’08 only had 1 escrow and 1 sale at this time.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of listings is up by 38% and the numbers of new listings is up by 41%. With that entire inventory you’d think there were be a lot of new escrows. Well, escrows are down by 13% and sales are down by 46%. But the biggest decline is in the average sales price which went from $6.7 last year to $2.4 this year.
For the PUD market in Montecito Real Estate there have been just 2 listings this year but that’s 1 ahead of last year. The new listings are the same at 1 and 1 for both years but all the rest of the numbers are 0s. We had no escrows and no sales for either year.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through February 7th the inventory is down about 12% compared to last year but the new listings are ahead by 16%. Also there are double the amounts of condos in escrow from where we were last year with the sold volume holding at exactly the same level as in ’08. Even the average sales price is up in the area by 10%.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through January 7th is up by 32% and the new listings are up by 23%. With more homes to sell we’ve got more escrows and they’re up by a whopping 66%. Unfortunately the sales are behind last year’s level but only by 1. But the average sales price has fallen by almost 40%.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate there’s basically nothin’ goin’ on. Last year there was 1 listing at this time and all the other numbers are 0.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first month of ’09 in the Single Family Home market 9 homes closed escrow and 9 homes closed escrow in ’08. But last year the median sales price was $780,000 and this year it’s $686,000. So far this year 16 escrows have been opened with a median list price of $799,000 and last year 14 escrows had been opened with a median list price of $869,000. Thus far this year 15 new listings have appeared with a median list price of just under $1 million. But last year 26 new listings showed up with a median list price of $900,000. Right now there are 40 Home Estate/PUDs available for purchase in Goleta North with a median list price of $1.159 million and average days on the market of 99.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first month of ’09 in the Condo market nothing has sold but 2 condos did go into escrow with a median list price of just $128,800. Last year there were 2 sales with a median sales price of $529,500 and 2 escrows with a median list price of $399,900. This year 12 new condo listings showed up with a median list price of $489,900 compared to last year when 6 new condo listings appeared with a median list price of $519,500. Right now there are just 21 condo listings available for purchase in Goleta South with a median list price of $479,000 and average days on the market of 71.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first month of ’09 in the Single Family Home market 4 homes closed escrow with a median sales price of $862,500 and last year for the same period 6 homes closed escrow with a median sales price of $922,500. The good news is that this year 11 homes entered escrow but the median list price I just $659,000. This compares to last year when there were just 4 escrows opened with a median list price of $829,000. So far this year 11 homes have come on the market in Goleta South with a median list price of $769,000 and last year there were 14 new listings with a median list price of $800,000. Right now there are just 33 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.35 million and average days on the market of 154.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first month of ’09 in the Condo market 2 condos closed escrow with a median sales price of $657,250. This compares to last year when there were 5 sales with a median sales price of $570,000. So far this year there have been 4 escrows open with a median list price of $349,900 and in ’08 there were 6 escrows opened with a $625,000 median list price. Only 4 new condo listings came on for ’09 with a median list price of $375,500 and in ’08 there were 12 new listings with a median list price of $574,000. Right now there are 15 condos available in Goleta South with a median list price of $566,000. Those 15 condos have been on the market an average of 174 days.
For the Santa Barbara Real Estate area of Hope Ranch Real Estatefor the first month of ’09 in the Single Family Home market there were no sales but 2 properties did go into escrow with a median list price of $2.55 million. Last year for the same period there were 2 sales with a median sales price of just over $2 million but only 1 escrow opened with a median list price of $4.395 million. 7 new properties came on the market this year with a median list price of about $4.2 million and last year 4 came on for the same period with a median list price of $2.295 million. Currently there are 23 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of about $4.2 million. Those 23 homes have been on the market on average 130 days.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first month of ’08 in the Condo market there was no activity.
For the Santa Barbara Real Estate area of West of State St for the first month of ’09 in the Single Family Home market 6 properties closed escrow with a median sales price of right around $1 million. This compares to only 4 sales last year with a median sales price of just over $1 million. There have been 17 escrows open this year with a median list price of $870,000 compared to last year when there were only 8 escrows opened with a median list price of $869,000. So far this year 26 Home Estate/PUDs appeared on the market with a median list price of $950,000 and last year there were 35 new listings for the period with a median list price of $875,000. Currently there are 86 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $995,000 and 136 days on the market and average days on the market of 136.
For the Santa Barbara Real Estate area of West of State St for the first month of ’09 in the Condo market 2 condos closed escrow with a median sales price of $710,000 compared to ’08 when there were 4 sales with a median sales price of $824,000. Only 2 condos have entered escrow this year with a median list price of $399,000 compared to ’08 when there were also 2 escrows opened but the median list price was $439,000. There have been 8 new condos come on the market on the West Side of Santa Barbara with a median list price of $549,900 compared to last year when there were 18 new condo listings with a median list price of $599,000. Currently there are 49 condos available for purchase on the West Side of Santa Barbara with a median list price of $795,000. Those 49 condos have been on the market for 184 days.
For the Santa Barbara Real Estate area of East of State St for the first month of ’09 in the Single Family Home market 7 homes sold with a median sales price of just under $1 million. This compares to ’08 when there were 11 sales with a median sales price of $1.25 million. 11 properties went into escrow in both years but this year the median list price has been $1.47 million and last year it was $1.289 million. 37 new properties have come on the market with a median list price of $1.495 million and last year 41 new properties came on with a median list price of just about $1.2 million. Right now there are 109 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.45 million and average days on the market of 114.
For the Santa Barbara Real Estate area of East of State St for the first month of ’09 in the Condo market 2 condos have closed escrow with a median sales price of $679,000 compared to last year when 5 sold with a median list price of $699,000. For good news is that this year 4 condos went into escrow with a median list price of $779,000 compared to last year when only 2 condos started the buying process with a $699,000 median list price. 19 condos have come on the market with year with a median list price of $779,000 compared to last year when 12 properties appeared with a median list price of $659,000. Right now there are 42 condos available on the East Side of Santa Barbara with a median list price of $779,000 and average days on the market of 126.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first month of ’09 in the Single Family Home market 6 homes closed escrow but the median sales price dropped to $1,719,500. This compares to ’08 when there were 8 sales but the median sold price was $5.375 million. There were 10 homes that went into escrow with a median list price of $2.32 million but when you figure in the 78% Sold Price to Original List Price Ratio you come up with a possible median sold price of about $1.8 million. 42 Home Estate/PUDs came on the market in ’09 with a median list price of $3.375 million compared to ’08 when there were 25 new listings with a median list price of $2.85 million. Currently there are 169 Home available for purchase in Montecito with a median list price of $4.35 million and average days on the market of 162.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first month of ’09 in the Condo market nothing has sold and nothing went into escrow. This compared to last year when there was 1 sale for $1.75 million and 1 escrow for $2.45 million. There were 3 new condos that came on this year with a median list price of about $2.2 million compared to last year when there were 2 new listings with an average list price of just about $1 million. Right now there are 14 condos available for purchase with a median list price of just under $2 million and average days on the market of 142.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for the first month of ’09 for the Home Estate/PUD market there was 1 sale for $500,000. This compares to last year when there were 3 with a median sold price of $946,125. One the brighter side 3 properties did go into escrow this year but they had a median list price of $668,666 whereas last year there were only 2 that went into escrow but the median list price was $5.7 million. For ’09 12 new properties came on the market with a median list price of just over $1 million compared to last year when 7 came on with a median list price just under $1 million. Right now there are 70 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.3 million. The average days on the market for those 70 Homes are 162 days.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/ Summerland Real Estate for the first month of ’09 in the Condo market 1 condo sold for $485,000 compared to last year when there were 2 sales but the median sold price was $372,500. 3 Condos did go pending this year with a median list price of $375,000 compared to 2 last year with a median list price of $279,900. 9 new listings appeared on the horizon for ’09 with a median list price of $625,000 compared to ’08 when 10 new condos showed up with a median list price of $549,000. Right now there are 33 condos available in the area with a median list price of $625,000. The average days on the market for those 33 condos are 142 days.
Starting ’09 for the Home Estate/PUD market in Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate we see basically the same amount of activity as there was at the beginning of ’08. The overall sales numbers are down slightly from the ’08 level but the good news is that the numbers of properties going into escrow is up substantially from where it was at the beginning of last year.
Even though the sold activity is about at the same level and the pending activity is up, the median sales price is down about 20% year over year and the median list price of homes going into escrow is down even further by more than 30%. This 30% drop in the pending listing’s median list price becomes even more acute when you figure in the Sales Price to Original List Price Ratio which is currently in the low 80s. This means that if a property was listed for $1 million it sold for about $830,000. What that means is that if the ratio continues for the pending properties the median sales price will be closer to $700,000 than $800,000.
The reason for the fall in the median sales price is that the vast majority of the homes purchased were sold for under $1 million. Even though the median sales price for January was about $900,000 the “hot market” started all the way down around $350,000 and stayed constant up to about the $1 million level. The $1 million to $2 million bracket accounted for less than a third of the sales and from $2 million on up there was only a handful of closings with the highest priced property going out at just under $5 million.
Looking at the Districts it’s difficult to determine a trend with so little data but starting with Carpinteria/Summerland we see that sales of Home Estate/PUDs are down as is the median sales price but the pending sales are up compared to ’08. In Montecito numbers of sales are down slightly but the median sales price is down dramatically and is currently below $2 million. This change looks even bigger because at this time last year the median sales price for Montecito was over $5 million.
On the East Side of Santa Barbara the numbers of sales are down slightly but the median sales price has dipped by about 20%. Throughout ’08 the numbers of sales was way down for the East Side but the median sales price remained basically constant so we’ll have to see if this drop in price will spur buyers. The pending properties are also just slightly behind last year’s level but the median list price of those pending properties is down more than 30%.
On the West Side of Santa Barbara sales are actually above where they were last year but the median sales price is down from where it was last year. Even more important, the pending sales for the West Side are about double where they were last year but the median list price for those pending properties is below the ’08 level.
In Hope Ranch ’09 starts with a goose egg for sales but 2 pending listings. This compares to last year when there were 2 sales but only 1 pended listing.
For Goleta South we’re at about the same sales level we were at last year but the median sales price has slid down about 10%. The good news is that the properties entering escrow for ’09 is almost triple what it was in ’08 but the median list price for those pended properties is down about 20% year over
year.
Finishing up with Goleta North we see that sales are slightly ahead of the ’08 level but the median sales price has dropped about $100,000. And like Goleta South pended properties are ahead of last year with the median list price down about $70,000 for those properties.
For the condo market ’08 started with about 20 sales but in ’09 the number is closer to 10. The median sales price has also declined about 15% from ’08 and the days on the market are up about 20%. There is a glimmer of hope in that the numbers of condos going into escrow is up from ’08 but the bad news is that the median list price for those condos is down almost 40% from the previous year. You couple that drop in the median list price for condos with an 85% sales price to original list price ratio and that’s a big drop.
Over half the sales activity for condos in January ’09 was below $550,000 but there were a few sales in the $900,000 to $950,000 bracket. Looking at the pending numbers for ’09 we see that the trend continues and actually accelerates. Most of the properties going into escrow are below $400,000 with a couple at the $550,000 to $599,999 level and only 1 in the $950,000 to $999,999 bracket. The over $1 million condo market has been non-existent for the last couple of months.
Looking at the Districts starting out in Carpinteria/Summerland the sales are about the same as last year and the median sales price is actually up. Also the numbers of pended listings is up as well as the median list price for those pended listings.
In Montecito there were no sales or condos that went into escrow in January, but that’s basically where we started out 2008. On the East Side the numbers of sales is down by about half but the median sold price is essentially where it was last year. The pended listings however have about doubled with the median list price for those pended listings sliding only slightly
On the West Side sales are down by about half with the median sales price going down by about 14%. The pended properties are about the same for both years but the median list price for those properties is down by about 10%.
Out in Goleta South the numbers of sales is down by more than half but what sold went out for about $90,000 over last year’s prices. The pended listings are also down with the median list price for those properties off by more than 40%.
Finishing up with Goleta North so far there have been no sales but 4 condos went into escrow, which compares to last year when there were 2 sales with 2 pending escrows.
At this point for both the Home Estate/PUD and Condo market the key word is tentative. There are definitely buyers out in the market place because of the substantial attendance at open houses and the increase in escrows. But those buyers who are stepping up to the plate are predominantly concentrated in the sub $1 million range. The upper end of the market has gotten very quiet at the beginning of the year after finishing ’08 rather strongly.
The condo market at this point is continuing to decline both in the numbers of units sold and the median sales price for those units. There has been some encouraging news in the numbers of condos that have gone into escrow but those possible sales are concentrated below $400,000.
There are some bright spots for the Santa Barbara Real Estate area. One is the West Side where the numbers of Home Estate/PUD sales is up and the numbers of pending listings is almost tripled what it was last year. Then there’s Goleta South where the numbers of properties going into escrow is more than double the previous year. And finally the East Side Condo market has seen substantially more properties go into escrow compared to last year. Hopefully the rest of the town will catch up to those paces.
Gary Woods
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs 9 sales for the period with a median sales price of $686,000. This compares to last year when there were 8 sales but the median sales price was $804,500. During this period 15 new listings came on the market with a median list price of just under $1 million and last year 24 homes came on the market but the median list price was $900,000. This year pending properties number 16 with a median list price of $775,000 and last year there were only 11 pended properties but the median list price was $880,000. Currently there are 44 Home Estate/PUDs available for purchase in Goleta North with a median list price of $957,000 and 102 days on the market.
For the condo market in Goleta Real Estate North there was no sales and only 2 properties went into escrow with a median list price of $128,800 and last year there was just 1 sale for $470,000. During the same time period 10 new condo listings showed up with a median list price of $489,900 and last year 5 new listings came on the market with a median list price of $589,000. Right now there are 19 condos for sale in Goleta North with a median list price of $489,900.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 5 properties closed escrow from December 24th ’08 to January 24th ’09 with a median sales price of $1 million. This compares to the previous year when there were also 5 sales but the median sold price was $780,000. During that time period 11 new listings appear with a median list price of $769,000 and last year for the same time period there were 15 new listings with a median list price of $800,000. This year 11 properties went into escrow with a median list price of $659,000 and last year there were only 4 escrows that opened with a median list price of $829,000. Right now there are 32 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.35 million and 152 days on the market.
For the condo market in Goleta Real Estate South shows us only 1 sale for the period with a sales price of $375,000. Last year at this time there were 4 sales with a median sales price of $490,000. For the same period 2 condos came on the market with a median list price of $575,000 and last year at this time there were 10 new condo listings with a median list price of $566,000. So far this year 2 condos have gone into escrow with a median list price of $575,000 and last year there were 4 escrows opened with a median list price of $514,490. Right now in Goleta South there are 16 condos available with a median list price of $566,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of December 24th ’08 to January 24th ’09 there were no sales compared to 2 the previous year which had a median sales price of $2,080,000. During the same time period 4 new Home Estate/PUD listings came on the market with a median list price of $4.195 million. Last year there were 3 new listings with a median list price of $4.395 million. So far this year no escrows have been opened in Hope Ranch and last year there was just one with a list price of $4.395 million. Right now there are 22 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of just under $4 million and an average list price of $5.8 million. Those homes have average days on the market of 148.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estatearea of West of State St for Home Estate/PUDs there were 6 sales from the period of December 24th ‘08 to January 24th ’09. Those 6 had a median sales price of $1,036,750. Last year there were 4 sales with a median list price of $1,047,500. Coming on the market this year there have been 24 new Home Estate/PUD listings with a median list price of $895,000 and last year there were 36 new listings with a median list price of $899,000. So far this year 16 properties have entered escrow with a median list price of $759,000 and last year there were only 6 escrows opened with a median list price of $869,000. Currently there are 86 Home Estate/PUDs available for purchase on the Santa Barbara West Side with a median list price of just under $1 million and 137 days on the market.
For the condo market the sales figures show us only 1 sale for the period and it went out at $520,000. Last year there were 4 sales with a median sales price of $824,000. During the time period 7 new condos came on the market with a median list price of $549,900 and last year 16 condos came on with a median list price of $599,000. This year no escrows have been opened but last year there were 2 that went into escrow with a median list price of $439,000. Currently there are 51 condos available on the West Side of Santa Barbara Real Estate with a median list price of $789,000 and 176 days on the market.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 9 sales from December 24 ’08 to January 24 ’09 with a median sales price of $1.112 million. During the previous year there were also 9 sales with a median sales price of $1.195 million. This year 36 new listings appeared on the market with a median list price of just under $1.5 million and last year there were 31 new listings with a median list price of $1.25 million. The good news is there were more pending properties this year ringing up 13 as opposed to last year when there were just 9. But last year the 9 properties had a median list price of $1.45 million and this year the median list price is $985,000. Currently active on the East Side of Santa Barbara are 110 Home Estate/PUDs with a median list price of $1.45 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate there were 2 sales for the period we’re talking about with a median sales price of $409,000 and last year there were 5 sales with a median sales price of $699,000. During the same time period 13 new condos came on the market this year with a median list price of $749,000 and last year there were 10 new listings with a median list price of $659,000. This year the pending properties are 1 ahead of last year when there were 3. The median list price is also close together. This year it’s $639,000 and last year it was $699,000. Right now there are 36 condos available on the East Side of Santa Barbara with a median list price of $749,000.
Santa Barbara Real Estate’s area of Montecito Real Estate for the Home Estate/PUD market there were 9 sales for the period of December 24th ’08 to January 24th ’09 with a median sales price of $2.5 million. For the previous year there were 6 sales but the median sales price was a whopping $5.2 million. During that same time period there were 33 new listings that came on the market with a median list price of $3.795 and last year for the same period there were 24 new listings with a median list price of $2.85 million. This year we’ve seen 8 properties go into escrow with a median list price of $3.95 million and last year there were 13 escrows opened with a median list price just under $3 million. Currently there are 166 Home Estate/PUDs on the market in Montecito with a medina list price of $4.3 million and average list price of $7.27 million and days on the market of 134.
For the Condo market in Montecito Real Estate there were no sales for the period and nothin’ went into escrow. The previous year there was 1 sale for $1.75 million and 1 escrow opened with a median list price of $2.45 million. For both years 2 properties came on the market. This year the median list price was $1.75 million and last year it was about $1 million. Right now there are 13 condos available in Montecito with a median list price of about $2 million and days on the market of 138.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from December 24th ’08 to January 24th ’09 there were 3 sales with a median sold price of just $514,900. This compares to the previous year when there were 2 sales but the median sales price was just under $800,000. During the same period this year 13 homes came on the market with a median list price of about $1.3 million whereas last year only 6 homes came on the market with a median list price of about $1 million. The pending numbers are the same for both years standing at 3 year but last year the median list price for pending properties was $5.75 million whereas this year it’s just $668,666. Right now t here are 72 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.3 million and an average days on the market for 160.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period only 2 properties sold with a median sales price of $508,500 compared to last year when there were also 2 sales but with a with a median sales price of $372,500. During that same period 9 properties came on the market this year with a median list price of $625,000 and last year 9 also came on but with a median list price of $549,000. This year there have been 3 escrows opened with a median list price of $375,000 and last year for the same time period there were no escrows opened. Currently there are 33 condos available for purchase in the area with a median list price of $639,000 and average days on the market of 130.
For Goleta Real Estate North area of Santa Barbara Real Estate for the Home Estate/PUD market there are currently 43 properties on the market with an average list price of $2.3 million and a median list price of $957,000. The highest priced listing tops the charts at $23.5 million while the lowest priced home can be had for $299,000. The average marketing time on those 43 properties is 100 days.
Right now there are 14 Home Estate/PUDs in escrow for Goleta North with an average list price of $742,892 and a median list price of $649,900. The highest priced home currently in escrow is listed at $1.395 million while the least expensive property is listed for $479,900. The average marketing time on those 14 homes is 56 days.
For the time period we’re talking about 7 homes closed escrow with an average sales price of $855,571 and a median list price of $686,000. The highest priced property that closed escrow sold for $1.625 million and the least expensive home went out at $620,000. The average marketing time for the 7 properties was 44 days.
For the condo market in Goleta Real Estate North there are just 16 properties available right now for an average list price of $487,962 and a median list price of $489,900. The highest priced listing is on the market for $779,000 while the lowest priced condo can be snapped up for $112,700. The average marketing time for those 16 condos is 67 days.
Right now only 2 condos are in escrow in Goleta South with an average list price of $633,900 and a median list price of $128,800. The highest priced condo in escrow is listed at $1.139 million and the lowest priced condo is listed for just $128,800.
For Goleta North for the period we’re speaking of there was only 1 sale for $128,800 and it took just 10 days to get that price.
In the Goleta Real Estate South area there are 34 Home Estate/PUDs available with an average list price $1.37 million and a median list price of about $1.2 million. The highest priced listing could be purchased for $2.475 million while the least expensive property is on the market for $379,000. The average marketing time for those 34 properties is 137 days.
Currently there are 11 properties in escrow for Goleta South with an average list price of $800,236 and a median list price of $725,000. The highest priced property is on the market for just under $2 million while the least expensive home is available for $238,000. The average marketing on those 11 homes in escrow is 103 days.
For the period we’re talking about 7 homes closed escrow with an average sales price of $995,000 and a median sales price of $725,000. The most expensive property that closed escrow went out for $1.82 million while the lowest priced home sold for $585,000. The average marketing time for those 7 homes is 94 days.
For condos on the South Side of Goleta Real Estate we currently have 16 units available with an average list price of $544,750 and a median list price of $566,000. The highest priced condo available is on the market for $775,000 and the least expensive condo is priced at $289,500. The average marketing time for those 16 units is 171 days.
There are only 2 condos in escrow currently with an average list price of $336,402 and a median list price of $322,905. The highest priced escrow is listed at $349,900 while the lowest priced property is listed at $322,905. The average marketing time for those 2 properties is 48 days.
For the Goleta South area for the period we’re talking about 4 condos closed escrow with an average sales price of $330,000 and a median sales price of $290,000. The highest priced sale closed for $400,000 while the least expensive sale was $255,000. The average marketing time for the 4 condos was 247 days.
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 23 properties available with an average list price of about $6.7 million and a median list price of $4.195 million. The most expensive property currently available in the ranch is listed for almost $29 million while the least expensive property can be had for $859,000. The average marketing time for those 23 listings is 162 days.
Right now there is nothing in escrow for Hope Ranch. That’s right, zip, nada, nothin’.
For the time period we’re talking about only 1 home closed escrow in the area for $3,195,000. That home took 127 to market.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity.
In the West of State St area of Santa Barbara Real Estate the inventory currently stands at 87 Home Estate/PUDs with an average list price of about $1.25 million and a median list price of just under $1 million. The most expensive property on the West Side is listed for $3.55 million while the lowest priced listing can be had for $406,199. The average marketing time for those 87 Home Estate/PUDs is 132 days.
Right now there are 13 Home Estate/PUDs in escrow on the West Side of Santa Barbara with an average list price of $792,284 and a median list price of $749,900. The highest priced property in escrow right now is listed for just under $2 million while the lowest priced home is on the market for just $180,000. The average marketing time for those 13 properties is 80 days.
For the period we’re talking about 7 homes closed escrow with an average sales price of $1,086,642 and a median sales price of $1,052,500. The highest priced home that closed escrow sold for $1.6 million while the least expensive home had a selling price of $680,000. The average marketing time for those 7 properties was 97 days.
For the Condo market on the West Side of Santa Barbara Real Estate there are 48 units currently available with an average list price of just over $1 million. The median list price is $789,000 with the highest priced listing topping the charts at about $2.6 million. The lowest priced condo on the market in the area can be had for just $299,000. The average marketing time for those 48 condos is 179 days.
There are currently only 2 condos in escrow on the West Side with a top price of $471,900 and a bottom price of $450,000. This gives us a median list price for the 2 condos of $450,000 and an average list price of $460,500.
For the period we’re talking about 3 condos closed escrow with an average sales price of $408,166 and a median list price of $390,000. The highest priced condo sold for $520,000 and the least expensive condo went out at $314,500. The average marketing time on those 3 properties was 51 days.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 106 Home Estate/PUDs available for purchase with an average list price of about $1.9 million and a median list price of about $1.5 million. The most expensive property available on the East Side is listed for $11.9 million while the least expensive property can be had for just $330,000. The average marketing time for those 106 properties is 118 days.
There are 10 Home Estate/PUDs in escrow right now for the East Side with an average list price of $1.2 million and a median list price of $865,000. The highest priced property currently in escrow is listed for $2.65 million and the least expensive home listed for $350,000. The average marketing time for the 10 homes in escrow is 66 days.
For the period we’re talking about 11 Home Estate/PUDs have closed escrow on the East with an average sales price of about $1.3 million and a median sales price of $1.325 million. The highest priced property closed escrow for $2.395 million while the least expensive home closed escrow for $550,000. The average marketing time on the 11 properties is 87 days.
The condo market for the East Side of Santa Barbara Real Estate has 40 properties listed for sale right now with the top priced property showing up at a whopping $15 million. Way down on the other end of the scale the least expensive condo is listed at $424,900. The average list price for an East Side condo is $1.24 million while the median list price is $779,000. The average marketing time for those 40 condos is 98 days.
Right now there are only 4 condos in escrow with an average list price of $713,225 and a median list price of $639,000. The highest priced condo in escrow is listed for $979,000 while the least expensive condo is on the market for $439,900. The average marketing time for condos in escrow is 40 days.
For the period we’re talking about only 2 properties closed escrow with an average sales price of $409,000 and a median sales price of $400,000. The highest priced property closed escrow for $418,000 while the least expensive property sold for $400,000. The average marketing time for those 2 condos was 82 days.
For Santa Barbara Real Estate in the Montecito Real Estate area currently 158 Home Estate/PUDs are on the market with an average list price of about $7.3 million and a median list price of $4.35 million. The highest priced listing in Montecito is on the market for $47 million while the least expensive property is available for $899,000. The average marketing time for those 158 homes is 134 days.
Currently there are only 4 properties in escrow for Montecito with an average list price of $3.49 million and a median list price of $1.425 million. The highest priced home in escrow right now is listed for $7.995 million while the least expensive home in escrow is listed for $949,000. The average marketing time for those 4 properties is 90 days.
For the period we’re talking about 13 Home Estate/PUDs closed escrow in Montecito with an average sales price of $3.745 million and a median sales price of $2.725 million. The highest priced home closed for $10.6 million while the least expensive property went out at $865,000.
For the Condo market in Montecito Real Estate there are currently 13 available properties with an average list price of just under $2 million and a median list price of just under $2 million. The highest priced listing in the area is on the market for $3.495 million while the lowest priced condo can be had for $749,500. The average marketing time on those 13 condos is 131 days.
Currently there’s nothin’ in escrow in for Montecito Condos. That’s right zero, zip, nada.
Also for the period we’re talking about nothing closed escrow. It’s definitely been a quiet time for Montecito condos.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate there are currently 70 Home Estate/PUDs available in the area with a median list price of $1.295 million and an average list price of an amazing $4.6 million. The most expensive property is listed for just under $30 million with the least expensive home one the market for $575,000. The average marketing time for those homes is 157 days.
For Carpinteria/Summerland there are only 3 homes currently in escrow with a median list price of $668,666 and an average list price of $671,855. The most expensive property in escrow right now is listed for $755,000 while the lowest priced property is on the market for $591,900. The average marketing time for those 3 homes is 93 days.
For the period we’re talking about there have been 5 sales with an average sales price of $573,980 and a median sales price of $545,000. The most expensive home to close escrow went out at $760,000 while the least expensive property closed for $500,000. The average marketing time for those 5 properties was 52 days.
For the condo market in Carpinteria/Summerland there are 31 properties available with an average list price of $854,661 and a median list price of $625,000. The highest priced condo is on the market for an amazing $5.9 million while the least expensive property can be purchased for $250,000. For the active market the average marketing time is 134 days.
There are currently 4 condos in escrow in Carpinteria Real Estate/Summerland Real Estate with an average list price of $347,500 and a median list price of just $255,000.The most expensive condo in escrow right now is listed for $495,000 and the least expensive property is listed for $250,000. The average marketing time for those 4 properties is a whopping 233 days.
For the period we’re talking about 4 properties have closed escrow with an average sales price of $409,850 and a median sales price of $382,500. The highest priced condo sale was $532,000 while the least expensive property went out for just $239,500. Of those properties that closed escrow there was an average marketing time of 44 days.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 12/11/08 to 1/11/09 there were 9 sales with a median sales price of $691,650. Last year for the same time period there were 13 sales with a median sales price of $860,000. To get those 9 properties into escrow it took an average of 88 days and when you add an average 31 day escrow period on that time you come up with a total marketing time of 128 days or about 4 and a half months.
For Condominiums on the North Side of Goleta Real Estate there has been only 1 sale for the period with a sales price of $128,800 and last year at this time there were 2 sales with a median sales price of $614,500. For that 1 sale it took just 10 days to get an accepted offer with escrow taking another 44 days. Still a total of 54 days isn’t too bad to get into a new home.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate for the period of 12/11/08 to 1/11/09 there have been 8 sales with a median sales price of $882,500 compared to only 1 sale at this time last year. That one sale went out at $780,000. The 8 sales this year had an average marketing time of 105 days with an average escrow period of 35 days for a total of 140 days.
For Condominiums for Goleta Real Estate South for the same time period there were 3 sales with a median sales price of $290,000 whereas last year at this time there were 6 sales with a median sales price of $440,000. To get those 3 condo sales the average days on the market was 241 days but once the offer was accepted escrow took only 30 days. But that means the total marketing time was 271 days or just about 9 months.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate for the period of 12/11/08 to 1/11/09 there have been 8 sales with a median sales price of $882,500 compared to only 1 sale at this time last year. That one sale went out at $780,000. The 8 sales this year had an average marketing time of 105 days with an average escrow period of 35 days for a total of 140 days.
For Condominiums for Goleta Real Estate South for the same time period there were 3 sales with a median sales price of $290,000 whereas last year at this time there were 6 sales with a median sales price of $440,000. To get those 3 condo sales the average days on the market was 241 days but once the offer was accepted escrow took only 30 days. But that means the total marketing time was 271 days or just about 9 months.
For Hope Ranch Real Estate Home Estate/PUDs from 12/11/08 to 1/11/09 there were 2 sales with a median sales price of $4,547,500 compared to last year when there were also 2 sales but the median sales price was only $2,080,000. The 2 sales this year took an average of 65 days to go into escrow with a 29 day escrow for a total marketing time of 94 days or a little over 3 months to complete the selling process.
For Condominiums in Hope Ranch Real Estate there was no activity.
For West of State St in Santa Barbara Real Estate for Home Estate/PUDs for the period of 12/11/08 to 1/11/09 there were 8 sales compared to 11 last year for the same time period. This year the median sales price was $991,250 and last year the median sales price was $845,000. It took an average of 102 days to get an accepted offer for those 8 sales with a 34 days escrow time giving us a total marketing time of 136 days.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there have been 4 sales with a median sales price of $455,000 and last year there were 3 sales with a median sales price of $950,000. This year it took only 55 days to get an accepted offer but the escrow time averaged 81 days for a total marketing time of 136 days.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for 12/11/08 to 1/11/09 there have been 10 sales with a median sales price of $1.317 million whereas last year there were 14 sales but the median sales price at that time was $980,135. It took 69 days to get an accepted offer on those 10 sales then 28 more days to close those escrows for a total marketing time of 97 days.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 2 sales with a median sales price of $409,000 whereas last year there were 4 sales with a median sales price of $659,500. This year it took an average of 82 days to get an accepted offer for those 2 sales with a 48 day average escrow period for a total of 130 days of total marketing time.
From 12/11/08 to 1/11/09 in Montecito Real Estate for the Home Estate/PUD market there were 11 sales with a median sales price of $2.725 million. At this time last year there were 8 sales but the median sales price was a whopping $4.15 million. For the 11 sales it took an average of 96 days to get an accepted offer and just 25 days to close the escrows for a total selling time of 121 days.
For Condominiums for the same time period in Montecito Real Estate nothing has sold this year and last year there was just 1 sale with a selling price of $1.75 million. At least starting off this year it still looks tough for the Montecito Condo market.
From 12/11/08 to 1/11/09 there were 7 sales in the Carpinteria Real Estate/Summerland Real Estate Home Estate PUD market compared to 1 for the previous year. But this year the median sales price was $550,000 compared to last year when the home sold for $946,125. The 7 closings took an average of 87 days to get an accepted off and 61 days to close for a total marketing time of 148 days or just about 5 months to complete the selling process.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate for the same time period there 4 sales this year with a median sales price of $385,750 compared to last year when there were only 2 sales but with a median sales price of $610,000. These 4 condos took an average of 41 days to get an accepted offer and then 36 days to close for an average of 77 days to complete the selling process.
For the Goleta Real Estate North area of Santa Barbara Real Estate the Home Estate/PUD market there have been about 10 more sales this year than there were last year. This surge in activity was brought on by about a $140,000 drop in prices but interestingly enough the sales price to original list price ratio is right up there at 92%. The inventory is about 10 properties behind where it was the previous year with the median list price dropping about $60,000. Currently there are just 44 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $950,000 and an average list price of $2.5 million. Those area sellers have been waiting an average of 4 months for that right buyer to come along.
For the Condo Market in the Goleta Real Estate North area of Santa Barbara Real Estate there have been just 4 fewer sales than there were in ’07 but the median sales price went down about $90,000. The sellers knew they were going to take the hit however because the sales price to original list price ratio was about 94% for the year. The inventory was almost exactly what it was last year but the median list price for that ratio was down by about $55,000. Currently there are only 18 condos available in Goleta North with a median list price of $439,000 and an average list price of $441,627. Those condo sellers have been waiting on average 118 days for that right buyer to come along.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been almost 13% more sales this year than occurred the previous year. But to achieve that spurt in activity the median sales price dropped from about $900,000 to about $725,000. Despite this substantial drop the sales price to original list price ratio was the highest for the area standing at 93%. This means that the sellers came in at very close to the exact right price and the homes went away. Even more impressive is the fact that the inventory was down slightly from last year with the median list price for those homes coming down by about $100,000. Currently there are just 36 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of a whopping $1.2 million and an average list price of about $1.35 million. What this tells you is that all those houses that were for sales farther down the price scale are gone and what remains are properties that are looking for buyers with a lot more cash in their pockets.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate there have been about 15 fewer sales this year but the median sales price is actually above the price of last year. So fewer sales means higher prices, that sounds about right. At least part of the reason that there were fewer sales is the inventory declined by about 50 units this year and those 50 units were about $50,000 below the asking price of the previous. So how do we get a lower asking price and a higher selling price? It’s the Goleta South miracle. Currently there are just 19 condos available in the area with a median list price of $539,000 and an average list of $528,095.
For the Home Estate/PUD market in Hope Ranch Real Estate there have been only about 20 sales this year for the area and the median sales price was about $2.8 million. Now most places on the planet would throw a party with a median sales price of 2.8 but in Hope Ranch that’s a decline of about $400,000 from the previous. The average sales price showed an even bigger swing dropping about $1.4 million. This fall in sales activity was despite the fact that there were more new listings that came on the market and at least in the beginning the median list price for those properties was above the previous year. But when reality hit the area that median sales price came tumbling down. Currently there are only 18 Home Estate/PUDs available in Hope Ranch with a median list price of $3.2 million and an average list price of about $6.2 million. But those sellers have been waiting on average 155 days for the right buyer to come along.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of ’08 has seen no activity.
For the Home Estate/PUD market in Montecito Real Estate there have been about 15% fewer sales this year but what sold went for a substantial amount of money. Unlike all the other districts in the area the Montecito median sales price went up 10% and the average sales price soared by almost 17%. These figures have come down from where they were earlier in the year but in this economy I think most people would accept a 10% rise in the value of their house. The numbers of new properties that came on the market went up by about 20%+ this year with the median list price rising about $600,000. The sales price to original list price ratio of about 90% is higher than most other areas but with these prices the sellers gave up a lot from what they hoped to get. Currently there are 150 Home Estate/PUDs available for purchase in Montecito with a median list price of about $4.5 million and an average list price of about $7.5 million.
Looking at the condo market for Montecito Real Estate there have been about 30% fewer sales this year but even so the median sales price if up by more than $100,000. At least part of the reason that sales were down is because about 15% fewer condos came on the market and the prices asked for those condos was almost $200,000 above what was asked in ’07. Right now there are just 13 condos available in Montecito with a median list price of almost $2 million and an average list price of about $2.1 million. It still costs a lot of money to buy you way into Montecito whether you want a cozy little condo or a palacial estate.
Through ’08 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate the sales were down by about 100 from the previous year. This was a dramatic drop in the amount of activity but despite that drop the median sales price fell less than 5%. Even though it fell only that small amount the sales price to original list price ratio was about 85% which meant that the sellers wanted a whole lot more than they got. There was about a 15% decline in the numbers of houses to sell this year but that didn’t keep the median list price from rising by about $50,000 for the area. Currently there are about 100 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a medina list price of about $1.5 million and an average list price of about $2 million. But it may be a while before those sellers get their price because the average days on the market for the whole inventory is about 4 months and counting.
For the condo market on the East Side of Santa Barbara Real Estate in ’08 there have been about 40% fewer sales this year. This drop in activity is despite the fact that the median sold price went down way over $200,000 and the average sales price dropped about the same. The seller priced their homes without a whole lot less to give away because the sales price to original list price ratio was about 90%. The numbers of new properties fell by about 25 this year and the median list price for those new properties went down about $250,000. Currently there are just 37 condos available on the East Side of Santa Barbara with a median list price of $825,000 and an average list price of about $1.3 million. But those sellers have been waiting for a buyer an average of 116 days.
Looking at ’08 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there were almost as many sales this year as there were last. The year ended only about four sales apart but the median sales price took a tumble of almost 20%. The sales price to original list price ratio also dropped down to the mid 80’s which meant that sellers had to take a lot less than they planned on taking. There were more new listings that came on the market however and interestingly enough the median list price for those new listings was just a little lower than the median list price for ’07. But as I said when the smoke finally cleared those sellers came to grip with economic reality. Currently there are just 63 Home Estate/PUDs on the market in Carpinteria/Summerland with a median list price of about $1.3 million and an average list price of almost $5 million and that’s a long way from the median sold price of just over $800,000.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate area the story is a lot different there were less than 25% fewer sales this year and we ended ’08 with only about 40 sales for the whole area. The median sales price also dropped but only by about 15%. The inventory was about equal for both years as was the median list price for those new properties that came on the market. But the sales price to original list price ratio was 85% so askin’ was definitely not gittin’ in Carpinteria/Summerland. Currently there are just 26 condos available in the area with a median list price of about $600,000 and an average list price of almost $1 million.
The Home Estate/PUD market for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate started off rather slowly for the first quarter of ’08 but from March through October there were a solid 70 to 75 sales per month. The numbers of sales took a big hit in November however finishing up with just 33 but December rallied coming back with around 60 sales for the month compared to 46 for December ’07.
The median sales price as always bounced around a lot from month to month throughout ’08 but generally it was trending downward. We did however finish with a median sales figure for the year just north of $1 million but when compared to the median sales price of $1.23 million for ’07 we end up with about a 16% decline for the year and in December ’08 the median sales price was south of $900,000 for the whole area.
If you look at the entire year the prices slid to right around 2004 levels but when you look at the 4th quarter we dipped into 2003 levels. What that means is that we are right about where we were 5 years ago before the huge run up in valuation that occurred in 2004 and 2005. During that 2 year period there were a number of new financial products that drove the market place. The no money down/ interest only loans, low or no doc loans, Alt-A and adjustable rate loans with low “tickler” rates all pushed the market to new heights that laid the groundwork for what we’re going through now.
A lot of those adjustable rate loans are getting ready to re-set at a higher rate of interest which leads a lot of people to believe that we’re in for another round of foreclosures that will make the sub-prime difficulties of ’07 and early ’08 look small by comparison. There’s been a substantial amount of talk that the government is looking to try and keep people in their homes by forgiving part of the principal and rolling back the interest rate at least for a while but we’ll have to see if that materializes. My general feeling is that a policy of that nature will just delay the ultimate economic recovery.
Looking at the rest of the numbers we see that the numbers of new listings for ’08 is about the same as occurred in ’07. But interestingly the median list price for those new listings in ’08 was higher than the figure for ’07. So let me see, the list price goes up for ’08 and the sales price goes down. Hmmm, how does that work?
The numbers of properties that went into escrow fell by about 10% for ’08 but the numbers of sales went down by about 14%. For most of the year sales were down about 20% compared to ’07 so we actually saw a rally at the end of ’08 which will hopefully continue into ’09.
Finishing up the Home Estate/PUD figures we’ll take a look at the Districts starting with Carpinteria/Summerland which had only about 6% fewer sales but about a 20% reduction in the median sales price. Montecito sales were about 20% behind ’07 for most of the year but finished ’08 about 16% down. The median sales price which was up about 15% for most of the year finished about 10% up. East of State St saw sales drop by over 20% but the median sales price fell only 4%. West of State had about 28% fewer sales but the median sales price fell about 12%. Hope Ranch had a tough year with sales falling over 40% and the median sales price falling about 13%. In both Goleta South and Goleta North sales were up 13% and 7% respectively but the median sales price fell in both places ny 18% and 14%.
For Condominiums,’08 was a tough year compared to ’07. The sales were down over 20% and the median sales price fell by about 15%. Taking a month by month look at sales the pattern resembles what happened with Home Estate/PUDs except offset by a month. Sales were slow for condos until April ’08 then they set a pace of about 20 to 25 units all the way through November. But December saw the sales numbers fall dramatically. Normally we think of Condos as leading the way in the marketplace but at least for ’08 they trailed the Home Estate market by a month.
Condo sales remained sluggish throughout the year despite the seller’s willingness to come down substantially in their price expectations. We saw the sales price to original list price ratio dip down into the mid-eighties for much of the year which means that the sellers got about 15% less than what they would have liked to have gotten for their properties.
All year it seemed like there was a new condo project coming online but at the end of the year the new condo listings were down about 11% for the year and the median list price of those new properties went down about 8% from the previous year.
Taking a look at the districts around town we see that for ’08 in Carpinteria/Summerland the numbers of sales was down almost 30% with the median sales price falling about 17%. For Montecito the numbers of sales also fell about 30% but the median sales price for the area went up by about 13%. East of State St had sales down by about 40% with the median sales price declining by about 27%. West of State St showed sales down by about 17% while the median sales price fell by about 19%. Out in Goleta South unlike with Home Estate/PUDs the numbers of units sold fell by about 20% but also unlike Home Estate/PUDs the median sales price went up by about 5%. In Goleta North sales weren’t down as far dropping by about 10% but the median sales price fell by 16%.
Looking at ’09 for both the Condo and Home Estate/PUD market a lot will depend on what the government does. If they decide to try and keep people in their houses even if they are defaulting on their loans any recovery will be kicked down the road by at least 6 months and maybe substantially longer. If the government decides to let the foreclosures go forward the market will find its level much quicker and we’ll be able to get on the road to recovery.
There is some glimmer of hope for the Short Sale market where the seller owes more to the bank than the property is worth. We have been told by the lenders that this process will be speeded up from the current 6 to 9 months it takes to complete a sale to closer to 30 days.
Currently confidence is at almost a record low. This lack of confidence does not bode well for the housing industry. The quicker we get to a place where people can look down the road farther than the next stop sign and feel that they at least have an idea of where things are going the quicker we’ll get the economy moving again.
Gary Woods
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is down by about 10% for the year with the numbers of new listings falling only about 2%. With the inventory down by 10% it’s interesting that the numbers of escrows is only down by about 6% with the numbers of sales down by exactly the same number. Despite this rather mild drop in the numbers of sales the average sales price decline of 12% gives us a drop in the overall sold volume of 18%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings is exactly where it was last year at this time with the numbers of new listings falling by a miniscule 1%. With things flat in the inventory department it’s very good news that the numbers of escrows is up by 8% with the numbers of sold properties up by 11%. This increased activity is not without a little bit of pain however with the average sales price declining by 16% and the overall sold volume falling by 6%.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is down by 45% dropping from 22 listings in ’07 to 12 listings this year and the numbers of new listings falling from 17 last year to 10 this year for a 14% drop. With the inventory down the numbers of escrows is sure to follow with a 57% decline but the sales are down by just 38%. The average sales price has slipped by 23% which when you put it all together gives us a whopping 53% decline.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is off by 23% for the year with the numbers of new condo listings even farther at 35%. With that dramatic a drop in the inventory it’s amazing that the numbers of escrows is down by only 12% and the sales off by 18%. It’s been a tough year everywhere for condos but not quite as bad for Goleta South. The sales are down by 22% but the average sales price is down by only 5%. But the overall sold volume has declined by 22%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is up by about 5% for the year compared to ’07 but the numbers of new listings is down by about 7%. The big push is in the numbers of escrows for the area which is up by 34% with the sales up by 20%. With all this increase in the numbers of units sold the overall sold volume has fallen but only by 2%. But the average sales price has declined by about 20%.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South has the inventory for the year down by 20% with the numbers of new listings off by 35%. This drop in the numbers of units to sell leads to a drop in the numbers of escrows which are down by 44% as are the numbers of sales. With the average sales price down by 33% we see a drop in the overall sold volume of 63%.
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 have been almost exactly the same numbers of listings this year compared to last with the number of new listings rising by 8%. Unfortunately that’s where the plus numbers stop. The numbers of escrow has seen a 44% decline with the numbers of sales dropping by 45%. The average sales price has slipped by 28% with the overall volume plummeting by 61%.
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 Estatethe total inventory for ’08 is almost exactly what it was in ’07 at this time. The numbers of new listings is up by just 1% but the numbers of condos going into escrow is down by 13% with the numbers of sold condos slipping by 15%. The average sales price has also dipped by about 15% but the overall sold volume is down by 30%.
For Home Estates in the Santa Barbara Real Estatearea of West of State the total homes available is down by 12% for the year and the numbers of new listings is off by 15%. With this decline in the inventory you’d expect a fall in the numbers of listings going into escrow and you’d be right. But escrows are down a little farther at a 22% drop and sales are down even further at a 30% drop. This fall is despite a 12% drop in the average sales price giving us a 38% drop in the overall sold volume.
The PUD market for the Santa Barbara Real Estatearea of West of State St very little activity has occurred this year. The overall inventory is down by 66% with the numbers of listings down even further to a 70% drop. But interestingly enough despite the fall in the numbers of properties to sell the numbers of escrows is exactly the same as last year with the sales actually 1 ahead. This slight rise in activity gives us a wash in the overall sold volume but a 16% decline in the average sales price.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year is down by 13% and the numbers of new listings is down even farther at 16%. But all that looks like good news compared to the numbers condos that went into escrow which is down by 41% with the numbers of sales down by 40%. These numbers are despite the fact that the average condo price has fallen by 25% giving us an overall volume decline of 55%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings is down by just 5% with the numbers of new listings declining by 13%. With the fall in the inventory you would expect a drop in the numbers of escrows and that number is down by 15% with sales falling by 20%. But with all this negative news the average sales price has fallen only 5% on the East Side of Santa Barbara but the overall volume is down by 24%.
There’s not a whole lot of activity in the PUD market on the East Side of Santa Barbara Real Estatebut last year there were 9 total listings compared to this year when there are 12. The new listings are down however from 8 last year to 7 this year. The good news is that escrows are up by 4 for a total of 6 and sales are by 3 for a total of 5. That increase in activity gives us a 159% rise in activity with only a 3% rise in the average sales price.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available for the year slid down by 8% with the numbers of new listings declining by 17%. With the inventory down you would expect the numbers of escrows to be down but the fall is rather dramatic dropping by 34% and the numbers of sold condos down even further at 37%. The overall sold volume is down by 35% but amazingly the average sales price is up by 3%.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estatethe total number of listings is up by almost 20% and the numbers of new listings is up even farther. But despite there being more homes to sell the numbers of escrows fell by 16% and the numbers of sold properties fell even more by 18%. With almost a 20% drop in the numbers of sold properties you’d think the overall sold volume would be down a bunch but this is Montecito where it’s only down by 4%. Even more amazing is the average sales price which has risen by 16%.
For the PUD market in Montecito Real Estate there have been just 5 listings this year but that’s 4 more than last year. There were also 5 new listings compared to 0 for last year. But with all this increased inventory we got just on more escrows which was added up to 2 and the numbers of sales was exactly where it was last year at 1. Even so that gave us a 6% rise in the overall sold volume and a 6% rise in the average sales price.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through December 25th almost exactly the same numbers of properties have been for sales for both ’07 and ’08 but that’s where the similarity ends. The numbers of condos that went into escrow is down by 15% and the numbers of sold condos is down even further at 28%. The average sales price has declined by 18% from $580,000 last year to $470,000 this year but the biggest decline is the sold volume which has fallen more than 40%.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through December 25th is up by 17% with the new listings rising 10%. But all this increased activity has yielded only a 1% rise in the numbers of homes that went into escrow and were down 6% as far as homes that have completed the selling process. To achieve those numbers the average sales price fell by about 25% and overall volume fell off 30%.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate the overall inventory is up 12% for ’08 and the numbers of new PUD listings is up 14% but that’s where the good news comes to a screeching halt. The PUDs that went into escrow are down by 33% and the numbers of sold PUDs is also down 33%. The overall sold volume has also fallen by about 33% but the average sales price is actually up by 1%.
For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market the area Median Sales price for the period of Jan. 1 through December 17 is $800,000 with 151 sales. This compares to ’07 when the median sales price was $939,000 with 139 sales. So just like with Goleta South it’s a case of good news, bad news. The median sales price has fallen about 15% but the sales are up almost 9%.
For the gap report it’s a matter of worse and worser. Last year the median list price was $1 below $1 million but the median sold price was $939,000 giving us a 6.1% gap. But this year the median list price has zipped up to $1.159 million with a median sold price of $800,000 giving us a gap of 31%. That 31% is a pretty darn big cavern to jump over for anybody.
For the Goleta Real Estate North condo market the median sales price is $467,500 with 38 sales whereas last year the median sales price $550,000 with 43 sales. That means that the median sales price dropped by 15.5% and the numbers of sold units fell by 11.6%. It’s just been a tough year for condos everywhere in Santa Barbara and Goleta North is no exception.
For the Gap report in ’07 the median list price was $527,500 while the median sold price was $550,000 which means that once again the sold price was higher than the list price for a 4.3% positive gap. But in ’08 we’ve got a median list price of $499,000 with a median sold price of $467,500 for a small gap of just 6.3%. When you put it all together that still means a flip flop of about 11% year over year.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price through December 17 has been $732,000 with 77 sales whereas last year the median sales price was $894,000 with 70 sales. So for Goleta South it’s a matter of good news, bad news. The median sales price has dropped by about 20% but the sales are up by about 10%.
Now for the gap report for Goleta south. Last year the median list price was $875,000 and you put that together with a median sales price of $894,000 and you get a positive gap of 2.2%. Yup, the median sales price was actually above the median list price. Now you look at ’08 and you have a median list price of $925,000 with a median sales price of $732,000 and that gives you a gap of about 21%. That almost 25% flip is significant.
For the condo market in Goleta Real Estate South the median sales price of $565,000 combined with the 57 sales for the year to December 17 compared to last year’s numbers of a $532,000 median list price with 71 sales gives us a plus 6.2% for the median sales and a minus almost 20% for the sales. The difference is primarily due to one development which came on line this year so don’t start popping champagne corks just yet.
The gap report for ’07 is about 11.2% when you look at the $599,000 median list price compared to the $532,000 median sales price. But in ’08 that gap was erased and replaced with a plus 2.7% rise. Yes, that one development pushed the median sold price above the median list price for the entire area.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Sales price for Home Estate/PUD market through December 17 is $2.85 million with 19 sales compared to last year when the median sales price was $3.275 million with 34 sales. This translates to a 13% decline in the median sales price and about a 40% decline in the numbers of units sold. In most places a median sales price of $2.85 million would be a time of great joy but in Hope Ranch it’s a big come down.
Looking at the gap report for Hope Ranch this year the median list price of $3.195 million compared to the median sold price of $2.85 million gives us a gap of about 11%. That’s pretty darn close when compared to other area. But last year at this time the median list price was $2.895 million whereas the median sold price was $3.275 million which gave us a positive gap of about 13%. That means that the sales price was 13% above the asking price.
For Santa Barbara Real Estate’s 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 Home Estate/PUD is currently $915,000 with 134 sales but last year the median sold price was $1,038,750 with 184 sales. When you put it all together the sales price has gone down by about 12% but the numbers of sales have declined 28%. So the interesting anomaly is that the West Side has cut prices more drastically than the East Side but sales have declined more on the West Side.
The gap between the median sales price of $915,000 and the median list price of $1,129,000 is about 20% whereas last year the median sold price was $1,038,075 with a median list price of $1.149 million for only a 10%.
For the Santa Barbara Real Estate West Side condo market the median sales price has fallen to $535,000 with 59 sales compared to last year when it was $645,000 with 73 sales. That results in a median sales decline of about 17% and about a 20% drop in sales.
The gap report for the West Side shows us a $535,000 median sales price with a $789,000 median list price for a 32% difference whereas last year the median sold price was $645,000 with a median list price of $679,000 for just a 5% gap.
For the Santa Barbara Real Estate area East of State St area the Median Sales price through December 17 is $1.15 million with 167 sales and last year at this time the median sales price was $1.212 million with 215 sales. That means that the median sales price has fallen almost 5.1% and sales have dropped off about 22%. The people on the East Side have not cut the price of their homes this year as drastically as other sections of the town but the sales are off substantially.
As far as the gap ratio or the median list price versus median sales price for ’07 it was about 12% with a median list price of almost $1.4 million versus a median sales price of $1.212 million. But for ’08 the gap is almost 24% with a median list price of about $1.5 million and a median sold price of $1.15 million.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate the median sales price has fallen from $827,500 last year with 84 sales and this year the median sales price is $605,000 for 53 sales. That means that the median sales price has fallen about 27% while sales have dropped almost 37%. By any measure that’s a tough year for East of State St Condos.
Now for the gap report, in ’07 the median list price was $759,000 with a median sales price of $827,500. This means that the gap was on the plus with the sales price almost 10% above the asking. Now when you look at ’08 the median list price is just under $800,000 while the median sold price is just over $600,000 for approximately a 25% gap. It’s interesting that while the sales price continues to fall the list prices continue to go up.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through December 17 is $3.2 million with 142 sales compared to last year when it was $2.9 million with 175 sales. This translates to about a 10% rise in the median sales price but about a 20% decline in the numbers of units sold.
The difference between the median list price and the median sold price is a lot closer together than some of the areas. Currently in Montecito the difference is about 20% while last year the gap was about 12%. The rise in the median sales price this year has spurred sellers into pushing their asking price ever higher which accounts for the widening in the gap ratio.
For the condo market in Montecito Real Estate the median sales price for ’08 has been about $1.4 million with 17 sales while last year the median sales price was $1.225 million on 24 sales. This translates to about a 13% rise in the median sales price but about a 30% decline in the numbers of units sold.
The gap report for Montecito is a lot closer together. Last year we had a median list price of $1.55 million with a median sales price of $1.225 which gave us a 21% gap and this year we have a $1.95 million list price with a median sales price of $1,381,500 for a 29.2% gap. Again the rise in the median sales price for Montecito has pushed the sellers into asking more and more for their properties which has widened out the gap.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price for ’08 through December 17 is $828,500 which is down about 18% from the previous year when it stood at over $1 million. Despite the decline in prices the numbers of sales has gone from 62 last year to 56 this year for about a 10% drop.
Even though sales are down and the median sales price is down the median list price continues to rise. Last year at this time the median list price went from about $1.3 million to about $1.345 million. This rise has lead to the different between the median sales and median list price widening. Last year the gap was 22% and this year the gap is almost 40%.
For the Carpinteria Real Estate/Summerland Real Estate condo market the current median sold price is $460,000 with 37 sales for the year. Last year at this time the median sales price was $549,500 with 54 sales. This means that the median sales price has declined 16.3% and the numbers of sales has gone down 31.5%. It’s definitely been a tough year in the condo market for Carpinteria/Summerland.
The difference between the median list price and the median sales price is widening by the minute in Carpinteria/Summerland. The gap report for the area condos is about 28% currently which is up from just 8.3% last year. At least part of this difference is because properties on the low end are selling while those farther up are staying on the market but some of that gap is because the median sales price continues to drop.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 10 sales for this time period with a median list price of $725,000 and last year there were 7 sales with a median sales price of $880,000. This year 14 homes came on the market for the period with a median list price of $779,000 and last year 9 homes came on the market with a median list price of $855,000. 11 homes went pending this year with a median list price $679,000 compared to last year when 13 went pending with a median list price of $819,000. Currently there are 49 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.159 million.
For the condo market in Goleta Real Estate North there was 1 sale for this period with a price of $1,055,000 where last year there were 2 sales with a median sales price of $1,007,000. This year 5 properties came on the market with a median list price of $475,000 and last year there were no properties that came on the market. This only 1 property went into escrow with a list price of $399,000 and last year there were no properties that came on the market. Right now there are 19 condos available in the area with a median list price of $469,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 6 properties closed escrow in the time period with a median sales price of $658,750. Last year at this time 2 properties closed escrow with a median sales price of $836,750. This year 7 new properties came on the market with a median list price of $729,900 compared to last year when 12 properties came on the market with a median list price of just under $700,000. This year 8 properties went into escrow with a median list price of just under $700,000 where as last year 2 properties went into escrow with a median list price of $649,000. Right now there are 42 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of about $1.1 million.
For the condo market in Goleta Real Estate South shows us 2 sales with a median sales price of $375,000 compared to last year when there were 3 sales with a median sales price of $397,000. During this time period 4 condos came on the market with a median list price of $399,900 and last year 4 new condos came on the market with a median list price of $565,000. The same number of properties went into escrow but this year those 4 properties had a median list price of $399,000 and last year that median list price was $349,000. Right now there are 26 condos available in the Goleta South area with a median list price of $539,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of November 11 to December 11 there were 2 sales with a median sales price of $4.3 million. Last year at this time there was 1 sale for $2 million. During that time there were 5 new properties that came on the market with a median list price of $6.7 million whereas last year there was 2 properties that came on the market with a median list price of about $1.9 million. For ’08 2 properties went into escrow with a median list price of $3.2 million and last year there were two properties that entered escrow with a median list price of $1.9 million. Right now there are 22 homes for sale in Hope Ranch with a median list price of about $3.5 million.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate area of West of State St for Home Estate/PUDs there were 5 sales in ’08 with a median sales price of $875,000 compared to ’07 for the same period when there were 15 sales with a median sales price of $1.08 million. During the same period 20 properties came on the market in ’08 with a median list price of $985,000 compared to last year when 20 properties also came on the market with a median list price of $955,000. In ’08 7 Home Estate/PUDs went into escrow with a median list price of $849,000 whereas last year when 9 properties went into escrow with a median list price of $840,000. Right now there are 84 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.15 million.
For the condo market the sales figures show us 3 sales with a median sales price of $442,000. Last year there were 6 sales with a median sales price of $545,000. For ’08 14 condos came on the market with a median list price of $519,000 and in’07 8 condos came on the market with a median list price of $698,000. This year 5 properties went into escrow with a median list price of $549,900 whereas last year only 3 properties went pending with a median list price of $995,000. Currently there are 58 condos available for purchase on the West Side of Santa Barbara Real Estate with a median list price of $765,000.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 14 sales in ’08 with a median sales price of about $1.2 million whereas in ’07 there were 9 sales with a median sales price of $1.16 million. This year 28 properties came on the market with a median list price of just under $1.2 Million where in ’07 29 properties came on the market with a median list price of, you guessed it $1.2 million. Currently there are 118 homes available on the East Side of Santa Barbara with a median list price of $1.4 million.
For the Condo Market on the East of State for side of town for Santa Barbara Real Estate there 3 sales this year just as there were in ’07. But this year the median sales price was about $600,000 compared to last year when it was about $1.2 million. This year 8 properties came on the market with a median list price of $795,000 where as last year 8 properties came on but with a median list price of $739,000. The difference came in the numbers of properties that went pending. In ’08 2 went into escrow with a median list price of $459,900 and last year 5 went pending with a median list price of $799,000. Currently there are 43 condos available for purchase on the East Side of Santa Barbara with a median list price of just under $800,000.
Santa Barbara Real Estate’s areas of Montecito Real Estate for Home Estate/PUDs there were 5 sales with a median sales price of just under $2 million whereas in ’07 there were 10 sales with a median sold price of just over $3 million. During that time period 31 new properties came on the market with a median list price of $4.7 million compared to ’07 when 19 properties came on the market with a median list price of just $4.7 million. For ’08 12 properties went pending with a median list price of just under $3 million whereas in ’07 10 properties went pending with a median list price just under $4 million. Currently there are 176 Home Estate/PUDs in Montecito with a median list price of $4.45 million.
For the Condo market in Montecito Real Estate the sales are exactly where they were last year which isn’t too good. Both years had 1 sale but this year it was for $2.225 million and last year it was $765,000. This year 4 more condos came on the market with a median list price of just under $2 million but last year 2 came on the market with a median list price of $895,000. Unfortunately this year nothing went into escrow for the time period compared to last year when 2 went pending with a median list price of $799,000. Currently there are 16 condos are available in Montecito with a median list price of just under $2 million.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period November 11 to December 11 ’08 there have been 5 sales compared to 4 for the same period last year. But the good news is the median sales price went to $1.795 million this year compared to $917,500 last year. 4 properties came on the market in ’08 compared to last year when 9 came on the market. But this year those new properties have a median list price of $1.795 million whereas last year the median list price was $900,000. The really good news is that this year 5 properties went pending with a median list price of $699,000 compared to last year only 2 went pending with a median list price of $649,900. Currently there are 59 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1.485 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market only 2 properties sold with a median sales price of $362,000 compared to ’07 when there were 4 sales with a median sales price of $540,000. During that same period 8 properties came on the market with a median list price of $395,000 compared to ’07 when 9 came on with a median list price of $695,000. The good news is that for ’08 6 condos went into escrow with a median list price of $249,000 compared to last year when only 2 went pending with a median lsst price of $349,900. Currently there are 73 condos available in Carpinteria/Summerland with a median list price of $679,000.
For the Goleta Real Estate North area of Santa Barbara Real Estate the Home Estate/PUD market there have been 140 sales through the end of November with a median sales price of $832,500. This compares to last year when there were 131 sales with a median sales price of $942,000. Through the first eleven months 146 Home Estate/PUDs entered escrow with a median list price of $824,900 whereas in ’07 there were 140 escrows with a median list price of $965,000. So far this year we’ve had 252 new listings occur in Goleta North with a median list price of $895,000 and in ’07 there were 268 new listings with a median list price of $959,500. Right now there are 51 Home Estate/PUDs for sale in Goleta North with a media list price of $1,179,000.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate we’ve had 38 so far compared to last year when there were 42. But last year the median sales price was $544,500 and this year it’s $467,500. So far this year 36 condos have entered escrow with a median list price of $475,000 and last year there were 42 escrows with a median list price of $559,000. So far this year we’ve had 73 new listings come on the market with a median list price of $499,000 and last year at this time there were 74 new listings with a median list price of $559,000. Right now there are just 19 condos available in Goleta North with a median list price of $469,000.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been 73 sales so far this year compared to 70 last year. But the median price last year was almost $900,000 and this year it’s $732,000. Thus far there have been 80 properties go into escrow with a median list price of $725,000 and last year there were 67 escrows opened with a median list price of $899,000. So far in ’08 we’ve had 149 new properties come on the market with a median list price of $799,500 compared to last year when there were 163 new properties that entered the market place with a median list price of $899,000. Right now there are 39 Home Estate/PUDs for sale with a median list price of $1,099,000.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate we’ve had 57 sales with a median sales price of $565,000 and last year there were 68 sales at this time with a median sales price of $536,500. So far in ’08 we’ve had 55 condos enter escrow with a median list price of $569,000 and last year there were 67 escrows at this time with a median list price of $549,000. This year we’ve had 88 new condo listings with a median list price of $539,000 and last year at this time a whopping 131 listings had come on the market with a median list price of $575,000. Right now there are only 24 condos available in Goleta South with a median list price of $537,000.
For the Home Estate/PUD market in Hope Ranch Real Estatethere have been only 18 sales with a median sales price of $2.7 million and with an average sales price of $3.13 million. Last year there had been 34 sales with a median sales price of $3.2 million and an average sales price of $4.6 million. So far this year there have been 18 escrows in Hope Ranch with a median list price of $3 million whereas last year there had been 34 Home Estate/PUDs for into escrow with a median list price of $3.295 million. Thus far this year there have been 44 new listings with a median list price of $3.195 million and last year there were 42 new listings with a median list price of just under $3 million. Right now there are 20 Homes available for purchase in Hope Ranch with a median list price of $3.2 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of ’08 has seen no activity.
On the West Side of Santa Barbara Real Estatefor the Home Estate/PUD market there have been 127 sales compared to last year when there were 173. The median sales price went down from $1.039 million in ’07 to $920,000 in ’08. Thus far this year 139 Home Estate/PUDs entered escrow with a median list price of $919,900 whereas last year 174 properties entered with a median list price of $1,049,000. So far this year 274 new listings have come on the market with a median list price of $979,000 whereas last year there had been 318 new listings with a median list price of $1,075,000. Currently there are 82 Home Estate/PUDs available for purchase on the West Side with a median list price of $1,150,876.
For the condo market on the West Side of Santa Barbara Real Estatethere have been 55 sales this year with a median sales price of $545,000 whereas last year there were 71 sales with a median sales price of $645,500. So far this year there have been 58 escrows opened with a median list price of $535,000 and last year 72 escrows had been opened with a median list price of $659,000. So far this year 160 new condos listings came on line with a median list price of $618,000 and last year at this time 153 listings came on line with a median list price of $679,000. Right now there are 64 condos available for purchase on the West Side of Santa Barbara with a median list price of $795,000.
Through the first 11 months of ’08 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estatethere have been 155 sales with a median sales price of $1.15 million and last year through November there were 204 sales with a median sales price of $1,218,500. Thus far this year there have been 169 escrows opened with a $1.195 million median list price and last year at this time there were 203 escrows open with a $1.289 million median list price. So far on the East Side 360 new listings have come on the market with a media list price of $1.345 million whereas last year 425 new listings came up with a median list price of $1.295 million. Right now there are 110 Home Estate/PUDs available for purchase on the East Side with a median list price of $1.449 million.
For the condo market on the East Side of Santa Barbara Real Estatein ’08 there have been 51 sales this year with a median sales price of $605,000. Last year at this time there had been 83 sales with a median sales price of $825,000. Going pending last year there were 82 condos with a median list price of $887,500 but this year only 51 have gone pending with a median list price of $619,000. Thus far this year 116 new condos listings came on the market with a median list price of $649,000 and last year at this time 133 condos had come on the market with a median list price of $887,500. Right now there are only 38 condos available on the East Side with a median list price of $799,900.
For the Home Estate/PUD market in Montecito Real Estate there have been 139 sales with a median sales price of $3.1 million and last year there were 169 sales to this point in the year with a median sold price of $2.9 million. So far there have been 136 escrows opened this year with a median list price of $3,022,500 and last year there were 163 escrows opened with a median list price of $3.1 million. Through the first 11 months of the year a whopping 352 new listings came on the market with a medina list price of $3.595 million whereas last year 291 homes came on the market with a median list price just under $3 million. Currently there are 176 Home Estate/PUDs available for purchase in Montecito with a median list price of $4.45 million.
Looking at the condo market for Montecito Real Estate there have been 17 sales this year with a median list price of $1,381,500 whereas last year there had been 23 sales with a median sales price of $1.25 million. So far this year only 15 condo escrows have been opened with a median list price of $1.55 million whereas last year there had been 19 escrows open with a median list price of $1.295 million. So far this year there have been 36 new condos listings come on the market in the area with a median list price of $1.595 million and in ’07 there were 42 new listings with a median list price of $1.45 million. Right now there are only 16 condos available with a median list price of $1.899 million.
Through the first 11 months of ’08 for Carpinteria Real Estate/ Summerland Real Estatein the Home Estate/PUD market there were 52 sales compared to 61 last year. The median sales price went from $1,025,000 last year to $847,500. Interestingly enough there have been 60 pending properties in both years but the gap for median list price is about the same as the sold gap. In ’07 pending properties had a median list price of $999,000 and in ’08 that number has been $785,000. There have been 140 new listings come on the market this year with a median list price of $959,000 whereas last year there were 133 new listings with a median list price of $999,000. Right now there are 60 Home Estate/PUDs on the market in Carpinteria/Summerland with a median list price of $1.345 million.
For the condo market for the Carpinteria Real Estate/ Summerland Real Estate are there have been 35 sales this year with a median sales price of $460,000 whereas last year at this time there had been 47 sales with a median sales price of $550,000. For ’07 there had been 52 escrows opened to this point of the year with a median list price of $589,000 and this year there have been 44 escrows open with a median list price of $460,000. Thus far this year 138 new listings have appeared on the market with a median list price of $599,000 and last year at this time 133 new listings came on the market with a median list price of $595,000. Currently there are 74 Condo listings in Carpinteria/Summerland with a median list price of $679,000.
For Goleta Real Estate North area of Santa Barbara Real Estate for the Home Estate/PUD market there are currently 55 properties available with the top price residing at a whopping $23.5 million and the least expensive home waiting for a buyer at $540,000. This diversity in the highs and lows gives us a median list price of $1.179 million.
Right now there are 21 Home Estate/PUDs in escrow for Goleta North with a top price of $859,000 and a bottom price of an amazing $185,000. The median is considerably north of that number however residing at almost $700,000.
Throughout ’08 there have been 139 sales which are substantially ahead of where we were last year at this time. The most expensive sale tops the charts at $3.74 million with the least expensive home flying out at $265,000. That huge diversity in prices gives us a median sales price for the area in ’08 of $835,000 or almost $200,000 below where it was last year at this time.
For the condo market in Goleta Real Estate North there are just 23 properties available right now with a top price of $779,000 and a bottom price of $112,700. Almost right in the middle of all that is the median list price of $469,000.
Right now only 2 condos are in escrow in Goleta South with the top priced property listed at $1.139 million and the least expensive property listed at $128,900.
For Goleta North there have been 37 condos close escrow in ’08 with a most expensive property fetching $1.1 million and the least expensive property going for just $193,200. The median is a lot closer to the $193,200 than the $1.1 million and shows up at $465,000.
In the Goleta Real Estate South area there are 45 Home Estate/PUDs available with a top price of $2.475 million and a bottom price of $549,000. But the median list price for those 45 homes stands at $1.16 million. For most the year price has been down on the South side of Goleta but now they seem to be on the rise.
Currently there are 12 properties in escrow for Goleta South with a top list price of $899,000 and a bottom list price of $449,000. So even though the price of the listed properties is starting to rise the ones going into escrow are staying down. The median list price for homes currently in escrow is $659,000.
Throughout ’08 we’ve had 73 sales with a top price of $2.525 million and a bottom price of just $374,500. The sales numbers are about 10% ahead of where they were last year at this time but the median sales price has fallen to $732,000 for the area.
For condos on the South Side of Goleta Real Estate we currently have 26 available with a top asking price of $775,000 and a bottom asking price of $260,000. This over half million dollar swing gives us a median list price almost exactly in the middle residing at $529,000.
Unfortunately there is only 1 condo in escrow right now on the South Side of Goleta and that condo has a list price of $400,000.
For the Goleta South area through November 26th there have been 57 sales completed with a top price of $925,000 and a bottom price of $265,000. But unlike the inventory price the median sales price is not in the middle is resides at $565,000. This is still a pretty hefty price but about $100,000 below where it was last year at this time.
This is an analysis of the Santa Barbara Real Estate area including Carpinteria Real Estate/Summerland Real Estate, Montecito Real Estate, Hope Ranch Real Estate, downtown Santa Barbara Real Estate and Goleta Real Estate for November ’08. Last month we looked at Oct. ’07 compared to Oct. ’08. These dates were significant because in ’07 we really started feeling the effects of the Sub Prime lending problem and in ’08 we were starting to get a look at what the mortgage melt down meant to the Real Estate industry for Santa Barbara.
To sum up last month’s report for the Home Estate/PUD market the numbers of sales were up compared to last year and the median sales price was down. For November ’08 that scenario is reversed. The numbers of sales are down significantly and the median sales price is up. For November ’08 the numbers of sales fell by more than half compared to October ‘08 and by a little less than half compared to November ’07. But the median sales price rose by about a third from the previous month and was up about 10% from the previous year.
When I saw the rise in the median sales price I presumed that the below $1 million sales which made up a significant part of the market fell dramatically in November and this was at least part of the story. The $600,000 to $800,000 part of the market is still where the action is concentrated but the $1 million to $2 million range took over a much larger segment than it had previously occupied. What did decline however was the top end of the market which represented only about 15% of the sales and even more significantly there were no sales over $4 million.
What part the Tea Fire has played and will play in all the numbers is difficult to say at this time. Certainly the top end of the market has been rocked by the fire but there has been some speculation that the fire will spur a surge in the numbers of units purchased with people looking to acquire replacement properties. I doubt that there will be a surge however because of what happened after the Painted Cave Fire. At that time a lot of people purchased or rented RVs and put them on the property while their homes were being re-built. For those properties that burned and were above $5 million often those are 2nd or 3rd homes and I don’t think those people will want to quickly purchase replacement properties.
To finish this segment of the report I’m going to do a quick round up of the various districts looking just at November ’07 vs. November ’08. Out in Carpinteria/Summerland the numbers of sales is down while the median sales price has risen. In Montecito the numbers of sales remains down just as they have throughout the rest of the year but at least for November the median sales price has fallen dramatically and is now below $2 million. On the East Side of Santa Barbara the numbers of sales is down substantially but the median sales price is up by about a third. For the West Side of Santa Barbara the sales fell off precipitously and the median sales price dropped almost 20%. For Hope Ranch the sales are the same for both years but the median sales price is up about by about a third. For the Goleta South area of Santa Barbara the sales are up for November but the median sales price continues to drop. Finally, for Goleta North where sales have been about equal to ’07 for November at least they’re down by more than half and the median sales price is down by about 15%.
Looking at the condo market for the Santa Barbara area we see that compared to November ’07 the numbers of sales are about the same but the median sales price is down about $100,000. Also, the numbers of pending properties is down this year compared to last year and the gap between the median list price for pending properties is down over $100,000 from ’07 to ’08.
Interestingly enough while the numbers of sales of condos is down the numbers of new condos coming on the market are up by about 50% for November ’08 compared to last year. But, while the numbers of units for sale is up the asking price for those units is down about $150,000 compared to last year at this time. Even though there are more new listings that have come on the market the overall inventory has remained stable for the last couple of months and the median list price for that inventory remains about $180,000 above the median sales price for the month.
Looking at the price range statistics for this month the majority of the sales are from about $400,000 to about $650,000 with only a handful above $1 million. That upper end condo market has really gotten quiet for the last few months. It will be interesting to see whether the Tea Fire spurs sales in that upper end condo market or whether as I speculated previously a lot of the people who chose to re-build will purchase or rent an RV and put it on the property during construction.
Looking at the various districts let’s see how November ’08 fared compared to November ’07 for the condo market. For Carpinteria/Summerland sales are down by about a half but the median sales price is actually up. For Montecito there was 1 sale in ’07 and 1 in ’08. But the sales price this year was $2.2 million compared to last year when it was $1.2 million. For East of State St the numbers of sales is up but the median sales price went from $1.7 million last year to about $600,000 this year. For the West Side of State St the sales are down slightly but the median sales price went up more than $300,000. For Goleta South the sales are exactly the same but the median sales price fell more than $100,000. And finally for Goleta North the sales are up but the median sales price has fallen about $75,000.
The condo market has been averaging about 25 sales a month for the past 6 months and a fall to the low 20s or high teens in November is not a cause for alarm. The median sales price has been down about $100,000 compared to last year for most of the year but the properties that are going pending lately seem to have slipped down even further. I think condo prices will continue to slide down while the numbers of units sold will remain about the same.
The Home Estate/PUD market really took a beating in November with the numbers of sales falling dramatically. We can blame some of this lack of activity on the Tea Fire but not all of it. Interest rates remain low but at this point there’s not a lot of confidence on the part of buyers. Prices stabilized for the month and we actually saw a rise in the median sales price for November. But, looking down the road I think prices will continue to slip down for the next few months because until most of the foreclosures are sold off we won’t see a real rise in area prices.
Gary Woods
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 20 properties available which means that the number of homes available has stayed remarkably stable. For those 20 homes the top asking price is $28.9 million but way down at the other end you can get a home in Hope Ranch for under $1 million. With a $859,000 bottom price in the area the median list price is still at $3.2 million.
Right now there are 3 Home Estate/PUDs in escrow in Hope Ranch with a top listed price for those 3 of $25.5 million. The least expensive price in escrow is still a big $3.195 million but the median list price is $6.695.
Throughout ’08 we’ve had 18 sales in Hope Ranch with a top sales price of $6.195 million and a bottom sales price of $1.4 million. It’s been a tough year for Hope Ranch for both the numbers of sales and the median sales price but a $2.7 million median sales price is still nothing to sneeze at.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity.
In the West of State St area of Santa Barbara Real Estate the inventory currently stands at 85 properties available for purchase. The most expensive home that’s for sale has a price tag of about $5.5 million while the least expensive home is listed for below $400,000. This massive diversity still gives us a median list price above $1 million however currently residing at $1.15 million.
Right now there are 18 Home Estate/PUDs in escrow on the West Side of Santa Barbara with a top list price of $1.595 and a bottom list price of $389,900. The interesting number here is the median list price of the homes currently in escrow which stands at $729,000 or about $425,000 below what the current median list price of the inventory.
Through November 26th there have been 127 sales on the West Side with a top price of $5 million and a bottom price of $370,000. All this gives us a median sales price for the area of $920,000 which is still about $225,000 below the median list price for the inventory.
For the Condo market on the West Side of Santa Barbara Real Estate there are 67 available which mean that market is growing and the top list price for those 67 resides at $2.595 million. Way down on the price list the least expensive property has a $420,000 tag on it. With that big ol’ gulf staring at us the median list price for the area is $825,000.
There are currently 10 condos in escrow on the West Side with a top price of $1.595 million and a bottom price of $319,000. This gives us a median list price for the 10 condos of $449,000 which tells us that top end of the market has gotten rather quiet for now.
Throughout 2008 we’ve seen 54 condos close escrow with the top price showing up at $2.15 million and the least expensive condo sliding out the door for just $350,000. The median sales price is a lot closer to $350,000 than it is to $2 million and currently resides are $545,000.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 119 Home Estate/PUDs available for purchase with the tippy top number blazing a trail at $11.9 million and the least expensive property listed for just $375,000. That huge diversity in prices still gives us a median list price of almost $1.5 million however.
There are 27 properties in escrow right now on the East Side of Santa Barbara with the most expensive home listed at about $3.4 million and the least expensive home sliding down the scale at $425,000. This is a rather substantial amount of activity for the East Side which has been lagging in the numbers of sales all year. But I think the surge in activity is because the median sales price has finally slid below $1 million and currently resides at $999,800.
Thus far in 2008 there have been 153 Home Estate/PUDs close escrow on the East Side of Santa Barbara with a top price of $4.1 million and a bottom price of $400,000. But as I said only recently has the median price dipped below $1 million and currently for the year the number still rests north of $1 million at $1.15 million.
The condo market for the East Side of Santa Barbara Real Estate has 40 properties listed for sale right now with the top priced property showing up at a whopping $15 million. Way down on the other end of the scale the least expensive condo is listed at $494,500.
Right now there are only 5 condos in escrow with the most expensive one listed considerably below $15 million at $899,000. The least expensive condo in escrow has a price tag of $438,900 but the median list price for those 5 properties is only a little above that number at $459,900.
Through November 26th 50 condos have closed escrow on the East side of Santa Barbara with the top price for the area stopping the charts at $2.2 million and the least expensive condo going out for just $114,900. That huge gulf between $2 million and about $115,000 gives us a median sales price for the area of $605,000.
For Santa Barbara Real Estate in the Montecito Real Estate area currently 182 Home Estate/PUDs are for sale which means the inventory is growing in this area. At the top of the mark there’s a home listed for an amazing $47 million for interestingly enough a home can be had for under $1 million with the bottom priced listing showing up at $849,000. But don’t get your hopes up too high because the median list price for the area still sits at $4,450,000.
While 182 Home Estate/PUDs are available for purchase in Montecito there are only 9 that are currently in escrow. But those 9 have some pretty serious price tags. The most expensive listing in escrow right now is listed for $7,250,000 while the least expensive home shows up at $1,150,000. But again the median is somewhat north of that price showing up at $3,195 million or about $1.25 million below the current median list price.
Through November 26 139 Home Estate/PUDs have closed escrow in Montecito with the top priced home going out at $31 million. On the other end of the spectrum the least expensive home closed for just $900,000 but just like with the pending numbers the median sales price is definitely north of that number residing at $3.1 million.
For the Condo market in Montecito Real Estate there are currently 16 available with a top price of $3.495 million and a bottom price of just $729,000. Unlike the Home Estate inventory the condo inventory has stayed about the same and gives us a $1.889 million median list price.
Currently there’s nothin’ in escrow in for Montecito Condos. That’s right zero, zip, nada.
Through November 26th 17 condos have closed escrow with a $4.3 million and a $735,000 bottom price. The average sales price is almost $1.7 million but the median is about $400,000 down the road showing up at $1,381,500.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate there are currently 63 Home Estate/PUDs available for purchase. The highest priced home can be had for $37.5 million while the least expensive home is one the market for $629,000 which gives us a median list price of $1.345 million. All those properties that were available down into the $400,000s have been gobbled up.
For Carpinteria/Summerland there are 14 Home Estate/PUDs in escrow right now with the most expensive property listed about $9.5 million and the least expensive property showing up with a $449,000 list price. This gives us a median list price of the pending Home Estates of $589,900 which is about $800,000 below the current median list price for the overall inventory.
So far this year we’ve seen a total of 52 Home Estate/PUDs complete the selling process in Carpinteria/Summerland. Of those 52 properties the most expensive one that went out sold for $13.2 million and the least expensive home closing for $460,000. This gives us median sold price for the area of $845,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate there are 70 available for purchase right now with a top price of $6,930,250. The least expensive active condo is listed for $240,000 which gives us a median list price of $679,000.
There are currently 14 condos in escrow in Carpinteria/Summerland with a top list price of $925,000 and a bottom list price of just $239,900. But there’s a lot more action farther down the scale than what’s listed above which gives us a median list price for the Pending Condos of $299,000.
For all of ’08 so far there have been 34 condo sales in the area with the top price showing up at just under $1 million. The least expensive condo sold for $250,000 which gives us a median sales price for Carpinteria/Summerland condos of $460,000.
For the Goleta Real Estate North area of Santa Barbara Real Estate in the Home Estate/PUD market there have been 136 sales compared to 121 last year. This is a rise of 12.4% and the median sales price is down by 12% with the average sales price falling by 19%. The numbers of Homes entering escrow is up 7% but the median list price for those homes is down by 12.4%. Currently there are 49 Home Estate/PUDs available for purchase in Goleta North with a median list price of $1.179 million and an average list price of $2.399 million.
For the condo market in the Goleta Real Estate North area the story is a lot different. So far this year there have been 32 sales compared to 39 last year for an 18% decline. The median sales price has fallen 13% and the average sales price is down by 10.5%. The numbers of condos entering escrow is off by 10% while the median list price for those condos is down by 12%. Currently in Goleta North there are 17 condos available for purchase with a median list price of just $439,000 and an average list price of $481,405.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been 69 sales through the end of October compared to 67 for this time last year. This is a rise of 3% but to get that rise the median sales price has fallen by about 18% and the average sales price has declined about 21%. On the up side again, homes that have gone into escrow are up by over 15% but the median list price for those homes is down by over 18%. Currently there are 41 Home Estate/PUDs in Goleta South with a median list price of $1.195 million and an average list price of $1.376 million.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate we’ve had 54 sales so far compared to 65 last year. But the median sales price is up from $532,000 to $574,950 for an 8% rise. The average sales price has declined however by $15,000 for a 3% dip. The numbers of condos that went into escrow is down by 13% but the median list price of those condos is up by about 6.5%. Currently there are 24 condos available in the Goleta South area with a median list price of $537,000 and an average list price of $503,762.
For the Home Estate/PUD market in Hope Ranch Real Estate there have been only 17 sales this year with a median sales price of $2.85 million and an average sales price of $3.16 million. All these numbers are below those posted in ’07. The sales are down by almost 50%. The median sales price is down by about 15% and the average sales price has fallen by about a third. The numbers of homes that went into escrow is also down by 50% with the median list price for those homes going into escrow falling by about 16%. Currently there are 18 Home Estate/PUDs available for purchase in Hope Ranch with a median sales price of $3.2 million and an average list price of a whopping $6 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of ’08 has seen no activity.
On the West Side of Santa Barbara Real Estate for the Home Estate/PUD market there have been 124 sales since the first of the year compared to 160 at this time last year. This is a decline of about 22%. Accompanying this decline is a 10.4% fall in the median sales price and a 11% fall in the average sales price. During that same time period there was about a 15% fall in the numbers of homes that went into escrow and the median list price for those homes was 12.3%. Currently there are 75 Home Estate/PUDs available on the West Side of town with a median list price of $1,150,000 and an average list price of $1,366,637.
For the condo market on the West Side of Santa Barbara Real Estate there have been 52 sales which is about 23% less than last year and the median sales price has fallen about 14%. The average sales price has also come down but by about 18%. The numbers of condos that went into escrow fell by 17% and the median list price for those homes that went into escrow went down by 18%. Right now there are 54 condos available for purchase on the West Side of Santa Barbara with a median list price of $939,000 and an average list price of $1,136,725.
Through the first 10 months of ’08 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate the numbers of sales is down by about 24%. The median sales price however is only down by about 8% and the average sales price is down by about 6%. The numbers of properties that went into escrow on the East Side of Santa Barbara is down by 15% with the median list price of those homes is down by about 11%. Right now there are 111 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.575 million and an average list price of almost $2 million.
For the condo market on the East Side of Santa Barbara Real Estate in ’08 there have been about 41% fewer sales this year compared to last year and the median sales price is down about 24%. So despite this willingness of sellers to come down in their price the sales are not following. The numbers of condos going into escrow this year is down about 39% with the median list price of those condos entering escrow down about 30%. Currently there are 41 condos available on the East Side of Santa Barbara with a median list price of $832,000 and an average list price of $1,266,043.
For the Home Estate/PUD market in Montecito Real Estate the numbers of sales down by 17% which is actually closer to the ’07 number that we’ve seen all year. While the sales are down the median sales price is up by 18% which is down from about 25% earlier in the year and the average sales price is up 25% which is down from about 35% earlier in the year. The numbers of escrow is down 19% and interestingly enough the median list price of those homes is down by about 3%. Currently there are 154 Home Estate/PUDs available in the Montecito area and those Homes have a median list price of $4,450,000 and an average list price of $7,619,368.
Looking at the condo market for Montecito Real Estate there are about 28% fewer sales this year compared to ’07 but the median sales price is up by about $8,000. The average sales price is also very close and is about $50,000 below the average sales price last year. The Condos entering escrow by about 22% but the median list price of those condos entering escrow this year is up by 8%. Right now there are 15 condos available in Montecito with a median list price of $1.585 million and an average list price of $1,604,200.
Through the first 10 months of ’08 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there have been 14% fewer sales this year compared to ’07 and the median sales price has fallen by over 17%. Despite the decline in the numbers of sales the properties that have entered escrow are only down by 2 compared to last year but the difference in the median list price of those pending properties is down over 22%. Right now there are 63 Home Estate/PUDs available in Carpinteria/Summerland with a median list price of $1.275 million and an average list price of over $5 million.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate are there are about 32% fewer sales this year and the median sales price is down by about 17% just like the Home Estate market. But unlike the Home Estate market the numbers of condos that have entered escrow is down by about 25% and the median list price for those condos entering escrow is down by 18%. Currently there are 64 condos available in Carpinteria/Summerland with a median list price of $679,000 and an average list price of $844,557.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is down by about 13% with the new listings dropping only 6%. This drop in inventory gives us a 6% fall in the numbers of escrow but a 9% drop in the numbers of sales. The overall sold volume is down by 17% however but the average sales price is only down by 8%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings is down by 3% and the numbers of new listings is down by 4%. With this fall in the inventory amazingly the numbers of units going into escrow is up by 12% with numbers of sold properties up by 11%. Despite this rise in activity the overall sold volume is down by 8% with the average sales price declining by 18%.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory is 45% with the numbers of new listings declining by 41%. This theme continues through the numbers of units that went into escrow which is down by 45%. Interestingly enough the numbers of sold properties is only down by 27% but the overall sold volume has declined by 43% with the average sales price falling by 22%.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is down about 20% with the numbers of new listings down even further by 32%. Amazingly enough this decline in the available properties translates into only a 10% drop in the numbers of escrow but a 19% drop in the numbers of sold properties. The overall sold volume is down a little more for a 22% decline the average sales price is only down by 4%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is up by about 5% with the numbers of new homes down by 7%. But the miracle of Goleta South is that the numbers of escrow is up by 25% with only a 9% rise in the numbers of sold properties. This rise in the numbers of sold properties unfortunately brings with it a 11% decline in the overall volume and a 19% in the average sales price per unit.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate South shows us that the total numbers of listings is down by just 1 for a 7% drop but the numbers of new listings has fallen by 25%. There is however a 50% drop in the numbers of PUD escrows for the area with a 44% drop in the sold properties. This decline is magnified with the overall sold volume which is down by 63% while the average sales price is down by 33%.
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
Hope Ranch Real Estate there have been 8% fewer homes available this year but about 2% more new listings came available. Unfortunately those new listings translated to 42% fewer escrows and 52% fewer sales. Even more alarming than the 52% fall in sales is the 67% drop in the overall sold volume and 31% decline in the average sales price.
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 there have been exactly the same number of condos available this year as last with the numbers of new listings rising by only 3%. Unfortunately the numbers of condos going into escrow has dropped by 15% with the numbers of sold listings declining by 18%. Going down even further is the overall sold volume which is off by 29% despite the only 13% decline of the average sales price.
For Home Estates in the Santa Barbara Real Estate area of West of State the total number of properties available is off by 12% with the numbers of new listings declining by 16%. This fall in the inventory is naturally accompanied by a 21% drop in the number of homes that went into escrow and a 28% drop in the numbers of sold properties. This 28% drop is amplified by the 35% drop in the overall sold volume which would lead naturally to a 12% drop in the average sales price.
The PUD market for the Santa Barbara Real Estate area of West of State St there has been 8 available this year compared to 20 last year with 16 new listings last year compared to 6 this year. The amazing part of the decline in inventory is that the numbers of PUDs that went into escrow is up by 1 for a 20% surge and the numbers of sales is up by 2 for a 50% rise. This activity means that the overall sold volume is up by 21% even though the average sales price has fallen by 18%.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties available this year is down by about 8% with the numbers of new listings down by 11%. But the big drop off is in the numbers of condos going into escrow which is off by 41% and the numbers of sales down by 50%. The drop gets even deeper with the sold volume which is down by 57% but interestingly enough the average sales price is down only 24%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of properties available is only down by 6% with the numbers of listings down by 15%. With this decline in the inventory it’s only reasonable that the numbers of homes going into escrow is down by 13% but the numbers of sold properties is a little further down at 20%. This drop in the numbers of units is accompanied by a 26% drop in the overall sold volume by amazingly the average sales price for the area is only down 6%.
There’s not a whole lot of activity in the PUD market on the East Side of Santa Barbara Real Estatebut last year there were 8 listings and this year that have been 12 for a 50% rise. But numbers of new listings is exactly where it was last year with 7 for both year. On the good side of the ledger there have been 5 PUDs go into escrow this year compared to 2 last year and there have been 3 close escrow compared to 1 last year. With this increase in activity the overall volume is up 171% despite the 9% drop in the average sales price.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total number of properties available is down by about 9% with the numbers of new condos down by 19%. This fall in the inventory gives us an even deeper cut in the numbers of condos going into escrow. That number is down by 33% with the numbers of condos closing escrow down by 46%. That 46% is also the amount that the overall sold volume has declined but what’s interesting is the average sales price is actually up by about $12,000 for the year.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of available properties has gone up by 14% and the numbers of new listings is up by 16%. Unfortunately while the inventory is going up the numbers of homes going into escrow has gone down by 20% but the numbers of sold properties has only fallen by 18%. Despite this fall in the numbers of units sold the overall sold volume is almost exactly what it was last year due to the rise in the average sold price of 21%.
For the PUD market in Montecito Real Estate there have been 3 listings this year compared to 1 last year and there have been 3 new listings compared to 0 last year. Both years saw 1 PUD go into escrow and 1 PUD sold. But the sold volume has risen by 6% because obviously the average sold price rose 6%.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through November 13 the number of available properties is almost exactly what it was last year. But the numbers of condos going into escrow has slipped 23% with the numbers of sold properties falling even further by 31% giving us a drop in the overall sold volume of 41%. This decline in the units sold is despite the fact that the average sales price has gone down by about $100,000 for a 15% drop.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings is up by 15% for the year but the numbers of new listings has risen only about 6%. Despite this overall increase in the availability of homes the numbers that went into escrow is only up by 1% with numbers of sold properties actually declining by 13%. This 13% drop translates into a 36% fall in the overall sold volume with a 27% drop in the average sales price.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate the overall inventory is up 2 for the year for a 25% rise. The new listings are also up by 2 but that translates into a 28% rise. But despite the increase in the available properties the PUDs going into escrow is down by 1 for a 33% fall which is the same number for the sold properties. The sold volume is also down by about 33% but interestingly enough the average sales price is only down by 1%.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs there were 17 sales for October with a median sales price of $705,000 compared to last year when there were only 7 sales but the median sales price was $794,500. The pace be cooling in Goleta North however because there were only 14 homes that went into escrow for the month with a median list price of $699,000 while last year there were 12 escrows opened with a median list price of $879,000. The good news for the area is that the days on the market have come down from 140 for the 7 sales last year to 78 for the 17 sales this year. Currently there are 59 Home Estate/PUDs available for purchase in Goleta South with a median list price of $1.057 million and an average list price $2.195 million.
For the condo market in Goleta Real Estate North the news is about the same as it has been. This year there were 2 sales with a median sales price of $438,500 and last year there were 2 sales with a median sales price of $480,000. There is one more property that entered escrow this year compared to last. For ’08 there were 3 escrows opened with a median list price of $519,000 and last year there were 2 with a median list price of $839,000. Currently there are 19 condos available in Goleta South with a median list price of $482,500 and an average list price of $483,484.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 6 properties closed escrow with a median sales price of $662,000. This compared to October ’07 when 5 properties closed escrow with a median sales price of $780,000. The trend looks like it’s going to continue for the area with 5 properties going into escrow this year with a median list price of $671,900 compared to last year when 4 went into escrow with a median list price of $839,000. The sales price to original list price ratio is about 96% for the area which means that the properties are getting priced correctly. Currently there are 46 Home Estate/PUDs available in the area with a median list price of $1.195 million and an average list price of $1.377 million. The average days on the market for the Goleta South Home Estate/PUD inventory are 127 days.
For the condo market in Goleta Real Estate South shows us 5 sales for October with a median sales price of $495,000 compared to last year when there were 2 with a median sales price of $420,625. But this year nothing went into escrow for the month compared to ’07 when 3 started the buying process. Those 3 had a median list price of $679,000. Right now there are 25 condos available in the Goleta South area with a median list price of $539,000 and an average list price of $507,612. The average days on the market for the Goleta South Condo inventory are 157 days.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of October 1 to October 31 there was 1 sale this year with a $2.9 million sales price compared to last year when there were 3 with a $4.1 million median sales price. This look like they’re picking up a little for Hope Ranch because last year nothing went pending in October compared to this year when there were 3 with a median list price of $3 million and an average list price of over $14 million. It did take a while to get those properties into escrow however because there was an average of 320 days on the market. Currently available in Hope Ranch there are 19 properties with a median list price of $3.495 million and an average list price of $5.9 million. Those 19 properties have average days on the market of 109.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate area of West of State St for Single Family Homes
There were 13 sales in the month of October with a median sales price of $855,000. Last year at this time there were 12 sales with a median sales price of $903,000. To get that $855,000 median sales price however the sellers came down about 86% with a sales price to original list price ratio of 86.05%. The bad news for the West Side is that the last year in October there were 18 homes that went into escrow with a median list price of $1,025,000 and this year there were only 7 that starting the buying process with a median list price of $895,000. Currently on the West Side of Santa Barbara there are 96 Home Estate/PUDs available with a median list price of $1.099 million and an average list price of $1.324 million.
For the condo market the sales figures show us 5 sales in October ’08 compared to 4 for October ’07 for the West Side of Santa Barbara Real Estate. But last year the median sales price was $655,000 compared to this year when it’s $420,000. The sales price to original list price ratio has dipped down to 88% this year from almost 97% last year and the days on the market has gone up from 27 last year to 124 this year. It looks like that patter will continue because this year 7 condos went into escrow for the month with a median list price of $495,000 compared to last year when 6 went into escrow with a median list price of $469,000. Currently there are 53 condos available on the West Side with a median list price of $959,000 and an average list price of $1.175 million.
For Santa Barbara Real Estate East of State St for Single Family Homes the slump continues. Last October there were 19 sales with a median sales price of $1.425 million and this year there were 11 sales with a median sales price of $1.1 million. The sales price to original list price ratio is almost exactly where it was last year. But at the least the days on the market have come down from 92 last year to 66 this year. There is some really good news on the East side of Santa Barbara where we see 23 homes went into escrow for ’08 with a median list price of $899,000 compared to last year when 13 went into escrow with a median list price of $825,000. Right now there are 127 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.595 million and an average list price of about $2 million.
For the Condo Market on the East of State for side of town for Santa Barbara Real Estate there were 5 sales in October ’08 compared to 7 in October ’07. But in that 1 year the median sales price went from $1,175,000 to $445,000. The really interesting number however is that the sales price to original list price ratio remained high at 97%. There’s been a slight bump in the numbers of condos going into escrow. Last year there were 3 with a median list price of $1.175 million but this year there were 4 with a median list price of $619,000. Currently there are 42 condos available on the East Side of Santa Barbara with a median list price of $832,000 and an average list price of $1.245 million.
Santa Barbara Real Estate’s areas of Montecito Real Estate for Home Estate/PUDs the numbers of sales for the period we’re looking at is 9 compared to last year when there were 11 sales. The decline in sales has also brought a decline in the surge in the median sales price. While it is still up it is up from $2.3 million last year to $2.5 million this year. The sales price to original list price ratio has fallen down to 83% for the area and the numbers of pending properties went from 13 last October to 10 this October posting a $2.9 million median list price last year compared to $2.15 this year. Right now there are 161 Home Estate/PUDs available for purchase in Montecito with a median list price of $4.195 million and an average list price of $7.34 million.
For the Condo market in Montecito Real Estate the sales are exactly where they were last year. In October ’08 we had 1 sale with a sales price of $3.3 million and in October ’07 there was 1 sale with a sales price of $1.269 million. Sales Price to Original List price ratio for that 1 sale this year was 76% however meaning that seller would have liked to have seen about 25% more money coming through the door. The good news is that it took only 22 days to get an accepted offer compared to last year when it took 140 days. The drought looks like it will continue in the Montecito Condo market because no properties went into escrow compared to last year when there were 2. Currently there are 17 condos available in Montecito with a median list price of $1.675 million and an average sales price of $1.631 million.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from October 1 to October 31 ’08 there have been 6 sales compared to the same period in ’07 when there were only 4. The increase in activity is good and is being spurred by a decline in the median sales price from $975,000 last year to $727,500 this year. The number that jumps out at me is a 78% sales price to original list price ratio meaning that if the property were listed for $1 million it sold for $780,000. The increase in activity has also spurred a decline in the Days on the Market which has fallen to 66 for the month. Homes that have gone into escrow have also risen from 3 last year to 9 this year but again the median list price has fallen from $995,000 down to $599,000. Right now there are 71 Home Estate/PUDs available in Carpinteria/Summerland with a median list price of $1.175 million and an average list price of $4.8 million.
For condos the sales figures are also encouraging when viewed from last year to this. For Carpinteria Real Estate/Summerland Real Estate in October there were 8 sales compared to 3 last year and interestingly enough the median sales price has risen from $418,000 to $479,500. The sales price to original list price ratio is way to 79% this year from 89% last year. The surge might have petered out however because the numbers of pending condos is exactly where it was last year with 3. This is despite the fact that the median list price for those condos went from $650,000 to $525,000 this year. Right now there are 74 condos available in Carpinteria/Summerland with a median list price of $675,000 and an average list price of $801,897. But the real fly in the ointment for the area is an average days on the market of 167.
What I thought would be interesting for this analysis would be to look at October ’08 vs. October ’07 for the Home Estate/PUD and Condo markets of Santa Barbara Real Estate including Carpinteria Real Estate/Summerland Real Estate, Montecito Real Estate, downtown Santa Barbara Real Estate, Hope Ranch Real Estate and Goleta Real Estate. In October ’07 we were just coming to grips with the Sub Prime mortgage problem and in October ’08 we were staring down the barrel of a potential financial meltdown.
For October ’07 there were 61 Home Estate/PUD sales for the area and in October ’08 that number was more than 70. So far so good, but last year the median sales price in October was $1,325,000 and this year we’re looking at a number that’s below $900,000 and closer to $850,000. Now this doesn’t mean that $1.325 million house is now worth about $450,000 less, but it does mean that somewhere around and below $900,000 is where most of the sales are occurring.
Looking a little deeper into the numbers we see that in ’07 there were 63 Home Estates that went pending and in ’08 there were around 70. Again, so far so good but the median list price for those 63 homes in ’07 which was $1,025,000 is a lot closer to the median list price of those approximately 70 homes that went pending in October ’08. The pending properties for this October are about $150,000 below the pending properties in October of last year.
The median sales price bounces around a lot from month to month and for the last 12 months we had a high of about $1.3 million in February and a previous low of about $940,000 in July but when you put all that together it still gives us a median sales price of right around $1 million for the year.
For October ’07 139 new Home Estate/PUD listings came on the market with a median list price of $1,175,000 and for October ’08 there were about 130 new listings. But now here is where it gets interesting. The median list price of those approximately 130 new listings this year is about $1,250,000 or about $75,000 higher than the median list price of last year. This means that the median sales price has dropped by about $450,000 and the median list price has gone up about $75,000. That’s about a half million dollar difference between what’s for sale and what’s selling.
The gap gets even wider when you look at the overall inventory for the area which consists of fewer than 600 Homes and see that those properties have a median list price of about $1.7 million. This means that the median list price is about double what the median sales price is for the month of October ‘08. Given that gulf it’s no wonder that the average days on the market for the whole inventory are about 130 and counting.
Finally for the Home Estate/PUD market the number that jumped out at me was the sales price to original list price ratio for October ’08 of about 85%. This means that if a property was listed at $1 million it closed escrow at $850,000. This shows a real willingness on the part of sellers to bring the price down to where the deal can be made. What surprised me was that in October ’07 that ratio was 87% showing that same willingness to bargain. Traditionally we look at numbers in the mid 90’s for this ratio but at least for the last year sellers are doing what they can to get the deal done.
For the condo market in October ’07 there were 19 sales with a median sales price of $635,500 and in October ’08 the condo sales were in the upper 20s’ but with a median sales price of about $495,000. For most of the year the median sales price for a condo has bounced around a lot but has hovered right around $575,000. But, for the past 2 months that median sales price has dropped about $80,000+ down to approximately $495,000.
While the sales for October ’08 are substantially ahead of the numbers for ’07 the numbers of pending properties is almost exactly the same as last year sitting right around 20. But, the difference is the median list price for the properties that went into escrow last year was almost $200,000 above the median list price of properties that went into escrow this year. The only good news for condo sellers is the approximately $525,000 median list price for properties entering escrow this year is above the current median sales price by about $30,000.
The numbers of new listings coming on the market for both years is relatively close showing up right about the 50 mark. But, unlike the Home Estate new listings the condos entering the market are coming on about $100,000 below where they were last year at this time. The problem is that even though the condo sellers have adjusted their expectations the median list price is still about $100,000 above the median sales price for the month of October.
The overall inventory of condos from Carpinteria to Goleta is about 230 units and they’ve got a median list price of about $680,000. This gap isn’t quite as cavernous as that between what’s available and what’s selling in the Home Estate market but a difference of $200,000 is still substantial. This gap is exemplified by the approximately 150 average days on the market which means that those sellers have been waiting about 5 months for a buyer.
Finally, the sales price to original list price ratio for October ’08 is even below that of the Home Estate market. The ratio currently sits at about 85%, but the interesting difference is that in October ’07 that number was 96% meaning sellers were only giving up 4% of what they would have like to have gotten.
For the Santa Barbara area for the Home Estate/PUD market the numbers of sales are continuing at approximately the same pace they have been since March and it looks like they will continue at the level because of the numbers of properties that went pending in the month. The median sales price continues to go down however currently residing around the prices we saw in 2003 and should continue in that direction until the foreclosures and short pays are diminished.
For the condo market the sales are also continuing at the same pace since March but if the pending numbers are an indication those sales will soften in the coming months. The median sales price for condos has also fallen to about the 2003 level which should make those properties a lot more attractive to potential buyers.
Gary Woods
For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market the area Median Sales price for the period of Jan. 1 through October 23 is $842,500 compared to last year when it was $950,000. This is a drop of about 11.3%. The numbers of sales is above the figures from last year when it was 117 compared to this year when there have 126 closings. This is a rise of about 7.7%.
The gap figures are very divergent however. In ’07 the median list price was $998,000 with the median sales price of $950,000. This gave us a gap of only about 5%. This year however, we have a median list price of $1,050,000 with a median sold price of $842,500 for an almost 20% gap.
For the Goleta Real Estate North condo market the median sales price is $467,500 compared to last year when it was $539,000. This is a drop of about 13.3%. But the numbers of sales has declined by about 23.1% with 39 closing rung up in ’07 compared to 30 that were posted in ’08.
The gap report for the area is rather close together. In ’07 the median list price was $545,000 with the median sales price showing up at $539,000 for a 1.1% gap. In ’08 the median list price has been $505,000 with a median sales price of $467,500 that gives us a 7.4% gap.
For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price for time period for Jan. 1 through October 23 is $740,750 compared to ’07 when it was $919,000. This is a decline of almost 20%. The numbers of sales on the other hand is about 5% ahead of where it was last year with 68 sales being rung up this year compared to last year when there were 65 sales.
The gap report on the other hand is a whole different story. In ’07 the median list price was $889,000 with a sales price of $919,000 giving you a positive gap of 3.4%. This year the median list price is $1,000,000 but the median sales price is $740,750 for a gap of almost 26%.
For the condo market in Goleta Real Estate South the median sales price of $570,000 is actually above where it was last year when it was $532,000 at this time. But the numbers of sales is about 19% behind of where it was when 65 sales were put on the board compared to 53 this year.
The gap report for ’07 is about 11.2% when the median list price was $599,000 compared to the median sales price of $532,000. This year the median sales price is $569,000 with the median sales price showing up at $570,000 for a +0.2% gap.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Sales price for Home Estate/PUD market through August 28 gives us a $2,687,500 median sales price on 12 sales compared to last year when the median sales price was $3,350,000 on 21 sales. This 20% drop in the median sales price and 43% drop in the numbers of sales is rather large. The only really good number for the area is the days on the market which has fallen from 122 in ’07 to the current 50. Other than that a rough year in Hope Ranch looks like it’s going to continue in that fashion.
Looking at the gap report for Hope Ranch this year the median list price of $3 million is actually pretty close to the $2.687 median sales price and yields a 10.4% gap. But last year at this time the median list price was only $2,895,000 and the median sales price was $3,350,000 for a minus 15.7% gap. Yes, once again we see an area where the median list price is substantially below the median sales price.
For Santa Barbara Real Estate’s 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 Home Estate/PUDs is currently $956,250 on 92 sales compared to last year when it was $1,038,750 on 136 sales. This drop of only 8% in the median sales price is offset by the 32% decline in the numbers of units sold. The West Side home sellers have continued to hold the line against dramatically falling prices and consequently have seen a significant decline in the numbers of units sold.
The gap between the median sales price of $956,500 and median list price of $1,149,000 this year stands at about 17%. This compares to last year when the median list price was $1,099,000 and the median sold price was $1,038,750 or about 6%. Properties continue to come on the market significantly higher than the price point at which homes are selling.
For the Santa Barbara Real Estate West Side condo market the median sales price has fallen to $583,500 with 39 sales compared to last year when it was $647,250 on 54 sales. This 22% decline in the median sales price compares to the 28% drop in the numbers of units sold. The condo sellers on the West Side have definitely been compromising what they would like to get for their properties but so far it has not stirred the buyers to action.
The gap report for the West Side shows us a $583,500 median sales price with a $799,000 median list price for a current gap of 27%. Last year at this time we had a $647,250 median sales price with a $679,500 median list price for about a 4.7% gap. This is a significant difference in what people have been willing to pay for a West Side condo and where those condos are currently priced.
For the Santa Barbara Real Estate area East of State St area the Median Sales price through August 28 is $1,075,000 on 106 sales compared to last year when it was $1,206,000 on 158 sales. This 10% decline in the median sales price is overshadowed by the 33% fall in the numbers of sales. The median sales price has continued to inch downward but looking at the numbers from a year over year basis the sales are dramatically reduced from where they were last year.
Looking at the gap report for the East Side of Santa Barbara we see that currently it stands at a whopping 30% difference between what people would like to get for their properties and what they are currently selling for. Last year at this time the gap difference was about half standing at 15.4%. This huge difference is the reason that sales have fallen so far in the area. More and more properties are continuing to come on the market substantially higher than the prices the buyers are willing to pay.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate the median sales price has dropped to $675,000 with 33 sales compared to last year when the median sales price was $802,500 on 68 sales. This 11% drop in the median sales price is dwarfed by the 51% drop in the numbers of units sold.
The interesting anomaly with the condos numbers is the gap report shows not much change from year to year. This year the median list price is $689,000 compared to the median sold price of $675,000 for a 2% gap. Last year median list price of $799,000 and median sold price of $802,500 gave us a 0.4% gap. It could be argued that this is a 500% rise in the gap but I’d take a 2% difference between the median list and median sold price any time.
For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through August 28 continues to zoom upward to $3.6 million on 101 sales. This compares to last year when the median sales price stood at a paltry $2.8 million on 133 sales. This is an interesting dichotomy because the median sales price has risen by 26% while the numbers of sales has fallen by 24%. Throughout the year as the numbers of sales has steadily declined the median sale price has continued to climb substantially. My only conclusion is that not all parts of Montecito are in the ultra exclusive sections but everybody that wants to sell in Montecito wants to take advantage of the prices those upper end properties are commanding.
The gap report for Montecito shows us that currently there is only a 4.6% difference between the median list price and the median sales price. This compares to last year when the gap was about 18%. The large fly in the ointment of course is the numbers of sales has declined markedly which is not reflected in the gap numbers. That miniscule 4.6% gap is only meaningful for the houses that have sold.
For the condo market in Montecito Real Estate it’s been a tough year sales wise but the median sales figures don’t reflect that downturn. This year the median sales price is $1,381,500 on only 13 sales but last year it was only slightly higher at $1,475,000 on 19 sales. This 6.3% decline in the median sales price is overshadowed by the 31% drop in the numbers of units sold.
When we get down to the gap report for Montecito condos things really get turned upside down. This year the median list price is $1.78 million compared to the median $1.38 million sales price which is a 22% gap. Last year the median list price was $1.275 but the median sales price was $1.475 or a minus 15% gap. Yes, this time last year the median list price was actually significantly below the median sales price which is the reason we had many more sales the current 13 for all of 2008.
For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price for ’08 through August 28 has continued to decline. It currently stands at $875,000 for the 35 Home Estate/PUDs that have closed escrow which is down from the $1,130,000 mark of ’07 with 48 properties closing escrow. This 22% drop in the median sales price and 27% drop in the numbers of properties sold are significant. The only number that is looking up for the area is Days on the Market which has fallen from the ’07 number of 104 to t he ’08 number of 81.
For Carpinteria/Summerland the gap between the median list price and the median sold price has risen however. Currently the median list price for the area is $1,350,000 and when compared to the median sold price of $875,000 it gives you a 35% gap. This compared to last year when the gap was only just above 12%. The wider this gap gets the fewer homes will be sold.
For the Carpinteria Real Estate/Summerland Real Estate condo market the current median sold price is $474,000 with 17 sales compared to last year when it was $550,000 with 33 sales. This 13% drop in the median sales price accompanied by the almost 50% drop in the numbers of units sold is huge. But unlike the Home Estate/PUD market the days on the market is even higher this year standing at 132 compared to 105 last year.
The gap report for Carpinteria/Summerland Condos is about 25% currently compared to a minus 2.8%. Yes at this time last year the median list price was actually below the median sold price. So, just like with home estates the wider this gulf becomes the fewer properties are going to sell.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate there have been 123 sales with an average days on the market of 69 and average days to close of 42 for a total marketing time of 111 days. Those 123 sales had a median sales price of $850,000 and an average sales price of $995,722. Last year at this time there had been 115 sales with a median sales price of $950,000 and an average sales price of $1.2 million.
For Condominiums on the North Side of Goleta Real Estate there have been 30 sales through October 16 with average days on the market of 103 and average days to close of 39 for a total marketing time of 142 days. The median sales price of those 30 condos is $467,500 and the average sales price of $494,033. Last year at this time there had been 37 sales with a median sales price of $550,000 and an average sales price of $554,091.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate there have been 68 sales with an average days on the market of 71 and average days to close of 37 for a total marketing time of 108 days. Those 68 sales had a median sales price of $740,750 and an average sales price of $885,963. Last year at this time there had been 64 sales with a median sales price of $921,000 and an average sales price of $1.133 million.
For Condominiums for Goleta Real Estate South for the same time period there have been 53 sales with an average days on the market of 76 and average days to close of 38 for a 114 day total marketing time. Those 53 sales had median sales price of $570,000 and an average sales price of $541,135. Last year for the same time period there were 65 sales with a median sales price of $532,000 and an average sales price of $557,577.
For Hope Ranch Real Estate Home Estate/PUDs through October 16 of this year there have been 17 sales with average days on the market of 75 and average days to close of 40 for a total marketing time of 115 days. Those 17 sales had a median sales price of $2.85 million with an average sales price of $3.164 million. Last year at this time there had been 32 sales with a median sales price of $3.275 million and an average sales price of $4.57 million.
For Condominiums in Hope Ranch Real Estate there was no activity.
For West of State St in Santa Barbara Real Estate for Home Estate/PUDs the numbers of sales for ’08 through October 16 is 116 units with average days on the market of 83 and average days to close of 40 giving us a total marketing time of 123 days. Those 116 properties had a median sales price of $932,000 and an average sales price of $1,066,417. Last year at this time there were 156 sales with a median sales price of $1,039,500 and an average sales price of $1,193,950.
For Condominiums on the West Side of Santa Barbara Real Estate there have been 47 sales with average days on the market of 98 and average days to close 34 for a total marketing time of 132 days. Those 47 condos had a median sales price of $575,000 and an average sales price of $654,223. Last year at this time there had been 66 sales with a median sales price of $645,500 and an average sales price of $778,540.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for the time period from the first of the year until October 16 there have been 135 sales with an average of 92 days on the market and average days to close of 38 which gives us a total marketing time of 130 days. Those 138 sales had a median sales price of $1.1 million with an average sales price of $1.334 million. Last year for the same time period there were 184 sales with a median sales price of $1.22 million and an average sales price of $1.22 million.
For Condominiums in the East of State St area of Santa Barbara Real Estate there have been 42 sales for the same time period with an average days on the market of 98 and average days to close of 36 for a total marketing time of 134. Those 42 sales have a median sales price of $627,000 and an average sales price of $734,000. Last year for the same time period there were 77 sales with a median sales price of $817,500 and an average sales price of $909,187.
Through the middle of October ’08 there have 126 Home Estate/PUD sales in Montecito Real Estate with a median sales price of $3.32 million and an average sales price of $4.5 million. These 126 sales had average days on the market of 112 and average days to close of 40 for a total marketing time of 152 days. Last year for the same period there were 151 sales with a median sales price of $2.86 million and an average sales price of $3.6 million.
For Condominiums for the same time period in Montecito Real Estate there have been 15 sales with a median sales price of $1.3 million and an average sales price of $1.7 million. For those 15 sales it took an average of 89 days to get an accepted offer then 47 to get that escrow closed. This gives us a total marketing time of 136 days. Last year for the same time period there were 21 sales with a median sales price of $1.25 million and an average sales price of $1.7 million.
Through the October 16 there have been 45 Home Estate/PUD sales in Carpinteria Real Estate/Summerland Real Estate with average Days on the Market of 73 and average Days to Close of 48. This means that the entire transaction from listing to closing took 121 Day. Last year in Carpinteria/Summerland there were 56 Home Estate/PUD sales with a median sales price of $1,005,000 and this year the median sales price slid to $845,000. Because of the wide price range for the area the average sales price this year has been about $1.7 million compared to last year when it was $2.5 million.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate for the same time period there have been 29 sales with Average Days on the Market of 121 and average Days to Close of 37 for a total marketing time of 158. Those 29 sales had a median sales price of $460,000 and an average sales price of $494,034. Last year there were 46 sales with a median sales price of $552,500 and an average sales price of $568,798.
For the Goleta Real Estate North area of Santa Barbara Real Estate in the Home Estate/PUD market there have been 114 sales this year and that’s exactly how many sold last year at this time. But this year the median sales price has fallen $100,000 down to $850,000 and the average sales has come down even further from $1,210,071 last year to $995,537 this year. The numbers of homes that have entered escrow is slightly up from last year when there were 114 homes that went pending with a median list price of $989,000 compared to this year when 126 have entered escrow with a median list price of $849,000. Currently there are 64 Home Estate/PUDs on the market in the Goleta South area with a median list price of $1,050,000 and an average list price of $2,091,209.
For the condo market in the Goleta Real Estate North area the story is a lot different. So far this year we’ve only seen 29 condos close escrow with a median sales price of $465,000 and an average sales price of $493,862. This compares to ’07 when we had 37 properties close escrow by this time with a median sales price of $550,000 and an average sales price of $554,091. The sales numbers look like they’re moving closer together however because so far this year we’ve had 33 condos go into escrow with a median list price of $475,000 whereas last year there were 37 condos that went into escrow with a median list price of $559,000 and an average list price of $570,361. Currently there are only 20 condos available in the Goleta North area with a median list price of $482,500 and an average list price of $531,525.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market has seen 63 sales this year with a median sales price of $750,000 and last year at this time there were 62 sales with a median sales price of $921,000. The average sales price has also taken a tumble from $1.136 million last year to $895,404 this year. It looks like the trend will continue because so far this year 72 homes have gone into escrow with a median list price of $747,000 compared to last year when 60 homes started the buying process and had a median list price of $919,000. The inventory is definitely shrinking in the Goleta South area where there are currently only 45 Homes available for purchase with a median list price of $1,295,000 and an average list price of $1,382,614.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate we’ve had 49 sales so far this year with a median sales price of $585,000 and an average sales price of $549,993. This compares to last year when we had 63 sales with a median sales price of $537,000 and an average sales price of $561,925. It looks like the numbers are going to start coming closer together because there have been 55 condos go into escrow this year with a median list price of $569,000 and last year there were 58 condos starting the buying process with a median list price of $549,000. Right now there are only 20 condos available in the Goleta South area with a median list price of $499,000 and an average list price of $515,900.
For the Home Estate/PUD market in Hope Ranch Real Estate it’s been a tough year. So far in ’08 just 16 sales have been completed with a median sales price of $2.7 and an average sales price of $3.1 million. Last year for the same time period 30 escrows had been completed with a median sales price of $3.375 and an average sales price of $4.6 million. It looks like things are going to continue in this same vein because so far only 16 Home Estate/PUDs have entered escrow in Hope Ranch with a median list price of $2.85 and an average list price of $3.7 million. This compares to ’07 when there were 32 escrows with a median list price of $3.49 million and an average list price of $4.9 million. Currently there are 18 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.95 million and an average list price of a whopping $7.28 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of ’08 has seen no activity.
On the West Side of Santa Barbara Real Estate for the Home Estate/PUD market there have been 109 sales through the first 9 months with a median sales price of $935,000 and an average sales price of $1.05 million. But last year there has been 148 sales with a median sales price $1.03 million and an average sales price of almost $1.2 million. The numbers of homes that have entered escrow are starting to get closer to the numbers which entered escrow in ’07. So far this year 124 properties started the buying process with a median list price of $925,000 and in ’07 145 had entered escrow with a median list price of $1.049 million. There are currently 91 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.149 million and an average list price of $1.438.
For the condo market on the West Side of Santa Barbara Real Estate the figures aren’t quite up to what’s going on for the Home Estate market. Through September ’08 47 condos have closed escrow with a median sales price of $575,000 and an average sales price of $654,223. In ’07 there had been 63 sales with a median sales price of $645,000 and an average sales price of $782,462. Just like other districts the pending properties are starting to edge forward and currently there 56 condos which have entered escrow with a medina list price of $549,000 compared to last year when there were 64 condos that entered escrow with a median list price of $665,000. Right now there are only 56 condos available for purchase on the West Side of Santa Barbara with a median list price of $895,000 and an average list price of $1,102,855.
Through the first 9 months of ’08 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate the numbers are starting to look a little better but there’s a long way to go. So far this year there have been 131 sales with a median sales price of $1.1 million and in ‘07there were 173 sales with a median sales price of $1.2 million. The average sales price is even closer than that with only $80,000 separating the 2 years. The pending numbers are also starting to creep together with 176 escrows opened in ’07 with a median list price of $1.295 and 138 escrows opened in ’08 with a median list price of $1.15 million. Unlike the average sales price however the average list price of those homes that opened escrow in ’07 is about $150,000 higher than the properties that opened escrow in ’08. Currently there are 133 Home Estate/PUDs available for purchase with a median list price of $1.59 and an average list price of $2 million.
For the condo market on the East Side of Santa Barbara Real Estate in ’08 there have been 41 sales with a median sales price of $629,000 and an average sales price of $741,875. And in ’07 there were 73 sales with a median sales price of $805,000 and an average sales price of $892,718. The numbers of condos entering escrow is starting to inch together with the current number sitting at 41 with a median list price of $625,000 compared to ’07 when there were 74 that went into escrow with a median list price of $849,00. On the East Side of Santa Barbara there are currently only 39 condos available with a median list price of $725,000 and an average list price of $1,224,148.
For the Home Estate/PUD market in Montecito Real Estate the numbers of sales is drawing closer to the numbers for ’07. Through the first 9 months 121 Homes have closed escrow with a median sales price of $3.4 million compared to last year when 146 homes had closed escrow with a median sales price of $2.9 million. The average sales price however continues to soar and is up to $4.65 million for ’08 compared to $3.64 million in ’07. The properties entering escrow are keeping pace with the homes closing escrow. In ’07 at this time 144 properties had entered escrow with a median list price of $3.19 million and this year 121 homes have begun the buying process with a median list price of $3.19 million. So as the numbers of sales and escrows increase the median list price starts to come down. As of the end of September there were 151 Home Estate/PUDs available for purchase in Montecito with a median list price of $4.19 million and an average list price of an amazing $7.45.
Looking at the condo market for Montecito Real Estate it’s a different story. So far this year only 14 condos have closed escrow compared to last year when 21 had homes had sold. But as the sales fall the median sales prices goes up. This year the median sales price is $1.3 million and last year it was $1.25 million. The average sales price however is reversed with ’08 showing up with a $1.5 million mark and ’07 peaking out at $1.7 million. The numbers of homes going into escrow is taking a surge right now so the sales figures might start looking better. Throughout ’07 there were 16 escrows to this time period and in ’08 there have been 14. The median list price on those 16 condos in ’07 was $$1.295 and in ’08 the median list price is $1.399. Right now there are 19 condos available for purchase in Montecito with a median list price of $1.749 and an average list price of $1.752.
Through the first 9 months of ’08 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there have been 43 sales compared to 53 in ’07. The median sales price has also dropped and is currently down to $850,000 from $1,025,000 at this point last year. The average sales price has an even wider gap and currently resides at $1.76 million compared to ’07 when it was $2.6 million. The properties that have gone into escrow are a little closer together than the properties that have closed escrow so we’ll have to see whether those homes make it out the other end. But the gap between the median list price for a home entering escrow this year continues to grow when compared to the numbers from last year. Currently active Right now there are 75 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1.19 million and an average list price of a whopping $4.69 million.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate area the numbers are a lot tougher. At this time last year there had been 44 condo sales and this year there have been only 24. This decline in the numbers of sales is amplified when you look at the median sales price which has fallen by about $100,000. The average sales price hasn’t fallen quite as far it is still down by about $80,000. The numbers could be taking a turn upward however because the condos entering escrow is starting to climb. Last y