For the Santa Barbara Real Estate area of Goleta Real EstateSouth for the first 2 months of 10 the sales are down by 3 falling from 13 in 09 to 10 in 10. The median sales price has also fallen from $680,000 last year to $546,000 this year with the average sales price going down even further from about $780,000 to approximately $560,000. The new listings are also down falling from 29 to 22 while escrows are down from 16 to 9. The median list price on those escrows interestingly enough is up from $615,000 in 09 to $739,000 in 10. Right now there are just 37 Home Estate/PUDs available for purchase on the South Side of Goleta with a median list price of about $900,000 and an average list price of about $1.1 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first two months of 10 the condo market has seen 4 sales this year and 4 sales last year. But while the numbers of sales is the same the median sales price is not. That price has dropped from $452,000 to $347,500 with the average sales price falling even further from $542,125 in 09 to $346,250 in 10. The new listings have also declined from 15 to 12 with the median list price on those new listings going down from about $400,000 to about $300,000. Right now there are just 9 condos available for purchase on the South Side of Goleta with a median list price of about $310,000 and an average list price of approximately $385,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 2 months of 10 for the Single Family Residence market there have been 2 sales with a median and average sold price of about $3.6 million and last year there were 2 sales with a median and average sales price of about $2.36 million. This year there are 14 new listings compared to last year when there were 10. But the escrows have gone up from 2 in 09 to 4 in 10 while the median list price for those properties fell from $2.55 million 09 to about $1.7 million this year. Right now there are 18 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of just under $5 million and an average list price of about $6.5 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 Estate area of West of State St for the Home Estate/PUD market for the first 2 months of 10 sales are down from the same period in 09 dropping from 21 to 16. The median sales price has also declined from $870,000 to about $740,000 with the average falling from over $1 million to about $880,000. The numbers of new listings is exactly the same for both years but the escrows have fallen from 28 to 25. But the median list price of those 25 escrows is exactly where it was last year coming in at $749,000. Right now there are 60 Home Estate/PUDs available for purchase on the West Side with a median list price of $940,000 and an average list price of about $1.4 million.
For the Santa Barbara Real Estate of West of State St for the first two months of 10 in the condo market sales are up from 6 to 8 but the median sales price is down from $522,500 to $455,500. The average sales price is also down from $567,333 but the numbers of new listings has risen from 20 to 25. The pending listings are also up from just 6 last year to 15 this year but the median list price on those escrows is down from about $550,000 in 09 to just under $500,000 this year. Right now there are just 43 condos available for purchase on the West Side of Santa Barbara with a median list price of about $580,000 and an average list price of about $810,000.
For the Santa Barbara Real Estate area of East of State St for the first 2 months of 10 the numbers of sales is almost double what it was last year. In 09 there were 17 sales to this and currently there are 32. But the median sales price has declined from $970,000 in 09 to $832,000 in 10 with the average sales price falling from $1,032 last year to $957,851 this year. There are fewer new listings this year going from 77 in 09 to 60 in 10 but the escrows are up from 21 to 31. The median list price on those escrows however is down from $1.15 million to $925,000. Currently there are 97 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of about $1.45 million and an average list price of about $1.8 million.
For Santa Barbara Real Estate area of East of State St for the first two months of 10 in the condo market there have been 11 sales this year compared to 5 last year but while the numbers of sales more than doubled the median sales price has fallen by about half from $625,000 down to $323,500. The average sales price has also declined from about $660,000 to approximately $415,000. New listings are way down dropping from 31 in 09 to 20 in 10 but escrows are up from 7 to 9. The median list price on the escrows is down from about $600,000 to $435,000. Right now there are just 38 condos available for purchase on the East Side of Santa Barbara with a median list price of $675,000 and an average list price of over $850,000.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 2 months of 10 there have been 12 sales which is exactly how many occurred last year. But the median sales price has dropped about $1 million from approximately $3 million last year to about $2 million this year. But interestingly enough the average sales price has about doubled this year from $2.6 million last y ear to over $4 million this year. The new listings are down slightly from 70 in 09 to 66 in 10 but the escrows are up by 2 from 17 in 09 to 19 in 10. But the median list price on those 19 pending listings this year is about $1.8 compared to last year when it was $3.1 million. Right now there are 170 Home Estate/PUDs available for purchase in Montecito with a median list price of about $4 million and an average list price of about $5.6 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first two months of 10 there have been 3 sales compared to none last year. The median sales price on those 3 sales is $1,075,000 and the average is about $1.7 million. Both years had 8 new listings but this year there have been 4 open escrows compared to 1 last year. The median list price on those 4 is $1,075,000 and last year that one escrow had a list price of $729,000. Right now there are 15 condos available for purchase with a median list price of about $1.4 million and an average list price of $1.4 million.
For 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 the month of February 2010 saw sales in the mid 40s, falling from 61 in the previous month. The median sales price rose however from $760,000 in January up to around the $800,000 level.
The decline in the number of sales was primarily in the sub million dollar bracket dropping from the low 50s in that range in December 09 to the mid 40s in January and to the low 30s in February. The $1 to $2 million price range saw a rise in activity however which accounts for the median sales price going up for the month. In January there were 8 sales in that range and in February the number went up to about 11. But, the over $2 million range saw a decline in sales falling from 7 in January to around 4 sales in February with only 1 sale over $5 million.
Comparing 09 to 10 for the 1st 2 months of the year sales are up by roughly 15% but median sales price is down by about 8% falling to approximately $775,000 for the year. Sales generally lag in the 1st quarter of the year so the decline in the numbers of sales is not unusual and there is a substantial amount of activity in the marketplace with a significant number of properties going into escrow. In January there were 55 escrows opened and in February that number rose to the high 60s. The median list price on those opened escrows also rose from $825,000 in January to right about $900,000 in February.
The sales price to original list price ratio also rose for the month from 75% in January to right about 80% for February, but when you look at both months combined that ratio is right around 77% for all of 10 so far compared to 84% for the same period in 09.
Looking at the Districts, Carpinteria/Summerland this year has sales that are more than triple what they were last year at this time and the median sales price has gone up from about $590,000 in 09 to approximately $835,000 in 10. In Montecito sales are almost exactly where they were last year at this time but the median sales price has dropped about $1 million from approximately $3 million last year to about $2 million this year.
On the East Side of Santa Barbara sales are almost double where they were last year but the median sales price has dropped from $970,000 last year to about $830,000 this year. For the West Side of Santa Barbara after a big year for sales in 09, this year sales have dropped about 23% and the median sales price has fallen from $870,000 in 09 to about $740,000 in 10.
Hope Ranch had 2 sales in both years but the median sales price was $2.36 million in 09 compared to $3.58 in 10. Goleta South after a big year in 09 has fallen behind in the numbers of sales this year and the median sales price has declined from $680,000 last year to about $550,000 this year. Goleta North has also fallen behind the 09 sales pace and the median sales price has also declined but only slightly from about $690,000 last year to approximately $680,000 this year.
The decline in sales in the below $1 million range is primarily due to the lack of inventory in that range. Listings are down in every District except Goleta North which is over 25% ahead of where it was last year while Montecito is basically at the same level of inventory we experienced last year at this time. But, while the inventory continues to shrink the escrows continue to mount. Every District except Goleta South has experienced more open escrows this year than occurred last year.
The sales picture is more varied however with Carpinteria/Summerland, Montecito and East of State St having more sales this year and West of State St, Goleta South and Goleta North experiencing fewer sales in 10. The encouraging signs for the month are in the strengthening of sales between $1 and $2 million but the troublesome signs are the declining inventory in the sub $1 million range.
For the Condo Market in Santa Barbara the numbers of sales have declined for the last 5 months in a row, dropping from 27 sales in December 09 to 21 in January 10 and to the high teens for February. The reason for the fall off of sales is the lack of inventory in the all important $350,000 to $500,000 range. During the month the condo overall inventory rose to about 150 available properties but of those less than 50 were priced below $500,000 and of those approximately 50 condos about 15% were the affordable properties requiring income limitations on the buyers.
But, while the sales have declined for the past 5 months when you compare 09 to 10 for the 1st 2 months of the year the numbers of sales are almost double where we were last year and the numbers of opened escrows are up by almost 50%. But, with sales and escrows up, the median sales price declined from $478,500 last year to about $425,000 this year. Even so, the trend seems to be up with the median sales price rising in February to about $460,000 from $375,000 in January.
Looking at the Districts, Carpinteria/Summerland has a couple of more sales this year than it did last year and the median sales price is stable for both years at about $365,000. Montecito, after a dismal start last year has had 3 sales so far this year with a median sales price of $1,075,000.
East of State St has seen a big run up in sales more than doubling what occurred last year at this time but the median sales price has dropped almost in half falling from $625,000 in 09 to $323,500 in 10. It should be noted however that this big decline in the median sales price for the East of State St area is primarily because of a significant number of short sales in one particular complex. On the West Side of State St condo sales are about 2 ahead of last year but the median sales price has declined from $522,500 to about $450,000.
Goleta South has almost exactly the same numbers of sales as we saw in 09 but the median sales price has dropped from $452,000 last year to $347,500 this year and Goleta North has 4 more sales than it did last year with the median sales price holding firmly at about $460,000 for both years.
Condo sales will start to rise as we move into the second quarter and the median sales price level should continue to be around $450,000 to $475,000. In February of the 18 sales 14 were below $500,000 and of the 4 over $500,000, 2 were over $1 million. The condo market in Montecito after being very quiet for most of 09 seems to be moving forward again but 3 sales in 2 months cant be considered a huge trend. Sales in the rest of the Districts are also ahead of or equal to last years numbers.
Inventory remains the problem in the condo market. Of the approximately 150 condo listings from Carpinteria to Goleta about 50 of them or 1/3 are below $500,000 and with 75% of the sales coming from that below $500,000 segment of the market the inventory in that range continues to diminish. Despite a decline in the median sales price in January the prices seem to be basically stable and should continue that way for the foreseeable future with numbers of sales depending on whether the inventory starts expanding or continues to contract.
Gary Woods
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory through February 18 there have been 24 total listings compared to 35 in 09. The new listings fell from 18 in 09 down to 9 in 10. The escrows dipped a little less from 8 last year to 6 this year but the sales went up from 1 in 09 to 3 in 10. The average sales price dropped however from $460,000 last year to $385,700 this year.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings through February 18 the listings are up to 94 from 74 last year with new listings rising from 29 in 09 to 38 in 10. The escrows rose slightly from 20 in 09 to 21 in 10 with sales falling from 18 last year to 15 this year while the average sales price dropped from $712,267 in 09 to $659,743 to 10.
The PUD market for the Santa Barbara Real Estate area of Goleta North the overall inventory through February went up from 4 in 090 to 9 this year while new listings rose from 1 to 5. Escrows also went up from 1 in 09 to 2 in 10 but both years have no sales.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 2 months of 10 for the Home Estate/PUD market there have 15 sales compared to only four in 09 and the median sales price for those 15 sales went up to $835,000 this year from $588,000 last year. The average sales price rose even further going from $569,000 last year to just over $1 million this year. The numbers of new listings has risen slightly from 28 in 09 to 31 in 10 and the escrows are up from 6 to 9. But the median list price of those 9 escrows is at $769,000 compared to 09 when it was about $670,000. Right now there are 74 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.5 million and an average list price of over $4 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first two months of 10 in the condo market there have been 8 sales compared to 6 last year and the median sales price has remained very close also going from $365,000 in 09 to $367,500 in 10. Theres a little more difference in the average sales price which was almost $400,000 last year and currently is about $360,000. The numbers of new listings is also very close together with 19 in 09 compared to 20 in 10. But the numbers of escrows is way up from 6 last year to 11 this year and even more interesting is the median list price for those escrow rose from about $255,000 last year to about $410,000 this year. Right now there are 27 condos available for purchase in Carpinteria/Summerland with a median list price of about $600,000 and an average list price of about $930,000.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available through February 18 there have been a total 16 listings compared to 31 in 09. New listings are also down from 12 in 09 with 11 in 10. Escrows also fell from 5 last year to 4 this year but sales are up from 3 to 4. But the average sales price fell from $546,500 in 09 to $346,250 in 10.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South through February 18 the numbers of listings fell from 66 in 09 to 45 in 10 with the numbers of new listings falling from 26 last year to 17 this year. Escrows have fallen by half from 14 to 7 but sales are equal with 9 in both years. But the average sales price dipped from $870,078 in 09 to $540,814 in 10.
The PUD market for the Santa Barbara Real Estate area of Goleta South through February 18 there were 4 listings last year compared to 2 this year and in 09 there were 2 listings compared to 1 this y ear. Both years had no escrows opened but in 09 there was 1 sale from $1,000,000 compared to this year when there have been no sales.
The Condo market for the Hope Ranch Real Estate area of Santa Barbara real estate saw no activity.
For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estate through February 18 there have been 26 listings this year compared to 29 last year. The new listings are up however from 9 in 09 to 13 this year. But the escrows are even with 2 in each year while the sales are up from 1 in 09 to 2 in 10. The average sales price also went up from $2,175,000 in 09 to $3,582,125 in 10.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate there were no listings last year and just 1 this year. The good news is that 1 is now in escrow but has not closed yet.
The Condo market for the West of State St area of Santa Barbara Real Estate the total numbers of listings through February 18 are way down from 73 in 09 to 51 in 10. New listings are down nearly as much falling from 18 in 09 to 14 in 10. The escrows however up from 6 to 10 with the sales up from 4 to 6 this year. But the average sales price has dipped from $579,750 in 09 to $493,083.
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes that have been on the market through February 18 are down from 131 in 09 to 91 in 10. The new listings also fell from 40 last year to 33 this year. The escrows are also down from 27 in 09 to 22 in 10 with the sales down from 17 last year to 12 this year. The average sales price also fell from $1,045,176 last year to $917,458 this year.
The PUD market for the Santa Barbara area of West of State St there were 0 listings last year but 2 this year but both years have seen no new listings, no escrows and no sales.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year through February 18 there have been 54 listings this year compared to 64 last year and the new listings went down from 25 in 09 to 19 in 10. But the numbers of escrows went up from 7 last year to 8 this year with sales going from 3 in 09 to 10 in 10 while the average sales price fell from $736,000 in 09 to $415,100.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings through February 18 went down from 183 in 09 to 172 in 10. New listings didnt fall as far dropping from 66 in 09 to 63 in 10. Escrows however are way up from 20 last year to 29 in 10 with sales also rising from 14 last year to 27 this year. The average sales price dropped however from $1,048,071 last year to $944,491 this year.
For the PUD market on the East Side of Santa Barbara there have been 5 total listings this year compared to 2 last year with 3 new listings in 10 compared to 1 in 09. Everything else is zero for both years with no escrows and sales for 09 and 10.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through February 18 there were 22 total listings in 09 compared to 19 this year. But new listings went down 1 from 7 in 09 to 6 this year. The escrows went up from 1 last year to 3 this year with no sales to this point in 09 compared to 2 in 10. The average sales price for those 2 sales this year is just over $2 million.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate through February 18 the total inventory went down slightly from 247 in 09 to 245 in 10. The new listings were exactly the same however with 63 in both years. The escrows were also the same with 16 in both years but the sales have gone up from 7 in 09 to 13 in 10. The average sales price also rose significantly from $2,393,429 in 09 to $5,007,769 in 10.
For the PUD market in Montecito there have been 7 active listings this year and 2 listings last year. But last year there was 1 new listing in 09 compared to 4 in 10. Only 1 escrow has been opened this year compared to non last year and 1 sale has been completed compared to none last year. That 1 sale was for $1,450,000.
For the Santa Barbara area of Carpinteria Real Estate/Summerland for the condo market through February 18 10 the overall inventory has dropped from 50 properties in 09 to 42 in 10. The new listings however are equal with 19. The escrows however are way from 3 to 10 this year and the sold properties have gone up from 3 to 5. The average sales price has gone done however from $355,000 in 09 to $317,800 in 10.
For Home Estates in Carpinteria Real Estate/Summerland the total numbers of listings through February 18 has the inventory down from 105 in 09 to 92 in 10 with new listings going up slightly from 25 to 28 this year. The numbers of escrow also went up from 6 to 8 with the sales rising significantly from 3 to 12. The average sales price also has gone way up from $561,667 to $1,041,858.
For PUDs in the Carpinteria/Summerland through February 18 there were no listings and no new listings. But there was 1 sale compared to last year when there was also 1. In 09 that 1 sale was for $591,000 and this year the sale was for $905,000.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 1/1/10 to 2/12/20 there were 15 sales compared to 17 the year before. The median sales price was also very close together falling from $686,000 in 09 to $674,000 in 10. The average sales price dropped a little further descending from $713,105 to $659,743. Those 15 sales took on average 80 days to get an accepted offer and when you add in another 55 days of escrow time you get an average marketing time of 135 days.
For Goleta Real EstateNorth condos there have been 3 sales this year compared to none last year. The median sales price for this year has been $459,000 with the average sales price dropping to $385,700. Those 3 sales took on average just 13 days to get an accepted offer and 28 days on average for escrow time giving us a total of 41 days of total marketing time.
Santa Barbara Real Estate Statistics
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate from January 1 10 to February 12, 10 there were 9 sales compared to 8 the previous year. The median sales price the previous year was $787,350 and this year its been $540,000. The average sales price also fell from $893,837 in 09 to $540,813 in 10. Thos 9 sales this year took on average 44 days to get an accepted offer and when you add in another 71 days of escrow time you get a total of 115 days of total marketing time.
For Condominiums for Goleta Real Estate South for the same time period there 4 sales compared to 3 the previous year and the median sales price slid from $375,000 in 09 to $347,500 in 10. The average sales price fell even further from $546,500 to $346,250. Those 4 sales this year took on average 63 days to get an accepted offer and when you add in another 76 days of escrow time you get a total marketing time of 139 on average.
Santa Barbara Real Estate Statistics
For Hope Ranch Real Estate Home Estate/PUDs from January 1, 10 to February 12, 10 there were 2 sales compared to 1 the previous yea. Those 2 sales had an average and median sales price of $3,582,125 million compared to the 09 sale which was for $2.175 million. Those 2 sales took on average 232 days to get an accepted offer and when you add in another 62 days of escrow time you get a total of 294 days of total marketing time.
For Condominiums in Hope Ranch Real Estate there was no activity.
Santa Barbara Real Estate Statistics
For West of State St in Santa Barbara Real Estatefor Home Estate/PUDs for the period of January 1, 10 to February 12, 10 there were 10 sales compared to 15 for 09. The median sales price also fell from $860,000 last year to $718,750 this year. The average sales price also dropped from $948,533 in 09 to $837,050 this year. Those 10 sales took on average 86 days to get an accepted offer with another 87 days of escrow time added in for a total of 173 days of total marketing time.
For Condominiums on the West Side of Santa Barbara Real Estatefor the same time period there were 4 sales in both years. The median sales price was also close dropping slightly from $496,000 in 09 to $443,000 in 10. The average sales price fell further from $579,750 last year to $487,125 this year. Those 4 sales this year took on average 69 days to get an accepted offer and when you add in another 72 days of escrow time the total marketing time comes out to 141 days.
Santa Barbara Real Estate Statistics
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for January 1 10 to February 12 10 there were 25 sales compared to 09 when there were 11. But the median sales price dropped from $970,000 last year to $839,000 this year with the average sales dropping from $1,030,272 last year to $961,650 this year. Those 25 sales this year had on average 111 days before an accepted offer was received and when you add in another 50 days of average escrow time you get a total of 161 days of total marketing time.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there were 8 sales this year compared to 3 last year. But the median sales price plummeted from $850,000 in 09 to $316,750 in 10. The average sales price also fell from $736,000 in 09 to $411,062 in 10. Those 8 sales this year took on average 66 days to get an accepted offer then another 72 days of escrow time for a total 138 days of total marketing time.
Santa Barbara Real Estate Statistics
From 1/1/10 to 2/12/10 in Montecito Real Estate for the Home Estate/PUD market there were 11 sales this year compared to 7 last year. But the median sales price fell from $2.5 million in 09 to $2.1 million this year. The average sales price however rose from about $2.4 million last year to $4.34 million this year. Those 11 sales this year took on average 238 days to get an accepted offer with another 38 days of escrow time thrown in giving on average 278 days of total marketing time.
For Condominiums for the same time period in Montecito Real Estate this year there were 2 sales compared to none last year. Those 2 have an average and median sales price of $2,025,000. The 2 properties had on average 48 days of time before an accepted offer was received and another 34 days of escrow time for a total of 82 days of total marketing time.
Santa Barbara Real Estate Statistics
From 1/1/10 to 2/12/10 in Montecito Real Estate for the Home Estate/PUD market there were 11 sales this year compared to 7 last year. But the median sales price fell from $2.5 million in 09 to $2.1 million this year. The average sales price however rose from about $2.4 million last year to $4.34 million this year. Those 11 sales this year took on average 238 days to get an accepted offer with another 38 days of escrow time thrown in giving on average 278 days of total marketing time.
For Condominiums for the same time period in Montecito Real Estate this year there were 2 sales compared to none last year. Those 2 have an average and median sales price of $2,025,000. The 2 properties had on average 48 days of time before an accepted offer was received and another 34 days of escrow time for a total of 82 days of total marketing time.
Santa Barbara Real Estate Statistics
From January 1 10 to February 12 10 for Home Estate/PUDs in Carpinteria Real Estate/Summerland Real Estate there were 12 sales compared to the previous year when there were 4 sales. The Median sales price also rose from $588,000 in 09 up to $767,500 in 10 with the average sales price rising even further from $569,000 last year to about $1,050,000 this year. The 12 sales this year took on average 90 days to get an accepted offer and another approximately 60 days to close for a total marketing time of about 150 days on average.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate for the same time period there were 5 sales this year compared to 3 last year. The median sales price held firm however dropping only slightly from $340,000 in 09 to $330,000 in 10. The average sales price fell a little further from $355,000 last year to $317,800 this year. Those 5 sales this year took on average 79 days to get an accepted offer and with another 68 days of escrow time you get an average total marketing time of 146 days.
Santa Barbara Real Estate Statistics
For Santa Barbara Real Goleta Real Estate North area for the Home Estate/PUD through February 6th 2010 there have been 10 sales compared to 15 last year and the median sales price has dipped slightly from $686,000 to $677,000 for a 1.3% decline.
The gap between the median list price of $1.095 million and the median sold price of $677,000 is 38% compared to 09 when there was a $1.075 million list price and a $686,000 median sold price for a 36% differential.
For the condo market in Goleta Real Estatea North through February 6th 2010 there have been 3 sales compared to none last year. This year the median sales price is $459,000.
The gap between the median list price of $439,000 and the median sold price of $459,000 gives us a positive 4.6% bulge.
Santa Barbara Real Estate Statistics
For Santa Barbara Real Goleta Real Estate South area for the Home Estate/PUD through February 6th there have been 8 sales compared to 6 last year but the median sales price has dipped from $787,350 in 09 to $546,000 in 10 for a 30% drop.
The gap between the median list price of $1.039 million and the median sold price of $546,000 gives us a 47% gap this year compared to 09 when there was about a $1.2 million median list price and a $787,350 median sold price for a 34% differential.
For the condo market in Goleta Real Estate South through February 6th 2010 there have been 4 sales compared to 2 in 09 with the median sales price falling from $657,250 last year to $347,500 this year for a 47% decline.
The gap between the median list price of about $460,000 and the median sold price of $347,500 in 10 is 24.3% compared to 09 when there was a $525,000 median list price and $657,250 median sold price for a positive 25.2% bulge.
Santa Barbara Real Estate Statistics
For Santa Barbara Real Estate Hope Ranch Real Estate for the Home Estate/PUD market through February 6th there have been 2 sales compared to 1 for the previous year with the median sales price rising to $3.58 million from last year when it was $2.175 million.
The gap this year of the median list price of about $3.425 million and the median sold price of $3.58 million gives us a positive 5% gap compared to 09 when the median list price was about $3.5 million and that 1 sale of $2.175 million gave us a 38% gap.
For Santa Barbara Real Estates Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.
Santa Barbara Real Estate Statistics
For the Santa Barbara Real Estate area of West of State St area for the Home Estate/PUD market through February 6th this year there have been 9 sales compared to 13 last year. The median sales price also fell from $860,000 in 09 to $727,500 in 10 for a 15% decline.
The gap between the median list price of $975,000 and the median sold price of $727,500 for 10 gives us a 28% differential compared to 09 when the median list price was $899,000 and the median sold price was $860,000 for just a 4% gap.
For the Santa Barbara Real Estate West Side condo market there have been 3 sales in 10 compared to 4 in 09 and the median sales price drifted down from $496,000 in 09 to $451,000 in 10 for a 9% decline.
The gap of the median list price of $625,000 and the median sales price of $451,000 is about 28% compared to 09 when the median list price was $759,000 and the median sales price was $496,000 for a 35% differential.
Santa Barbara Real Estate Statistics
For Santa Barbara Real Estate area East of State St area for the Home Estate/PUD market through February 6th 2010 there have been 21 sales compared to 9 in 09. The median sales price has dropped however from $970,000 last year down to $860,000 this year for an 11.3% decline.
The gap between the median list price of $1.395 million and the $860,000 median sales price yields a 39% discrepancy and in 09 the median list price of $1.295 million and the $970,000 median sales price gave us a 25% gap.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate through February 6th there have been 8 sales compared to 3 the previous year. But the median sales price fell from a lofty $850,000 to just $316,750.
The gap for 10 with a median list price of $684,900 and the $316,750 median sales price gives us a 54% differential whereas in 09 the median list price was $724,500 compared to the $850,000 median sales price gives us a positive 17% bulge.
Santa Barbara Real Estate Statistics
For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures through February 6th 2010 there have been 7 sales this year compared to 7 in 09 and the median sales price is almost exactly the same in both years. For 09 the median sales price was $2.5 million and in 10 its $2.485 million.
The gap between the median list price of just under $4 million this year and the median list price of about $2.5 million is 37.5% and last year those same ratios were present.
For the condo market in Montecito Real Estate through February 6th 2010 there have been 2 sales compared to none last year and the median sales price is just over $2 million.
The gap between the median list price of $1.395 million and the median sale price of $2.025 million is a positive a 56%.
Santa Barbara Real Estate Statistics
For Santa Barbara Reals Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price through February 6th 2010 there have been 9 sales compared to 4 the previous year and the median sales price for those 9 sales has gone up from $588,000 in 09 to $675,000 in 10 for about a 15% rise.
The difference between the median list price of $1.5 million this year and the $675,000 median sales price is about 55% whereas in 09 the median list price was $1.22 million and when compared to the median sales price of $588,000 there was a 52% gap.
For the Carpinteria Real Estate/Summerland Real Estate condo market there have been 5 sales this year compared to 3 last year but the median sales price slid down slightly from $340,000 in 09 to $330,000 in 10 for a 3% decline.
The median list price this year is $589,000 and when compared to the median sales price of $330,000 you get a 44% gape whereas last year there was a $495,000 median list price and when compared to the median sold price of $340,000 you get a 31% gap.
Santa Barbara Real Estate Statistics
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first month of 10 in the Single Family Home market 9 properties closed escrow with a median sales price of $674,000 and an average sales price of just under $650,000. Last year there were 11 sales with a median sold price of $700,000 and an average sales price of just under $750,000. This year there are 9 open escrows with a median list price of $749,000 and last year there were 12 open escrows with a median list price of $775,000. Right now there are 61 Home Estate/PUDs available for purchase with a median list price of about $1.1 million and an average list price of about $2.1 million.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first month of 10 in the Condo market there have been 3 sales with a median sales price of $459,000 and an average sales price of $385,700. In 09 there were no sales for the first month. This year there have been 3 open escrows with a median list price of $228,100 and last year there were 3 open escrows but the median list price then was $322,000. Right now there are just 11 Condos available for purchase in Goleta North with a median list price of $439,000 and an average list price of $478,481.
Santa Barbara Real Estate Statistics
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first month of 10 in the Single Family Home market 7 homes closed escrow compared to 6 in 09. The median sales price this year is $540,000 with an average sales price $555,285. In 09 the median sales price was $787,350 and the average sales price was $807,450. Last year there were 11 open escrows with a median list price of $659,000 and this year there are just 3 open escrows with a median list price of $825,000. Right now there are just 31 Home Estate/PUDs available for purchase with a median list price of $989,000 and an average list price of $1,126,351.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first month of 10 in the Condo market 3 condos closed escrows compared to 2 in 09. The median sold price dropped however from $657,250 last year to $465,000 this year. The average also fell from $657,250 in 09 to $385,000 this year. There have been 4 pended condos this year with a median list price of $259,000 whereas last year there were 4 pended properties with a median list price of $349,900. Right now there are just 6 condos available for purchase with a median list price of $549,000 and an average list price of $538,579.
Santa Barbara Real Estate Statistics
For the Santa Barbara Real Estate area of Hope Ranch Real Estatefor the first month of 10 in the Single Family Home market there have been 2 sales with a median and average sales price of $3,582,125 and last year there was just 1 sale for $2,175,000. But this year there is just 1 open escrow with a list price of about $1.7 million compared to 09 when there were 2 open escrows with a median list price of $2.55 million. Right now there are 17 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of $3.425 million and an average list price of $4,648,411.
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.
Starting 2010 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 January ended with about 60 sales. This is a drop from 95 in December which is to be expected but substantially ahead of the 44 that closed in January 09. The decline in the number of sales was most evident in the $1 to $2 million category which went from 27 in December to less than 8 in January. But the below $1 million price range also declined from over 50 sales in December to 44 in January and the $2 million and up category went from 11 sales in December to 7 in January with 2 of those sales over $5 million compared to 6 in December.
Accompanying the decline in the numbers of sales is a drop in the median sales price which for the month of January 10 went down to about $750,000. This drop to the $750,000 level has occurred every other month for the past 6 months falling from about $850,000 in December 09.
The number that really jumps out at me however is the Sales Price to Original List Price ratio which dipped down to just about 75% for January. That means if a property was listed for $1 million the average sales price was about $750,000. Certainly a lot of the sales in January were the ones left over from the end of 09 with a significant number of foreclosures and short sales in the mix but a 75% Sales Price to Original List Price ratio is as low as I have ever seen it and even the Sales Price to List Price ratio which normally hovers around the mid 90th percentile is below 85%.
There were however about 56 escrows opened for the month with the median list price for those properties around $825,000 so well have to see if the Median Sales price for February bounces back up to the mid $800,000 mark as it has done every other month for the last six months.
Looking at the districts, Carpinteria/Summerland has 8 sales already compared to 1 last January and the median sales price has gone from $500,000 in 09 to $675,000 this year. In Montecito there have been 7 sales so far this year with a median sales price of $3.3 million compared to 09 when there were 6 sales but the median sales price was about $1.7 million. I think that $3.3 million median sales price is an anomaly however because the 8 homes that went into escrow in January had a median list price of about $1.6 million which means the median sales price should continue to trend downward.
Sales on the East Side have jumped up from 10 in 09 to 20 in 10 but the median sales price has dipped from $970,000 last year to $839,000 this year. The West Side on the other hand has fewer sales with 8 this year compared to 10 in 09 and the median sales price has also dropped from $886,000 last year to $727,500 this year.
Hope Ranch has 2 sales so far this year with a median sales price of about $3.6 million while in 09 there was just 1 sale for $2.175 million. But, just as with Montecito the price trend is downward with the 1 escrow that opened in January displaying a list price of about $1.7 million compared to 09 when there were 2 escrows opened with a median list price of about $2.5 million.
Goleta South has 8 sales so far this year compared to 6 last year but the median sales price has dropped substantially from about $790,000 last year to approximately $550,000 this year. And finally Goleta North has 9 sales this year compared to 11 last year with the median sales price falling from $700,000 in 09 to $674,000 in 10
There is still a lot of activity in the marketplace but until the foreclosures and short sales have left the inventory this descending price trend should continue and unfortunately it looks like those distressed properties will continue to appear.
For the condo market, 09 started with about 12 sales but in 2010 the number is over 20. But, last year those 12 sales had a median sales price of about $480,000 and this year the median sales price is closer to $375,000. Just like with the Home Estate/PUD market there are a substantial number of short sales and foreclosures that are part of that mix which is driving the price down but even so thats still the lowest 1 month median sales price in years.
It looks like the median sales price should come back up however because in January there were 27 escrows opened with a median list price of $429,000. The Sales Price to Original List Price ratio is also a lot stronger compared to the Home Estate number of 75% with condos currently hovering around the 92nd percentile.
Condo prices have been fairly stable since quarter 2 of 09 going anywhere from about a $450,000 median sales price to a $500,000+ median sales price each month with a slight upward pressure until this January. At this point I tend to think the big drop in median sales price this January is an anomaly rather than a trend.
What is a trend however, is the decline in the upper end of the condo market. Of the 21 sales in January, 19 were from $510,000 down with the least expensive condo selling for $215,000. Above $510,000 there were only 2 sales, 1 for $815,000 on the East Side of Santa Barbara and 1 for $1,050,000 in Montecito. Of the 319 condo sales in 09 less than 20 of them were for $1 million or over with most of the higher priced properties selling either in downtown Santa Barbara or Carpinteria not Montecito.
Looking at the districts, Carpinteria/Summerland had 5 sales in January 10 compared to 3 in 09 with the median sales price falling slightly from $340,000 last year to $330,000 this year. In Montecito there was the 1 sale in January that I mentioned for $1,050,000 compared to none in 09.
On the East Side of Santa Barbara January had 7 sales this year compared to 3 in 09 but the median sales price fell from $850,000 last year to just $310,000 this year. On the West Side of town there were 4 sales in 09 compared to 2 in 10 with the median sales price dropping from $496,000 last year to $443,000 this year.
For Goleta South there were 3 sales in January 10 compared to 2 in 09 but the median sales price fell from $667,250 last year to $465,000 this year. And for Goleta North there were 3 sales this year with a median sales price of $459,000 compared to last year when there were none.
The condo market for the greater Santa Barbara area looks like its going to continue with between 25 and 30 sales a month and for the foreseeable future the median sales price should be about $450,000 with some slight upward pressure. The inventory after falling to an all time low of only 111 available units from Carpinteria to Goleta in December is starting to come back but this lack of inventory is the one element that would keep this portion of the market from moving forward.
For both Home Estate/PUDs and Condos the median sales price in January 2010 took a beating primarily because of the significant number of foreclosures and short sales that were a substantial part of the sales figures. There are definitely more properties in both categories coming on the market but whether its a flood or a trickle will determine whether prices remain where they are currently or move in one direction or the other.
Gary Woods
For the Santa Barbara Real Estatearea of West of State St for the first month of 10 in the Single Family Home market 7 properties closed escrow with a median sales price of $727,500 and an average sales price of just under $920,000. In 09 there were 10 sales with a median sales price of $886,000 and an average list price of $966,800. This year there have been 12 open escrows with a median list price of $625,000 and last year there were 16 open escrows with a median list price of just under $750,000. Right now there are 54 Home Estate/PUDs available for purchase with a median list price of $975,000 and an average list price of just under $1.4 million.
For the Santa Barbara Real Estatearea of West of State St for the first month of 10 in the Condo market 1 closed escrow with a sales price of $435,000. Last year there were 4 closed escrows with a median sales price of just under $500,000 and an average sales price of just under $580,000. But this year there are 7 open escrows with a median list price of about $435,000 compared to last year when there were 2 open escrows with a median list price just under $400,000. Right now there are just 38 Condos available for purchase on the West Side of Santa Barbara with a median list price of $625,000 and a median list price of $882,583.
For the Santa Barbara Real Estate area of East of State St for the first month of 10 in the Single Family Home market 17 homes closed escrow with a median sales price of $839,000 and an average sales price of $862,397. In 09 there were just 9 sales with a median sold price of $970,000 and an average sales price of just over $1 million. The pending numbers also look good this year with 15 open escrows with a median list price of $840,000 compared to 09 when there were 8 pending properties with a median list price of about $1.5 million. Right now there are 100 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of $1.4 million and an average list price of just under $1.8 million.
For the Santa Barbara Real Estate area of East of State St for the first month of 10 in the Condo market 6 sales have occurred but the median sales price slid down to $307,500 with the average hovering around $420,000. In 09 there were just 3 sales but the median sales price was $850,000 with the average showing up at $736,000. This year there are 3 open escrows with a median list price of $435,000 while last year there were 4 open escrows with a median list price of $639,000. Right now there are just 34 Condos available for purchase on the East Side of Santa Barbara with a median list price of $650,000 and an average list price of $821,615.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first month of 10 in the Single Family Home market 5 homes closed escrow compared to 6 in 09. But last year the median sales price was about $1.72 million and this year its gone up to $3.3 million. The average sales price also rose from $2,150,666 in 09 to $5,218,600 in 10. The pending properties however are above last years number with 8 homes currently in escrow with a median list price of just under $1.6 million compared to last year when there were 6 homes in escrow with a median list price of $2.45 million. Right now there are 166 Home Estate/PUDs available for purchase in Montecito with a median list price of just under $4 million and an average list price of $5.67 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first month of 10 in the Condo market there was 1 sale for $1,050,000 and last year there were no sales. This year there were also 2 open escrows in the area with a median list price of $1.2 million and last year there were no open escrows. Right now there are just 14 condos available for purchase in Montecito with a median list price of about $1.3 million and an average list price of $1.43 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first month of 10 for the Home Estate/PUD market there were 8 sales compared to just 1 in 09. The median sales price also went up from $500,000 for that 1 sale last year to $790,000 for those 8 closed properties. The average sales price was even higher showing up at just under $1.2 million. For Jan. 10 there are 5 homes in escrow compared to 2 in 09 and the median list price on those properties was about $670,000 last year compared to about $770,000 this year. Right now there are 68 Home Estate/PUDs available for purchase in the area with a median list price of about $1.4 million and an average list price of just under $4 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first month of 10 in the Condo market there were 5 sales compared to 3 in 09 but the median sales price slid slightly from $340,000 last year to $330,000 this year. The average sales price slid even further from $355,000 in 09 to $317,800 in 10. The pending numbers this year also look good with 5 this year compared to 2 last year and the median list price in 09 was $255,500 and this year that median list price for pended listings is just under $400,000. Right now there are just 25 condos available for purchase in Carpinteria/Summerland with a median list price of just under $500,000 and an average list price of $664,034.
For Goleta North area of Goleta Real Estate Real Estate for the Home Estate/PUD market through January 25 there are 61 properties available with an average list price of about $2.08 million. The most expensive property available in the area is listed for $22 million while at the other end of the spectrum theres a home on the market for $180,000. The median list price for Goleta is $995,000.
There are 6 that are in escrow right now with an average list price for those homes of about $800,000. The highest priced listing in escrow is on the market for $1.095 million while the least expensive property is listed at about $660,000. The median list price for homes in the area is just under $749,000.
Through January 25 there have been 7 Home Estate/PUD sales on the North Side of Goleta with an average sales price of about $620,000. The highest priced sale was for $685,000 while the least expensive sale was for $515,000 giving us a median sales price of $600,000.
For the condo market in Goleta Real Estate North through January 25 there are just 11 properties available with an average list price of about $475,000. The highest priced condo is on the market for $1,059,000 and the least expensive home can be had for just $202,800. The median however is right at $439,000.
Right now there are 2 condos in escrow with an average list price of about $348,550. The highest priced condo in escrow right now is listed at $469,000 while the least expensive condo is on the market for $228,100
Through January 25 there have been 2 condo sales with an average sales price of just under $464,500. The higher priced sale was for $470,000 and the less expensive sale was for $459,000.
In the Goleta Real Estate South area through January 25 there are only 32 Home Estate/PUDs available for purchase with an average list price of about $1.2 million. The most expensive listed property can be purchased for $1.85 million while the least expensive property is listed for just $260,000. The median list price for the area is about $989,000.
There are 5 homes in escrow with an average list price of about $549,000. The most expensive property in escrow is listed for $765,000 while the least expensive property is on the market for just $392,500. The median list price for Goleta South properties in escrow is just under $525,000
Through January 25 there have been 5 sales with an average sales price of about $549,000. The highest priced sale was for $765,000 with the least expensive sale going out for $392,500. The median sales price for Goleta South through the end of January is $525,000
For condos on the South Side of Goleta Real Estate through January 25 there are only 6 available properties with an average list price of about $490,000. The highest priced condo in the area is one the market for $679,900 while the least expensive condo can be purchased for $259,000 giving us a median list price of $525,000.
With 6 available properties there are 2 in escrow with an average list price for those 2 of $377,000. The highest priced listing in escrow is on the market for just under $459,000 while the least expensive condo in escrow is listed for $295,000. The median list price for condos in escrow in Goleta South is $295,000.
There have been 2 condo sales in Goleta South through January 25 with an average sales price of $470,000. The more expensive sale was for $475,000 and the lesser priced home sold for $465,000.
For Hope Ranch Real Estate for Home Estate/PUDs through January 25 the inventory stands at 13 homes with an average list price of $4.7 million. The highest priced listing is on the market for just under $10 million while the least expensive property is available for $1.795 million which gives us a median list price of just under $4 million.
Right now there is 1 property in escrow with a list price of $1,699,000.
Through January there have been 2 sales in Hope Ranch with an average sales price of $3,582,125. The most expensive home sold for $3,664,250 while the less expensive home sold for $3.5 million.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity.
In the West of State St area of Santa Barbara Real Estate through January 25 there are 53 Home Estate/PUDs available for purchase with an average list price of about $1.4 million. The highest priced listing on the West Side is on the market for about $6.9 million while at the other end of the spectrum is a property listed for just under $400,000 which gives us a median list price of about $1.1 million.
There are 8 properties currently in escrow with an average list price of about $1,016,000. The most expensive property in escrow is listed at about $1.9 million while at the other end is one listed for $519,000. When you mush all this together you get a median list price for homes in escrow of $679,000.
Through January 25 there have been 3 sales on the West Side with an average sales price of about $1 million. The most expensive home sold for $1.85 million while the least expensive sale was $519,000 which gives us a median sales price so far this year of $679,000.
For the Condo market on the West Side of Santa Barbara Real Estate through January 25 there are 37 properties available for purchase with an average list price of $871,853. The highest priced listing is available for $2.75 million and the least expensive listing can be had for just under $350,000 which gives us a median list price of $625,000.
There are 4 condos in escrow on January 25 with an average list price of just over $500,000. The most expensive condo in escrow right now is listed just under $700,000. The least expensive home in escrow is on the market for just under $400,000 which gives us a median list price of the 4 condos in escrow of $419,000.
Through January 25 there have been no Condo sales on the West Side of Santa Barbara.
For the East of State St area of Santa Barbara Real Estate through January 25 there are 100 Home Estate/PUDs available for purchase with an average list price of about $1.8 million. At the top of the charts is a home listed for $12.75 million while at the other end of the spectrum is a home that can be purchased for $395,000. All this gives us a median list price of just under $1.4 million.
With all those listings there are 11 homes in escrow with an average list price of about $875,000. The most expensive home in escrow is on the market for $1.275 million while the least expensive home in escrow is listed at $600,000. All this gives us a median list price for homes in escrow of $839,000.
Through January 25 there have been 12 sales with an average sales price of $874,895. The highest priced sale was $1.275 million and the least expensive sale was for $600,000. The median sales price for homes on the East Side is $839,000 so far this year.
The condo market for the East Side of Santa Barbara Real Estate through January 25 shows us 37 properties on the market with an average list price of $821,792. The most expensive condo is on the market for $2.8 million while the least expensive listing is for just $361,900 which gives us a median list price of $679,000.
There are 2 condos in escrow right now with an average list price of $432,000. The highest price property in escrow is $435,000 and the least expensive listing was on the market for $429,000 giving us a $429,000 median list price.
This year through January 25 there have been 5 condo sales with an average sales price of about $405,000. The highest priced sale was for $825,000. The least expensive property sold for $290,000 giving us a median sales price thus far this year of $305,000.
For Santa Barbara Real Estate in the Montecito Real Estate area through January 25 there are 167 Home Estate/PUDs available in the area with an average list price of about $5.7 million. Topping the list is a home on the market for $29 million and on the other end of the spectrum is property that can be purchased for just $875,000 but the median list price for the area is just under $4 million.
With all those listings we have 3 homes that are in escrow right now with an average list price of about $2.7 million. The most expensive home in escrow is listed at $5.45 million and the least expensive home is listed at $772,900. The median list price on homes in escrow right now is about $1.6 million.
Through January 3 there have been 3 Home Estate/PUD sales in Montecito with an amazing average of over $10 million. Topping the charts is a property that sold for $15.5 and on the other end is one sold for $943,000 this gives us a whopping $15 million median sales price.
For the Condo market in Montecito Real Estate there are currently 13 properties available with an average list price of about $1.47 million. The highest priced condo listing is a whopping $2.5 million and the least expensive condo can be snapped up for under $600,000 which gives us a median list price for Montecito of about $1.4 million.
Right now there are 2 condos in escrow in Montecito with an average list price of $1.125 million. The higher priced condo in escrow is listed for $1.2 million and the other one in escrow is on the market for $1,050,000 which gives us a $1,050,000 median list price.
There has been 1 condo sale for $1,050,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/ Summerland Real Estate for the Home Estate/PUD market through January 25 10 there are 62 properties available for purchase with an amazing average list price of about $4.15 million. Topping the charts in the area is 1 home listed for $29 million and on the other end of the scale you is a home you can get for just $359,900. When you mix it all together you get an approximately median list price for Carpinteria/Summerland is $1.495 million.
In escrow currently there are 4 homes with an average list price of $556,850. The most expensive home which has started the buying process is listed at $769,000 and the least expensive home of the 4 is listed at $373,500. The median list price for home currently in escrow is $535,000.
Looking at Sold properties through January 25 there have been 6 that completed the buying process with an average sales price of $1,463,333. Topping the list is a property that sold for $4 million and the other end of the scale is a property that sold for $675,000. Starting off the year the median sales price for the area has gone up substantially currently residing at $905,000.
For the condo market in Carpinteria Real Estate/ Summerland Real Estate 23 properties are available with an average list price of about $580,000. Right at the top of the list is 1 condo on the market for $1.875 million and at the other end is a condo on the market for $320,000 but the median list price for the area is $487,000.
In escrow right now are 5 properties with an average list price of $$408,200. The highest priced condo in escrow right now is listed at $569,000 and the least expensive condo in escrow is listed for just under $300,000 but the median list price for condos in escrow is just under $400,000.
Through January 25 there have been 3 condo sales with an average sales price of about $325,000. The highest priced condo sold for $375,000 and the least expensive condo sold for $269,000. Right about in the middle is the median sales price thus far in 10 is $330,000.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory through January 16 this year there have been 16 active listings compared to 23 last year. There were also 6 new listings compared to only 1 this year. But, both years saw 2 escrows opened but only 10 had 1 sale with none posted for 09. That 1 sale this year was for $459,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings through January 16 this year there have been 68 active listings compared to 56 for last year. In 09 there were 11 new listings compared to 14 in 10 but 09 there were 9 opened escrows compared to 3 this year. The sales for both years were the same however with 5 in both skeins. The average sales did drop however from $748,000 in 09 to $629,000 in 10.
The PUD market for the Santa Barbara Real Estate area of Goleta Real Estate North the overall inventory through January 16 10 has seen 6 active listings compared to 3 in 09 and 2 new listings compared to 0 last year. But there was 1 escrow opened in 09 with 0 for 10 and now sales were rung up for either year.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available through January 16 10 is 9 compared to 20 for 09. The new listings however are a different story with 1 last year and 4 this year. Escrows however are equal for both years with 2 in each skein but sales show us 1 in 09 and nothing so far in 10. That 1 sale in 09 was for $375,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South through January 16 10 there have been 32 active listings compared to 48 last year and 8 new listings last year compared to 4 this year. Even more dramatic is there were 8 escrows opened at the start of 09 and so far none have appeared in 10 and there were 3 sales in 09 and just 1 this year. Last year the average sales price for the area was $923,333 and this year that 1 sale was for $525,000.
The PUD market for the Santa Barbara Real Estate area of Goleta South through January 16 there 2 active listings last year and 1 this year. Both years had no new listings and no escrows opened. But in 09 there was 1 sale for $1,000,000 compared to none this year.
The Condo market for the Hope Ranch Real Estate area of Santa Barbara real estate saw no activity.
For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estatethrough January 16 there have been 13 active listings this year compared to 24 in 09 and the new listings went from 4 last year to 1 this year. This rest of the numbers including escrows and sales are the same for both years, 0.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate there were no listings last year and just 1 this year. The good news is that 1 is now in escrow but has not closed yet.
The Condo market for the West of State St area of Santa Barbara Real Estate the total numbers of listings through January 16 this year is 39 compared to 60 in 09 and there have been only 3 new listings this year compared to 5 last year. But there have been 2 open escrows this year compared to 0 in 09 with 1 sale in 09 and 0 this year. That 1 sale last year was for $520,000.
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes that have been on the market through January 16 10 is 63 compared to 109 last year and new listings are down from 18 in 09 to 9 in 10. Escrows are also down by half falling from 8 last year to 4 this year and sales have dropped from 6 to 2. The average sales price however has risen from $1,012,583 to $1,264,500.
The PUD market for the Santa Barbara area of West of State St there were 0 listings last year but 2 this year but both years have seen no new listings, no escrows and no sales.
For Condos in the Santa Barbara Real Estatearea of East of State the total numbers of properties for sale this year through January 16 there have been 40 total active listings compared to 60 in 09 and there were 11 new listings last year compared to 6 this year. The escrows were also almost doubled going from 4 in 09 to 2 in 10 but the sales were reversed with 2 in 09 and 4 in 10. The average sales price however dipped way down dropping from $679,000 last year to just $300,000 this year.
The Home Estate market for the East of State St area of Santa Barbara Real Estatethe total numbers of listings through January 16 this year is 128 compared to 143 last year and there were 26 new listings in 09 compared to 20 in 10. The escrows are up this year however from 6 in 09 to 9 this year and the sales are also up from 4 last year to 6 this year. The average sales price has dropped however from $1,367,500 in 09 to $922,708 in 10.
For the PUD market on the East Side of Santa Barbara there have been 3 total listings this year and 2 last year. The new listings stand at 1 each near and so far there have been now escrows and no sales in either year.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through January 16 is exactly where it was in 09 with 17 for both years. The new listings did rise however from 2 to 3 in 10 and the escrows went from 0 in 09 to 1 in 10. But both years had 0 sales.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate through January 16 the inventory went from 203 in 09 to 202 in 10 and the new listings went from 24 in 09 to 21 in 10. But the escrows tripled going from 1 in 09 to 3 in10. Unfortunately the sales didnt follow through with 5 sales opening 09 and so far none have gone through this year. Those 5 sales had an average sales price of about $2.4 million.
For the PUD market in Montecito there have been 4 active listings this year and 2 last year. But both years gave us 1 new listing. So far this year 1 escrow has been opened with non showing up in 09 but no sales were completed in either year.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through January 16 10 the overall inventory has dropped from 37 properties in 09 to 26 this year and the new listings went from 6 in 09 to 4 in 10. But the escrows jumped up from none early in 09 to 3 this year and the sales also went from 1 last year to 3 this year. The average sales price however dropped by 33% down from $485,000 in 09 to $324,667 in 10.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through January 16 has the inventory down from 89 in 09 to 72 in 10 with new listings dropping only slightly from 9 to 8 this year. The numbers of escrow did go up however from 1 to 2 and the sales also rose from 1 to 3. The average sales price even went up from $500,000 in 09 to $1,066,667 this year.
For PUDs in the Carpinteria/Summerland through January 16 there was no activity.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 12/8/09 to 1/8/10 there were 17 sales compared to 12 for the previous year. The median sales price actually rose slightly this year going from $687,325 the previous year to just under $700,000 this year. The average was also higher going from $760,276 in the previous year to $832,679 this year. For those 17 sales it took on average 52 days to get an accepted offer and adding in another 42 days of escrow time gives us on average 94 days of total marketing time.
For Condominiums on the North Side Goleta Real Estate there have been 4 sales this year compared to just 1 the previous year. Those 4 had a median sales price of $426,250 and an average sales price of $444,212 while that 1 sale in the previous year sold for $128,800. Those 4 sales took an average of just 12 days to get an accepted offer but another 57 days of average escrow time for a total of 69 days of total marketing time.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate from December 8 09 to January 8 10 there were 9 sales compared to 8 the previous year. The median sales price the previous year was $820,000 and this year it dropped to $640,000. The average sales price also fell from $936,250 down to $862,444. Those 9 sales took on average 90 days to get an accepted offer and on average 61 days of escrow time for a total marketing time of 151 days.
For Condominiums for Goleta Real Estate South for the same time period there was 1 sale compared to 4 for the previous year. That 1 sale was for just $200,000 and the previous year the median sales price was $332,500 and the average sales price last year was $330,000. For that 1 sale it took 52 days to get an accepted offer and another 42 days of escrow time for a total of 94 days of total marketing time.
For Hope Ranch Real Estate Home Estate/PUDs from December 8, 09 to January 8, 10 there were no sales compared to the previous year when there were 2. Those 2 sales had an average sales price of $4.54 million.
For Condominiums in Hope Ranch Real Estate there was no activity.
For West of State St in Santa Barbara Real Estate for Home Estate/PUDs for the period of December 8,09 to January 8 10 there were 7 sales compared to 10 the previous year. But the median sales price went from $877,500 with a $912,950 average sales price last year to a $700,000 median and a $675,700 average sales price. Those 7 sales took on average 115 days to get an accepted offer and when you add in 75 average days of escrow time you get a total average marketing time of 190 days.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there 5 sales in both year but interestingly enough the median sales price went from $390,000 in the previous year to $500,000 this year and the average sales price rose even further from $450,900 last year to $639,000 this year. Those 5 sales this year took on average 124 days to get an accepted offer and on average another 31 days of escrow time for a total marketing time of 155 days.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for December 8 09 to January 8 10 there were 18 sales compared to 13 for the previous year. But in the previous year the median sales price was $1.25 million with a $1.37 million average and this year the median sales price was just about $850,000 and the average was approximately $990,000. For those 18 sales the average time it took to get an accepted offer was 116 days and the average escrow period was 47 days for a total of 163 total marketing days on average.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there were 9 sales this year and 4 sales the previous year. But the median sales price fell from $421,500 in the previous year down to $310,000 this year and the average also tumbled from $545,750 last year to $465,111 this year. For those 9 sales the average time it took to get an accepted offer was just 69 days but the average escrow time was 73 days for a total marketing time of 142 days on average.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for December 8 09 to January 8 10 there were 18 sales compared to 13 for the previous year. But in the previous year the median sales price was $1.25 million with a $1.37 million average and this year the median sales price was just about $850,000 and the average was approximately $990,000. For those 18 sales the average time it took to get an accepted offer was 116 days and the average escrow period was 47 days for a total of 163 total marketing days on average.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there were 9 sales this year and 4 sales the previous year. But the median sales price fell from $421,500 in the previous year down to $310,000 this year and the average also tumbled from $545,750 last year to $465,111 this year. For those 9 sales the average time it took to get an accepted offer was just 69 days but the average escrow time was 73 days for a total marketing time of 142 days on average.
From 12/8/09 to 1/8/10 in Montecito Real Estate for the Home Estate/PUD market there were 11 sales for both years. But this year the median sales price was $1.8 million compared to the previous year when it was $3.2 million. The average sales price differential was also substantial going from $4.22 million the previous year and sliding to $2.89 million this year. Those 11 sales this year took on average 207 days to get an accepted offer but then only an average of 30 days of escrow time adding up to 237 days of total marketing time.
For Condominiums for the same time period in Montecito Real Estate this year there was just 1 sale and the previous year had none. That one sale was for $655,000. The sale took 255 days to get an accepted offer and then another 44 days of escrow time add up to a total of 299 days of total marketing time.
From December 8 09 to January 8 10 for Home Estate/PUDs in Carpinteria Real Estate/Carpinteria Real Estate there were 13 sales compared to the previous year when there were 7 sales. Even more interesting is that for that period the median sales price was $882,500 compared to the previous year when it was $550,000. The average sales price was even more substantial going from $4.3 million this year and dropping to $1.54 million the previous year. Those 13 sales took an average of 92 days to go into escrow and then another 45 days to close escrow adding up to a total of 137 days of marketing time.
For Condominiums in Carpinteria Real Estate/Carpinteria Real Estate for the same time period there 3 sales this year and 4 sales the previous year and again the median sales price was higher this year. Right now the median sales price is $480,000 and last year the median sales price was $385,750. The sales price was even a wider spread going from $555,000 this year compared to an average sales price of $385,850 the previous year. Those 3 sales took an average of 128 days to go into escrow and then just 16 days on average to close escrow for a total marketing time of 144 days.
For the Goleta Real Estate North area of Santa Barbara Real Estate the Home Estate/PUD market we finished the year with 12 more sales than occurred in 08 for about a 10% rise in productivity. The median sales price dropped about 12% however going from $800,000 in 08 down to $705,000 in 09. The numbers of pended listings was also up by almost 10% going from 155 in 08 to 169 in 09 and the median list price for those pended listings dropped from $824,900 in 08 to $729,000 in 09 for almost a 12% decline. Right now there are just fewer than 60 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $1.05 million and an average list price of about $2.17 million.
For the Condo Market in the Goleta Real Estate North area of Santa Barbara Real Estate there were 56 sales in 09 compared to 39 in 08 for a 44% rise in sales. But in order to get that 44% rise the median sales price went from $465,000 in 08 to just under $400,000 in 09 for a drop of over 15%. The pended listings went up from 37 in 08 to 62 in 09 for almost 68% but the median list price on those 62 pended listings was just under $400,000 for a drop of 16%. Right now there are just 14 condo listings in Goleta North with a median list price of $425,000 and an average list price of just under $450,000.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market we finished the year 4 sales above where we did in 09. This is a 5% rise year over year. But on the other side of the coin the median sales price declined about 5% for the year down to $700,000. The listings that entered escrow however are up by almost 20% with the median list price for those homes entering escrow falling by about 7% down to just below $700,000. Right now there are just 24 Home Estate/PUDs available for purchase in Goleta South with a median list price of $989,000 and an average list price of $1.6 million.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate there were 10% more sales in 09 compared to 08 finishing the year with 66. The median list price however fell from $551,900 in 08 down to $450,500 in 09. This is a decline of almost 20% which is a theme that has carried through most of the districts and property types. The escrows are also up from 59 in 08 to 74 in 09 with the median list price maintaining that $100,000 differential going from $565,000 in 08 to $449,000 in 09 for more than a 20% drop. Right now there are just 4 condos available for purchase in Goleta South with a median list price of $525,000 and an average list price of $532,474.
For the Home Estate/PUD market in Hope Ranch Real Estatewe ended the year with exactly where we ended 08 with 20 sales. But in 09 that same 20% decline in median sales price also plagued Hope Ranch. The median sales price went from $2.875 million in 08 down to $2.335 million in 09. The pending numbers look good however with 17 opened escrows in 08 compared to 23 in 09 and the median list price for those opened escrows eased closer together with a $3 million median list price posted in 08 compared to $2.65 million in 09. As we finish 09 there are just 13 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of just below $4 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of 08 has seen no activity.
On the West Side of Santa Barbara Real Estate for the Home Estate/PUD market sales are up by 11% over 08 finishing the year at around 150 sold units. But with the sales up the median sales price is down by about 20% finishing the year at $750,000. The pending sales are up by 15% but again the median list price for those opened escrows is down by that pesky 20% to $759,000. Most of the areas in Santa Barbara just as most of the areas in the entire country have seen a decline in price by about 20% in their median sales price. Right now there are just 55 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.2 million.
For the condo market on the West Side of Santa Barbara Real Estatesales are up 30% finishing the year just 80 closed units and unlike other areas the median sales price has declined only slightly from $525,000 in 08 to $503,000 for 09 for just a 4.2% drop. Escrows are up even farther from the previous year finishing 09 with just under a 40% rise. The median list price on those opened escrows is also close together showing up less than 4% below the 08 number. We ended the year with just 31 condos available for purchase on the West Side of Santa Barbara with a median list price of $729,000.
Through December 09 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate for most of the year sales were ahead 08 by a substantial margin and we finished the year with over 20% more sales. But to achieve that 20%+ rise in sales to a decline of the median sales price of more than 20%. Finishing 09 the median sales price was just below $900,000 compared to 08 when it was $1.15 million. It looks like the trend will continue on into 10 because the numbers of escrows opened during 09 is up by 30% over 08. But it also looks like the median sales price will remain where it is because the median list price for opened escrows is 25% below the median list price of 08 showing up at just below $900,000. Right now there are 104 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of about $1.45 million.
For the condo market on the East Side of Santa Barbara Real Estate in 09 saw sales basically equal to the 08 numbers which is where weve been for most of the year. But while the numbers of sales was equal the median sales price declined by about 10% from the 08 level down to approximately $535,000 for the year. The pending listings however are way ahead of the number posted in 08 rising by about 30% over the previous year. Even though the escrows are way up however the median list price for those opened escrows remains about $100,000 below where it was the previous year falling to $519,000. Right now there are 36 condos available for purchase on the East Side of Santa Barbara with a median list price of just under $700,000.
For the Home Estate/PUD market in Montecito Real Estate earlier in the year sales were about 30% below the 08 mark but about the middle of the year sales came up comparatively and we finished the year with about 15% fewer sales. The median sales price for the first part of 09 was about $1.2 million below where it was for the equivalent period in 08 but as the year reached the halfway mark the numbers started getting a little closer together. As we finish 09 the median sales price is about $800,000 below where it was last year currently hovering around $2.375 million which is a decline of roughly 25% year over year. The opened escrows are a lot closer together however lagging 08 by 8% and the median list price for those homes in escrow is also closer together than the sold properties. Looking at the whole year the median list price is about $450,000 down from 08. Right now there are 160 Home Estate/PUDs available for purchase in Montecito with a median list price of just under $4 million.
Looking at the condo market for Montecito Real Estate there have been over 40% fewer sales in 09 compared to 08. We finished the year with just 10 condos closing escrow compared to 17 last year. The median sales price also dropped dramatically from about $1.38 million in 08 to $1,060,000 in 09. There are sign of life in Montecito however when you look at the pending sales. In 08 at this time there were 15 with a median list price of $1.55 million and in 09 there were 13 escrows opened but with a median list price of below $1 million. Right now there are just 14 condos available for purchase in Montecito with a median list price of just under $1.4 million.
Looking at 09 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market the sales compared to last year have remained ahead for most of the year. At the end of 09 sales are about 15% of where they were the previous year ending December 31 with 68 closed sales. But also this year the median sales price has declined by about 15%. This also has been the case for most of the year. We finished 09 with a median sales price of around $670,000. A lot of escrows remain open as we end 09 with 85 sales begun this year compared to 58 last year so the beginning of January 10 could be a productive time for the area. But the median sales price will remain in that approximately $670,000 range because the median list price for those properties in escrow is below $700,000. Right now there are about 60 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.5 million.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate area sales ended the year about 28% ahead of where they were last year ending 09 with over 50 sales. The median sales price declined in the area but only by about 5% ending at approximately $430,000 down from $460,000 last year. Just like with Home Estates the pending sales are also way up ending the year at 62 which is a 40% rise from the previous year. The median list price for those condos in escrow is slightly below $400,000 but currently theres upward pressure in prices for the area because of a lack of inventory. Right now there are just 22 condos available for purchase in Carpinteria/Summerland with a median list price of just below $500,000.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs market for the period of Nov. 25 to Dec. 25 09 there were 15 sales this year compared to 13 last year and the median sales price was also very close together. Last year it was $691,650 and this year it was $695,000. The average sales price was up however from just under $700,000 last year to about $765,000 this year. The pending properties went from 13 in 08 with a median list price of about $650,000 to 15 this year with a median list price of also $650,000. For 09 14 new listings came on the market with a median list price of about $670,000 while in 08 there were 16 new listings with a median list price of about $650,000. Right now there are 61 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $1.15 million.
For the condo market in Goleta Real Estate North for the same period there were 4 sales this year compared to 2 last year. The median sales price dropped however from about $590,000 last year to about $380,000 this year. In 08 there was only 1 escrow opened on a condo listed for $399,000 and this year there were 3 escrows opened with a median list price of about $460,000. For 09 3 new condo listings showed up with a median list price of about $460,000 and in 08 there were also 3 new listings but the median list price was about $430,000. Right now there are just 14 condos available for purchase in Goleta North with a median list price of $425,000.
For the greater Santa Barbara Real Estate area including Carpinteria Real Estate/Summerland Real Estate, Montecito Real Estate, Hope Ranch Real Estateand Goleta Real Estate single family residence sales trailed 08 sales for most of the year until the end of November but by the end of the year sales had moved ahead of the previous year by roughly 7% finishing the year with around 830 sales. Condo sales, on the other hand after starting the year way behind the previous years numbers surged forward and by the end of June had eclipsed the previous years sales significantly finishing the year about 16% ahead of 08.
The median sales price, which is derived by ordering sales from the highest priced property to the lowest and then going to the middle of the list however was a whole different story. Single family residences went from a median sales price of approximately $1,050,000 in 08 down to about $850,000 in 09 and when you remove Montecito and Hope Ranch from the equation the median sales price for 09 was roughly $750,000 for the year down from about $870,000 in 08. This drop in the median sales price for the whole area means that from 07 to 08 single family residence median sales prices fell 12.5% and from 08 to 09 they fell 19% which means from 07 to 09 there was a decline of about 30% in the median sales price for the area.
Condo sales prices were not affected as severely as Single Family residence prices in 09 going from about a $535,000 median in 08 down to about a $465,000 median for 09. This translated into a 13% decline for the year. In 07 the median sales price for condos was about $630,000 which means from 07 to 08 there was a decline of 15% and from 07 to 09 there was a drop of roughly 26% in the median sales price.
This decline in the median sales price for both single family residences and condos puts it right around the median sales price for 2003 which is comparable to the rest of the country having declined at the same rate and to the same point in most of the United States. In 03 the country and the world for that matter was awash in money for home loans. It was at that time that financial brokerages along with Fanny Mae and Freddie Mac began packaging loans and selling them to investors in derivatives and collateralized debt obligations. The effect of these packages along with looser underwriting standards for loans spurred a 20% rise in the median sales price from 03 to 04 and then a 25% rise from 04 to 05. From 05 to 07 the median sales price remained stable and then in 08 those derivatives and collateralized debt obligations triggered by the looser underwriting standards began to unravel causing the decline in the median sales price almost everywhere from 07 to 08 and a further decline on into 09.
For about the last six months of 09 prices began to stabilize and there has been some upward pressure on prices particularly in the condo market. There are three motivating factors in causing the upward price pressure. First, is a general decline in the number of properties available for purchase in the sub-million dollar range. Second, is the $729,000 maximum FHA loan limit which is evidenced by the $850,000 median sales price and third is the first time buyers income tax credit which has brought a lot of people into the marketplace.
If things remain as they are right now, which is a big if, it looks like sales will continue to increase and will eventually cause prices to rise. This is evidenced by the significant numbers of properties that have entered and remain in escrow at this time. But, there are a couple of elements which are lurking out there. First, there is a considerable number of what are called pre-foreclosure properties. The owners of these properties have either fallen behind in their payments or have stopped paying their mortgages altogether. Also, there are a lot of variable rate mortgages which are going to re-set in March with a number of these loans in the million dollar plus range. Whether these pre-foreclosure properties turn into foreclosures and whether its a flood or trickle will have a great significance on the marketplace.
The second element that will affect prices is interest rates. At this point interest rates remain close to an all time low which has allowed Real Estate sales to continue moving forward. With the government continuing to run up huge deficits it is only a matter of time before interest rates go up. When interest rates go up we will have a whole different landscape to deal with. Peoples ability to qualify for higher loans will be diminished if rates increase which should cause prices to decline further and could mean a decline in the numbers of sales.
Two of the most important numbers that determine where the market is going is the numbers of sales compared to the numbers of properties that went into escrow. When the numbers of properties going into escrow is higher than the numbers of sales then the market is picking up and conversely if the there are fewer homes going into escrow than are sold then the market is slowing.
For 09 the numbers of single family home escrows opened was about 120 above the numbers of sales and for condos the opened escrows was almost 100 over the numbers of sales. Both of these numbers are significantly ahead of the numbers posted in 08 which means there is a lot more activity in the marketplace in 09 compared to the previous year meaning that there is still a great deal of vitality in the market.
A lot of this increase in activity we experienced is the increase in the number of what are called short sales. This is a situation in which the seller owes more on the property than the property is worth. A short sale generally takes longer because the lending institution or investor can take a great deal of time in deciding whether to accept the reduced price as full compensation for the debt. This is one of the big reasons that there were so many properties that remained in escrow at the end of the year.
Going into 2010 theres still a lot of strength in the Real Estate market. Sales continue to grow and there are a substantial number of properties that entered escrow in 09 that will sooner or later become completed sales. The number of homes available for sale has continued to decline but a lot of that is seasonal with a lot of people taking their properties off the market during the holidays. The numbers of homes for sale will grow as we move into the year and listings begin to pick up at the end of February. But, there are still a lot of short sales and bank owned properties on the market. Somewhere between 15% and 20% of the available single family residences and condos are either short sales or foreclosures, what are called REOs (Real Estate Owned) that make up the available properties for sale in the area. Until these properties are gone prices will remain roughly where they are right now with some upward pressure particularly with condos.
Gary Woods
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market from Nov. 25 to Dec. 25 09 there were 12 sales compared to 6 last year but the median sales price dropped from $716,500 last year to $664,500 this year. The average sales price didnt fall as far however dropping from just under $900,000 last year to just over $830,000 this year. For the same time period there were 7 escrows opened in 09 compared to 8 in 08 but the median list price went from $769,000 last year to just under $600,000 this year. For 09 6 new listings came on the market with a median list price of about $650,000 and in 08 5 new listings showed up with a median list price of about $840,000. Right now there are just 27 Home Estate/PUDs available for purchase in Goleta South with a median list price of about $990,000.
For the condo market in Goleta Real Estate South for the same period there were 3 sales compared to 3 last year. But the median sales price went up from $290,000 in 08 to $425,000. The average sales price also went up from about $315,000 in 08 to about $390,000 in 09. During that same time period 4 condos went into escrow with a median list price of about $369,000 and last year 4 escrows opened with a median list price of $399,000. There were only 2 new listings this year with a median list price of $295,000 and last year there were 5 new listings with a median list price of $419,000. Right now there are just 4 condos available in Goleta South with a median list price of $525,000.
For the Santa Barbara Real Estate area of Hope Ranch Real EstateReal for the period of Nov. 25 to Dec. 25 09 there were 2 sales and last year there were 2. The median sales price was about $1.9 million this year compared to last year when that home sold for $4.5 million. During the same time period there was 1 escrow opened this year with a list price of $1.7 million and last year there were no escrows opened. For the same time period there was 1 new listing that showed up on the market with a list price of about $3.9 million and last year there were 4 new listings with a median list price of about $4.9 million. Right now there are just 13 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of about $3.95 million.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate area of West of State St for Home Estate/PUDs for the period of Nov. 25 to Dec. 25 there were 10 sales this year and 8 sales last year. The median sales price in 09 was $739,950 and the average sales price was $757,980. Last year the median sales price was $850,000 and the average was just over $840,000. For the same time period there were 9 escrows opened this year with a median list price of $725,000 and last year there were 6 escrows opened with a median list price of just under $1 million. For 09 there were 13 new listings with a median list price of $745,000 and last year there were 17 new listings with a median list price of $750,000. Right now there are 59 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.175 million.
For the condo market for the same time period on the West Side of Santa Barbara Real Estate there were 10 sales this year and 7 sales last year. But the median sales price this year was $520,000 this year and last year it was $415,000. The average sales price however was about $950,000 this year and last year it was about $415,000. There were 3 escrows opened this year with a median list price of about $545,000 and last year there were 4 escrows opened with a median list price of about $470,000. During that same time period 4 new condo listings showed up this year with a median list price of about $699,000 and last year there were 3 new listings with a median list price of about $450,000. Right now there are 31 condos available for purchase with a median list price of about $729,000.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 19 sales from Oct. 27 to Nov. 27 09 with a median sales price of $725,000 and an average sales price of about $950,000. Last year there were 18 sales but the median sales price was about $1.24 million and the average sales price was about $1.5 million. During that time period 26 escrows opened this year with a median list price of about $900,000 and last year 14 escrows opened with a median list price of $1.32 million. For the same time period 30 new listings came on the market in 09 with a median list price of about $1.1 million and in 08 there were 24 new listings with a median list price of about $1.1 million Right now there are 112 Home Estate/PUD listings on the East Side of Santa Barbara with a median list price of about $1.4 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year 1 sale for $984,000 occurred and in 08 there were 8 sales with a median sales price of $605,000 and an average sales price of $678,312. During that same time period 6 condos went into escrow this year with a median list price of $405,900 and last year 5 condos went into escrow with a median list price of about $460,000. Also during that same time period 4 new condo listings showed up in 09 with a median list price of $429,000 and last year 4 new listings showed up with a median list price of $539,000. Right now there are 47 condos for sale on the East Side of Santa Barbara with a median list price of just under $700,000.
Santa Barbara Real Estates area of Montecito Real Estate for the Home Estate/PUD market there were 12 sales for the period of Nov. 25 to Dec. 25 with a median sales price of just under $2 million and an average sales price of about $2.9 million. Last year there were 7 sales with a median sales price of $3.9 million and an average sales price of about $4.7 million. During that same period 8 homes went into escrow this year with a median list price of about $2.2 million compared to last year with there were 11 escrows opened with a median list price of about $3.4 million. In 09 13 new listings showed up with a median list price of just under $3 million and last year there were 18 new listings with a median list price of about $3.5 million.
For the Condo market in Montecito Real Estate for the same period there were no sales this year and no sales last year. There was 1 escrow opened this year on a property listed at $3.325 million but no escrows opened last year. For 09 4 new condo listings came on the market with a median list price of $768,000 compared to last year when 2 new listings came on the market with a median list price of $1.75 million. Right now there are 15 condos available for purchase in Montecito with a median list price of about $1.4 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 Nov. 25 to Dec. 25 09 there were 4 sales compared to 8 for the same period in 08. The median sales price was much closer however with $624,000 posted last year and $600,000 this year. But the this year there were 9 properties that went into escrow with a median list price of $930,000 compared to last year when there were only 4 that went into escrow with a median list price of $559,000. For 09 9 new listings came on the market with a median list price of about $1.5 million and in 08 there were 12 new listings with a median list price o f just under $900,000. Right now there are 67 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.5 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period there were 4 sales this year and 5 sales last year. The median sales price went up however from $382,500 last year to $485,000 this year. The pending properties were one ahead of last years numbers with 4 this year with a median list price of $239,900 compared to 3 last year with a median list price of $390,000. For 09 no new condo listings showed up for the period compared to last year when 5 new listings came on the market with a median list price of $409,000. Right now there are 23 condos on the market in Carpinteria/Summerland with a median list price of just under $500,000.
For Goleta North area of Goleta Real Estate Real Estate for the Home Estate/PUD market through December 18 there are 64 properties available with an average list price of about $2.165 million. The most expensive property available in the area is listed for $22 million while at the other end of the spectrum theres a home on the market for $180,000. The median list price for Goleta is just under $1 million.
With 64 possible properties there are 24 that are in escrow right now with an average list price for those homes of about $855,000. The highest priced listing in escrow is on the market for $1.85 million while the least expensive property is listed at about $410,000. The median list price for homes in the area is just under $700,000.
Through December 18 there have been 156 Home Estate/PUD sales on the North Side of Goleta with an average sales price of about $820,000. The most expensive closed escrow was for $3.3 million while the least expensive property sold for just $125,000. The median sales price is just over $700,000.
For the condo market in Goleta Real Estate North through December 18 there are just 13 properties available with an average list price of about $470,000. The highest priced condo is on the market for $1,059,000 and the least expensive home can be had for just under $300,000. The median however is right at $439,000.
Right now there are 9 condos in escrow with an average list price of about $420,000. The highest priced condo in escrow right now is listed at $549,000 while the least expensive condo is on the market for $228,100. The median list price for condos in escrow right now is $435,000.
Through December 18 there have been 54 condo sales with an average sales price of just under $395,000. The most expensive condo that sold through the middle of December 09 went out at just under $1 million while the least expensive condo sold for $118,300. The median condo sales price so far through 09 in Goleta North is $390,000.
In the Goleta Real Estate South area through December 18 there are only 31 Home Estate/PUDs available for purchase with an average list price of about $1.2 million. The most expensive listed property can be purchased for $2.525 million while the least expensive property is listed for just $417,900. The median list price for the area is about $990,000.
With 31properties available there are 17 homes in escrow with an average list price of about $710,000. The most expensive property in escrow is listed for $1.85 million while the least expensive property is on the market for just $349,000. The median list price for Goleta South properties in escrow is just under $600,000
Through December 18 there have been 83 sales with an average sales price of about $860,000. The highest priced sale was for $2.1 million with the least expensive sale going out for $270,000. The median sales price for Goleta South through the middle of December is $700,000
For condos on the South Side of Goleta Real Estate through December 18 there are only 4 available properties with an average list price of about $532,474. The highest priced listing is on the market for just under $680,000 with the least expensive listing available for just under $300,000. The median list price for the area is $525,000.
With 4 available properties there are 11 in escrow with an average list price for those 11 of $338,895. The highest priced listing in escrow is on the market for just under $500,000 while the least expensive condo in escrow is listed for $190,000. The median list price for condos in escrow in Goleta South is $351,000.
There have been 66 condo sales in Goleta South through December 18 with an average sales price of $436,188. The most expensive condo that sold this year went out for $939,500 with the least expensive property leaving the gate for $129,000. The median sales price through the middle of December 09 is $450,000.
For Hope Ranch Real Estate for Home Estate/PUDs through December 18 the inventory stands at 13 homes with an average list price of just under $5 million. The highest priced listed property in Hope Ranch is on the market for $9.95 million while the least expensive property is on the market for about $1.8 million. The median list price for a property in the Ranch is just under $4 million.
Right now there are 3 properties in escrow for the area with an average list price of about $3.25 million. The highest priced property currently in escrow is listed for $4.1 million with the least expensive open escrow showing up at just under $1.7 million. All this gives us a median list price for homes in escrow for about $3.95 million.
Through December 18 there have been 20 sales in Hope Ranch with an average sales price of $3,276,575. The highest priced property sold for $12.8 million while at the other end of the scale was a home that sold for $1,540,000. With that huge disparity the median sales price through the middle of December is $2.32 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 Estatethrough December 18 there are 59 Home Estate/PUDs available for purchase with an average list price of about $1.5 million. The most expensive available property is listed at about $6.9 million while the least expensive home is on the market for $507,000. That gives us a median list price for the area of about $1.2 million.
There are 25 properties currently in escrow with an average list price of about $815,000. The highest priced listing in escrow is on the market for just under $2 million while at the other end of the spectrum is a home listed at $400,000. The median list price for properties in escrow is $725,000.
Through December 18 there have been 147 sales on the West Side with an average sales price of about $830,000. The highest priced sale for the year went out at $2.125 million while the least expensive home was purchased for $230,000. The median sales price for the West Side for 09 currently stands at $750,000.
For the Condo market on the West Side of Santa Barbara Real Estatethrough December 18 the inventory stands at 32 with an average list price of about $950,000. The most expensive available condo is listed at $2.75 million while the least expensive condo can be had for just under $400,000. The median list price for the area is just under $700,000.
There are 12 condos in escrow on December 18 with an average list price of just under $540,000. The highest priced condo in escrow was listed at $1.225 million while the least expensive condo is listed at $320,000. The median list price for the area is about $490,000.
Through December 18 there have been 77 condo sales on the West Side of Santa Barbara with an average list price of $632,166. The most expensive condo sold for $4.175 million while the least expensive condo went out at $275,000. The median sales price through December 09 is $503,000.
For the East of State St area of Santa Barbara Real Estatethrough December 18 there are 115 Home Estate/PUDs available for purchase with an average list price of about $1.8 million. The most expensive property can be purchased for $12.75 million while the least expensive home is available for just $395,000. The median list price for the area is $1.4 million.
With all those listings there are 29 homes in escrow with an average list price of about $885,000 with the most expensive home in escrow listed at $2.75 million. On the other side of the coin theres a home in escrow thats listed at $365,000 but the median list price of homes in escrow is $809,000.
Through December 18 there have been 203 sales with an average sales price of $1,036,643. The most expensive sale was for $3,295,000 while the least expensive sale was just $285,000. The median sales price for the area for 09 is $900,000.
The condo market for the East Side of Santa Barbara Real Estatethrough December 18 shows us 38 available properties with an average list price of $875,622. The most expensive condo is priced at $2.8 million while the least expensive condo is on the market for just $430,000. All this gives us a median list price of just under $700,000.
There are 17 condos in escrow right now with an average list price of about $470,000. The highest listed property in escrow is on the market for just under $1.1 million while the least expensive condo is listed at under $300,000. The median list price for condos in escrow is $405,900.
This year through the middle of December there have been 51 condo sales with an average sales price of about $640,000. The most expensive condo sold for $1.875 million while the least expensive condo closed for just under $300,000. The median sales price for condos in 09 on Santa Barbaras East Side is $529,900.
For Santa Barbara Real Estate in the Montecito Real Estate area through December 18 there are 164 Home Estate/PUDs on the market with an average list price of about $6 million. The most expensive Estate currently on the market is listed for $29 million while at the other end of the spectrum you can live in Montecito for just $812,900. The median list price is $3.795 million.
With all those listings we only have 13 homes that are in escrow right now with an average list price of about $3.9 million. Topping the charts is an Estate on the market for $18.5 million and at the other end is a home listed for just under $900,000. The median list price of homes in escrow in Montecito is just under $2 million.
Through December 18 there have been 125 Home Estate/PUD sales with an average price of $3,369,496. The highest priced sale in 09 was for about $25 million while the least expensive property went out at $750,000. The median sales price for the area this year is $2.45 million.
For the Condo market in Montecito Real Estate there are currently 16 properties available with an average list price of about $1.6 million. The most expensive condo on the market is listed about $4.5 million while the least expensive property is available at just under $600,000. The median list price for Montecito is $1.4 million.
Right now there are 2 condos in escrow in Montecito with an average list price of just under $2 million. The highest priced property is on the market for $3.325 million while the lowest priced condo is listed at $655,000. You mush all that together and it gives you a median list price of $655,000.
There have been 10 condos sales so far this year with an average sales price of $1,151,400. The most expensive condo sold for $1.875 million while the least expensive condo went out at $625,000. The median sales price for a condo in Montecito in 09 is $945,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market through December 18 there are currently 69 properties available with an average price of about $4.4 million. Topping the list is an estate thats asking about $30 million and at that other end of the spectrum is a property on the market for just $373,500. The median for the area stands at just under $1.5 million.
In escrow currently there are 25 homes with an average list price of about $1,050,000. The most expensive home in escrow is listed at $5,850,000 and the least expensive property is listed at just under $400,000. The median list price for those properties in escrow is $739,000.
Looking at Sold properties through December 18 61 Home Estate/PUDs have closed escrow for an average sales price of $1,159,914. The most expensive property for 2009 sold for $6.35 million while the most inexpensive property sold for $310,000. The median sales price for the area remains at $670,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate 25 properties are available with an average list price of about $600,000. The most expensive condo currently on the market is listed at $1.875 million while the least expensive condo can be had for just $239,900. The median list price for the area is $487,000.
In escrow right now are 16 properties with an average list price of $352,393. The highest priced condo in escrow is listed for just under $800,000 while the least expensive property is listed at $219,500. The median list price for the area is $319,000.
Through December 18 there have been 49 condo sales with an average sales price of just under $500,000. The most expensive sale closed at $4 million while the least expensive condo went out at just $210,000. The median sales price for the area remains at $420,000.
For Santa Barbara Real Goleta Real Estate North area for the Home Estate/PUD through October 9th shows us 121 sales compared to 118 in 08 for a 2.5% rise. But the median sales price fell from $850,000 in 08 down to $700,000 in 09 for a 18% drop.
The gap between the median list price of $1.275 million and the median sold price of $700,000 is a whopping 45%. Compared to last year when there was a $990,000 median list price and a $850,000 median sold price for a 14% gap.
For the condo market in Goleta Real Estate North through October 9th there have been 39 sales compared to last year when there were 29. This is a rise of about 35%. But the median sales price fell from $465,000 last year to $389,000 this year for a 16% drop.
The gap between the median list price of $439,000 and the median sold price of $389,000 gives us a 11.4% bulge. This compares to last year when the median list price was $500,000 and the median sold price was $465,000 for a 7% difference.
For Santa Barbara Real Goleta Real Estate South area for the Home Estate/PUD through October 9th there have been 64 sales compared to 67 last year for a 4.5% drop. The median sales price fell from $745,000 in 08 down to $700,000 this year for a 6.1% decline.
The gap between the median list price of just below $1 million and the median sold price of $700,000 is 30% compared to last year when it was 17% with a $900,000 median list price and a $745,000 median sold price.
For the condo market in Goleta Real Estate South through October 9th shows us 55 sales compared to 52 last year for a 6% rise. The median sales price fell from $575,000 to $455,000 for a 20% drop.
The gap between the median list price of $460,000 and the median sold price of $455,000 in 09 is just 0.9% this compared to 08 when there was a $555,000 median list price and $574,950 median sold price for a 3.4% bulge.
For Santa Barbara Real Estate Hope Hope Ranch Real Estate for the Home Estate/PUD market through October 9th there have been 13 sales compared to 17 last year for a decline of 23.5%. The
Median sales price has fallen about $500,000 from $2.85 million to $2.35 million for a 18% drop.
The gap this year of the median list price of about $3 million and a median sold price of $2.35 million yields a 22% difference. This compares to last year when there was a 5% gap with a $3 million median list price and a $2.85 million median sold price.
For Santa Barbara Real Estates Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.
For the Santa Barbara Real Estate area of West of State St area for the Home Estate/PUD market through October 9th there have been 115 sales which is exactly the same number there were last year. The median sales price has dropped from $935,000 in 08 to the current number of $735,000 for a 21% decline.
The gap between the median list price of $1.15 million and the median sold price is $735,000 for a 36% bulge. This compares to last year when the median list price was $1.039 million and a $935,000 median sold price gives us a 10% gap.
For the Santa Barbara Real Estate West Side condo market there have been 53 sales in 09 compared to 47 last year for a 13% rise. The median sales price has dropped from $575,000 last year to $515,000 this year for a 10% drop.
The gape of the median list price of $649,000 compared to the median sold price of $515,000 gives us a 20% differential. This compares to last year when there was a 25% gape with a $769,000 median list price and a $575,000 median sales price.
For Santa Barbara Real Estate area East of State St area for the Home Estate/PUD market through October 9th there have been 148 sales compared to 135 last year. This is an increase of about 10%. But the median sales price has fallen from $1.15 million in 08 to $893,000 in 09 for a 22.3% decline.
The gap between the median list price of $1.349 million and the median sales price of about $900,000 is 34% compared to last year the gape was 22.7% with a $1.5 million median list price and a $1.5 million median sold price.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate through October 9th there have been 46 sales this year compared to 41 last year for a 12% rise. But the median sales price went from $629,000 last year to $525,450 this year for a 17% drop.
The gap for 09 of the median list price of $709,000 and the median sales price of $525,450 is 26% which compares to last year when the gap was just 10% with a median list price of $700,000 and a median sold price of $629,000.
For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures through October 9th are down about 20% from 125 in 08 to 100 currently. The median sales price has fallen 25% from $3.34 million to $2.5 million.
The gap between the median list price of $3.7 million and the median sales price of $2.5 million is 32% for 09 and 08 it was just 10% with a $3.7 million median list price compared to a $3.334 million median sold price.
For the condo market in Montecito Real Estate through October 9th there have been 4 sales compared to 15 last year. This is a 74% drop in sales while the median sales price has fallen about 50% from $1.38 million in 08 to about $700,000 this year.
The gap between the median list price of $1.65 million and the median sales price of $700,000 is 58% for 09 while in 08 it was 19% with a median list price of $1.7 million and a median sold price of $1.38 million.
For Santa Barbara Reals Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price through October 9th there have been about 16% more sales this year compared to last but the median sales price has dropped about 19% to approximately $690,000.
The difference between the median list price of $1.35 million and the median sold price of about $690,000 is about 50% for 09 compared to last year when the gap was 34% with a median list price of $1.279 million and a median sold price of about $850,000.
For the Carpinteria Real Estate/Summerland Real Estate condo market the numbers of sales is up 30% with a total of 39 but the median sales price has dropped about $460,000 in 08 to $415,000 this year for a about a10% decline.
The median sales price this year is about $500,000 but the median sold price of $415,000 gives us a 17% drop. This compares to last year when there was a $640,000 median list price and a $460,000 median sold price for a 28% gap.
For the Goleta Real Estate North area of Santa Barbara Real Estate the Home Estate/PUD market there have been 143 sales through the end of November 09 with a median sales price of $704,000. This compares to last year when there were 140 sales with a median sales price of $832,500. The average sales price was a lot farther apart however. In 08 that average sales price was $966,112 and in 09 it was $808,467. Through the first 11 months of 09 there have been 152 escrows opened with a median list price of $729,000 and in 08 there were 142 escrows opened with a median list price of $825,000. Through November of this year there have been 233 new listings for Goleta North with a median list price of $789,000 and in the previous year there were 251 new listings with a median list price of $880,000. Right now there are just 63 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 the Goleta Real Estate South area of Santa Barbara Real Estate weve had 52 sales so far in 09 with a median sales price of about $395,000. Last year there were 38 sales but the median sales price was $467,500. The average sales also dropped from about $510,000 in 08 to about $400,000 in 09. Through November 09 there have been 61 escrows opened with a median list price of just under $400,000 and last year there were 36 escrows opened with a median list price of $475,000. For the first 11 months of this year there have been 82 new listings with a median list price of about $410,000 come on the market and last year there were 73 new listings with a median list price of just under $500,000. Right now there are just 14 condos available for purchase on the North Side of Goleta with a median list price of $439,000.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been 79 sales through the end of November 09 compared 74 sales for the same period in 08. This year the median sales price has been $700,000 and last year it was $731,000. The average sales price for 09 has been about $885,000 and in 08 it was about $865,000. For the same time period there have been 92 escrows opened with a median list price of $719,000 and last year there were 73 escrows opened with a median list price of $745,000. Through November this year there have been 132 new listings with a median list price of just under $800,000 and last year there were 149 new listings with a median list price of just under $800,000. Right now there are just 27 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $989,000.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate weve had 63 sales in 09 compared to 57 in 08. The median sales price slid however from $565,000 in 08 to $451,000 in 09. The average sales price also dropped from about $535,000 in 08 to about $440,000 in 09. Through November 09 there have been 71 escrows opened with a median list price of about $450,000 and in 08 there were 56 escrows opened with a median list price of $565,000. So far this year there have been 77 new condo listings for Goleta South with a median list price of $455,000 and last year there were 88 new listings with a median list price of $529,000. Right now there are just 6 condo listings in all of Goleta South with a median list price of just under $500,000.
For the Home Estate/PUD market in Hope Ranch Real Estatethere have only 18 sales with a median sales price of $2.33million and with an average sales price of $3.42 million through November 09. Last year there were also 18 sales but the median sales price was $2.77 million and the average sales price was $3.13 million. Through November of 09 there have been 22 escrows opened with a median list price of $2.65 million and last year there were 17 escrows opened with a median list price of $3 million. So far this year there have been 48 new listings with a median list price of $2.65 million and last year there were 44 new listings with a median list price of just under $3 million. Right now there are just 15 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of about $3.5 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 142 sales through November 09 compared to 127 through November 08. But the median sales price has dropped from $920,000 last year to $750,000 this year. The average sales price has come down even further from $1.04 million last year to just under $830,000 this year. The numbers of escrows opened so far in 09 has been 152 with a median list price of $780,000 and last year there were 134 escrows opened with a median list price of just under $950,000. So far this year there have been 248 new listings with a median list price of $895,000 and last year there were 274 new listings with a median list price of about $960,000. Right now there are just 63 Home Estate/PUDs for sale on the West Side of Santa Barbara with a median list price of $1.175 million.
For the condo market on the West Side of Santa Barbara Real Estate there have been 71 sales this year compared to 56 last year. But the median sales price has dipped from $540,000 last year to $505,000 this year. The average sales price has also slid from $622,864 in 08 to just under $600,000 in 09. Through November of 09 there have been 82 escrows opened with a median list price of $515,000 and last year there were 57 escrows opened with a median list price of $535,000. So far this year there have been 120 new listings on the West Side with a median list price of $515,000 and in 08 there were 160 new listings with a median list price of just under $600,000. Right now on the West Side of Santa Barbara there are just 30 condos available for purchase with a median list price of just under $700,000.
Through the first 11 months of 09 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate there have been 184 sales compared to last year when there were 156. But last year the median sales price was about $1.13 million and this year it has been just under $900,000. The average sales price has also slid from $1.35 million in 08 to about $1.04 million in 09. So far this year there have been 216 escrows opened with a median list price of just under $900,000 and last year there were 163 escrows opened with a median list price of just under $1.2 million. So far this year there have been 415 new listings with a median list price of $1.1 million compared to last year when there were 361 new listings with a median list price of $1.32 million. Right now there are 111 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of just under $1.4 million.
For the condo market on the East Side of Santa Barbara Real Estate in 09 there have been 50 sales compared to 53 last year and the median sales price slid from $614,000 last year to $534,450 this year. The average sales price also dropped but from $712,950 in 08 to $645,146 this year. The numbers of properties that went into escrow for 09 has been 63 with a median list price of $525,000 and last year there were 52 escrows opened with a median list price of $619,000. So far in 09 there have been 63 new listings with a median list price of $605,000 and last year there were 116 new listings with a median list price of $649,000. Right now there are just 46 condos available for purchase on the East Side of Santa Barbara with a median list price of $695,000.
For the Home Estate/PUD market in Montecito Real Estate there have been 114 sales through November of 09 compared to 139 for the same period in 08. The median sales price has dipped from $3.1 million last year to $2,475,000 this year with the average sales price falling from about $4.33 million last year down $3.4 million this year. The pended sales are a lot closer together going from 132 in 08 to 122 in 09 and the median list price for those properties is closer together with just over $3 million in 08 down to about $2.7 million in 09. So far this year there have been 338 new listings with a median list price of about $3 million and last year there were 351 new listings with a median list price of about $3.5 million. Right now there are 174 Home Estate/PUDs available for purchase with a median list price of about $3.7 million and an average list price of about $6.25 million.
Looking at the condo market for Montecito Real Estate there were 17 sales last year with a median sales price of $1.38 million and this year there have been 10 sales with a median sales price of $1,060,000. The average sales price is also rather far apart with a $1.68 million number posted for 08 and a $1.15 million posted this year. So far in 09 there have been 11 condo escrows opened and last year there were 15 and the median list price of those 11 this year have been just under $1 million compared to last year when the median list price was $1.55 million. So far this year there have been 37 new listings with a median list price of about $1.5 million and last year there were 36 new listings with a median list price of just under $1.6 million. Right now there are only 12 condos listed for sale in Montecito with a median list price of about $1.6 million and an average list price of about $1.72 million.
Through the first 11 months of 09 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there were 59 sales compared to 52 last year. The median sales price dropped however from about $850,000 in 08 to $670,000 in 09. The average sales price dropped even further from about $1.88 million last year to about $1.75 million this year. The numbers of pending listings went way up for 09 when they reached 77 compared to 54 in 08 but the median list price for those pended listings went from about $800,000 in 08 to about $700,000 in 09. For the same time period there were 141 new listings last year with a median list price of $979,000 and in 09 there have been 154 new listings with a median list price of $930,000. Right now there are 71 Home Estate/PUD properties available for purchase with a median list price of about $1.4 million and an average list price of a whopping $4.28 million.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate are there have been 46 sales this year compared to 35 last year. But the median sales price has slid from $460,000 last year to $417,500 this year. The average sales price is a lot closer together however going from about $485,000 in 08 to just over $500,000 in 09. The numbers of listings that went into escrow was just 40 in 08 with a medina list price for those condos of $465,000 and in 09 there have been 58 listings that went into escrow with a median list price of just under $400,000. For 08 there were 137 new listings with a median list price of about $600,000 and in 09 there have been only 91 new listings with a median list price of $435,000. Right now there are just 28 condos available for purchase with a median list price of just under $500,000 and an average list price of just over $620,000.
This is an analysis of the Santa Barbara Real Estate market including Carpinteria Real Estate/Summerland Real Estate, Montecito Real Estate, Hope Ranch Real Estate, downtown Santa Barbara Real Estateand Goleta Real Estate through the month of November 09. Starting with the Home Estate/PUD sector in November, sales were in the low 70s dropping from the low 80s in October. A drop in the numbers of units sold from the previous month is not alarming and can be chalked up primarily to being the end of the year when sales usually fall and dont pick up until the second or third month of the New Year. But, the good news is that sales for November 09 were more than double the sales that occurred in November 08.
All of the decrease in sales from October occurred in the over $1 million category. Sales below $1 million were almost exactly where they were in the previous month but from $1 to $2 million sales fell by about one third and from $2 million on up sales dropped by about half. With the sales from $1 million down remaining stable and those above that mark dropping you would expect the median sales price to drop and it did, declining from $970,000 in October to about $750,000 in November.
Looking at the first 11 months of 09 we see that sales finally surpassed those that occurred for the same period in 08. Last year at this time there were about 700 Home Estate/PUD sales and this year that number is closer to 750. But, with the numbers of sales increasing the median sales price has declined about 20% from $1,055,000 through November 08 to below $850,000 for the same period through November 09.
This decline to approximately an $850,000 median price for the year means that the median sales price is just below where it was in November 03 in Santa Barbara. Looking at the national data from Case-Shiller and Inman we see that locally our numbers mirror the national figures. Almost every place else in the country is at almost exactly that same 03 median sales price level for their area and the median sales price fell by 20% from 08 to 09.
Looking at the Districts we see that Carpinteria/Summerland through November 09 is about 13.5% ahead in the numbers of sales but the median sales price has dropped about 21% to $670,000. In Montecito sales are down by 18% and the median sales price is down 20% to $2,475,000.
For the East Side of Santa Barbara sales are up about 19% but the median sales price is down approximately 20% to $900,000 and over on the West Side sales are up 12.6% but the median sales price is down about 19% to $750,000.
In Hope Ranch sales are exactly where they were last year at this time but the median sales price has fallen 16% to $2,335,000. The south side of Goleta has sales up almost 7% but the median sales price has declined by 4.2% to $700,000 and finally for Goleta North sales are up by 3% with the median sales price down by 15.4% to $704,000.
The sub $1 million market remains strong in Santa Barbara but the over $1 million market has declined from the previous month.
For the Condo segment of the market sales fell from 36 in October to about 30 for November. Again, this is not cause for alarm but just a seasonal phenomenon. Unlike the Home Estate/PUD market the median sales price rose in November from about $460,000 the previous month to approximately $475,000. The trend in condo prices has generally been up since the early part of the year but the median sales price continues to be below where it was last year at this time. The market should remain strong with almost as many condos going into escrow in November as there were those that sold.
Looking at numbers for the whole year we see that sales are up about 14% over where they were in 08 and condos that entered escrow are up almost 35% from the previous year. But, despite the current upward pressure on the median sales price year over year the median sales price is down about 16% to $467,000.
The only thing that could prevent this surge in the numbers of condo sales from continuing is the lack of inventory which continues to go down and currently stands at around 130 units for sale from Carpinteria to Goleta. At this time in 08 there were 611 new condo listings and this year there have been just 534. The median list price on the properties offered for sale this year has gone down about $100,000 from where it was last year which is the reason that sales have gone up. But, with sales up and listings down the inventory continues to shrink.
Examining the Price Range Statistics for the year, there have been only 16 of the 292 condos sales thus far that were $1 million or over with the highest priced condo going for $4 million. That property was right on the beach in Carpinteria/Summerland and was about $2 million above the next highest priced sale. The majority of the sales came in the $300,000 to $550,000 range with a few showing up around $120,000. The high end condo market in Santa Barbara has taken a dramatic hit in the past year and its difficult to put together a scenario which would have that part of the market coming back in a significant way for the next few years.
Looking at the Districts we see that condo sales in Carpinteria/Summerland are up over 30% but the median sales price has gone down 9% to $417,500. In Montecito sales are down over 40% and the median sales price has slipped 23% to $1,060,000.
Over on the East Side of Santa Barbara sales are down 6% and the median sales price is down 13% to $534,500 and the West Side of Santa Barbara has sales up 27% but the median sales price down by 6.5% to $505,000.
For Goleta South sales are up 10.5% but the median sales price is down 20% to $451,000 and for Goleta North sales are up 37% with the median sales price falling by 16% to $394,000.
The condo market should continue to surge if the inventory is there for people to purchase. With the lack of inventory prices should continue to rise with the demand for fewer and fewer properties remaining high. For the Home Estate/PUD market the demand for homes below $1 million remains strong and should continue as long as interest rates remain low.
Gary Woods
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs market for the period of Oct. 27 to Nov. 27 09 there were 14 sales compared to 7 last year and the median sales price went up from $700,000 last year to about $760,000 this year. The average sales price also went from about $780,000 last year to about $840,000 this year with the numbers of escrows going up from 12 in 08 to 18 in 09. The median list price on those escrows dropped however from about $750,000 last year to about $700,000 this year. During that same time period there were 22 new listings that showed up on the market this year with a median list price of about $770,000 and last year there were 19 new listings with a median list price of about $860,000. Right now there are 62 Home Estate/PUDs available for purchase in the Goleta North area with a median list price of $1,049,000.
For the condo market in Goleta Real Estate North for the same period there were 10 sales this year compared to 6 last year. But the median sales price dropped from about $535,000 last year to about $420,000 this y ear. The average sales price slid even further from about $615,000 last year to about $415,000 this year. During the same time period 3 escrows opened this year with a median list price of $419,000 and last year only 1 escrow opened with a list price of just $128,800. This year there were 4 new condo listings with a median list price of about $420,000 and last year there were 7 new listings with a median list price of about $370,000. Right now there are just 14 condos available for purchase in the Goleta North area of Santa Barbara with a median list price of $435,000.
Recently, Trudi Carey spoke to the Santa Barbara Board of Realtors at their quarterly meeting at the Cabrillo Arts Center on New Housing Trends. She was also the featured speaker on new housing on Mark Sneidmans Real Estate Radio Hour last month. Below is a summary of Trudys trend analysis.
Home buyer demographic trends
-30 years ago it was the baby boomers (approximate age 50-70) parent who wanted a single family home in the suburbs on a big lot
-Baby boomers today will drive the next 30 years of new home design, they want easy living, close proximity to restaurants, culture and public transportation
-Immigrant buyers will be major force-40 million strong with 54% coming from Latin American countries
-Immigrants currently are 29% of household growth, vs. 19% in the 90s and 10%in the 80s
-More than ½ Latino immigrants in California own homes
-Desire for home ownership in the Asian communities is profound i.e. San Diego
-Homeownership is a priority for Cubans in Florida
-Immigrant homeownership rises after an immigrant has been in the United States for 10 years
-The downturn in Mexican immigration has muted the growth of foreign born households
-For immigrants size matters. They desire bigger homes with decent sized yards and large room counts to accommodate large and extended families
-Hispanics tend to gravitate to existing homes to fix up
-Asians tend to purchase newer homes; they dont want to have to fix things
-Middle class still drives the industry in numbers
What is different about designing or building a new home in todays era?
-Todays scarcity includes natural resources such as oil, water, and gas consumption, for example Las Vegas or Phoenix wouldnt have been built in todays environment
-Economics are also now a scarce resource, if you cant get a construction loan you wont build
-Last two decades buyers wanted single family detached
-Today due to natural resources scarcity you will more likely to see new housing in a midrise in Minnesota
-Boomers will buy their retirement home earlier than the previous generation
-What we have built previously wont work in the future
-Buyers want to be in a walk able town community i.e. not reliant on a car to go to dinner
-The mature buyer lost the equity for the home of their dreams, but still have the same tastes. We predict they will want a home smaller in size but still of higher quality
-The choice of this buyer will be 1) location not size 2) a desire for urban areas: dense population, emphasis on community 3) The boomer will make serious concessions for health and their loss of equity
-They desire an affordable, well designed and uncluttered dwelling
Future products and design trends we will see in new homes
-Elevators or lifts for two story homes
-Metal roofs (eco friendly and low maintenance)
-Faux stone (eco friendly)
-Universal design-sensitive to those in a wheelchair specifically. All counters and cabinets should be designed so a wheelchair can access under the counter i.e. at the stove (cabinet doors could pull out and stack on the sides underneath), sink, and master bath sink. We will see wider doors and halls as well. Halls should not have 90 degree turns to allow for emergency stretcher access. Level floors with no raised transitions i.e. step down living rooms, steps to the front door or raised thresholds between room flooring materials are out. Open plans will be designed for easy navigation. Every portion of the home will be accessible by wheel chair.
-Boomer buyers want an active 2,000 sf home (sauna, billiards room, media room, his and her retreat are still a want)
-Rustic finishes with clean modern furnishings
-Too save square footage and costs, rooms that have double uses i.e. Murphy beds in the den, Kitchen Island that doubles as the dining room table or accent table, front hall space designed to extend the dining room at holidays
-Front door locks will be wireless, simplex, or thumbprint
-45% of 70-75 years old use internet today, in 2005 26% used the internet=new homes will be wired for computer use as common as telephone users the last 30 years
-Even though downsizing, the new buyer will still want room for extended and visiting family, without sacrificing quality or comfort
New home buyer reality vs. emotions
-More houses for their money, but fewer are willing to spend beyond their needs
-Lifestyle now more about time with family
-Fervent for energy efficient homes to bring down monthly debt
-Mc Mansion dream now set aside for a responsible home
-Buyers thing it is a good or excellent time to buy a home
-Today the new buyer is not stretching their budgets to get a good deal on a new home
-85% of homebuyers say their priority is to buy in the right neighborhood
-The homebuyer would accept a smaller home in the right neighborhood
-2/3 of people going out to eat less, communal instinct for a quality home
-½ people would prefer a newly built home-but not as locked into that as before
-Todays buyers feel they might get a better deal on an existing home
-Many shoppers still believe a new home is a better investment due to energy savings and fewer repairs as the home comes with warranties
-Heating, ventilation and air conditioning, windows, lighting, and water fixtures are seen as very important to be energy saving
-70% of buyers agree they would like solar panels but they will not pay $150-$200 more a month in their payment to get them. If they cost of energy saving features cant be repaid in energy savings expense in 2 years the new buyer is not interested in the increased cost
-The most a homebuyer will pay for all energy features is approximately $ $2,000-$5,000 total
The Redesigned retirement dream home
-Modest detached dwelling with one bedroom, a home office, a two car garage, a guest cottage in the neighborhood that residents can take turns reserving for visitors, community studio for woodworking, boat building and other messy projects
-Expect smaller spaces but nice millwork, finishes, and high quality
-The home isnt designed to show off to their friends anymore, it is purely good solid stuff, not pressboard furniture and cheap countertops.
-A combination of small and high end
-Not going back from granite to laminate, or vinyl floors from tile.
-The retirement buyer will be more like a buyer choosing between the BMW 3 series and the 5; same leather and radio just smaller
-Financial means have downshifted but their tastes havent;
-Tighter plans will do away with the formal dining rooms and living rooms, but they will hold the line on kitchen/entertainment areas, nice master baths with his and her vanities, beamed ceilings. For the first time in a long time maybe a narrow 55 lot is ok now that homes are smaller
-Purchasers will need at least 20% down, homes values will be smaller but with quality, average net worth has eroded by 45%
-Previously 15% of the national market could squeeze themselves into a million dollar home, now 5%
-Before the crash they would have moved to fancier homes, now their goal is a smaller less expensive home so they can still to help their children
-Common desire for single story plans, low maintenance living, high design, and the ability to live near their children
-Close to work, most likely they will be working past traditional retirement age
-79% would stay in their current home but their home is not aging with them and cant be remodeled to one story, wider halls etc.
-Big need for smaller homes with accessory dwelling units such as granny flats, with housing within walking distance of shopping, public transit and services such as health care
Fixing up your current home to put it on the market?
Paint is the least affordable effect to spruce up your current home if you are staying put or getting ready to put your home on the market.
For 2010: to create warm and functional spaces, the good morning palette is honey like hues such as tan or pale gold, coral, yellow and mineral grey
Good night palettes for the ceilings: pastel hues, particularly pale blue or shell pink for ceilings. Midnight blue, eggplant, wine
Good bye palette for home staging: assortment of simple hues for a variety of spaces for a back drop of any living area, classic palette: khaki pared with crisp white, mid tone blues, off white, sandy tan and black
Trudi Carey is a licensed architect, real estate broker and general contractor. Ms. Carey is the President of the The Carey Group, Inc. celebrating their 30th year in Santa Barbara, designing and building new homes. Article research references: Credit Suisse Survey, Professional Builder and National Paint Institute.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market from Oct. 27 to Nov. 27 09 there were 9 sales with a median sales price of $740,000 and an average sales price of about $785,000. Last year there were 6 sales with a median sales price of about $670,000 and an average sales price of about $665,000. During that same time period 13 escrows were opened this year with a median list price of $739,000 and last year there were 4 escrows opened with a median list price of about $700,000. Also during that time 15 new listings came on the market this year with a median list price of about $739,000 compared to last year when there were 9 new listings with a median list price of about $730,000. Right now there are 30 Home Estate/PUDs available for purchase in Goleta South with a median list price of $985,000.
For the condo market in Goleta Real Estate South for the same period there were 5 sales compared to 4 last year. But the median sales price dropped from about $500,000 to about $310,000. The average sales price also slid from about $465,000 to about $360,000. During that same time period 6 condos went into escrow with a median list price of about $275,000 and last year only 2 escrows opened with a median list price of $279,000. There were only 2 new listings this year with a median list price of $275,000 and last year there were 4 new listings with a median list price of $322,905. Right now there are just 7 condos available in Goleta South with a median list price of $525,000.
For the Santa Barbara Real Estate area of
Hope Ranch Real Estatefor the period of Oct. 27 to Nov. 27 09 there were 4 sales and last year there was 1. The median sales price was about $2.5 million this year compared to last year when that home sold for $2.7 million. The average this year was a little higher at $2.9 million compared to that $2.7 million sale of last year. During the same time period there were 4 escrows opened this year with a median list price of $3.65 million and last year there were 2 escrows opened with a median list price of about $3.2 million. For the same time period there were 2 new listings that showed up on the market with a median list price of about $1.8 million and last year there were 4 new listings with a median list price of about $2.65 million. Right now there are just 15 Home Estate/PUDs available for purchase 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 Estatearea of West of State St for Home Estate/PUDs for the period of Oct. 27 to Nov. 27 there were 17 sales this year and 7 last year. The median sales price in 09 was $825,750 and in 08 it was $875,000. The average sales this year was about $810,000 and last year it was about $890,000. During the same time period there were 12 escrows opened in 09 and 13 in 08. This year the median list price of those properties entering escrow was about $850,000 and last year it was about $800,000. In 09 there were 14 new listings that came on the market with a median list price of about $825,000 and last year there were 21 new listings with a median list price of about $900,000. Right now there are 60 Home Estate/PUDs for sale on the West Side of Santa Barbara with a median list price of $1.2 million.
For the condo market for the same time period on the West Side of Santa Barbara Real Estatethere were 13 sales this year and 8 sales last year. But the median sales price this year was $470,000 and last year it was $453,500. The average sales price however was about $615,000 this year and last year it was about $460,000. There were 8 escrows opened this year with a median list price of about $500,000 and last year there was only 1 escrow opened with a list price of about $450,000. During that same time period 5 new condo listings showed up this year with a median list price of about $490,000 and last year there were 13 new listings with a median list price of about $519,000. Right now there are 30 condos available for purchase with a median list price of about $700,000.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 19 sales from Oct. 27 to Nov. 27 09 with a median sales price of $725,000 and an average sales price of about $950,000. Last year there were 18 sales but the median sales price was about $1.24 million and the average sales price was about $1.5 million. During that time period 26 escrows opened this year with a median list price of about $900,000 and last year 14 escrows opened with a median list price of $1.32 million. For the same time period 30 new listings came on the market in 09 with a median list price of about $1.1 million and in 08 there were 24 new listings with a median list price of about $1.1 million Right now there are 112 Home Estate/PUD listings on the East Side of Santa Barbara with a median list price of about $1.4 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year 1 sale for $984,000 occurred and in 08 there were 8 sales with a median sales price of $605,000 and an average sales price of $678,312. During that same time period 6 condos went into escrow this year with a median list price of $405,900 and last year 5 condos went into escrow with a median list price of about $460,000. Also during that same time period 4 new condo listings showed up in 09 with a median list price of $429,000 and last year 4 new listings showed up with a median list price of $539,000. Right now there are 47 condos for sale on the East Side of Santa Barbara with a median list price of just under $700,000.
Santa Barbara Real Estates area of Montecito Real Estate for the Home Estate/PUD market there were 9 sales for the period of Oct. 27 to Nov. 27 with a median sales price of $2 million and an average sales price of about $2.8 million. Last year there were also 9 sales but the median sales price was $1.75 million and the average sales price was about $2 million. During that same time period in 09 12 escrows opened with a median list price of about $2 million and last year 5 escrows opened with a median list price of about $3.2 million. For 09 13 new listings came on the market with a median list price of about $2 million and in 08 42 new listings showed up with a median list price of about $3.3 million. Right now there are 179 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.75 million.
For the Condo market in Montecito Real Estate for the same period there were 4 sales this year with a median sales price of about $1.34 million and an average list price of $1.36 million. Last year there were 2 sales with a median sales price of about $1.5 million and an average sales price also of about $1.5 million. During that same time period there were 4 escrows opened with a median list price of $1.27 million and last year there was only 1 escrow opened with a list price of $2.495 million. For that time period there were 3 new condo listings this year with a median list price of $2.3 million and last year there were 4 new listings with a median list price of $2.65 million. Right now there are 12 condos for sale in Montecito with a median list price of $1.595 million.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from Oct. 27 to Nov. 27 in 09 there were 2 sales compared to 4 last year and the median sales price slid from about $1.25 million down to about $540,000. The average sales price also went down from about $1.38 million to about $543,000. But during that same period in 09 8 home went into escrow with a median list price of about $750,000 compared to 4 last year with a medina list price of $569,000. During that time in 09 11 homes came on the market with a median list price of about $900,000 and last year 5 came on with a median list price of about $750,000. Currently there are 73 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.5 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period there were 4 sales this year and 3 last year. But the median sales price in 08 was about $500,000 and in 09 it was about 430,000. The average sales price also slid from $500,000 down to about $430,000. But during that time period in 08 there were 6 escrows opened with a median list price of about $250,000 compared to 09 when there were 7 escrows opened with a median list price of about $400,000. For the same time period in 09 7 new listings showed up on the market with a median list price of $425,000 and last year 9 condos appeared with a median list price of $475,000. Right now there are 28 condos available for purchase in Carpinteria/Summerland with a median list price of about $500,000.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory through November 18, 2009 is up by 11% with the numbers of new listings rising by 14%. Outpacing both numbers are the escrows, which have gone up by 55%. The sales have also risen, but by 20% but the overall sold volume have slid back by 2%. The average sales price through 09 is down by 18% to about $415,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings through November 18, 2009 are down by 14% with the numbers of new listings falling by 11%. But with the inventory down the escrows are only off by 2% as are the numbers of sales. Even though the sales are down by just 2% the overall sold volume is off by 19% and the average sales price is down by 16% to about $820,000.
The PUD market for the Santa Barbara Real Estate area of Goleta North the overall inventory through November 18, 2009 is up by 41% with the numbers of new listings up 40%. The escrows are also up but by 66% with the sales dead even of where they were last year at this time. With the sales even the overall sold volume is down by 21% and the average sales price is also down 21% to about $590,000.
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The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available through November 18, 09 is down by 20% with the numbers of new listings falling by just 10%. But with the inventory down the numbers of escrows has gone up by 24% and the numbers of sales has risen by 16%. With sales up however the overall sold volume has slipped by 3% with the average sales price down by 16% to $450,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South through November 18, 2009 is down by 15% with the numbers of new listings falling just a little further by 16%. But with the listings down the escrows are up by 12% with sales falling slightly by 2%. With sales falling the overall sold volume is basically flat from last year and the average sales price has actually gone up by 3% to the current number of $911,486.
The PUD market for the Santa Barbara Real Estate area of Goleta South through November 18, 2009 the inventory is exactly where it was last year at this time but the numbers of new listings has gone up by 4. With the inventory flat the escrows are up by 1 with the sales remaining at 5 for both years. The overall sold volume has gone up by 18% even though sales remained the same and the average sales price also rose by 18% up to about $590,000.
The Condo market for the Hope Ranch Real Estate area of Santa Barbara real estate saw no activity.
For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estate through November 18 09 the total number of listings is up by 21% with the numbers of new listings rising by 4%. For the first time this year the numbers of escrows is above where it was at any point last year if only by 1 and the numbers of sales is also up by 1 from where it was last year. The overall sold volume is up by 22% from 08 with the average sales price up 15% to $3.66 million.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate there were no listings last year and just 1 this year. The good news is that 1 is now in escrow but has not closed yet.
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The Condo market for the West of State St area of Santa Barbara Real Estate the total numbers of listings through November 18 09 is 11% below where it was last year and the numbers of new listings is down even further by 25%. But while the listings are down the escrows have risen by 34% and the sales are up 25%. With all that increased activity the overall sales volume is up by 14% but the average sales price has fallen by 8% to about $590,00.
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes that have been on the market through November 18 09 is down just 3% and the numbers of new listings has declined by 6%. With the listings down the escrows are up 14% and the numbers of sales are up 3%. But despite the increased numbers of sales the overall sold volume is down by 16% and the average sales price is down 19% to about $845,000.
The PUD market for the Santa Barbara area of West of State St there were 8 listings through November 18 09 which is up by 1 from last year and the also have been 8 new listings which is up by 3 from last year. The escrows are exactly the same for both years with 6 with the sales down by 1 to 5. With the sales only down by 1, the overall sold volume has declined by 44% with the average sales price down by 33% to $628,620.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year through November 18 09 is almost exactly where it was last year at this time as are the number of new listings. With the inventory stable the escrows are up 17% but the sales are down by 5%. The overall sales volume has declined by 15% in 09 but the average sales price has fallen by only 8% down to about $645,000.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings through November 18 09 are up by 6% with the numbers of new listings up by 12%. Outpacing the numbers of new listings are the numbers of escrows, which are up by 29% for 09, but the sales are up only 7% currently. With the sales up the overall sales volume is down by 13% with the average sales price declining by 19% to about $1.06 million.
For the PUD market on the East Side of Santa Barbara there have been 8 total listings through November 18 09 compared to 12 last year but the numbers of new listings is even at 7 for both year. There has been 1 less escrow opened this year but both years saw 3 sales to this point. The overall sold volume is down by 4% and the average sales price is down by 4% to $911,667.
In the Montecito area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through November 18 09 is down by 1 from 08 with the number of new listings up by 2 compared to last year. With the inventory at a level place the escrows have declined from 16 in 08 to 10 in 09 and the sales have declined from 18 last year to 7 this year. The overall volume has declined by 75% with the average sales price slipping 35% down to about $1.1 million.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate through November 18 the over all inventory up just 8% this year but the number of new listings is down by 5. Properties that have gone into escrow this year is down by 4% for 09 but the numbers of sales has declined by 15%. The overall sold volume has fallen off by 30% with the average sales price falling by 17% down to about $3.6 million.
For the PUD market in Montecito Real Estate there have been 5 listings this year compared to 3 last year but 4 new listings in 09 compared to 3 in 08. The escrows are the same for both years with 1 each as are the sales again with 1 in each year. But last year that sale was for about $2.5 million and this year it was for $1.5 million.
For the Santa Barbara area of Carpinteria Real Estate /Summerland Real Estate for the condo market through Nov. 18 09 the total inventory fell by 31% from the 08 level and the new listings declined even further by 35%. But with the inventory way down the escrows were up by more than 50% and the sales have risen by 31%. The overall sold volume increased by 36% but the average sales price went up only 3% to about $505,000 for the year.
For Home Estates in Carpinteria Real Estate/ Summerland Real Estate the total numbers of listings through November 18 09 was up by 14% with the new listings for the year only up by 4%. With all that increased inventory the numbers of escrows has gone up by 36% with sales rising 15%. But even with all that activity the sold volume for the year fell by 20% and the average sales price declined by 30% down to about $1.3 million.
For PUDs in the Carpinteria/Summerland through November 18 the inventory is down by 1 but the numbers of new listings is exactly where it was last year with 8 for both 08 and 09. The escrows are exactly the same also with 1 in both years as are the sales with 1 in both years. For 08 there was a have doubled from 2 to 4 as have the sales. The overall sold volume is up by 31% but the average sales price has gone down by 34% to $502,500.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 1/1/09 to 11/11/09 there have been 133 sales compared to 136 last year. The median sales price has gone down from $835,000 in 08 to $700,000 this year with the average sales price falling even further from about $970,000 to about $800,000 this year. Those 133 sales took on average 58 days to acquire an accepted offer and when you add in another 55 days of escrow time you get an average total marketing time of 113 days.
For Condominiums on the North Side Goleta Real Estate there have been 46 sales compared to 37 last year. The median sales price fell from $465,000 in 08 to just under $400,000 this year with the average sales price going down even further from just under $500,000 to just under $400,000 this year. Those 46 sales took on average 60 days to get an accepted offer with another 49 days on average of escrow time bringing us an average marketing time of 109 days.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate through November 11 09 there have been 67 sales compared to 70 last year. The median sales price has only gone down slightly from $735,500 last year to $700,000 right now and the average sales price has actually gone up from about $880,000 last year to about $915,000 this year. For those 67 sales the average time it took to get an accepted offer was 76 days and when you add in another 41 days of average escrow time you get an average total marketing time of 117 days.
For Condominiums for Goleta Real Estate South for the same time period there have been 61 sales this year compared to 55 last year. The median sales price went down from $570,000 last year to $455,000 this year with the average sales price declining from $540,000 last year to about $450,000 this year. The average time it took to get an accepted offer on those 61 sales was 76 days and when you add in another 50 days of average escrow time you get a total marketing time of 126 days on average.
For Hope Ranch Real Estate Home Estate/PUDs from 1/1/09 to 11/11/09 there have been 17 sales compared to the same number last year. But last year the median sales price was $2.85 million and this year it went down to $2.35 million. The average however due to some very large sales went from $3.16 million last year to about $3.5 million this year. The average time it took to get an accepted offer on those 17 sales this year was 114 days and when you add in another 39 days on average of escrow time you get 153 days of average marketing time.
For Condominiums in Hope Ranch Real Estate there was no activity.
For West of State St in Santa Barbara Real Estate for Home Estate/PUDs for the period of 1/1/09 to 11/11/09 there have been 131 sales compared to 125 sales last year. The median sales price has declined from $920,000 to $759,000 this with the average sales price dropping from $1.04 million in 08 to about $840,000 this year. For those 131 sales the average time it took to get an accepted offer was 65 days and when you add in 43 days of average escrow time you get an average marketing time of 108 days.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there have been 64 sales compared to 53 last year. The median sales price went down from $565,000 in 08 to $504,000 in 09 with the average sales price dropping from about $635,000 down to $570,000. The average time it took to get an accepted offer on those 64 sales was 93 days and when you add in another 46 average days of escrow time you get a total marketing time on average of 139 days.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for 09 through November 11 there have been 170 sales compared to 147 last year at this time. But during that same time period the median sales price went from $1.15 million down to $900,000 with the average sales price sliding from $1.35 million to $1.05 million. Those 170 sales took on average 83 days to get an accepted offer and when you add in another 44 days of escrow time you get a total marketing time of 127 days.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 49 sales this year compared to 48 sales last year. During that same time period the median sales price went from just under $600,000 to about $530,000 with the average sales price falling from approximately $705,000 in 08 to about $640,000 in 09. Those 49 sales this year took on average 60 days to get an accepted offer and when you add in another 39 days of escrow time you get on average 99 days of total marketing time.
By RAY ESTRADA Nov. 14, 2009
Since residential real estate sales usually decline in the fourth quarter of the year, a positive sign can be seen in at more South Coast transactions have occurred this October compared to the same month last year when the economic meltdown started, area experts said this week.
For the home estate and planned unit developments market in October 2009 for Santa Barbara, Montecito, Hope Ranch, Carpinteria, Summerland and Goleta 96 properties went into escrow, said Gary J. Woods, of Home Realty & Investments, who writes a monthly report on real estate trends.
The first-time buyer incentive program ended, but now has been extended, Woods said referring to the federal program that gave an $8,000 tax credit to first-time home buyers, which helped push home sales. He said another incentive program by Federal Home Administration also could be extended and also be a factor in the rising sales trend.
Woods said that might mean more South Coast real estate sales could be made during the last two months of this year, a period that usually yields very few.
The median sales price leaped from $750,000 in September to about $970,000 in October and the average sales price went up about $100,000 for the month to approximately $1.6 million, Woods said. However, he said median sales prices by month have been some what erratic, event though have generally risen since February.
Some national economists have said six months of continued growth in home sales might signal the countrys emergence from the worst recession since the 1930s.
Speaking at a Thursday panel discussion titled The Financial Future of Our Central Coast, Randy Glick with Prudential California Realty said, Its already getting better Weve hit rock bottom and were working our way back up.
One of those attending the discussion, South Coast Realtor Ruth Ann Bowe in with Coldwell Banker, said there is no real scientific approach to real estate. Our best approach is to analyze the history and watch the trends, said Bowe, whose office is in Montecito. This being said, the recent trends seem to point to a recovering market. The number of sales has increased consistently over the last several months, while inventory has declined.
When the theory of supply versus demand is added into the equation, Bowe said, it also points to a changing market.
The wild cards seem to be the continuing availability of affordable financing and the possibility of a new wave of foreclosures, although we havent seen as many in Santa Barbara recently as might have been expected, she said.
Bowe agreed with Woods that the continuation and expansion of the buyers tax credit will probably help a little.
We are seeing multiple offers over asking price on many well-priced homes in the lower end, she said. We are also seeing homes selling in the higher end. The key, if you have to sell in todays market, is to make sure your Realtor helps you prepare and position your home properly to attract real buyers that will be encouraged to write offers.
The longer a home sits on the market, Bowe said, the lower the buyers perception of value will be. The first few weeks are crucial to net top dollar for a home, she said. If you are planning to buy, now is probably as good as its going to get before everyone jumps back in when even less inventory is available, she said.
The rise in both the median and average sales prices was cause by a decline in the numbers of sales below $1 million and an increase in the sales between $1 million and $2 million, Woods said.
However, Woods said, the hot market remains from $500,000 to $850,00 and is strong up to $1 million but there are just fewer sales in that price range while sales have risen from $1 million to $2 million and also gone up slightly from $2 million and more.
More than 100 properties came on the market during the month and for the first time in a long time the median list price for those new listings was below the median sold price for the month.
The overall inventory continues to decline, which usually happens in the fourth quarter, but the median list price for that inventory remains at about $1.8 million, Woods said.
For the remainder of 20009, sales figures should push past the 2008 numbers particularly with all the homes that remain in escrow.
Below $1 million prices are stabilized for now and from $1 million to $2 million theyre solidifying but above $2 million there is still settling occurring.
In another bright spot, Woods said sales remained strong in October for the condominium market with most of those transactions selling in the $350,000 to $700,000 range.
A handful of those purchases were more than $700,000 for the month with the highest priced condo closing for $1.4 million, he said.
Condo sales remained strong and moved ahead of the September 2009 figures. The median sales price dropped below $500,000, however, hovering around $460,000.
Prices are definitely hardening for the condo market with the sales price to original list price ratio right around 94 percent and the sales price to list price ratio only a couple of points higher at 96 percent, Woods said.
To amplify whats going on with condos the days on the market for sold properties slipped to around 75 days to get an accepted offer whereas in September the days on the market for sold properties were closer to 90 days meaning it took buyers about a couple of weeks less time to make up their minds, Woods wrote in his report.
From 1/1/09 to 11/11/09 in Montecito Real Estate for the Home Estate/PUD market there have been 109 sales this year compared to 135 last year. With the numbers of sales falling the median sales price also fell from $3.2 million last year to $2.5 million this year. The average sales price also declined from $4.4 million to about $3.5 million. Those 109 sales took on average 107 days to achieve an accepted offer and when you add in another 32 days you get a total marketing time of 149 days on average.
For Condominiums for the same time period in Montecito Real Estate there have been 6 sales compared to 16 last year. The median sales price for that same period went down from $1.37 million to $830,000 and the average sales price fell even further from about $1.65 million to approximately $970,000. The average time it took to get an accepted offer for those 6 sales was 120 days and when you add in another average of 33 days of escrow time you get a total of 153 days of total marketing time.
From Jan1 to November 11 for Carpinteria Real Estate/Summerland Real Estate there have been 57 sales this year compared to 50 last year. But the median sales price has gone from about $830,000 last year to the current number of $675,000. The average sales price has slid even further from about $1.9 million to $1.2 million. Those 57 sales took an average of 91 days to get an accepted offer and when you tack on another 49 days of average escrow time you get a total marketing time of 140 days.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate for the same time period there 34 sales last year compared to 44 this year. The median sales price went down however from $464,500 last year to $417,500 this year. But the average sales price went up rising from about $490,000 to about $505,000 this year. Those 44 sales took an average of 115 days to get an accepted offer with an additional 56 days of escrow time to give you a total marketing time of 171 days.
For the Goleta Real Estate North area of Santa Barbara Real Estate in the Home Estate/PUD market there have been 127 sales compared to 136 last year. The median sales price has dropped from $835,000 last year to $700,000 currently with the average sales price falling even further from $970,000 last year to about $800,000 this year. The number of pended listings is up however from 129 in 08 to 144 in 09. But even so the median list price on those pended listings dropped from $849,000 last year to $729,000 this year. Right now there are just 52 Home Estate/PUDs available for purchase in the Goleta North area with a median list price of $1.175 million and an average list price of $2.6 million.
For the condo market in the Goleta Real Estate North area there have been 44 sales compared to 33 last year but the median sales price slid from $465,000 last year to just under $400,000 this year. The average sales price is a lot farther apart however with a $490,000 average in 08 compared to a $390,000 in 09. The numbers of pended listings went from 35 last year to 57 this year with the median list price for those pended listings dropping from just under $500,000 last year to just under $400,000 this year. Right now there are just 15 condos available for purchase in all of Goleta North with a median list price of $439,000 and an average list price of about $470,000.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been 67 sales through the end of October compared to 08 when there were 69. The median sales price has slid from $736,000 last year to $700,000 this year but the average sales price has risen from $882,891 last year to $917,493 this year. The pended listings are up however from 69 in 08 to 81 09 but the median list price on those listings went from $749,000 last year to $719,000 this year. Right now there are only 30 active listings in the Goleta South area with a median list price of $989,000 and an average list price of $1.233 million.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate there have been 59 sales this year compared to 54 last year. But the median sales price has dropped from about $575,000 in 08 to $455,000 this year. The average sales price has about the same differential falling from $541,855 in 08 to $444,236 in 09. The numbers of pended listings was 53 last year and has been 66 this year with the median list price going from $585,000 in 08 to $455,000 in 09. Right now there are only 10 condos for sale in the Goleta South area with a median list price of $369,000 and an average list price of $415,475.
For the Home Estate/PUD market in Hope Ranch Real Estate there have been only 14 sales this year compared to 17 last year with the median sales price falling from $2.85 million last year to $2.62 million this year. The average sales price due to a couple of large sales is closer together with the 08 number of $2.85 million and the 09 number of $3.57 million. There have been 17 opened escrows this year with a median list price of $2.65 million and last year there were 15 opened escrows with a median list price of just under $3 million. Right now there are 23 Home Estate/PUDs available for purchase with a median list price of $3.42 million and an average list price of about $4.12 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of 08 has seen no activity.
On the West Side of Santa Barbara Real Estate for the Home Estate/PUD market there have been 126 sales since the first of the year with a median sales price of about $745,000 and last year there were 124 sales with a median sales price of about $925,000. The average sales price this year has been approximately $835,000 and in 08 that average was $1.05 million. The numbers of pended listings this year has reached 142 and in 08 that number was 124. But this year the median list price for those pended listings was $775,000 and last year it was $949,000. There are only 69 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.25 million and an average list price of $1.375 million.
For the condo market on the West Side of Santa Barbara Real Estate there have been 58 sales this year and in 08 there were 52. But the median sales price has drifted downward from $555,000 in 08 to $510,000 right now. The average sales price is a little bit farther apart with a $635,000 number posted in 08 and a $582,000 number for 09. The number of pended listings this year has been 75 with a median list price of $515,000 and last year there were 56 pended properties with a median list price of $535,000. Right now there are just 39 condos available for purchase on the West Side of Santa Barbara with a median list price of about $675,000 and an average list price of about $890,000.
Through the first 10 months of 09 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate there have been 165 sales compared to last year when there were 147. But last year the median sales price was $1.15 million and now its $900,000. The average sales price shows an even bigger bulge with the 08 number of $1.35 million and the 09 number of $1.953 million. The numbers of homes that went into escrow for 09 stands at 196 while the 08 number was 151. But the median list price last year was just under $1.2 million and this year it has been just under $900,000. Currently there are 129 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of $1.4 million and an average list price of about $1.75 million.
For the condo market on the East Side of Santa Barbara Real Estate in 09 there have been 49 sales this year with a median sales price of $529,900 and last year there were 47 sales with a median sales price of $614,000. Through the 1st 10 months of 09 58 escrows have been opened with a median list price of $525,000 and last year 47 escrows had been opened with a median list price of $625,000. Right now there are only 47 condos available for purchase on the East Side of Santa Barbara with a median list price of just under $700,000 and an average list price of about $825,000.
For the Home Estate/PUD market in Montecito Real Estate there have been 107 sales this year compared to 131 last year. The median sales price has fallen from $3.3 million in 08 to $2.5 million currently with the average sales price going down from about $4.5 million last year to $3.5 million this year. The pending listings have fallen from 127 in 08 to 115 in 09 with the median list price for those pending listings dipping from just over $3 million to just under $2.7 million. There are currently 196 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.75 million and an average list price of just under $6 million.
Looking at the condo market for Montecito Real Estate there have been 6 sales for the year with a median sales price of $830,000 and an average sales price of about $950,000 compared to last year when the median sales price was $1.37 million and the average was about $1.65 million. There have been 7 pended listings this year with a median list price of $945,000 compared to last year when there were 14 pended listings with a median list price of about $1.4 million. Currently there are 15 condos available for purchase in Montecito with a median list price of $1.65 million and an average list price of $1.76 million.
For the Home Estate/PUD market in October 09 for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate the sales were in low 80s from the mid 80s in September. Sales usually decline in the fourth quarter of the year and the good news is that there were more transactions this October compared to last October.
The median sales price took a big jump going from $750,000 in September to about $970,000 in October and the average sales price went up about $100,000 for the month to approximately $1.6 million. This rise in both the median and average sales prices was due to a decline in the numbers of sales below $1 million and an increase in the sales between $1 and $2 million. The hot market remains from $500,000 to $850,00 and is strong up to $1 million but there are just fewer sales in that price range while sales have risen from $1 to $2 million and also gone up slight from $2 million on up.
There were 100+ properties that came on the market for the month and for the first time in a long time the median list price for those new listings was below the median sold price for the month. The overall inventory continues to decline which usually happens in the fourth quarter but the median list price for that inventory remains at about $1.8 million.
Looking at the year over year numbers in 09 for sales they remain behind the 08 sales numbers but by less than 5 transactions. The median sales price for the year is still hovering around $850,000 which is about 20% below where it was last year at this time, but the numbers of homes that have gone into escrow is about 100 above where it was last year at this time. This difference between properties that have entered escrow and those that have closed escrow is due primarily to the number of short sales which are taking much longer to complete the buying process.
Looking at the Districts, Carpinteria/Summerland has sales up 16% for the year and the median sales price down 20% to about $675,000. For Montecito sales are down 18% with the median sales price down about 25% to $2.5 million.
Over on the East side of State St sales are up 12% but the median sales price is down 22% to $900,000 while on the West Side of town sales are up by only about 4 units with the median sales price falling by 20% to about $745,000.
In Hope Ranch sales remain about 2 behind last year with the median sales price falling by about 20% to approximately $2.35 million. For Goleta South sales are down by a couple and the median sales price is off by 5% to $700,000 and for Goleta North sales are down by 7% with the median sales price is off by 16% to $700,000.
October 08 was the month we learned new words like TARP which means that for the rest of that year and the first part of 09 sales were down with a continued decline in the median sales price of homes. Sales started to come back starting in the 3rd quarter of 09 but the median sales price remains about 20% below where it was last year.
For the remainder of 09 the sales figures should push past the 08 numbers particularly with all the homes that remain in escrow. Below $1 million prices are stabilized for now and from $1 to $2 million theyre solidifying but above $2 million there is still settling occurring.
For the condo market in October 09 sales remained strong and even moved ahead of the September 09 figures. The median sales price slid below $500,000 however hovering around $460,000. Prices are definitely hardening for the condo market with the Sales Price to Original List Price Ratio right around 94% and the Sales Price to List Price Ratio only a couple of points higher at 96%. To amplify whats going on with condos the Days on the Market for sold properties slipped to around 75 days to get an accepted offer whereas in September the Days on the Market for Sold properties were closer to 90 days meaning it took buyers about a couple of weeks less time to make up their minds.
Only about 40 properties came on the market for the month to replace the approximately 36 condos that sold but the overall inventory took a slight rise to below 150 which is still below where it was in December of 08. The good news is that just about as many properties entered escrow as closed escrow during October. But the median list price for those condos going into escrow slid to about $415,000.
Looking at the year over year sales numbers for condos sales they are about 12% ahead of where they were last year at this time but the median sales price is about $90,000 below where it was last year currently residing at about $465,000.
With sales up 11% escrows are up about 32% to over 300. This disparity between escrows and sales is largely due, just like with Home Estate/PUDs, to the short sales which are still waiting in limbo for the lending institutions to approve the transactions. Once those sales are completed the sales will be substantially ahead of where we were last year at this time.
For the Districts starting with Carpinteria/Summerland sales are up 32% with the median sales price down 9% to $417,500. In Montecito there have been 6 sales this year compared to 16 last year and the median sales price has dropped about 40% to $830,000.
Over on the East Side of Santa Barbara sales are up by a couple with the median sales price down by about $90,000 to approximately $530,000. The West Side has sales up 11% with the median sales price down by 8% to $510,000.
In Goleta South sales up are 9% while the median sales price is down by 20% to about $450,000 and in Goleta North sales are up by 33% with the median sales price down by 15% to about $400,000.
Sales remain strong in October for the condo market with most of those transactions selling in the $350,000 to $700,000 range. There were only a handful of those purchases above $700,000 for the month with the highest priced condo closing for $1.4 million.
Traditionally condos lead the way in the market so continued strong sales is definitely a good sign. But, usually during this time of year the inventory continues to shrink so in order to maintain the current momentum it would be very helpful if the inventory went up instead of down for the rest of the year. Despite the lack of inventory however escrows continue to open for at least the time being as the market continues to move forward.
Gary Woods
Through the first 10 months of 09 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there have been 57 sales compared to 49 last year. But the median sales price has fallen from $845,000 last year to $675,000 now. The pending sales number is even larger from 52 last year to 67 currently but again the median list price has gone from $825,000 then to $699,000. Currently there are 74 Home Estate/PUDs available for purchase with a median list price of about $1.4 million and an average list price of $4.4 million.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate are there have been 42 sales this year compared to 32 last year with t median sales price going down from $459,500 last year to $471,500 this year. The numbers of pending listings has gone up from 34 in 08 to 55 in 09 with the median list price dropping from $484,500 in 08 to $402,000 in 09. Right now there are just 24 condos available for purchase in Carpinteria/Summerland with a median list price of just under $500,000 and an average list price of $633,470.
For Goleta North area of Goleta Real Estate Real Estate for the Home Estate/PUD market through Oct 12 there are 55 properties available with an average list price of about $2.5 million. The highest priced listing is on the market for $22 million while at the other end of the spectrum is a home for just $180,000. The median list price for the area comes in at $1.129 million.
With 55 possible properties there are 29 that are in escrow right now with an average list price for those homes of about $850,000. Topping the list is a home thats on the market for $1.85 million while at the bottom of the list is one at just under $500,000. The median list price for homes currently in escrow is $765,000.
Through Oct 12 there have been 126 Home Estate/PUD sales on the South Side of Goleta with an average sales price of about $810,000. The highest priced sale was for $3.3 million with the least expensive property going out at $125,000. With that huge disparity the median sales price so far this year is $700,000.
For the condo market in Goleta Real Estate North through Oct 12 there are just 17 properties available with an average list price of about $480,000. The highest priced listing comes in at $1,059,000 with the least expensive condo available for under $300,000. This gives us a median list price for the area of $443,000.
Right now there are 14 condos in escrow with an average list price of about $385,000. The highest priced condo in escrow is listed at $575,000 while the least expensive condo was on the market for $228,100. This all gives us a median list price for the condos in escrow for $388,080.
Through Oct 12 there have been 41 condo sales with an average sales price of just under $400,000. The most expensive condo was purchased for just under $1 million while the least expensive condo was purchased for $118,300. When you put all that together you get a median sales price of $390,000.
In the Goleta Real Estate South area through Oct 12 there are only 34 Home Estate/PUDs available for purchase with an average list price of $1,165,700. The most expensive property available is on the market for $2.525 million while the least expensive home can be had for $333,000. The median list price for the area is about $950,000.
With 34 properties available there are 16 homes in escrow with an average list price of about $850,000. The highest priced home in escrow right now is listed for $1.85 million with the least expensive property on the market for under $500,000. The median list price for homes in escrow is $635,000.
Through Oct 12 there have been 66 sales in Goleta South with an average sales price of about $910,000. The most expensive property closed for about $2.8 million with the lowest priced home going out at $280,000. With all of that the median sales price for the area is $700,000.
For condos on the South Side of Goleta Real Estate through Oct 12 there are only 8 available properties with an average list price of about $435,000. Topping the list is a property on the market for $665,000 while at the other end of the spectrum is one listed for about $250,000. Right in the middle is the median list price for the inventory of about $400,000.
With 8 available properties there are 12 in escrow with an average list price for those 12 of $342,658. The highest priced condo in escrow is listed at about $550,000 while the least expensive property listed at $180,000. Right in the middle is the median list price for a condo in escrow of $315,000.
There have been 58 condo sales in Goleta South through Oct 12 with an average sales price of $445,000. The highest priced condo sold for about $940,000 with the least expensive property closing escrow for $129,000. Right in the middle is the median sales price for the year of $455,000.
For Hope Ranch Real Estate for Home Estate/PUDs through Oct 12 the inventory stands at 23 available properties. These homes have an average list price of about $4.1 million with the highest priced listing asking just under $10 million. The least expensive property in Hope Ranch could be purchased for $849,000 but the median list price for the area is just under $3 million.
Right now there are 3 properties in escrow for the area with an average list price of about $3.5 million. The highest priced property currently in escrow is listed for $5 million with the least expensive open escrow showing up at $2.65 million. All this gives us a median list price for homes in escrow for about $2.9 million.
Through Oct 12 there have been 14 sales in Hope Ranch Real Estate with an average sales price of about $3.6 million. The highest priced property sold for $12.8 million while at the other end of the scale was a home that sold for $745,000. With that huge disparity the median sales price through the middle of October is $2.175 million.
For Santa Barbara Real Estate for Hope Ranch Real Estate the Price Range Statistics for Condominiums was no activity.
In the West of State St area of Santa Barbara Real Estate through October 12 there are 74 Home Estate/PUDs available for purchase with an average list price of $1.334 million. The highest priced listing for the area is on the market about just under $6 million with the least expensive property available for about $350,000. With that huge disparity we get a median list price of $1.175 million.
There are 27 properties currently in escrow with an average list price of about $750,000. Topping the charts is a Home listed at $1.375 million while at the other end of the spectrum is one listed for just under $400,000. The median list price for homes currently in escrow is about $750,000.
Through October 12 there have been 121 sales on the West Side with an average sales price of about $835,000. The highest priced sale was for $2.25 million with the least expensive property going out at $230,000. The median sales price for the area through the middle of October is $736,000.
For the Condo market on the West Side of Santa Barbara Real Estate through Oct. 12 the inventory stands at 38 with an average list price of about $950,000. The highest priced listing is on the market for $2.8 million while the least expensive condo is listed at less than $400,000. The median list price for those 38 properties is $679,000.
There are 24 condos in escrow on Oct 12 with an average list price of just under $500,000. The highest priced condo in escrow is listed at $839,000 while the least expensive condo is listed at just under $300,000. The median list price for those 24 escrows is $839,000.
Through Oct 12 there have been 55 sales with an average sales price of $586,913. The most expensive sale of the year was $1.4 million with the least expensive sales leaving the gates at $275,000. The median sales price for the West Side this year is $515,000.
For the East of State St area of Santa Barbara Real Estate through Oct 12 there are 136 Home Estate/PUDs available for purchase with an average list price of about $1.7 million. The highest priced listing in the area is on the market for $12.75 million while the least expensive home is listed at $380,000. All those numbers gives us a median list price of $1.35 million.
With all those listings there are 45 homes in escrow with an average list price of about $930,000. The highest priced home in escrow lists for just under $3 million with the least expensive property listed at $308,900. The median list price for homes in escrow currently just under $800,000
Through Oct 12 there have been 157 sales with an average sales price of about $1.05 million. The highest priced sales closed escrow at $3.295 million with the lowest priced sales being rung up at $312,000. With that huge disparity the median sales price for the East Side so far in 09 is $920,000.
The condo market for the East Side of Santa Barbara Real Estate through Oct 12 shows us 46 available properties with an average list price of about $807,000. The highest priced listing is on the market for $2.8 million with the lowest priced listing available for $309,000. The median list price for the area is just under $700,000.
There are 12 condos in escrow right now with an average list price of about $540,000. The most expensive condo that has started the buying process is listed at just under $1 million with the lowest priced listings on the market for $325,000. The median price of those 12 condos in escrow is $450,000.
This year through the middle of October there have been 46 completed sales with an average sales price of about $640,000. Topping the charts was a sale for $1.875 million while at the other end of the scale was a one that sold for $365,000. When you put all that together you get a median sales price for the year of $521,000.
For Santa Barbara Real Estate in the Montecito Real Estate area through October 12 there are 210 Home Estate/PUDs available for purchase with an average list price of about $6.1 million. The highest priced listing is on the market for just under $30 million with the least expensive property available for under $900,000. You put all that together and you get a median list price of $3.79 million.
With all those listings we only have 12 homes that are in escrow with an average list price of about $3 million. Topping the list is a property thats listed for about $9.5 million with the least expensive home listed at just under $900,000. What all that gives us is a median list price for homes in escrow of $2.15 million.
Through Oct 21 there have been 103 Homes sales in Montecito Real Estate with an average sales price of about $3.5 million. The highest priced property in the area sold for over $25 million with the least expensive property selling for $750,000. With all that the median sales price has slide to $2.5 million for the year.
For the Condo market in Montecito there are currently 15 properties available with an average list price of about $1.76 million. The most expensive condo on the market is listed for $3.5 million with the least expensive property available at $655,000. The median list price for the area is $1.65 million.
Right now there are 2 condos in escrow in Montecito with an average list price of $970,000. The highest priced listed is just under $1 million with the least expensive listed at $945,000. This gives us a median list price for the condos in escrow of $945,000.
There have been 5 condos sales so far this year with an average sales price of $973,800. Topping the charts is the condo that sold for $1.45 million while the least expensive sale went out at $625,000. When you put all that together you get a median sales price of $715,000.
Some see opportunity in home price slump
By STEVE SINOVIC
NEWS-PRESS STAFF WRJTER
South Santa Barbara County home buyers have been jumping into the market, thanks to a decrease in the median price of existing homes from a year ago, particularly for properties listed way below $1 million. With the median price off by one-fifth, purchasing a single-family home or condo is a more affordable proposition for mostly high-income buyers who can swing mortgages and down payments.
"The market is definitely hot now between $500,000 and $750,000," asserted Realtor Gary Woods. "Anything in this range sells within 30 days," said Mr. Woods, co-owner of Home Realty, and who also crunches data on monthly home sales in Santa Barbara Real Estate, Goleta Real Estate, Carpinteria Real Estate, Summerland Real Estate, Montecito Real Estate and Hope Ranch Real Estate.
"When you get to this range of sales prices, there are a lot of offers, because so many home buyers are within reach of the $729,000 FHA maximum loan," he said. "Agents never used to talk about FHA," said Mr. Woods. "It never came up in the conversation" as a financing option. It certainly has been a motivator for buyers taking advantage of a 22 percent drop in the median selling price from September 2008. It currently stands at $750,000, down from last year's number of $1.1 million. In many cases, prices were dragged down by short sales. "That's certainly a determining factor," said Mr. Woods, who will soon finish compiling October 2009 numbers.
Of the nearly 600 homes listed in South Santa Barbara County; in September, 65 percent were priced above $1 million, but there's been a strong shift in what many people have been buying.
Of the 84 sales that occurred in September, Mr. Woods said 19 were homes priced between $500,000 and $650,000, many with multiple offers presented. "One buyer asked, Why isn't it (going) in the mid-500s? said Mr. Woods, referring to a home that was perhaps priced for $800,000 a few years ago and is now selling in the mid-600s. "I told him that it's a good house at a good price and to grab it!" "It's fascinating how many (purchases) are coming in all cash," added Mr. Woods, referring to the feedback from other agents serving clients trading up from transactions elsewhere. He said September 2009 sale are 11 percent from last year when the economy started to fall off a cliff and many real estate deals came to screeching halt.
Condominiums have presented an interesting dynamic in the marketplace. Mr. Woods said that in the first nine months of the year, condo sales were up about 10 percent from 2008 levels. But the median sales price dropped about $100,000 from the same point last year to the current level of approximately $475,000. The big story however, remains the sudden lack of inventory which is down about 75 properties from this time last year said Mr. Woods. He predicted a rise in the median price for condos given the current demand but fewer properties in the mix.
While lower prices were a draw, a few condo buyers couldnt swing both the mortgage payments and homeowner association fees and backed out.
Some condo complex (HOAs) are in the $400-$600 range, which is a huge mountain every month for buyers Mr. Woods acknowledged.
Like other areas in California Mr. Woods and another real estate professional attribute a definite uptick in client activity in recent months as buyers chased the first time buyer tax credit. Its been spurring a lot of activity, said Alyson Spann, president of the Santa Barbara Association of Realtor.
The tax credit program is set to expire Nov. 30, but potential buyers hoping to take advantage of the $8,000 incentive who haven't already started the purchasing process might be out of luck, said Ms. Spann, an agent with Comstock Homes.
Ms. Spann said agents told her they noticed more urgency with clients as the deadline-approached and they were keen to finish-the process. Ms. Spann said there Is momentum on the part of the National Association-of Realtors to lobby Congress to extend the tax credit and perhaps increase the amount. She said that a recent survey conducted by California Realtors found that 68 percent of the purchasers buying with FHA loans couldn't have completed the transactions without the credit.
She believes that reinstating the credit and maintaining the FHA loan limit along with historically low fixed interest rates for those who qualify will continue to stoke sales activity. That huge motivator should translate to better home sales numbers in October predicted Mr. Woods. "I don't know that it will be a surge, but it should be fairly strong," Mr. Woods said. Congress first approved a $7,500 tax credit in the middle of last year, but it had to be repaid over 15 years. In February 2009, the credit was increased to $8,000 and the payback requirement was dropped.
Buying and selling strategies occupy a lot of an agents time. With fixed interest rates in the 5 percent range, Ms. Spann said she advises buyers who quality to grab them rather than waiting on the sidelines for sticky home prices to slowly drop. With rates forecasted to rise in the next year, shes advising clients to buy at todays prices with the lower interest rates.
E-mail: ssinovic@newspress.com
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market through October 21 there are 72 properties available with a median list price for about $1.5 million and an average list price of about $4.5 million. Topping the charts is one thats on the market for about $30 million and the other end of the spectrum is a home listed for $550,000.
In escrow currently there are 18 Homes with an average list price of just under $1 million. The highest priced home in escrow is listed for $6.5 million while the least expensive property can was listed at $435,000. Put all that together and it gives us a median list price of $600,000.
Looking at Sold properties through October 21 we see that 53 homes have closed escrow with an average sales price of $1.41 million and a median list price of $687,500. The most expensive home that has closed escrow this year went out at $6.35 million while the least expensive property was snapped up at $310,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate 22 properties are available for purchase with an average list price of $654,518. The median list price for the area is currently just under $500,000 with the highest priced property on the market at $1.875 million. On the other end of the scale is a condo that can be had for $359,000.
In escrow right now are 17 condos with an average list price of $356,200. The median list price for condos in escrow is $365,000 with the highest priced condo in escrow listed at $489,000. On the other end of the scale is a condo listed for $219,500.
Through Oct. 12 there have been 42 condos sales in Carpinteria/Summerland with an average sales price of $507,602. The median sales price is $415,000 with the highest priced sale going out at $4 million. All the way down at the other end is a condo that sold for $210,000.
Through the first 10 months of 09 for Carpinteria/Summerland in the Home Estate/PUD market there have been 14% fewer sales this year compared to 07 and the median sales price has fallen by over 17%. Despite the decline in the numbers of sales the properties that have entered escrow are only down by 2 compared to last year but the difference in the median list price of those pending properties is down over 22%. Right now there are 63 Home Estate/PUDs available in Carpinteria/Summerland with a median list price of $1.275 million and an average list price of over $5 million.
For the condo market for the Carpinteria/Summerland are there are about 32% fewer sales this year and the median sales price is down by about 17% just like the Home Estate market. But unlike the Home Estate market the numbers of condos that have entered escrow is down by about 25% and the median list price for those condos entering escrow is down by 18%. Currently there are 64 condos available in Carpinteria/Summerland with a median list price of $679,000 and an average list price of $844,557.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs market for the period between Sept. 15 and Oct. 15 there were 20 sales compared to last year when there were 14. This year the median sales price was $651,500 and last year it was $720,750. For 09 there were 14 opened escrows with a median list price of $749,000 and last year there were 10 escrows with a median list price of $699,000. This year 23 new listings appeared on the market with a median list price of $749,000 and last year there were 17 new listings with a median list price of $877,000. Right now there are 59 Home Estate/PUDs available for purchase with a median list price of $1.175 million.
For the condo market in Goleta Real Estate North for the same period there were 5 sales for the period were talking about and last year there were 3. This year the median sales price is $420,000 and last year it was $439,100. For the same time period there were 11 open escrows with a median list price of $399,500 for 09 and in 08 there were 5 opened escrows with a median list price of $519,000. This year 7 new listings showed up in the marketplace with a median list price of $388,080 and last year 7 new listings also showed up with a median list price of $499,000. Right now there are just 18 condos available for purchase in Goleta North with a median list price of $443,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market from Sept. 15 to Oct. 15 there were 3 sales this year and 9 last year. But this year the median sales price was $1.635 million and last year it was $650,000. For 09 there were 9 opened escrows with a median list price of $635,000 and last year there were 6 escrows with a median list price of $649,500. This year 10 new listings showed up on the market with a median list price of $709,900 and last year there were also 10 listings but the median list price was $695,000. Right now there are just 37 Home Estate/PUDs available for purchase in Goleta South with a median list price of $989,000.
For the condo market in Goleta Real Estate South for the same period there were 6 sales compared to 6 last year. But the median sales price this year is $502,000 and last year it was $510,000. For 09 there were 4 opened escrows with a median list price of $315,000 and in 08 there were 2 with a median list price of $549,000. This year there were 3 new listings that came on the market with a median list price of $283,000 and last year there were 7 with a median list price of $595,000. Right now there are just 7 condos available for purchase with a median list price of $399,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of Sept. 15 to Oct. 15 there were 2 sales with a median sold price of about $8.9 million. Last year there were 3 sales with a median sales price of about $3.5 million. This year 2 properties went into escrow with a median list price of about $1.6 million and last year only 1 entered escrow with a list price of $3 million. For 09 there were 5 new listings with a median list price of about $5 million and last year there were 2 new listings with a median list price of $2.55 million. Right now there were 24 properties available for purchase with a median list price of about $2.7 million.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For the Santa Barbara Real Estate area of West of State St for Home Estate/PUDs for the period of Sept. 15 to Oct. 15 there were 11 sales this year with a median sales price of $865,000. Last year there were also 11 sales but the median sales price of $710,000. For the same time period there were 13 escrows opened with a median list price of $799,000 and last year there were 12 escrows opened with a median list price of $849,000. This year 18 new listings showed up with a median list price of $1,049,000 and last year there were 21 new listings with a median list price of $1,039,000. Right now there are 73 Home Estate/PUDs with a median list price of $1.149 million.
For the condo market for the same time period on the West Side of Santa Barbara Real Estate there were 7 sales with a median sales price of $555,000. Last year there were 2 sales with a median sales price of $522,500. In 09 there were 12 escrows opened with a median list price of $499,000 and last year there were 2 escrows opened with a median list price of $415,000. This year 16 new listings showed up with a median list price of $499,000 and last year there were 10 new listings with a median list price of $521,000. Right now there are 39 Condos available for purchase with a median list price of $674,900.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 25 sales from Sept. 15 to Oct. 15 compared to 17 in 08 for the same period. The median sales price this year is $825,000 and in 08 it was $1.15 million. For 09 32 properties went into escrow with a median list price of $899,000 and in 08 there were 17 escrows with a median list price of about $1.2 million. This year there were 31 new listings that came on the market with a median list price of $945,000 and last year 34 new listings showed up with a median list price of $1.25 million. Right now there are 141 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of about $1.3 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year 6 sales for the period were talking about with a median sold price of $525,450. Last year for the same period there were 8 sales with a median sales price of $511,500. For 09 5 properties entered escrow with a median sales price of $485,000 and last year 6 went into escrow with a median sales price of $529,000. This year 9 new listings showed up with a median list price of $890,000 and last year there were 11 new listings with a median list price of $645,000. Right now there are just 46 condos available for purchase on the West Side of Santa Barbara.
Santa Barbara Real Estates area of Montecito Real Estate for the Home Estate/PUD market there were 13 sales for the period of Sept. 15 to Oct. 15. In 08 there were 18 sales for the same period. But in 09 the median sales price was just below $2 million and in 08 the median sales price was $2.137 million. For the same period 12 homes went into escrow this year with a median list price of $2.65 million and last year 13 went into escrow with a median list price of $2.15 million. For 09 27 new listings showed up with a median list price of $3.1 million and in 08 there were 31 new listings with a median list price of about $3.6 million. Currently there are 203 Home Estate/PUDs for sale in Montecito with a median list price of about $3.9 million.
For the Condo market in Montecito Real Estate for the same period there were no sales compared to last year when there were 2. In 08 the median sales price was $2.3 million. This year 3 properties are in escrow with a median list price of just under $1 million and last year there was 1 escrow opened with a list price of just under $1 million. For 09 1 new condo came on the market with a list price of $945,000 and last year there were 2 new listings with a median list price of about $1.2 million. Right now there are 15 condos for sale in Montecito with a median list price of $1.65 million.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from Sept. 15 to Oct. 15 there were 6 sales this year with a median sales price of $669,500 and last year for the same period there were also 6 sales but the median sales price was $674,500. In 09 6 properties went into escrow with a median list price of $699,000 and last year there were 7 that went into escrow with a median list price also of $699,000. For 09 13 new properties came on the market with a median list price of $975,000 and last year 22 new homes appeared with a median list price of $829,000. Right now there are 73 Home Estate/PUDs available for purchase with a median list price of $1.35 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period there 6 sales this year compared to 9 last year. But the median sales price for 09 was $470,000 and last year it was $437,500. For 09 12 properties entered escrow with a median list price of $385,000 compared to 08 when 3 entered escrow with a median list price of $525,000. This year 10 new listings showed up with a median list price of $402,000 and in 08 there were 8 with a median list price of $449,000. Right now there are just 21 condos available for purchase in Carpinteria/Summerland with a median list price of $499,000.
For Santa Barbara Real Goleta Real Estate North area for the Home Estate/PUD through October 9th shows us 121 sales compared to 118 in 08 for a 2.5% rise. But the median sales price fell from $850,000 in 08 down to $700,000 in 09 for a 18% drop.
The gap between the median list price of $1.275 million and the median sold price of $700,000 is a whopping 45%. Compared to last year when there was a $990,000 median list price and a $850,000 median sold price for a 14% gap.
For the condo market in Goleta Real Estate North through October 9th there have been 39 sales compared to last year when there were 29. This is a rise of about 35%. But the median sales price fell from $465,000 last year to $389,000 this year for a 16% drop.
The gap between the median list price of $439,000 and the median sold price of $389,000 gives us a 11.4% bulge. This compares to last year when the median list price was $500,000 and the median sold price was $465,000 for a 7% difference.
For Santa Barbara Real Goleta Real Estate South area for the Home Estate/PUD through October 9th there have been 64 sales compared to 67 last year for a 4.5% drop. The median sales price fell from $745,000 in 08 down to $700,000 this year for a 6.1% decline.
The gap between the median list price of just below $1 million and the median sold price of $700,000 is 30% compared to last year when it was 17% with a $900,000 median list price and a $745,000 median sold price.
For the condo market in Goleta Real Estate South through October 9th shows us 55 sales compared to 52 last year for a 6% rise. The median sales price fell from $575,000 to $455,000 for a 20% drop.
The gap between the median list price of $460,000 and the median sold price of $455,000 in 09 is just 0.9% this compared to 08 when there was a $555,000 median list price and $574,950 median sold price for a 3.4% bulge.
For Santa Barbara Real Estate Hope Ranch Real Estatefor the Home Estate/PUD market through October 9th there have been 13 sales compared to 17 last year for a decline of 23.5%. The
Median sales price has fallen about $500,000 from $2.85 million to $2.35 million for a 18% drop.
The gap this year of the median list price of about $3 million and a median sold price of $2.35 million yields a 22% difference. This compares to last year when there was a 5% gap with a $3 million median list price and a $2.85 million median sold price.
For Santa Barbara Real Estates Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.
For the Santa Barbara Real Estatearea of West of State St area for the Home Estate/PUD market through October 9th there have been 115 sales which is exactly the same number there were last year. The median sales price has dropped from $935,000 in 08 to the current number of $735,000 for a 21% decline.
The gap between the median list price of $1.15 million and the median sold price is $735,000 for a 36% bulge. This compares to last year when the median list price was $1.039 million and a $935,000 median sold price gives us a 10% gap.
For the Santa Barbara Real EstateWest Side condo market there have been 53 sales in 09 compared to 47 last year for a 13% rise. The median sales price has dropped from $575,000 last year to $515,000 this year for a 10% drop.
The gape of the median list price of $649,000 compared to the median sold price of $515,000 gives us a 20% differential. This compares to last year when there was a 25% gape with a $769,000 median list price and a $575,000 median sales price.
For the Goleta Real Estate North area of Santa Barbara Real Estate in the Home Estate/PUD market there have been 117 sales this year compared to 116 last year. But the median sales price has fallen from $850,000 last year to $703,000 this year. The average sales price has come down even further from just under $1 million to just over $800,000. The numbers of escrows is ahead of the previous year standing at 123 currently up from 119. The median list price on those escrows is down however from $850,000 last year to $729,000 this year. The sales price to original list price ratio is exactly where it was last year with 92% in both frames. Right now there are 59 Home Estate/PUDs available for purchase with a median list price of $1.275 million and an average list price of $2.37 million. The average day on the market for those 59 homes is 115.
For the condo market in the Goleta Real Estate North there have been 36 sales this year compared to 29 last year. The median sales price has fallen from $465,000 in 08 to $375,050 currently with the average sales price going down from just under $500,000 to $387,330. The numbers of escrows is up from 32 in 08 to 51 in 09 with the median list price for those escrows falling from $475,000 to $399,000. The sales price to original list price ratio hasnt moved but 1 point falling to 91%. Right now there are just 16 condos available for purchase with a median list price of $439,000 and an average list price of $450,161. The average day on the market for those 16 condos is 115.
For Santa Barbara Real Estatearea East of State St area for the Home Estate/PUD market through October 9th there have been 148 sales compared to 135 last year. This is an increase of about 10%. But the median sales price has fallen from $1.15 million in 08 to $893,000 in 09 for a 22.3% decline.
The gap between the median list price of $1.349 million and the median sales price of about $900,000 is 34% compared to last year the gape was 22.7% with a $1.5 million median list price and a $1.5 million median sold price.
On the condo side of the ledger for the East Side of Santa Barbara Real Estatethrough October 9th there have been 46 sales this year compared to 41 last year for a 12% rise. But the median sales price went from $629,000 last year to $525,450 this year for a 17% drop.
The gap for 09 of the median list price of $709,000 and the median sales price of $525,450 is 26% which compares to last year when the gap was just 10% with a median list price of $700,000 and a median sold price of $629,000.
For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures through October 9th are down about 20% from 125 in 08 to 100 currently. The median sales price has fallen 25% from $3.34 million to $2.5 million.
The gap between the median list price of $3.7 million and the median sales price of $2.5 million is 32% for 09 and 08 it was just 10% with a $3.7 million median list price compared to a $3.334 million median sold price.
For the condo market in Montecito Real Estate through October 9th there have been 4 sales compared to 15 last year. This is a 74% drop in sales while the median sales price has fallen about 50% from $1.38 million in 08 to about $700,000 this year.
The gap between the median list price of $1.65 million and the median sales price of $700,000 is 58% for 09 while in 08 it was 19% with a median list price of $1.7 million and a median sold price of $1.38 million.
For Santa Barbara Reals Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price through October 9th there have been about 16% more sales this year compared to last but the median sales price has dropped about 19% to approximately $690,000.
The difference between the median list price of $1.35 million and the median sold price of about $690,000 is about 50% for 09 compared to last year when the gap was 34% with a median list price of $1.279 million and a median sold price of about $850,000.
For the Carpinteria Real Estate/Summerland Real Estate condo market the numbers of sales is up 30% with a total of 39 but the median sales price has dropped about $460,000 in 08 to $415,000 this year for a about a10% decline.
The median sales price this year is about $500,000 but the median sold price of $415,000 gives us a 17% drop. This compares to last year when there was a $640,000 median list price and a $460,000 median sold price for a 28% gap.
For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been 63 sales this year which is exactly how many sales there were last year. The median sales price has fallen $50,000 down to $700,000 with the average also very close dropping from $895,000 last year to $887,000 this year. The escrows are up however going from 65 in 08 to 72 in 09 and the median list price for those escrows went from about $750,000 last year to $720,000 this year. The sales price to original list price ratio slid slightly from 93% down to 90% and right now there are just 32 Home Estate/PUDs available for purchase in Goleta South with a median list price of $1.05 million and an average list price of $1.24 million. Those 32 homes have average days on the market of 148.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate there have been 54 sales this year compared to 49 last year but the median sales price fell from $585,000 last year to $453,000 this year. The average also declined from $550,000 to $440,000. The sales price to original list price ratio is very close together also going from 93% last year to 90% this year. Right now there are just 8 condos for sale in Goleta South with a median list price of $399,000 and an average list price of $434,481. The average days on the market for those 8 condos are 97.
For the Home Estate/PUD market in Hope Ranch Real Estate there have been 11 sales with a median sales price of $2.175 million and an average sales price of just under $2.8 million. Last year there were 16 sales with a median sales price of $2.7 million and an average sales price of about $3.2 million. Interestingly enough the numbers of escrows is up from last year by 3 currently residing at 17 but the median list price on those 17 escrows is down from $2.85 million last year to $2.65 million this year. The sales price to original list price ratio has taken a big tumble from 92% last year to 80% currently. Right now there are 23 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of about $3 million and an average list price of about $4.133 million. The average days on the market for those 23 homes are 108.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of 08 has seen no activity.
On the West Side of Santa Barbara Real Estatefor the Home Estate/PUD market there have been 112 sales through the 1st 9 months of 09 compared to 109 in 08 but the median sales price has fallen about $200,000 down to $732,500. The average sales price is down even further from $1.058 million to $823,000. The escrows are up however from 116 in 08 with a median list price of $949,000 to 129 in 09 with a median list price of $759,000. The sales price to original list price ratio was very close together dropping only 1% point down to 89%. Right now there are 76 Home Estate/PUDs available for purchase on the West Side of Santa Barbara with a median list price of $1.149 million and an average list price of $1.33 million. The average day on the market for those 76 homes is 124.
For the condo market on the West Side of Santa Barbara Real Estatethe sales are up from 47 last year to 52 this year. The median sales price is down however from $575,000 to $510,000. The average sales price is even further apart dropping from $654,000 to $584,000. The sales price to original list price ratio declined only 4 points down to 85% but the numbers of escrows went from 49 to 67 with the median list price falling from $550,000 to just under $500,000. Right now there are only 38 condos available for purchase on the West Side of Santa Barbara with a median list price of about $680,000 and an average list price of $895,000. The average day on the market for those 38 condos is about 190.
Through the first 9 months of 09 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estatethe numbers of sales is above the previous year by 7 currently residing at 139. The median sales price dipped from $1.125 million last year to $900,000 this year with the average falling from $1.328 million to $1.03 million. The escrows are even farther ahead with 133 posted last year compared to 166 this year. But the median list price for those 166 is just under $900,000 compared to last year when it was $1.175 million. The sales price to original list price ratio slid from 88% in 08 down to 84% in 09. Currently there are about 150 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of $1.3 million and an average list price of $1.67 million. The average day on the market for those properties is 118.
For the condo market on the East Side of Santa Barbara Real Estatein 09 there have been 42 sales compared to 41 last year. But the median sales price went from $629,000 in 08 down to $529,500 in 09. The average sales price is also about $100,000 apart with $742,000 posted last year and $642,000 posted this year. The numbers of escrows is up from 43 last year to 54 currently with the median list price going down from $625,000 last year to about $530,000 this year. The sales price to original list price ratio declined only slightly from 91% in 08 to 89% in 09. Right now there are 48 Condos available for purchase on the East Side of Santa Barbara with a median list price of $650,000 and an average list price of $824,000. The average day on the market for those 48 condos is 126.
For September 09 examining the Home Estate/PUD market for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Carpinteria Real Estate/Summerland Real Estate and Goleta Real Estate we see that sales once again climbed into the 80+ range just as they did in June and July after dipping down to the high 60s in August. But, while the numbers of sales rose the median sales price continued to decline. It went from around $880,000 in July down to about $830,000 in August and for September has slid into the mid $700,000 range.
This decline in the median sales price is somewhat surprising because the median list price for the properties that went into escrow in August was right around $1 million. The further decline in the median sales price can be explained at least somewhat when you look at the Sales Price to Original List Price ratio which for September hovered right around the mid 80% level and was in the low 80% range in August. The numbers of homes that went into escrow for September remained in the low 90s range with the median list price for those homes that entered escrow hovering around the $900,000 mark.
The inventory continues to trickle down in the area with available properties from Carpinteria to Goleta numbering below 600. The median list price for those properties continues to be about $1.8 million meaning that the gulf between the median sales price of about $750,000 and the median list price of $1.8 million continues to grow.
Looking at the Districts we see that sales in Carpinteria/Summerland remain about 15% ahead of last year with the median sales price dropping about $180,000 to the current level of around $690,000. In Montecito sales remain about 25% below where they were last year and the median sales price is down about $900,000 to approximately $2.6 million.
For the East Side of State St in Santa Barbara the sales are about 5% ahead of where they were last year but the median sales price is down about $225,000 to around $900,000. On the West Side of town the sales are also up about 5% with the median sales price also declining in the $200,000 range to about $730,000.
Hope Ranch continues to slide backward as far as sales are concerned compared to 08 when there were 16 sales through September. This year the 1st 9 months have seen 11 sales and the median sales price has fallen about $500,000 to around $2.2 million.
For Goleta South sales are almost exactly where they were last year with the median sales price falling by about $50,000 down to around $700,000 and finally Goleta North is also almost exactly where it was last year as far as sales are concerned with the median sales price dropping about $150,000 down to approximately $700,000.
A couple of things that could be driving the market right now are the First Time Buyer Tax Credit which is coming to an end shortly and the $729,000 FHA maximum loan which is up for renewal and may not be around for much longer. An interesting phenomenon thats occurring with the increase in homes going into escrow is the number of multiple offers coming in for some properties and of particular note is the number of all cash offers that are showing up. It could be that people are uneasy about the stock market or the banking system and are looking for a safer place to put their money.
For the Condo market in September sales once again were in the 30 range but unlike the Home Estate/PUD market which has seen a decline in the median sales price condos have seen an increase up to around $500,000 for the month. In July the median sales price was around $480,000 then it fell to about $430,000 in August and is now pushing forward again up to that approximately $500,000 level in September. This rise in the median sales price can be attributed primarily to the lack of inventory accompanied by an increased demand. Basic economics dictate that when there is less of something and more people want that product prices go up.
To further emphasize the upward pressure in condo prices the Sales Price to Original List Price Ratio for September went to the high 80% level after residing in the high 70% level in August and the Sales Price to List Price Ratio which is the final asking price compared to the sales price rose to the mid 90% level.
September was the second month in a row that saw 40 some condos go into escrow. The median list price on those properties remained around $460,000 so well have to see whether this will continue to push the median sales price upward.
There were about 55 new listings that came on the market during September with a median list price of about $490,000 but the overall inventory continued slide down maintaining the trend of the last 6 months. At this time there are below 150 condos from Carpinteria to Goleta for sale which is below where the inventory was in December 08.
Looking at the Districts we see that Carpinteria/Summerland in 09 has sales that are about 60% ahead of where they were last year but the median sales price is about $40,000 lower currently hovering around $410,000. Montecito is the one area that is underperforming compared to the previous year as far as sales are concerned. There have only been 4 sales compared to 14 in 08 and the median sales price has gone down from about $1.37 million to around $700,000.
For the East Side of State St in Santa Barbara sales are basically where they were last year but the median sales price has fallen approximately $100,000 down to around $530,000. The West Side is ahead of the 08 sales level by about 10% but the median sales price is down approximately $65,000 to $510,000.
For Goleta South sales are about 10% ahead of where they were but the median sales price has fallen approximately $130,000 to around $450,000 and finally Goleta North is about 20% ahead of the 08 sales pace with the median sales price falling around $90,000 to about $375,000.
For the entire Santa Barbara area for the 1st 9 months of 09 sales are up about 10% and the median sales price has dropped about $100,000 to the current level of approximately $470,000. Condos that have gone into escrow this year are up around 30% over the 08 numbers and the Sales Price to Original List Price Ratio is down slightly from last year residing in the mid to high 80% range. The big story however remains the lack of inventory which is down about 75 properties from this time last year. With the way the condo market has been performing the only thing that could spoil the recovery would be if more condos dont come on the market in the next few months. With the median sales price starting to come up this could be the catalyst that gets those potential condo sellers off the sidelines and into the game.
Gary Woods
For the Home Estate/PUD market in Montecito Real Estate the numbers of sales went from 122 in 08 down to 93 this year with the median sales price dropping from about $3.4 million to $2.6 million. The average dropped about $1 million from $4.6 million to $3.6 million. The pending properties are a lot closer together with 119 showing up last year compared to 105 in 09 and the median list price for those properties is closer together with $3.2 million last year compared to $2.8 million this year. But the sales price to original list price ratio in 09 was a robust 90%+ and this year its below 80%. Currently there are 204 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.8 million and an average list price of over $6 million. The average days on the market for those 204 homes are 169.
Looking at the condo market for Montecito Real Estate there have been only 4 sales through September compared to 14 last year with the median sales price dropping from $1.37 million last year to below $700,000 this year. The average sales price fell from $1.6 million in 08 to about $860,000 this year. The escrows are a little closer together with 14 last year with a median list price of $1.4 million compared to 6 this year with a median list price of $800,000. The sales price to original list price ratio went from 88% last year to the current 82% and currently there are 18 condos available for purchase with a median list price of $1.6 million and an average list price of $1.7 million. The average days on the market for those 18 condos in Montecito are just under 200.
Through the first 9 months of 09 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there have been 49 sales compared to 43 in 08. But the median sales price went from $850,000 last year down to about $690,000 this year. With more sales we also had more pending properties with the 08 number showing us 44 compared to 62 this year. The median list price for these pending properties went down from $870,000 last year to about $700,000 this year with the sales price to original list price ratio dropped from 93% down to 83%. Currently there are just 76 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.5 million and an average list price of about $4.5 million. The average days on the market for these available homes are about 180.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate there have been 38 sales this year compared to 24 last year but the median sales price has declined from about $450,000 to approximately $410,000. The escrows are way up also with 32 showing up last year compared to 45 this year. The median list price for those properties went from about $470,000 last year to about $410,000 this year. The sales price to original list price ratio took a big tumble in 09 falling from 88% last year to the current 79%. The inventory is way down in Carpinteria/Summerland with only 27 condos available for purchase with a median list price of about $490,000 and an average list price of about $600,000. The average days on the market for the inventory are 135.
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is up by 17% for a total of 94 and the numbers of new listings is up by 22% for a total of 77. With the inventory up the escrows are up even further with a 55% rise but the theres only been a 16% increase in the numbers of sales for a total of 36. The overall sold volume is down by 10% however with the average sales price sliding by 22%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings are down by 17% for a total of 233. The new listings are down by 14% for a total of 188. With the inventory down the escrows are off by only 5 for a total of 123 and the sales are down by just 6 for a total of 109. The overall sold volume has fallen by 24% with the average sales price falling by 20%.
The PUD market for the Santa Barbara Real Estate area of Goleta North the overall inventory is up by 3 for a total of 13 and the numbers of new listings is up by 2 for a total of 10. The escrows are also up by 7 for a total of 7 but the numbers of sold is down by 2 for a total of 5. What is way down is the total sold volume which has fallen by 49% and the average sales price is down by 29%.
The Condo market for the Goleta Real EstateSouth area of Santa Barbara the numbers of properties available is down by 22 but the total numbers of new listings has fallen 11% to a total of 69. With the inventory down the escrows are up by 20% for a total of 65 and the sales are up by 17% for total of 55. With all that activity the overall sold volume is down by 3% with the average sales price falling even further down by 17%.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is down by 16% for a total of 144 with the numbers of new listings down by 19% to 104. The numbers of escrows is up by 2% however for a total of 71 with the numbers of sold properties exactly where it was last year at this time with 61. You would presume by that number that the overall sold volume would be very close and is by just 1% with the average sales price also falling by just 1%
The PUD market for the Santa Barbara Real Estate area of Goleta South the overall inventory saw 10 listings for both year but 1 more new listing this year with 8. The escrows stand at 4 this year compared to 4 last year with 5 sales this year compared 4 last year. The total sold volume is up by 38% however with the average sales price up by 10% for the year.
The Condo market for the Hope Ranch Real Estate area of Santa Barbara real estate saw no activity.
For Home Estates in the Santa Barbara Real Estate area of Hope Ranch Real Estateoverall inventory is up by 13 for a 26% increase but the numbers of new listings is only up 3 for a 7% rise. What has come way up is the numbers of escrows which is 1 ahead of last years mark for a total of 17 but the total number of sales is down by 4 for a total of 10. The total sold volume is down by 29% with the average sales price falling only 1% to about $3 million.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate there were no listings last year and just 1 this year. The good news is that 1 is now in escrow but has not closed yet.
The Condo market for the West of State St area of Santa Barbara Real Estatethe total numbers of listings is down by 8% for a total of 160 with the numbers of new listings down by 25% for a total of 105. With the inventory down the numbers of escrows is up by 28% with the numbers of sales up by just 6%. With all that increased activity the total sold volume is down by 7% with the average sales price falling by 12%.
For Home Estates in the Santa Barbara Real Estatearea of West of State the total homes that have been on the market in 09 have fallen by 3% to 217 with the numbers of new listings falling by 6% to 226. The numbers of escrows is up however by 14% for a total of 135 with the numbers of sales up by 2 for a total of 111. The overall sold volume is down by 20% however with the average sales price off by 22%.
The PUD market for the Santa Barbara area of West of State St there were 7 listings last year with 7 this year but 5 new listings last year with 7 this year. With the inventory about equal the number of escrows is very close also. Currently escrows are down by 1 compared to last year with the numbers of sales down by 2 compared to 08. But while everything else is rather close together the overall sold volume is down by 56% and the average sales price is down by 34%.
For Condos in the Santa Barbara Real Estate area of East of State the total numbers of properties for sale this year is up by just 7 with the total number of new listings also up by 7 to 117. With the inventory up slightly the escrows are up by 20% with the numbers of sales also rising but by 7%. The overall sold volume is down 13% however with the average sales price dropping by 19%.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings are up by 22 for a total of 510. The numbers of new listings has risen by 10% for a total of 393. The escrows have gone up 19% however but the numbers of sales are down by 2 for a 1% decline. The overall sold volume is off by 19% with the average sales price falling by 18%.
For the PUD market on the East Side of Santa Barbara there have been just 6 active listings which is half the number of last year. But there have been only 2 fewer new listings with a total of 5 for the year. The escrows are down by 1 for a total of 3 with the sales also down by 1 for a total of 2. The overall sold volume is down by 37% with the average sales price falling by only 6%.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through September 24 is down by 2 with the numbers of new listings up by 1. With the listings about equal the numbers of escrows is down by 53% with a total of 6 and the numbers of sales is down by 10 with a total of 4. As youd expect with this small amount of activity the total sold volume is down by 84% with the average sales price falling by 45%.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of listings are up by 14% with the numbers of new listings up by just 4%. With the listings about equal the escrows are down by only 6% with a total of 117 but the numbers of sold properties is down by 18% with a total of 103. The overall sold volume is down by 33% but the average sales price has fallen 18% for the year.
For the PUD market in Montecito there have been just 4 listings this year which is 1 more than we had last year. There have been just 3 new listings for both years and only 1 escrow opened in both years with 1 sale for each year. The overall sold volume is down 53% with the average sales price also falling by 53%.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through September 24 there have been 34% fewer listings and 39% fewer new listings compared to the same time period for 08. On the other side of the coin the numbers of escrows is up 40% with the numbers of sales up an amazing 50%. This rise in sales gives us a 55% increase in the sold volume but only a 3% increase in the average sales price which is still remarkable considering all of the rest of the areas have lower average prices.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through September 24 is up 17% with the numbers of new listings up 7%. But towering above that number is the number of escrows which is up 50% with the numbers of sales rising 13%. Interestingly enough with the sales up the sold volume is actually down 17% with the average sales price dropping 27%.
For PUDs in the Carpinteria/Summerland through September 24 the total active listings are up by 1 this year with the numbers of new listings exactly even at 8. The properties that went into escrow are up by 1 and the numbers of sales is up by 2. The overall sold volume is way up by 31% but the average sales price has fallen by 34%.
For Santa Barbara Real Goleta Real Estate North area for the Home Estate/PUD there have been 104 sales compared to 111 last year for a 6.3% drop. This drop is remarkable because the inventory for the area has fallen about 20%. The median sales price however has declined from $850,000 to $707,500 for a 17% drop.
The gap this year is rather large with a $1.279 million median list price compared to that $707,500 median sold price for a 45% bulge. Last year the gap was only 9% with a $935,000 median list price compared to a $850,000 median sold price.
For the condo market in Goleta Real EstateNorth the sales are up 22.2% with a total of 33. But the median sales price has fallen 28% down to $340,000. The gap this year stands just north of 25% with a $458,000 median list price compared to that $340,000 median sold price. Whereas last year the gap was about 6% with a $499,000 median list price compared to a $470,000 median sold price.
For Santa Barbara Real Goleta Real Estate South area for the Home Estate/PUD there have been 62 sales through September 15th 09 compared to the same time period last year when there were 60 for a modest 3.3% arise. The median sales price has declined only by 8.6% down to $700,000.
The gap for 09 is 33.3% with a $1.05 million median list price compared to a $700,000 median sold price. In 08 the gap was less than half residing at 15% with a $899,000 median list price compared to a $766,000 media sold price.
For the condo market in Goleta Real Estate South the sales are up 9% with a total of 51 but the median sales price is down 22.2% to $455,000. There is no gap this year because the median list price of $409,000 is 11.2% below the median sold price of $455,000. But this phenomenon occurred last year when the median list price was $555,000 and the median sold price was $585,000 for a +5.4% gap.
For Santa Barbara Real Estate Hope Ranch Real Estatearea for the Home Estate/PUD market there have been 11 sales compared to 14 last year for a 22% decline and the median sales price has dropped about 15% down to $2.175 million.
The gap this year is 18% with a $2.65 million median list price compared to that $2.175 million sold price. But in 08 it wasnt much different when we had a median list price just below $3 million and a median sold price of $2.45 million giving us a 15% gap.
For Santa Barbara Real Estates Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.
For the Santa Barbara Real Estate area of West of State St area for the Home Estate/PUD market there have been 105 sales through September 15th compared to 101 last year at this time for a 4% rise. But to achieve those sales the median sales price went down 12.3% to $735,000.
Looking at the gap figures we see that for 09 the median list price $1.15 million which gives us a 36% difference when compared to that $735,000 median sold price. In 08 the gap was just 6% with a $1.01 million median list price compared to a $949,000 median sold price.
For the Santa Barbara Real Estate West Side condo market there have been 46 sales so far this year compared to 45 at this time last year for a 2.2% rise. But to get that rise in sales the median sales price came down 12.3% to the current level of $504,000
The gap for 09 between median sales price and median list price is 18% with a $615,000 median list price and a $504,000 median sold price. In 08 the gap was wider standing at 27% with a $785,000 median list price compared to a $575,000 median sold price.
For Santa Barbara Real Estate area East of State St area for the Home Estate/PUD market there have been 124 sales through September 15th which is 1 more than occurred at this time last year. But the median sales price has dropped 18% from the previous year down to $900,000 for the area.
The gap for 09 is about 32% with a median list price of $1.325 million compared to that almost $900,000 median sales price. Last year the gap was 27% with a median list price of $1.5 million compared to a median sold price of $1.1 million.
For condos on the East Side of Santa Barbara Real Estate there have 39 sales through September 09 compared to 35 for 08 for a 12% rise. But the median sales price slid from $649,000 last year to $520,000 this year for a 20% decline.
The gap for 09 is 31% with a $749,000 median list price vs. a $520,000 median sold price and in 08 the gap was just 7.2% with a $699,000 median list price compared to a $649,000 median sold price.
For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures for 09 show 26% behind the sales figures of 08 with 88 sales currently completed. The median sales price has fallen about 20% from 08 down the current $2.6 million number.
The gap which is the difference between the median sales price and the median list price is 30% for 09 with a $3.7 million median list price compared to a $2.6 million median sold price. In 08 that gap was just 3% with a $3.6 million median list price vs. a $3.5 million medium sold price.
For the condo market in Montecito Real Estate theres been just 4 sales for the year compared to 13 last year for a 70% decline and the median sales price has fallen just about 50% down to $697,000.
The gap between the median sales price and median list price is 58% with a median list price of $1.65 million compared to that median sold price of about $700,000. In 08 the gap was 22$ with a $1.75 million medium list compared to a $1.4 million medium sales price.
For Santa Barbara Reals Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price through September 15 is down 21% from last year to $687,500 but the numbers of sales has jumped 21% to 47.
The difference between the median list prices for 09 of about $1.5 million compared to the $687,500 median sales price is a whopping 54% compared to last year when there was a $1.3 million median list price with an $870,000 median sales price for a 33% gap.
For the Carpinteria Real Estate/Summerland Real Estate condo market the numbers of sales is 67% ahead of where it was last year topping out at 35 but the median sales price is 15% down from the previous year standing at $400,000.
The gap between median list price and median sold price for 09 is 20% with a $499,000 median list vs. a $400,000 median sold price which compares to last year when the median list price was $639,000 compared to the median sold price of $469,000 which gave us a 27% gap.
For Goleta North area of Goleta Real Estatefor the Home Estate/PUD market there are currently 67 properties on the market with an average list price of about $2.2 million. The highest priced property on the market is listed for $23.5 million while the least expensive home is listed for just $150,000. With all that said the median list price for the area is about $1.1 million.
There are currently 22 properties in escrow with an average list price of about $810,000. The highest priced home currently in escrow is listed for about $1.56 million with the least expensive property on the market for just under $500,000. The median list price for homes in escrow is under $700,000.
So far this year 83 homes have closed escrow on the north side with an average sales price of about $825,000. On the top of the heap is a home that sold for $3.3 million while at the bottom of the pile is one that sold for $180,000. The median sales price for the area is $705,000.
For the condo market in Goleta Real Estate North there are just 13 properties available right now with an average list price of about $440,000. The most expensive condo in the area is on the market for $690,000 while the least expensive property is available for $118,300. Just about in the middle is the median list price of $433,000.
There are now 12 condos in escrow with an average list price of about $400,000. The highest priced condo in escrow is listed at $1.055 million with the least expensive home in escrow listed at $118,300. The median list price for the area is $349,000.
So far this year there have been 24 condos close escrow with an average sales price of just under $400,000. Topping the charts is a condo that sold for $740,000 while at the other end of the spectrum is one that sold for $128,800. The median sales price for the area is $380,100.
In the Goleta Real Estate South area there are 36 Home Estate/PUDs available with an average list price of $1.24 million and a median list price of $1,050,000. The most expensive home available for purchase in Goleta south is on the market for $2.525 million while the least expensive home is on the market for $545,000.
Right now there are 10 properties in escrow with an average list price of about $1,040,000 and a median list price of $689,000. The most expensive home in escrow is listed for about $2.2 million with the least expensive property listed at just under $500,000.
So far this year 62 homes have sold with an average sales price of about $890,000 and a median sales price of $700,000. The highest priced property this year sold for $2,810,000 with the least expensive property leaving the gate at $280,000
For condos on the South Side of Goleta Real Estate we currently have 9 units available with an average list price of about $475,000 and a median list price of $409,000. The most expensive condo in Goleta South is available for $699,000 and the least expensive listing is on the market for about $295,000.
There are 16 condos in escrow right now with an average list price of about $400,000 and a median list price of about $350,000. The most expensive condo in escrow right now is listed at $689,000 with the least expensive home in escrow listed at $180,000.
So far this year only 49 condos have sold with an average list price of about $440,000 and a median sold price of $450,000. The most expensive condo sold this year in Goleta South sold for $939,500 while the least expensive property sold for $129,000.
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 22 properties available with an average list price of about $3.8 million and a median list price of $2.6 million. The highest priced listing is on the market for just under $10 million while the least expensive listing is available for $849,000.
Right now there are 4 pending properties with an average list price of about $7.3 million and a median list price of $5 million. The highest priced home in escrow is listed for about $16 million with the least expensive home in escrow is on the market for just under $2.9 million.
So far this year there have been 11 sales with an average sales price of about $2.8 million and median sales price of about $2.2 million. The highest priced sales went out at $8.2 million while the other end of the scale is a home that sold for $745,000.
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 83 Home Estate/PUDs with an average list price of about $1.325 million and a median list price of $1.235 million. The highest priced listing can be had for about $6 million and the least expensive is on the market for $399,900.
There are 28 homes in escrow on the West Side with an average list price of just over $800,000 and a median list price of $714,900. The highest priced home in escrow is on the market for just under $1.6 million with the least expensive home n escrow for just under $450,000.
There have been 102 sales on the West Side this year with an average sales price of just about $825,000 and median sales price of $735,000. At the top of the heap is a home that sold for $2.125 million and the least expensive property sold for the low, low price of $230,000.
For the Condo market on the West Side of Santa Barbara Real Estate there are 37 units currently available with an average list price of just over $900,000 and a median list price of $729,000. The most expensive home currently available on the West Side is listed for $2.8 million with the least expensive condo available for $325,000.
Right now there are 19 condos in escrow with an average list price of about $520,000 and a median list price of about $470,000. The highest priced condo in escrow is listed for about $960,000 and the least expensive condo is listed for just under $300,000
So far this year 46 condos have closed escrow with an average sales price of about $590,000. The median sales price has been $503,000 for the year with the highest priced condo leaving the gates at $1.4 million and the least expensive condo going out at just $275,000.
For the East of State St area of Santa Barbara Real Estatethe inventory shows us 156 Home Estate/PUDs available for purchase with an average list price of about $1.7 million and a median list price of about $1.3 million. The highest priced home on the East Side is on the market for just under $14 million with the least expensive property available for $519,000.
Right now there are 41 Home Estate/PUDs in escrow on the East side with an average list price of $1,041,251 and a median list price of about $799,000. The highest priced home currently in escrow is listed for just under $3 million and at the other end of the scale is one listed for $365,000.
So far this year 124 Home Estate/PUDs have been sold with an average sales price of about $1.3 million and a median sales price of just under $900,000. At the top of the heap is one that sold for $3.225 and at the bottom is a home that sold for $312,000.
The condo market for the East Side of Santa Barbara Real Estatehas 40 properties for sale with an average list price of around $850,000 and a median list price of $710,000. The highest listing is on the market for $2.8 million and the least expensive listing can be purchased for $325,000.
There are 17 condos in escrow right now with an average list price of about $690,000 and median list price of $450,000. The most expensive condo in escrow is listed for $2.4 million and at the bottom of the scale is one listed for $359,000.
So far this year 39 properties have closed escrow with an average sales price of $615,587and a median sales price of $520,000. The highest priced condo so far this year is one for $1.3 million and at the other end of the scale is one for about 1 million less or $365,000.
For Santa Barbara Real Estate in the Montecito Real Estate area there are currently 205 Home Estate/PUDs available with an average list price of about $6.2 million and a median list price of $3.8 million. At the top of the heap is a home listed for just under $30 million but you can still get a sub million dollar home in the area with one listing showing up at $985,000.
Right now there are 18 homes in escrow in Montecito with an average list price of about $2.8 million and a median list price of $2.2 million. The most expensive home in escrow is listed for $9.5 million but at the other end is one listed for $899,000.
Through September 12 there have been 86 Home Estate/PUDs complete the buying process and those 86 have an average sales price of about $3.6 million and a median sales price of $2.5 million. The largest sale this year was $25,279,165 and the least expensive home cost just $750,000.
For the Condo market in Montecito Real Estate there are currently 20 properties available with an average list price of about $1.67 million and a median list price of $1.549 million. One the top of the heap is a home in escrow with a list price of about $3.5 million and at the bottom of the scale is one listed for $655,000.
Right now there are no condos in escrow and a total of 4 have sold this year. The average sales price is $867,250 for those 4 and the median sales price is $679,000. The highest priced condo sale was $1.45 million and the least expensive property left the gate for $625,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market there are currently 75 properties available for purchase with the amazing average list price of about $4.5 million. At the top of the heap is a home listed for just under $30 million but the median list price is still a sizzling $1.5 million. The least expensive home in the area can be had for $529,000.
Currently there are 17 Home Estate/PUDs in escrow with an average list price of about $750,000 and a median list price of $624,000. At the top of the pile there is a home in escrow listed for just under $1.6 million and at the other end of the scale is a property listed for just $380,000.
There have been 48 sales so far this area in Carpinteria Real Estate/Summerland Real Estate with an average sales price of about $1.2 million and a median sales price of $687,500. The most expensive home thats left the gate went for $6.35 million with the least expensive home changing hands for just $310,000.
For the condo market in Carpinteria/Summerland 27 properties are available with an average list price of about $630,000 and a median list price of $515,000. The highest priced condo is listed for just about $1.9 million with the least expensive condo up for grabs at $245,000.
There are currently 13 condos in escrow in the area with an average list price of about $456,000 and a median list price of $425,000. Right at the top of the heap is a condo listed for $875,000 and at the other end of the scale is one listed for $242,000.
So far this year there have been 13 condo sales with an average sales price of about $450,000 and a median sales price of $425,000. The most expensive condo that changed hands this year went for $875,000 while the least expensive condo sold for $242,000.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first eight months of 09 the numbers of sales have dropped by 14 down to 95 with the median sales price falling by about $140,000 from $850,000 to $708,000. The average has fallen even further from just over $1 million last year to $822,153 this year. The sales price to original list price ratio is over 90% however meaning that things seem to stabilizing as far as price is concerned in Goleta North. The numbers of escrow is exactly where it was last year with 111 and the median list price has fallen about $130,000 from $859,000 to $729,000. Right now there are just 64 Home Estate/PUDs available for purchase in Goleta South with a median list price of $1.275 million and an average list price of about $2.5 million.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first eight months of 09 for condominiums is up by 7 with 31 closed transactions but the median sales price has fallen about $100,000 down to $370,000. The average sales price hasnt come down quite so far it fell from about $490,000 down to just under $400,000. The sales price to original list price ratio is hovering right about 90% again showing a mark of stability thats come into the market place. The numbers of pending properties is way up however from just 26 in 08 to 40 in 09 but the median list price of those properties has gone from $499,000 last year to $389,000 this year. Right now there are just 16 condos available for purchase in Goleta South with a median list price of $450,000 and an average list price of $475,368.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 8 months of 09 there have been 54 sales which is 2 behind where we were last year at this time. The median sales price has slid only slightly from $766,000 to $737,500 and the average sales price is actually above last years mark by $15,000 to the current number of $933,954. The sales price to original list price ratio is right at 90% so things seem to have stabilized in Goleta South. The numbers of escrows is still ahead of 08 number which was 61 and is currently at 67 and the median list price for those properties went from $750,000 in 08 to $724,680 this year. Right now there are just 35 Home Estate/PUDs available for purchase in Goleta South with a median list price of $1.2 million and an average list price of $1.3 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first eight months of 09 the numbers of sales are ahead of 08 by 3 currently standing at 48 but the median sales price has fallen from $585,000 last year to $450,000 this year. The average sales price has also fallen about $100,000 down from $547,682 to $436,113. The sales price to original list price ratio is right about 90% meaning things have about stabilized in the Goleta South district. Right now there are just 9 condos available for purchase in the area with a median list price of $529,950 and an average list price of $542,872.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first eight months of 09 there have been 11sales compared to 13 in 08. The median sales price has dropped from $2.525 million down to $2.175 million with the average going from $3.64 million down to about $2.8 million. The sales price to original list price is right at 80% so the sellers had to settle for significantly less than theyd hoped for. The pending listings are actually ahead of last year by 1 with 13 showing up as the current number and the median list price is only down slightly from $2.75 million to $2.65 million. Right now there are 26 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of about $3 million and an average list price of just over $4 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of 08 has seen no activity.
For the Santa Barbara Real Estate area West of State St for the first eight months of 09 for the Home Estate/PUD market the numbers of sales are up by 6 to the current number of 100 but the median sales price is down by $220,000 to the current number of $735,000. The sales price to original list price ratio is just below 90% so folks on the West Side are pricing their properties closer to the sales price but its still about 10% below what they would have liked to have gotten. The numbers of escrows opened this year is 9 ahead of where it was last year with 114 but the median list price for those escrows has fallen from $950,000 to $759,000. Right now there are 78 Home Estate/PUDs available for purchase with a median list price of $1.235 million and an average list price of $1.324 million.
For the Santa Barbara Real Estate area West of State St for the first eight months of 09 for the condo market sales are down by 4 to the current number of 39. The median sales price has also fallen from $583,500 to $505,000. The sales price to original list price ratio is in the mid 80s meaning that sellers settled for about 15% less than what they would have liked to have gotten. The numbers of escrows is 10 up from last years count standing at 55 currently with the median list price down from $559,000 last year to the current number of $515,000. Right now there are only 37 condos available for purchase on the West Side of Santa Barbara with a median list price of $729,000 and an average list price of about $908,000.
For the Santa Barbara Real Estate areas from Goleta Real Estate to Carpinteria Real Estate/Summerland Real Estate as well as Montecito Real Estate and Hope Ranch Real Estatefor the Home Estate/PUD market in August 09 after 2 months in a row of 80+ sales the total numbers of sales dipped into the high 60s. The median sales price remained in the low to mid $800,000 range but the sales price to original list price ratio slid into the low 80s. What remained high were the numbers of Home Estate/PUDs that entered escrow. That number was in the mid 90s for August coming up from the low to mid 80s of the previous 2 months. But, while the numbers of pending properties grew the median list price for those properties entering escrow rose to the high $900,000 range.
Looking at August 08 we see that there were 82 Home Estate/PUD sales which puts that month about 17% ahead of where we were in August 09. But, the median sales price of $882,500 in 08 is about $50,000 above the 09 number of about $830,000. The median sales price for the whole area has remained basically stable for the past 12 months residing right in that mid to high $800,000 area almost every month.
After declining for May and June the inventory has rose in July and fell back in August currently standing at about 615 Homes for sale from Carpinteria to Goleta. But, with the numbers of homes for sale going down the median list price for the inventory remains at about $1.8 million or to put it another way the median list price is about $900,000 above the median sold price. With the inventory falling the days on the market or the time from when a property is listed until it gets an accepted offer rose in August to the high 80s or low 90s from the mid 70s in July.
Looking at what sold in July we still see the hot part of the market is still in the $450,000 to just below $1 million range. This range accounted for about 60% of the sales while the $1 to $2 million range made up about 25% with the $2 million up bracket covering 15%. But more than half of those $2 million plus sales were over $5 million.
Examining the Districts we see that sales for Carpinteria/Summerland Home Estates are up over 25% for 09 but the median sales price is down by 20% to less than $700,000. For Montecito sales are down by about 25% for 09 with the median sales price falling about 33% to $2.4 million.
East of State St has seen sales about even with last year but the median sales price has declined about 20% down to approximately $900,000. The West of State St district has also seen sales rise by about 9% but the median sales price has dropped by about 23% down to approximately $730,000
Hope Ranch has had sales decline by about 23% and the median sales price fall by almost 14% down to approximately $2.175 million. In the Goleta South area of Santa Barbara sales are even with where they were last year but the median sales price has fallen by about 5% down to approximately $725,000. For
Goleta North the inventory is down by about 20% but the sales are down by about 14% with the median sales price falling by 17% down to about $710,000. When a lot of the properties that are currently in escrow close sales will be approximately where they were last year but the median sales price will remain about 22% below the 08 level holding firm in the mid $800,000 range.
For the condo market sales in August 09 remained in the low 30s level with the median sales price drifting down to the low to mid $400,000 range from the high $400,000 plateau of the previous month. What fell markedly was the sales price to original list price ratio dropping into the high 70s from the low 90s of July. The days on the market also went way up residing closer to the mid 90s from the low 60s of the previous month. Remaining high were the numbers of condos that entered escrow. For August this number was in the low 40s from the high 30s of the previous month. But with the escrows piling up the median list price for those properties remained only slightly above the $460,000 mark of July.
Looking at the year over year numbers, condo sales have risen about 7% from 08 but the median sales price has fallen about 20% down to approximately $470,000. With the sales up 7% the pending properties are up about 30% but the median list price for those 30% more escrows is down by about 22% to about $460,000.
What remains low is the inventory which stands at about 150 condos for sale from Carpinteria to Goleta. We usually see numbers like this in December when the inventory is at its lowest. The median list price for the overall inventory is about $665,000 or approximately $200,000 above the median sold price for everything that has sold in 09.
Looking at the Districts we see that sales of condos in Carpinteria/Summerland for 09 are about 60% ahead of last year but the median sales price is down about 14% to approximately $405,000. In Montecito sales are down about 75% with only 3 sales completed in 09 and the median sales price is down by about 50% to approximately $715,000.
On the East Side of Santa Barbara sales are up by 2 over 08 with the median sales price falling by 21% to about $515,000. For the West Side of Santa Barbara sales are down by approximately 10% with the median sales price dropping by 14% to about $505,000.
In the Goleta South area of Santa Barbara condo sales are up about 8% but the median sales price is down by 23% to $450,000. Finally in the Goleta North area of Santa Barbara sales are up by over 23% but the median sales price is down by about 23% to approximately about $350,000.
Looking at the price range statistics for condos sold in August 09 we see that about 65% of the sales were between $300,000 and $650,000. There were 5 in the $100,000 to $250,000 range and 4 from $700,000 up with 1 coming in at $4,000,000. This marks the 3rd month in a row weve seen at least 1 condo sell in the $1 million+ range.
The primary problem with the condo market remains the lack of inventory particularly in the hot $300,000 to $650,000 range. If properties come on the market between those prices they usually move rather quickly. With the numbers of condos currently in escrow we should remain ahead of the 08 level of sales for the rest of the year and could even surpass the 06 level of sales. But if we are to get a sustainable recovery going we need more inventory.
Gary Woods
For the Santa Barbara Real Estate area of East of State St for the first eight months of 09 the numbers of sales are 7 above where they were last year at this time with 119 closed escrows currently but the median sales price has dropped from $1.125 million to $899,000. The average sales price is still just slightly above $1 million but that is down from $1.356 million last year. The numbers of escrows is even farther ahead with 147 this year compared to 122 last year. But that median list price for those escrows is by $250,000 to $899,000. The sales price to original list price ratio is in the mid 80s which is healthier than any district weve seen so far but that still means that sellers gave up about 15% of what they would have liked to have gotten. Right now there are 154 Home Estate/PUDs available for purchase with a median list price of $1.295 million and an average list price of about $1.7 million.
For the Santa Barbara Real Estate area of East of State St for the first eight months of 09 for the condominium market there is 1 more sale than we have last year at this with a total of 36 condos that closed escrow. The median sales price went down however from $649,000 last year to $513,500 this year. The numbers of escrow is way up from just 38 in 08 to 50 currently but the median list price has fallen from $643,000 to $523,900. Right now there are 47 condos available for purchase on the East side of Santa Barbara with a median list price of $710,000 and an average list price of just under $900,000.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first eight months of 09 compared to 08 shows us sales at about 30% behind where they were last year currently standing at 76 and the median sales price has fallen about $1.2 million down to the currently number of $2.375 million. The average sales price is also down by about $1.3 million to the current level of $3.4 million. Things may be looking up however because the numbers of escrows that have opened is only 20% behind where it was last year with 88 homes that have started the buying process this year and the median list price for those homes is down $300,000 to $2.9 million instead of down by $1.2 million. Right now there are 220 Homes Estate/PUDs available for purchase in Montecito with a median list of about $3.6 million and an average list price of $5.9 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first eight month of 09 there have only been 2 sales with a median sold price of $1.06 million. This compares to 08 when there were 13 sales with a median sales price of $1.38 million. The numbers of open escrows is also down from 12 last year to 3 this year with the median list price falling from $1.55 million down to $795,000. The sales price to original list price ratio is in the high 70s meaning that the sellers have given up about 22% of what they would have liked to have gotten for their properties.
For the Santa Barbara Real Estate area of
Carpinteria Real Estate/Summerland Real Estate for the first 8 months of 09 compared to 08 the numbers of sales are up by 8 currently standing at 45 with the median sales price down by about $170,000 to the current $700,000. The numbers of properties that have gone into escrow are way up to 54 with the median list price for those homes hovering right at that $700,000 mark. The sales price to original list price ratio for the yes is in the low 80s meaning that a lot of sellers got a lot less than theyd hoped for. Right now there are 82 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1.35 million and an average list price of about $4.2 million.
For the Santa Barbara Real Estate area of
Carpinteria Real Estate/Summerland Real Estate for the first 8 months of 09 in the condominium market sales are significantly ahead of where they were last year with 31 closed transactions compared to 19 last year. The median sales price has come down from $469,000 in 08 to the current number of $408,000. The numbers of escrows that have been opened this year stands at 41 compared to 26 last year but the median list price for those properties has come down from $465,000 last year to $420,000 this year. The sales price to original list price ratio is down on the high 70s this year which means that sellers gave up over 20% of what they would have liked to have gotten for their homes. Right now there are only 24 condos available for purchase in Carpinteria/Summerland with a median list price of $575,000.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs 11 sales for the period were talking about compared to 22 for last year. But last year the median sales price was $926,250 compared to this year when the median sales price is $720,000. Interestingly enough while the sales were half the properties going into escrow were about double from 11 in 08 to 21 for 09. But the median list price for pended properties last year was $829,000 and this year its $610,000. For 09 for this period 22 new listings came on the market with a median list price of $750,000 and last year 19 new listings came on the market with a median list price of $825,000. Right now there are 62 Home Estate/PUDs available for purchase in Goleta North with a median list price of about $1.3 million.
For the condo market in Goleta Real Estate North there were 7 sales for this period with a median sales price of $315,000. Last year there were 3 sales with a median sales price of $430,000. But this year there have been 4 pended listings with a median list price of $394,900 and last year there were 6 pended listings with a median list price of $435,000. For 09 6 new listings came on the market with a median list price of $394,500 and last year 5 new listings came on the market with a median list price of 374,900. Right now there are 16 condos available for purchase in Goleta North with a median list price of $449,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 4 properties closed escrow from July 28 to August 28 09 with a median sales price of $1.222 million and last year there were 6 sales with a median sales price of $740,000. For this same time period this year 8 properties entered escrow with a median list price of $599,000 compared to last year when 11 entered escrow with a median list price of $699,000. For 08 15 new listings came on the market with a median list price of $899,900 and in 09 only 5 new listings came on the market with a median list price of $989,000. Right now there are 35 Home Estate/PUDs on the market in Goleta South with a median list price of $1.19 million.
For the condo market in Goleta Real Estate South shows us 6 sales for the period with a median sales price of $511,500. Last year at this time there were also 6 closings with a median sales price of $480,000. In 08 for this period there were 5 pended listings with a median list price of $529,500 and in 09 there were 9 pended listings with a median list price of $399,000. For this year 7 new listings have come on the market with a median list price of $349,000 and last year there were also 7 new listings with a median list price of $429,000. Right now there are 8 condos available for purchase in the Goleta South area with a median list price of $409,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of July 28 to August 28 09 there have been 2 sales with a median sales price of $2,112,500 and last year there was just 1 sale with a sales price of $2,850,000. 1 property went into escrow this year with a list price of just under $3 million and last year no properties entered escrow at this time. 3 new listings came on the market for both years but last year the median list price for those listings was $4.5 million and this year its $2.499 million. Right now there are 26 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of just under $3 million.
For the Santa Barbara Real Estate areas of Hope Ranch Real Estate for Condominiums there was no activity.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 22 sales from July 28 to Aug. 28 09 compared to 19 for the same time period last year and interestingly enough the median sales price is exactly the same for both years standing at $930,000. For 09 23 properties went pending with a median list price of $999,000 compared to 08 when there were 14 that went into escrow with a median list price of $1.1 million. For this time period 45 new listings came on the market with a median list price of $1.249 million compared to 08 when 42 listings appeared with a median list price of $1.195 million. Right now there are 155 homes for sale on the East Side of Santa Barbara with a median list price of $1.295 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 time period were discussing which is exactly the same number that sold in 08. But this year the median sales price is $534,500 compared to last year when it was $715,000. For 09 8 condos went into escrow which is exactly the same number that started the buying process in 08 but the median list price last year was $524,990 and this year its $515,000. 16 new listings came on the market for 09 with a median list price of $515,000 and last year 18 new listings appeared with a median list price of $643,000. Right now there are 45 condos available for purchase on the East Side of Santa Barbara with a median list price of $749,000.
Santa Barbara Real Estates area of Montecito Real Estate for the Home Estate/PUD market there were 12 sales for the period of July 28 to August 28 09 compared to 11 last year and with the increased sales the median sales price also went up from $3.2 million in 08 to $4.475 million in 09. There was also 1 more pended listing this year with 17 and the median list price went up from $2.595 million in 08 to $3.3 million in 09. There were more new listings last year with 31 compared to 27 this year but the median list price when from $3.5 million in 08 to $3.3 million in 09. Right now there are 220 homes available for purchase in Montecito with a median list price of $3.6 million.
For the Condo market in Montecito Real Estate there 2 sales this year compared to 2 last year. But the median sales price went from $737,500 last year to $1,082,500 this year. There was 1 condo that went into escrow for 09 with a list price of $659,900 compared to last year when there were 2 with a median list price of $765,000. 5 new listings came on the market in 08 with a median list price of just under $2 million compared to this year when 3 new properties came on the market with a median list price of $1.65 million. Right now there are 20 condos for sale in Montecito with a median list price of $1.55 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 July 28 to August 28 09 there have been 12 sales with a median sales price of $768,950. Last year for the same period there were just 6 sales with the median sales price of $781,000. Both years had 8 properties go into escrow but last year the median list price of those properties was $659,000 and this year the median list price on the pended properties is $624,000. The new properties are also very close together with 13 in 09 with a median list price of $835,000 and in 08 there were 15 with a median list price of $885,000. Right now there are 83 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of just under $1.3 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period there were 6 sales this year compared to 2 last year and the median sales price has gone up from $408,750 in 08 to $471,000 in 09. There were 8 condos that went into escrow last year with a median list price of $449,000 and this year there was 1 less with a median list price of $425,000. 6 new properties came on the market this year with a median list price of $425,000 and last year 9 new listings appeared with a median list price of $529,000. Right now there are 27 condos available for purchase in Carpinteria/Summerland with a median list price of $575,000.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 1/1/09 to 8/20/09 there have been 94 sales compared to 105 last year with the median sales price declining from $851,000 down to $709,000 this year. The average has declined from just over $1 million down to $825,000. Those 94 sales it took on average 64 days to get an accepted offer and an additional 57 of escrow time. When you add them together you get a total of 121 days of total marketing time on average.
For Condominiums on the North Side Goleta Real Estate there have been 30 sales compared to 23 last year with the median sales price going from $470,000 down to $375,050. The average sales price fell from $485,639 down to $399,320 this year. The average days on the market for those 30 sales was 52 with an added 45 days of escrow time for a total of 97 days of total marketing time on average.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate for 09 there have been 54 sales compared to 53 last year with the median sales price coming down only slightly from $785,000 to $737,500 this year. The average sales price is actually slightly ahead with $932,188 posted last year compared to $933,954 this year. The average days on the market for those 54 sales was 79 with the average escrow period of 42 for a total marketing time of 121 days on average.
For Condominiums for Goleta Real Estate South for the same time period there have been 43 sales compared to 42 last year. The median sales price has dropped from $585,000 last year down to $465,000 this year with the average sales price dipping from $550,000 last year to $445,000 this year. The average days on the market for those 43 sales was 72 with the added escrow period of 43 days bringing us a total marketing time of 115 days on average.
For Hope Ranch Real Estate Home Estate/PUDs from 1/1/09 to 8/20/09 there have been 10 sales compared to 11 last year with the median sales price falling from $2.525 million to $2,262,500 this year. The average also fell from about $3.15 million in 08 to just under $3 million this year. The average days on the market for those 10 sales was 99 days with an average escrow period of 34 days for a total marketing time of 133 days on average.
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 8/20/09 there have been 96 sales compared to 90 last year. But the median sales price on those sales went from $956,250 in 08 to $747,000 in 09 with the average sales price sliding even further from $1.1 million down to about $833,000. The average days on the market for those 96 sales was 66 with an additional 45 days of escrow time for a total marketing time of 111 days on average.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there have been 37 sales compared to 39 in 08 but the median sales price has gone from $583,500 last year to $505,000 this year. The average sales price also fell from $680,000 last year to just under $600,000 this year. For those 37 sales the average days on the market were 101 with the added escrow time of 43 days for a total marketing time of 144 days on the market on average.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for 09 through August 20 there have been 112 sales compared to 102 in 08 but the median sales price has declined from $1.125 million down to $928,500 this year. The average has also slid from $1.324 million in 08 to $1.051 million this year. The average days on the market to achieve those 112 sales is 81 with the added average escrow time of 45 days bringing to a total of 126 days of total marketing time.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 35 sales compared to 32 last year with the median sales price sliding from $662,000 down to $517,000 currently. The average sales price has gone from just under $800,000 down to $620,000. For those 35 sales it took on average just 61 days to get an accepted offer with an added 39 days of escrow time for a total of 100 days of total marketing time.
From 1/1/09 to 8/20/09 in Montecito Real Estate for the Home Estate/PUD market there have been 73 sales compared to 101 last year with the median sales price falling from $3.5 million in 08 to $2.4 million for 09. The average has fallen from $4.8 million last year to $3.5 million and the average days on the market have risen to 114. Adding in the average escrow time of 33 days you get a total marketing time of 137 days on average
For Condominiums for the same time period in Montecito Real Estate there have been 3 sales this year compared to 12 last year with the median sales price falling down by half from about $1.5 million last year to just $715,000 this year. The average has also declined from about $1.7 million last year to $948,000 this year. The average days on the market for those 3 sales is 195 and when you add in the average escrow time of 36 days you get a total marketing time of 231 days on average.
From Jan1 to August 20 for Carpinteria Real Estate/ Summerland Real Estate there have been 38 sales this year compared to 33 last year. But the median sales price has dipped from just under $900,000 to about $675,000 with the average sales price falling from just over $2 million to about $1.3 million. The average days on the market for those 38 sales this year is 93 and when you add in the average escrow period of 53 you get a total of 146 days Total Marketing Time.
For Condominiums in Carpinteria Real Estate/ Summerland Real Estate for the same time period there were 30 sales this year compared to 18 last year but the median sales price has fallen from about $470,000 to just above $400,000 with the average sales price going from just over $500,000 to just over $400,000. The averages on the market for those 30 sales is 104 and when you add in the average escrow period of 58 you get a total marketing time of 162 days on average.
For Santa Barbara Real Goleta Real Estate North area for the Home Estate/PUD there have been 91 sales this year compared to 99 last year for a 9% drop in sales and the median sales price has gone down from $851,000 to $707,000 for a 17% drop.
The gap is a widening chasm this year with a $1.275 million median list price compared that $707,000 median list price for a 44.5% bulge. Compared to last year when the median list price was $899,500 against the $851,000 median sold price for a 5.4% gap.
For the condo market in Goleta Real Estate North the numbers are a mess. There have been 27 sales compared to 21 last year for a +28.6% rise. But the median sales price has gone down from $480,000 in 08 to $370,000 in 09 for a 23% drop.
The gap for 09 is up to 16.5% with a $443,000 median list price compared to a $370,000 median sold price for a 16.5% bulge whereas in 08 there was a $482,500 median list price with a $480,000 median sold price for a 0.5% gap.
For Santa Barbara Real Goleta Real Estate South area for the Home Estate/PUD there have been 51 sales compared to 52 last year but the median sales price has slid from $782,500 last year to $725,000 this year for about a 7.3% decline.
The gap hast widened out this year however spurting up to 37% with a $1.15 median list price compared to that $725,000 median sold price and in 08 the gap was 9% going from the $859,000 median list price to the $782,5000 median sold price.
For the condo market in Goleta Real Estate South the numbers are a mess. There have been 41 sales compared to 08 when there were 42 sales. But the median sales price has dropped from $585,000 to $455,000 for a 22% decline.
The gap this year is a miniscule 3% with that $469,000 median list price compared to the $455,000 median sold price but last year it was a +8.4% with the $539,500 median list price compared to the $585,000 median sold price.
For Santa Barbara Real Estate Hope Ranch Real Estatearea for the Home Estate/PUD market there have been 10 sales compared to 11 last year but the median sales price has dropped about 9% from $2.525 million last year to $2,262,500 this year.
The gap this year is 24% with a $3 million median list price compared to that $2,262,500 median sold price and last year that $3 million median list price compared to the $2.525 million sold price for a 15% gap.
For Santa Barbara Real Estates Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.
For the Santa Barbara Real Estatearea of West of State St area for the Home Estate/PUD market there have been 94 sales this year compared to 90 last year for a 4.4% increase. But the median sales price went from $956,250 down to $747,000.
Looking at the gap figures we see that for 09 the median list price has been $1.175 million compared to the $747,000 median sold price for a 37% gap and in 08 the gap was just 4.1% with a $997,000 median list price compared to a $956,250 median sold price.
For the Santa Barbara Real Estate West Side condo market there have been 36 sales so far this year compared to 39 at this time last year for a 7.7% decline. The median sales price has fallen from $583,055 to $504,000 for a 13.6% drop.
The gap however is almost exactly where it was last year with a 22% bulge. In 09 the median list price has been $649,000 with a median sold price of $504,000 and in 08 the median list price was $749,000 with a median sold price of $583,500.
For Santa Barbara Real Estate area East of State St area for the Home Estate/PUD market there have been 107 sales through August 14 of 9 compared to 101 in 08 for a 6% rise. But the median sales price slid from $1.15 million in 08 to the current $920,000 for a 20% decline.
The gap for 09 is about 32% with a median list price of $1.349 million compared to the $920,000 median sold price and in 08 it was 24% with a $1.5 median list price compared to a $1.15 median sold price.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate there have 34 sales through August 14 09 compared to 32 for 08 for a 6.3% rise. But the median sales price slid from $662,000 down to $513,500 for a 22.4% decline
The gape for 09 has widened out to 28% with a $710,000 median list price compared to the $513,500 median sold price and in 08 the gap was just 3.4% with a $685,000 median list price compared to a $662,000 median sold price.
For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures for 09 show us 69 sales through August 14 which is down from 99 for the same period in 08. The median sales price has dropped from $3.5 million in 09 to the current level of $2.34 million for a 33% decline.
The gap which is the difference between the median sales price and the median list price is 35% with a $3.6 million median list and a $2.34 million median sold price. This compared to 08 when the gap was just 2% with a $3.6 million list and a $3.5 million median sales price.
For the condo market in Montecito Real Estate theres been just 3 sales for the year compared to 11 last year and the median sales price has fallen from about $1.6 million down to $715,000 for a 54% decline.
The gap between the median sales price and median list price is also huge this year with a $1.7 median list price and that $715,000 median sold price giving us a 58% gap. This compares to last year when the gap was just 10% with a $1.75 median list and a $1.6 median list price.
For Santa Barbara Reals Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price through August 14 is $712,500 which is down from $919,500 last year at this time. The numbers of sales are up by 2 with a total of 34 however.
The difference between the median list price for 09 of about $$712,500 and the median list price of $1,299,000 is about 45% this year compared to last year when it was closer together at a 31% gap.
For the Carpinteria Real Estate/Summerland Real Estate condo market the numbers of sales is actually above where it was last year with 28 compared to 17 at this time last year. But he median sales price has fallen about $75,000 to just below $400,000
The gap between median list price and median sold price for 09 is 30.5% which is up slightly from where it was in 08 when it was 24.2%
The Condo market for the Goleta Real Estate North area of Santa Barbara the inventory is up by 8% for a total of 77 overall and the new listings are up by 11% for a total of 60. But the big number is the pending listings which are up 42% to 37. The sales are also up by not nearly as big a gap. The sales are up 8% for a total of 25 but the average sales price is down 25% to just below $400,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate North the numbers of listings are down by 21% for a total of just under 200 and the new listings are down 19% for a total of 153. But amazingly with the lack of inventory very evident escrows are down just 13% to 93 with the sales down only 6% to 86. The average sales price has dropped by 16% to the currently level of $833,408.
The PUD market for the Santa Barbara Real Estate area of Goleta North see the overall inventory down 1 with the new listings down by 2 for a total of 5. The escrows are equal for both years standing at 5 with the sales down by 2 for a total of 5. The average sales price for the year is down 29% to $532,300.
The Condo market for the Goleta Real Estate South area of Santa Barbara the numbers of properties available is down by 23% to 81 with the numbers of new listings falling by 12% to 62. But with the inventory down the escrows are up by 17% to 54 with the sales at 41 for both years. With all that activity the average sales price is down by 17% to about $450,000.
For Home Estates in the Santa Barbara Real Estate area of Goleta Real Estate South the inventory is down by 14% to a total of 132 with the numbers of new listings down by 15% to 93. Amazingly with the inventory down the escrows are up by 8% to 62 but the sales have fallen by 4% to 48. The average sales price is almost exactly where it was last year at right around $910,000.
The PUD market for the Santa Barbara Real Estate area of Goleta South the overall inventory saw 10 listings for both year but 1 more new listing with 8. The escrows stand at 4 this year compared to 2 last year with 5 sales this year compared 3 last year. With more sales we get a higher average price up by 7% to $863,000.
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 about 34% of where it was last year with the numbers of new listings up by 15% to a total of 38. The escrows are 2 behind however with a total of 11 this year and the sales are 3 behind with a total of 8. The average sales price however is up by 5% to about $3.3 million.
The PUD market for the Santa Barbara Real Estate area of Hope Ranch Real Estate there were no listings last year and just 1 this year. The good news is that 1 is now in escrow but has not closed yet.
The Condo market for the West of State St area of Santa Barbara Real Estate the total numbers of listings is down 12% this year with the numbers of new listings down even further with a drop of 31%. But amazingly with the inventory down the escrows are up 9% to 48 but the sales are down 7% to 36. With the sales falling the average sales price is also down by 14% to just under $600,000.
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 8% to 274 with the numbers of new listings falling off 14% to 183. But with the inventory down the escrows are up by 12% to 114 and the sales are up 13% to 95. With the sales up the average sales price is down by 25% to $840,000.
The PUD market for the Santa Barbara area of West of State St there were 7 listings last year with 6 this year but 5 new listings last year with 6 this year. Unfortunately there have been only 2 escrows opened this year compared to 6 that were opened last year. Those 6 escrows led to 6 sales and this year those 2 escrows has given us only 1 sale for $990,000 compared to the average last year of $939,417.
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% to 136 with the new listings up 4% to 97. But outpacing those numbers are the escrows which are up 29% to 44 with the sales only up 3% to 34. With everything else up the average sales price has fallen 18% to $636,732.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the total numbers of listings are up by 5% to 444 with the new listings up even farther by 13% to 327. Up even farther are the numbers of escrows have risen by 18% to 156 but the numbers of sales is up just 3% to 119. With all the rises the falling has to be close behind and the average sales price is down by 16% to about $1.1 million.
For the PUD market on the East Side of Santa Barbara there were only 11 active listings last year and this year has given us only 6. There have been 5 new listings but last year there were 6. The has been only 1 escrow opened this year compared to 3 last year and 2 sales last year compared to 0 this year. That 1 sale was for $967,500.
In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through August 5 is exactly where it was last year at this time with 47. The new listings are up 10% to 32. But there have been only 3 escrows opened this year compared to 11 last year with just 2 sales compared to 11 last year. To add insult to injury average sales price has fallen 39% to $1,064,500.
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 20% to 462 with the numbers of new listings up by 11% to 103. Unfortunately even though the inventory is up the escrows have fallen by 15% to 87 and the sales are down 30% to the current level of72. The average sales price is also down by 37% to just below $3 million.
For the PUD market in Montecito there have been just 4 listings this year which is 1 more than we had last year. There have been just 3 new listings for both years and only 1 escrow opened in both years with 1 sale rung up last year for about $2.5 million and 0 so far this year.
For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through August 5 there have been 37% fewer total listings in the area and 43% fewer new listings. But despite this lack of inventory the escrows are up 110% and the sales are up 52%. Whats down however is the Average Sales Price which has fallen 21% down to just below $400,000.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through August 5 is up 21% with the new listings up just 11%. But the numbers of escrows are even above those two numbers currently standing 45% above last years number but the sold properties are only up by 2%. The average sales price for homes in Carpinteria/Summerland is an odd number because of the diversity of the area with very expensive beach homes and 60s tract homes mixing together. Right now the average sales price is down 27% to about $1.6 million.
For PUDs in the Carpinteria/Summerland through August5 have been only 2 listings which is down 75% from last year. There has been only 1 escrow compared to 2 last year but both years have 1 sale. In 08 that sale was for $745,000 and this year its been $591,000.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first seven months of 09 the numbers of sales have been very close to the 08 numbers despite a dramatically reduced inventory. Last year there were 91 sales with a median sold price of $850,000 and this year there have been 88 sales but the median sales price has been $706,000. The pending sales are a little farther apart with 99 for 08 and 91 for 09 but the median list price is a little closer together with $869,000 last year compared to the current $749,000. There are only 65 Home Estate/PUDs available for purchase in the Goleta North area with a median list price of $1.249 million and average list price of $2.43 million.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first seven months of 09 for condominiums is up compared to 08 when there were 21 sales with a median sales price $480,000. This year there have been 2 sales but the median sales price has been $380,100. The trend should continue because the escrows are way up from 20 08 with a median list price of $519,000 to 36 this year with a median list price of $372,000. Right now in the Goleta North area there are only 14 condos available for purchase with a median list price of $439,000 and average list price of $447,485.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 7 months of 09 there have been 50 sales which is exactly the same number that occurred in 08 to this time. But the median sales price has gone from $766,000 last year to the current $717,500. The escrows are slightly ahead this year with 54 rung up in 08 with a $779,000 median list price compared to 58 in 09 with a $729,900 median list price. The inventory is way down from the previous year so its rather amazing that sales have kept pace for the year. Right now there are only 41 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of $1.19 million and average list price of $1.25 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first seven months of 09 the numbers of sales is also exactly where it was last year with 40 rung up for both years. The median sales price is way down from the 08 level when it was $587,500 to the current number of $442,500. But the pending numbers are shooting ahead with 52 open escrows this year compared to 43 last year. But the median list price for those escrows was $600,000 last year and currently that number is $429,000. There are only 20 condos available for purchase in the Goleta South area with a median list price of $510,000 and average list price of $519,222.
The month of July 09 as far as 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 is concerned was the second month in a row with sales in the 80s. We havent seen numbers like this since August 07 so hopefully were rounding the bend to some sort of recovery for local Real Estate in Santa Barbara at least as far as numbers of sales is concerned. The big news for July is that the Median Sales Price went from the high $700,000s in June to the high $800,000s in July. With the Median Sales Price climbing the Sales Price to Original List Price ratio stayed about where it was in June in the mid to high 80th percentile so it looks like prices are starting to firm up with several properties selling with multiple offers.
The pending properties for July werent quite as prevalent as they were in June when they reached 90 but the homes starting the buying process were still in the low to mid 80s which means that the sales activity should continue for the foreseeable future. The median list price for those homes entering escrow remains in the mid to high $800,000 range so it looks like most of the action continues in the $500,000 to almost $900,000 range.
For sold homes the average days on the market which is the time from when a property is listed until an accepted offer is received remained in the mid 70s for July which is down from the mid 90s earlier in the year. The inventory had a surge in July up to the mid to high 600s with the median list price for the overall inventory sliding slightly down to just below $1.8 million and the overall days on the market going down from the high 140s to the high 120s.
Looking at the Districts for Home Estate/PUDs, Carpinteria/Summerland has almost exactly the same numbers of sales as it had at this time in 08 but the median sales price has fallen about $250,000 to roughly $700,000. Montecito continues to experience about 30% fewer sales this year than it did last year with the median sales price down about $1.1 million to roughly $2.25 million.
The sales for East of State St are currently ahead of the 08 level but the median sales price is down by about $240,000 to roughly $900,000. Over on the West Side Sales remain ahead of the 08 pace but the median sales price is down about $225,000 to approximately $750,000
In Hope Ranch Sales continue 3 behind where they were in 08 with both the median and average sales prices holding at approximately last years levels. The current median sales price for the area is $2.35 million and the current average sales price is about $3.03 million.
Goleta South sales continue to hold at about the 08 level with the median sales price down by about $50,000 to about $720,000. Goleta North sales continue to amaze me. The inventory is way down but the sales are only slightly behind what we experienced last year. The reason for maintaining this level in sales is that the median sales price has fallen about $150,000 down to the current number of approximately $700,000.
For the whole area sales are just slightly behind where they were in 08 with the pending sales slightly ahead. The median sales price has remained for the last few months right around the mid $800,000 level but is showing signs of moving up.
For the Condo market in July 09 for the Santa Barbara area it would have been difficult to equal the 43 sales we saw in June but we did have sales in the low to mid 30s. While the sales declined the median sales price did come up to the high $400,000 range from the mid $400,000 range of the past few months and the Sales Price to Original List Price ratio came up to right about 90%.
There has been a tremendous amount of activity in the $400,000 to $500,000 market for condos in Santa Barbara the last few months with multiple offers and properties going for over their asking price.
The surge in activity should continue because July experienced properties going pending in the high 30s to mid 40s ranges. The median list price for those condos entering escrow slid back however to the mid $400,000 range but well have to see whether some of those over asking offers will push the median sales price upward.
Average days on the market for sold properties fell to the mid 60s range from the mid 80s range last month also enforcing the feeling that the market is moving at a faster pace. The overall inventory took another downturn in July however falling to the mid 150s level with the overall median list price remaining at about $650,000. The lack of inventory remains a problem which could keep a recovery from really catching hold.
Condo sales for all of 09 remain ahead of the 08 pace with the median sales price staying about $110,000 below where it was last year at this time currently hovering around $470,000. Pending properties continue to be about 35% ahead of last years numbers with the median list price for those pended properties down about $140,000 to the current level of about $460,000.
Looking at the Districts, Carpinteria/Summerland condo sales are roughly 50% ahead of where they were last year but the median sales price is down about $80,000 from the 08 number to approximately $400,000. In Montecito there have been only 2 sales all year down from 11 last year but we finally saw our first Million Dollar sale of a Montecito Condo in 09 bringing the median sales price up to $1,064,500 which is down about $500,000 from last year.
East of State St has seen sales about equal and slightly ahead of last years mark but the median sales price for the area is down $130,000 to the current number of approximately $520,000. West of State is also about where it was last year as far as numbers of sales is concerned but the median sales price has gone down about $70,000 to around $500,000.
Goleta South has almost exactly the same number of sales as it had last year but the median sales price has fallen about $140,000 for the area to about $440,000 and Goleta North is about 4 sales ahead of the 08 level but the median sales price is down about $100,000 to roughly $380,000.
Theres a great deal of activity in the condo market right now which is primarily concentrated in the $350,000 to $600,000 range but the Million Dollar condo has made a comeback. There were 3 condo sales in June and 3 in July which were in the Million Dollar plus bracket with Montecito finally experiencing a sale in that range this year. We need more inventory at this time to keep up with the demand in the Condo marketplace. If those properties start coming on the market at a greater rate we could be on the road to recovery.
Gary Woods
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of 09 there have been 9 sales compared to 11 in 08. The rest of the numbers are pretty darn close together also. The median sales price this year is $2.35 million and last year it was $2.525 million. The average sales price last year was $3.159 million and this year it is $3.033 million. The escrows are exactly the same with 12 for both year and the median list price is rather close together with $2.75 million last year and $2.55 million this year. Currently there are 26 Home Estate/PUDs available for purchase in Hope Ranch with a median list price of just under $3 million and average list price of just under $4 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of 08 has seen no activity.
For the Santa Barbara Real Estate area West of State St for the first seven months of 09 for the Home Estate/PUD market the numbers of sales is up from 84 last year to the current level of 90. But just like most of the other areas the median sales price has fallen rather dramatically from $973,750 last year to $747,000 right now. The pending numbers are easing closer together currently with 97 escrows opened last year compared to 103 this year but the gap between the median list prices remains with $959,000 last year and $759,000 currently. There are 87 Home Estate/PUDs available for purchase right now on the West Side of Santa Barbara with a median list price of $1.12 million and average list price of $1.29 million.
For the Santa Barbara Real Estatearea West of State St for the first seven months of 09 for the condo market sales are exactly where they were at this time last year with 35 closed escrows. The median sales price however has gone from $575,000 in 08 to $505,000 this year. But it looks like the sales could start moving forward because the numbers of escrows went from 38 last year with a median list price of just under $600,000 to 45 pended properties with a median list price of just under $500,000. Right now there are 40 condos available on the West Side of Santa Barbara with a median list price of $639,000 and average list price of just under $800,000.
For the Santa Barbara Real Estate area of East of State St for the first seven months of 09 the numbers of sales are above the previous years level. This year weve had 101 sales and last year there were 94. But the median sales price has dropped about $250,000 down to the current level of $900,000. The trend should continue because the pending listings are up from 105 in 08 to 127 currently but the median list price for those properties is not moving closer together. Last year the median list price was $1.175 million and now its $897,000. Currently there are 147 Home Estate/PUDs available for purchase with a median list price of $1.375 million and average list price of $1.667 million.
For the Santa Barbara Real Estate area of East of State St for the first seven months of 09 for the condominium market there are more sales this year with 33 compared to last year when there were 31. But the median sales price has dropped from $649,000 last year to $517,000 this year. The trend should continue because this year there have been 42 escrows opened with a median list price of $523,900 compared to last year when there were only 30 escrows opened with a median list price of $679,000. Right now there are 40 condos available on the East Side of Santa Barbara with a median list price of $660,000 and average list price of $769,375.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first seven months of 09 compared to 08 shows us 65 sales this year compared to 105 last year. The median sales price has dropped about $1.1 million to the current $2.25 million level and the average has fallen even more from $4.46 in 08 to the current $2.94 million. The escrows are a little closer together with 106 rung up last year compared to 75 this year and the median list price for those escrows is also closer together with $3.1 million posted last year compared to $2.795 this year. Right now there are a whopping 218 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.595 million and average list price of $5.769 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first seven month of 09 there have only been 2 sales with a median sold price of $1.06 million. This compares to 08 when there were 11 sales with a median sales price of $1.58 million. The number of open escrows paints an equally dismal picture with only 2 currently open compared to 11 last year and the median list price of those 2 is just $795,000 compared to last year when the median list price was $1.55 million. Right now there are 23 condos available in Montecito with a median list price of $1.695 million and an average list price of $1.71 million.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estatefor the first 7 months of 09 compared to 08 the numbers of sales is still ahead this year but by 1. The median sales price however is down by about $260,000 to the current approximately $690,000 level. The pending numbers are up substantially from 32 in 08 to the current 45 in 09 and the median list price for those pending properties is easing closer to last years level when it was $900,000. Right now the median list price for homes currently in escrow is $799,000. Currently there are 86 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of just under $1.4 million and average days on the market of 168.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 7 months of 09 in the condominium market shows us sales substantially ahead of the 08 level. Last year to this time there were 16 sales and now there are 24. The median sales price has fallen but not as far as you would think. Last year the median sales price was $487,000 and now it is $404,000. The Pending numbers are even higher in comparison to last year when there were only 18 open escrows with a median list price of just under $500,000. Now there are 37 open escrows with a median list price of $420,000. Currently there are only 26 condos available for purchase in Carpinteria/Summerland with a median list price of $575,000.
For Goleta North area of Goleta Real Estate Real Estate for the Home Estate/PUD market there are currently 67 properties on the market with an average list price of about $2.2 million. The highest priced property on the market is listed for $23.5 million while the least expensive home is listed for just $150,000. With all that said the median list price for the area is about $1.1 million.
There are currently 22 properties in escrow with an average list price of about $810,000. The highest priced home currently in escrow is listed for about $1.56 million with the least expensive property on the market for just under $500,000. The median list price for homes in escrow is under $700,000.
So far this year 83 homes have closed escrow on the north side with an average sales price of about $825,000. On the top of the heap is a home that sold for $3.3 million while at the bottom of the pile is one that sold for $180,000. The median sales price for the area is $705,000.
For the condo market in Goleta Real Estate North there are just 13 properties available right now with an average list price of about $440,000. The most expensive condo in the area is on the market for $690,000 while the least expensive property is available for $118,300. Just about in the middle is the median list price of $433,000.
There are now 12 condos in escrow with an average list price of about $400,000. The highest priced condo in escrow is listed at $1.055 million with the least expensive home in escrow listed at $118,300. The median list price for the area is $349,000.
So far this year there have been 24 condos close escrow with an average sales price of just under $400,000. Topping the charts is a condo that sold for $740,000 while at the other end of the spectrum is one that sold for $128,800. The median sales price for the area is $380,100.
In the Goleta Real Estate South area there are 41 Home Estate/PUDs available with an average list price of $1.26 million. Topping the charts is a property on the market for about $2.5 million and at the other end of the spectrum is a home which could be purchased for under $500,000. The median list price for the however is $1.7 million.
Right now there are 14 properties in escrow with an average list price of about $870,000. On the top of the heap is a property listed for just under $1.9 million and at the other end is one listed for under $400,000. The median list price for homes currently in escrow is $625,000.
So far this year 49 homes have sold with an average sales price of about $920,000. The highest priced escrow that closed was for just over $2.8 million and at 1/10 of that number was one that closed for $280,000. The median sales price for the area is $725,000 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 about $520,000. The most expensive condo is on the market for just under $1 million while the least expensive condo can be had for just $315,000. The median list price for the area is $499,000.
There are 14 condos in escrow right now with an average list price of about $430,000. The highest priced property currently in escrow is on the market for just under $700,000 and the least expensive property is on the market for $180,000. The median list price for condos currently in escrow is $460,900.
So far this year only 40 condos have sold with an average list price of about $440,000. The most expensive condo that has closed escrow this year in the area went out at about $940,000 with the least expensive condo selling for just $129,000. The median sales price for the area is $430,000.
For Hope Ranch Real Estate for Home Estate/PUDs there are currently 29 properties available with an average list price of $4.2 million. Topping the list is a home which could be purchased for just under $16 million while at the other end of the scale is a property which could be purchased for $849,000. When you mush all that together the median list price for the area is just under $3 million.
Right now there are 2 pending properties with an average list price of about $2.6 million. The most expensive home in escrow is on the market for just under $3 million while on the other end of the scale is a property listed for $2.2 million giving us a median list price of $2.2 million.
So far this year there have been 8 sales with an average sales price of $3.1 million. The highest priced property that closed escrow went out at $8.2 million while the least expensive property slid out the door at $745,000. All this 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 90 Home Estate/PUDs with an average list price of about $1.25 million. The most expensive listing on the West Side could be purchased for just under $6 million while the least expensive property could be had for $469,000. With all of that the median list price for the area is still over $1 million standing at $1,049,000.
There are 24 homes in escrow on the West Side with an average list price of just under $750,000. The most expensive home in escrow is listed for $1.249 million while the least expensive home is listed at $449,000. The median list price however stands at just under $700,000.
There have been 85 sales on the West Side this year with an average sales price of just about $840,000. The highest priced sale was $1.125 million while the least expensive sale was $230,000. The median sales price through this time period is $735,000.
For the Condo market on the West Side of Santa Barbara Real Estate there are 42 units currently available with an average list price of just under $800,000. The most expensive active listing is on the market for just under $1.9 million with the least expensive property available for $339,000. The median list price for the area however is $639,000.
Right now there are 13 condos in escrow with an average list price of about $540,000. The highest priced condo in escrow is listed for $959,900 while the least expensive home was on the market at $375,000. The median list price for homes currently in escrow is $457,400.
So far this year 34 condos have closed escrow with an average sales price of about $600,000. The median sales price has been $505,000 for the year with the highest priced condo leaving the gates at $1.4 million and the least expensive condo going out at just $275,000.
For the East of State St area of Santa Barbara Real Estate the inventory shows us 143 Home Estate/PUDs available for purchase with an average list price of about $1.7 million. Topping the list of available homes is one currently listed at $9.8 million while at the other end of the spectrum is a home listed for just $425,000. Currently on the East Side the median list price is $1.375 million.
Right now there are 42 Home Estate/PUDs in escrow on the East side with an average list price of just under $900,000. The median list price is $750,000 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 $299,900.
So far this year 92 Home Estate/PUDs have been sold with an average sales price of about $1.06 million. The median sales price is right at $900,000 with the highest priced home closing escrow at $3.225 million and the least expensive home sliding out the door at $312,000.
The condo market for the East Side of Santa Barbara Real Estate has 44 properties for sale with an average list price of just under $800,000. The most expensive condo listing on the East Side is on the market for $1.75 million while at the other end of the scale is a property which could be purchased for just $325,000. When you hash it all out the median list price for the East Side of Santa Barbara is $675,000.
There are 9 condos in escrow right now with an average list price of about $450,000. Topping the charts is a property thats in escrow for $649,000 while at the other end is one in escrow for $379,000. The median list price for properties starting the buying process is $445,500.
So far this year 32 properties have closed escrow with an average sales price of $608,184. On the top of the heap is a condo that sold for $1.3 million while on the other end of the scale is one that closed for $365,000. The median sales price thus far in 09 is $510,000.
For Santa Barbara Real Estate in the Montecito Real Estate are there are currently 219 Home Estate/PUDs available with an average list price of about $5.8 million. On the top of the heap is a property listed for just under $30 million while the least expensive current listing in the area could be had for under $900,000. The median list price resides at about $3.6 million.
Right now there are 15 homes in escrow in Montecito with an average list price of about $5.7 million. Pushing that average is the highest priced home currently in escrow which is listed at $16 million while the least expensive property is in escrow with a $1.2 million list price. The median list price for properties starting the buying process is just under $4 million.
Through July 23 there have been 61 Home Estate/PUDs complete the buying process and those 61 have an average sales price of about $2.9 million. The median sales price has been about $2.25 million with the highest priced listing closing for over $25 million and the least expensive property going out at $750,000.
For the Condo market in Montecito Real Estate there are currently 24 properties available with an average list price of about $1.7 million. The median list price is just slightly south of that number at $1.6 million. The highest priced condo listing now on the market is listed for $3.495 million with the least expensive listing way down at $655,000.
Right now there 1 condo in escrow which is listed at $795,000 and 1 condo has closed escrow at $679,000.
For Santa Barbara Real Estate in Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market there are currently 86 properties available for purchase with an average list price of a whopping $4.3 million. The highest priced listing topping the charts is on the market at just under $30 million but the least expensive property could be snapped up for just $449,000 with the median list price right around $1.4 million.
Currently there are 18 Home Estate/PUDs in escrow with an average list price of about $780,000. At the top of the list for homes that have gone pending is one listed for $1.22 million and at the other end of the scale is a home listed for just $479,900. Right in the middle is the median list priced property on the market for just under $700,000.
There have been 30 sales so far this area in Carpinteria/Summerland with an average sales price of about $1.4 million. One the top of the heap is a property that sold for $6.35 million but the other end of the spectrum shows us one at $310,000. The median sales price however is $650,000.
For the condo market in Carpinteria Real Estate/Summerland Real Estate 29 properties are available with an average list price of about $635,000. The most expensive condo is listed for $1.3 million while the least expensive condo could be had for $385,000. In the middle of the pack is the median list price of $590,000.
There are currently 16 condos in escrow in the area with an average list price of about $720,000 but way up high is a property thats listed for $5.9 million while way down low is a condo listed for just $204,500. The median list price for condos currently in escrow is $365,000.
So far this year there have been 23 condo sales with an average sales price of about $409,491 with the most expensive condo in the area selling for $807,000. All the way down at the other end is a property that closed escrow for $210,000 while the median sales price is $400,000.
For Goleta Real Estate North in the Santa Barbara Real estate area for Home Estate/PUDs 20 sales for the period were talking about compared to 15 for last year. But last year the median sales price was $910,000 compared to this year when the median sales price is $701,450. While the sales are up the pending sales are down. For 08 during this period there were 18 properties that started the buying process with a median list price of $899,000 and this year there have been 11 pended properties with a median list price of $698,000. There have been more new listings this year with 26 compared to 08 when there were 23 but this year the median list price for new properties is $795,500 compared to last year when the median list price was $879,000. Currently there are 68 Homes available for purchase in Goleta North with a median list price of about $1.1 million.
For the condo market in Goleta Real Estate North there were 7 sales for this period with a median sales price of $370,000. Last year there were 3 sales with a median sales price of $480,000. But this year there have been 4 pended listings with a median list price of $399,000 and last year there were only 2 pended listings with a median list price of $440,000. On the other side of the coin there were 8 new listings last year for this time period with a median list price of $435,000 and last year there were 5 new listings with a median list price of $450,000. Currently there are 14 condos available for purchase in Goleta North with a median list price of $443,000.
In the Santa Barbara Real Estate are of Goleta Real Estate South for the Home Estate/PUD market 10 properties closed escrow from June 17 to July 17 09 with a median sales price of $750,000. Last year there were also ten sales but the median sales price was $810,000. This year however there were 13 pended properties with a median list price of $724,680 compared to last year when there were 7 pended properties with a median list price of $625,000. There were 14 new listings in 08 with a median list price of $745,000 and this year there were 17 new listings with a median list price of just under $1 million. Currently there are 39 Homes available for purchase in the Goleta South area with a median list price of about $1.2 million.
For the condo market in Goleta Real Estate South shows us 12 sales for the period with a median sales price of $489,500. Last year at this time there were 3 closings with a median sales price of $553,000. In 08 for this period there were 6 pended listings with a median list price of $517,000 and in 09 there were 9 pended listings with a median list price of $523,000. For this year 6 new listings have come on the market with a median list price of $399,000 and last year there were also 6 new listings with a median list price of $549,000. Right now there are 14 condos available for purchase in the Goleta South area with a median list price of $499,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the period of May 5 to June 5 09 there 2 sales with a median sold price of about $4.5 million and last year there were 2 sales but the median sales price was about $2.8 million. Both years also had 2 listings go pending during this period but this year the median list price for those properties is $2.2 million compared to last year when it was about $1.7 million. This year there have been 9 new listings with a median list price of about $2.4 million and last year there were 8 new listings with a median list price of about $2.9 million. Currently there are 29 Homes available for purchase in Hope Ranch with a median list price about $3 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 19 sales this year compared to 14 last year. But last year the median sales price was $975,000 and this year its been $735,000. The pending numbers are 12 for 09 compared to 10 for 08 with the median list price last year at $718,900 compare to 09 when its been $749,000. For the period were talking about there have been 27 new listings with a median list price of $934,900 and last year there were 34 new listings with a median list price of $895,000. Currently there are 88 Homes available for purchase on the West Side of Santa Barbara with a median list price of $1,050,000.
For the condo market the sales figures show us 11 sales for the period with a median sales price of $500,000. Last year there were 7 sales with a median sales price of $675,000. But this year there are only 6 pended properties with a median list price of $419,000 compared to last year when there were 14 pended listings with a median list price of $629,999. For 09 for this period there have been 10 new listings with a median list price of $497,500 compared to last year when there were 18 new listings with a median list price of $549,000. Right now there are 39 condos available on the West Side of Santa Barbara Real Estate with a median list price of $739,000.
For Santa Barbara Real Estate East of State St for Home Estate/PUDs there were 14 sales from June 17 to July 17 there were 19 sales compared to last year when there were 16 sales. But the median sales price slid from $1.695 million last year to $985,000 this year. The pended listings are also up this year with 20 compared to 18 last year but the median list price for those listings went from $860,000 last y ear to $740,000 this year. There were 39 new listings this year during the time period with a median list price of $1,049 million compared to last y ear when there were 29 new listings with a median list price of $1.325 million. Currently there are 147 Homes available for purchase on the East Side of Santa Barbara with a median list price of $1.349 million.
For the Condo Market on the East of State side of town for Santa Barbara Real Estate this year there have been 6 sales for the time period and thats exactly how many we had 6 sales which is exactly the number of sales we had in 08. The median sales price is very close together also. Last year it was $634,500 and this year its $639,000. There were 6 properties that went pending this year for the period were talking about but last year there were 4. The median list price for those pending listings this year is $415,000 and last year it was $480,000. For 09 there were 16 new listings with a median list price of $469,000 and last year there were 9 with a median list price of $678,000. Currently there are 45 Condos available for purchase on the East Side of Santa Barbara with a median list price of $650,000.
Santa Barbara Real Estates area of Montecito Real Estate for the Home Estate/PUD market there were 16 sales for the period of June 17 to July 17 there were13 sales compared to 11 for the same time last year. But the median sales price went from $3,339,000 in 08 to $2,340,000 this year. The pended listings are also up from 9 last year to 11 this year and interestingly enough the median list price for those pended listings went from $3.9 million last year to $3,995,000 this year. The new listings are almost exactly where theyve been for both years. This year there have been 40 new listings with a median list price of $2.895 million and last year there were 39 new listings with a median list price of $3.45 million. Currently there are 219 homes available for purchase in Montecito with a median list price of $3.6 million.
For the Condo market in Montecito Real Estate there was 1 sale last year for the period were talking about and this year there have been none. Last year there during this period there 3 escrows opened with a median list price of $895,000 compared to last year when there was 1 escrow opened with a list price of $795,000. There have been 2 new listings this year with a median list price of $895,000 compared to last year when there were 4 new listings with a median list price of $765,000. Currently there are 24 condos available for purchase with a median list price of $1.595 million.
For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from June 17 to July 17 there were 6 sales this year compared to 8 last year. The median sales price went from $1,169,500 in 08 to $850,000 this year. The pending sales were up however from 4 last year to 7 this year and the median list price went up from $775,000 last year to $799,000 this year. During that time period 11 new listings came on the market this year with a median list price of $862,900 compared to 17 new listings last year with a median list price of $979,000. Currently there are 82 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of about $1.5 million.
For Carpinteria Real Estate/Summerland Real Estate area for the condo market for the same period there were 4 sales this year compared to 2 last year and the median sales price went up from $379,500 last year to $429,500. The pending listings are also up this year from 3 last year to 7 this year and the median list price of the pended listings went from $439,900 last year to the current $525,000. There are fewer new listings that came on this year with 6 appearing in 09 compared to 14 in 08. But the median list price for those new listings is down from $619,000 last year to $250,000 this year. Currently there are just 31 condos available for purchase in Carpinteria/Summerland with a median list price of $575,000.
For Home Estate PUDs in the Goleta Real Estate North area of Santa Barbara Real Estate for the period of 1/1/09 to 7/9/09 there have 75 sales compared to 81 last year. With the decline in numbers of sales the median sales price has dipped from $850,000 down to $704,000. The good news is that it took slightly less time to get an accepted offer this year with the time dipping from 74 days in 08 down to 65 in 09. But when you add in the 60 days of average escrow time you come up with an average of 125 days to get a completed sale.
For Condominiums on the North Side of Goleta Real Estate there have been 20 sales for the time period were discussing compared to 18 last year. But the median sales price has slid from $485,000 down to $408,500 for that time period. The good news is that it took only 54 days on average to get an accepted offer compared to 92 last year. But when you add in the 42 average days of escrow time the total marketing time comes to 96 days.
For Home Estate PUDs in the Goleta Real Estate South area of Santa Barbara Real Estate for 09 there have been 44 sales compared to 46 last year at this time and the median sales price slid from $766,000 in 08 down to $717,500 in 09. The days on the market is exactly the same for both years standing at 74 and with the 44 day average escrow time the total marketing time for Goleta South stands at 118 days.
For Condominiums for Goleta Real Estate South for the same time period there have been 32 sales which is exactly the same number that occurred last year at this time. But to achieve those sales the median sales price dipped from $607,000 in 08 down to $412,000 in 09. To add insult to injury it took 24 days longer to get an accepted offer so far in 09 with an average DOM of 84. Once the 43 average escrow time is added in it is taking 127 days on average to get a property closed in Goleta South.
For Hope Ranch Real Estate Home Estate/PUDs from 1/1/09 to 7/9/09 there have been 8 sales compared to 10 in 08. That two fewer numbers of sales brought a drop in the median sales price from $3.26 million last year to $2,365,500 this year. The days on the market more than doubled this year from 56 in 08 to 114 in 09 and when you add in the average escrow time for 31 days you get a total marketing time of 145 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 7/7/09 there have been 77 sales compared to 74 last year. To get that increase in the numbers of sales required a drop in the median sales price from $1 million down to $759,000. With the decrease in the median sales price the days on the market also declined from 95 in 08 down to 67 for 09. But when you add in the 43 average escrow days you come up with a total marketing time of 110.
For Condominiums on the West Side of Santa Barbara Real Estate for the same time period there have been 30 sales compared to 25 last year at this time. The rise in the numbers of sales saw a rise in the median sales price from $575,000 in 08 to the current $517,500 for 09. The decline in the median sales price brought a rise in the days on the market from 74 last year to 108 this year and when you add in the 31 average days of escrow time you get a total marketing time of 139.
For the East of State St for Santa Barbara Real Estate Home Estate/PUDs for 09 through July 9 weve had 80 sales compared to 81 last year. But while the numbers of sales has remained basically constant the median sales price has dipped from $1.175 million in 08 to $910,000 in 09. The good news is that it took about week less time to get an accepted offer with the average days on the market for 09 showing up at 84 but when you tack on another 47 days of escrow time you get a total marketing time of 131 days.
For Condominiums in the East of State St area of Santa Barbara Real Estate for the same time period there have been 30 sales compared to only 26 in 08. But just like with Home Estates the median sales price has slid from $704,500 last year to $511,000 this year. With the drop in median sales price the days on the market has also dropped from 100 in 08 to 60 in 09. But when you add in the 40 average days of escrow time the total marketing time comes to 100 days.
From 1/1/09 to 7/9/09 in Montecito Real Estate for the Home Estate/PUD market there have been 53 sales compared to 85 in 08 for the same period. With the sales falling the median sales price has also come down to the current number of $2.34 million from the 09 number of $3.625 million. The days on the market has stayed rather constant for both years. In 09 its taken 100 days on average to get an accepted offer and last year it took 106. When you add in the 35 day average escrow time the total marketing time for 09 comes to 135 days.
For Condominiums for the same time period in Montecito Real Estate there has been only 1 sale for $679,000 compared to 9 last year with a median sales price of about $1.6 million. It took 274 days to get an accepted offer on that 1 sale and when you add in the 63 day escrow period you get 337 days of total marketing or almost a year to get that condo closed.
From Jan1 to July 9 there have been 26 sales in the Carpinteria Real Estate/ Summerland Real Estate Home Estate/PUD market compared to last year when there were 27. But while there have been only 1 fewer sales the median sales price has slid from about $950,000 last year to about $650,000 this year. The sellers are giving up a lot in the area which is indicated by the sales price to original list price ratio of 80% compared to last year when that ratio was 94%. The average days on the market this year have been 91 to get the property into escrow and then tack on another 56 for the escrow period for a total marketing time of 147 days.
For Condominiums in Carpinteria Real Estate/ Summerland Real Estate for the same time period there were 19 sales compared to last year when there were 16. The median sales price for condos has also fallen but not nearly as much. In 08 the median sales price was $487,000 and currently that number is $400,000. The days on the market are also rather close for both years. In 09 its taken 128 days to get an accepted offer and in 09 it took 122 days. You slap on another 57 days for escrow time and this year its taken on average 185 days to get a condo sold.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first 6 months of 09 there have been 70 sales compared to 77 last year. This 10% drop in the numbers of sales is due to the declining inventory in the area and should continue in that vein for the foreseeable future because the escrows are 2 behind where they were last year at this time. The median sales price has declined from $850,000 last year to the current $702,000 for an 18% drop. The median list price for Homes going into escrow also declined from $875,000 last year to $749,000 this year for a 15% drop. There are only 61 Home Estate/PUDs available for purchase in the Goleta North area with a median list price of $1.15 million.
For the Santa Barbara Real Estate area of Goleta Real Estate North for the first six months of 09 there have been 18 sales compared to 16 last year. The median sales price has dropped from $500,000 last year to the current $420,000 for a 16% decline. The pending properties are way up however almost double the number of condos that went into escrow at this time last year. But the median list price on those almost double numbers of escrows dropped from $519,000 last year to $372,000 currently. Right now there are only 12 condos available for purchase in Goleta North with a median list price of $439,000.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 6 months of 09 there have been 42 sales compared to last year when there were 43. I keep expecting the sales to start dropping for Goleta South because the inventory is declining but so far the sales have kept up. In fact the escrows are ahead of where they were last year so the sales should continue to grow. The median sales price is easing closer to what it was last year. Currently the median sales price is $705,000 about 6% below where it was last year. The median list price for properties that have gone into escrow is also rather close currently residing at $739,000 which is about 8% below where it was last year. There are just 40 Home Estate/PUDs available for purchase in Goleta South right now with a median list price of $1.15 million.
For the Santa Barbara Real Estate area of Goleta Real Estate South for the first six months there have been 31 sales compared to 32 last year. But the median sales price has dropped by almost $200,000 down to the current number of $410,000. The escrows are 10 ahead of where they were last year with the median list price for those 10 more escrows residing at $429,000. Right now there are only 14 condos available for purchase in Goleta South with a median list price of $549,000.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first 6 months of 09 for the Home Estate/PUD market there have been 7 sales compared to 9 in 08. This gap continues to shrink with the numbers of sales getting closer together. The numbers of escrows is actually ahead of the 08 number so the sales for the current year should start to surpass those of last year. The median sales price is very close together with the current year actually of the 08 level by about $30,000 standing at the current $2,556,000. The median list price this year is way down from last year when it was almost $4 million. Right now the median list price for pending properties is $2.65 million. The inventory for this year is ahead of last years pace with the median list price for the 25 available properties standing at $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.
Looking at the Home Estate/PUD market for the greater Santa Barbara Real Estate area from Carpinteria Real Estate/Summerland Real Estate to Goleta Real Estate including Montecito Real Estate and Hope Ranch Real Estatefor the first 6 months of 09 the numbers of sales finally rose into the high 70s to low 80s ranges which is about 20% above the numbers of sales in June 08. Even more encouraging is the numbers of properties that entered escrows which was in the 90s for the month of June 09 compared to the low 80s for June 08.
With the numbers of sales rising, the median sales price slid back for June to the mid $800,000s after rising each month since February. The median list price for homes entering escrow also is in the mid $800,000 range so that should be about where the median sales prices are going to stay for at least the short term future.
The sales price to original list price ratio rose in June to the high 80s low 90s after dipping down into the high 70s for May. This means that prices are starting to stiffen particularly in that hot $600,000 to $800,000+ range.
After falling from April to May the inventory continued to decline in June. The median list price for the approximately 150 new listings that came on the market in June remains at about a $1.2 million median list price level with the overall inventory continuing at about a $1.85 million median list price level for the something like 625 available homes.
Looking at the districts, Carpinteria/Summerland has almost exactly the same numbers of sales as we experienced in 08 through the end of June and is even slightly ahead of last years pace but the median sales price has fallen by about 35% to approximately $645,000. In Montecito sales remain sluggish but are starting to climb closer to the 08 level. The median sales price has fallen about $1.2 million from June 08 however to the current number of about $2.35 million.
In the East of State St area sales are down about 5% from where they were in June 08 and the median sales price has fallen about 24% to right around $900,000. Over on the West Side sales are slightly above where they were last year but the median sales price is down about 26% to the current level of approximately $735,000.
For Hope Ranch sales are about where they were last year with the median sales price residing currently at about $2.55 million approximately $30,000 above where it was through June 08. For Goleta South despite declining inventory, sales are almost exactly where they were last year and even slightly ahead of the 08 pace with the median sales price presently residing at about $715,00 which is only approximately $35,000 below where it was last year at this time. For Goleta North the lack of inventory has finally caught up with the area and the sales are down about 9% with the median sales price down by about 17% to the current number of roughly $700,000.
With the numbers of sales rising and the numbers of pending properties continuing to surge were going getting closer to the sales pace set during 08. The median sales price should remain in the mid $800,000 range throughout the summer with perhaps a slight rise for the next couple of months. It is rumored that there were will be another round of foreclosures hitting the market in September which will affect the pricing structure and overall inventory but for the time being sales are moving forward and prices are stabilizing.
For the Condo market in the Santa Barbara area the flood gates finally opened for sales in June. The previous 2 months saw sales in the mid 20s but for June the sales were in the 40s. A lot of those pending listings that had been stacking up finally came into the Sold column in June and it looks like the party will continue because the numbers of condos going into escrow stayed in the 40s range. But, while the numbers of sold condos rose, the median sales price for those condos slid back into the mid $400,000 level and it looks like thats about the level well stay at because the median list price of the condos entering escrow was also at the mid $400,000 level.
The sales price to original list price ratio slid back from the high 80s in May to the mid 80s for June which means that the sellers had to give back more than what they had in the previous month which is indicated by the fall in median sales price. The days on the market which is the time from when a property is listed until it goes into escrow went up in June to about 90 days from the mid 70s in May indicating that buyers are taking a couple of more weeks to make up their mind before submitting an offer.
After falling the previous 5 months the inventory took a little upturn in June and the median list price for the overall inventory also slid up slightly to the mid $600,000s from the low $600,000s in May. The days on the market for the overall inventory remain at about 140 days or almost 5 months waiting for an acceptable offer.
Looking at the districts we see that there have been about 20% more sales of Condos in Carpinteria/Summerland than we saw in 08 but the median sales price has dropped about 18% down to the current level of roughly $400,000. In Montecito we still only have 1 sale for all of 09 with a sales price of $679,000 compared to 08 when we had 9 sales with a median sales price of about $1.6 million.
On the East Side of Santa Barbara the numbers of sales is almost exactly where it was last year at this time but the median sales price has gone down about 30% to the current level of roughly $500,000. Over on the West Side the sales are up about 12% for 09 with the median sales price falling about 6% to somewhere in the $525,000 range.
For Goleta South the level of sales is also almost exactly where it was last year but the median sales price has fallen precipitously by over 30% to the current level for $410,000. Finally in Goleta North the sales are ahead of where they were in 08 after lagging most of the year but the median sales price has fallen by about 15% to the current level of $420,000.
Traditionally condo sales lead the way in the marketplace so the rise to the 40s in numbers of sales for June is very good news. The condo buyer is usually more vulnerable to shifts in the money market so with the uptick in interest rates we will have to see whether this momentum can be maintained. For at least July and August we should continue to experience a surge in the condo market but if the rumored foreclosures do appear in September that prognosis could change.
For the time being both the Home Estate/PUD and Condo markets should continue to outperform what occurred in the previous year at this time. If this trend continues then the overall figures for 09 will grow closer to numbers of sales posted in 08 and even perhaps surpass those numbers. If the foreclosures do appear in September the numbers of sales could go up substantially and be ahead of the 08 level but the median sales price would continue to trend downward.
Gary Woods
For the West of State St area of Santa Barbara Real Estate for the first 6 months there have been 74 Home Estate/PUD sales compared to 72 at this time last year. The West Side is been ahead of the numbers of sales for most of the year and the trend should continue because last year to this point there were 83 escrows opened compared to 91 this year. But the median sales price has fallen for the area by about 25% with the median list price for properties entering escrow down about 22%. There are only 77 properties currently available on the West Side of Santa Barbara with a median list price of $1,049,000.
For the West of State are of Santa Barbara Real Estate for the first six months in the condo market there have been 27 sales compared to 24 last year and 40 escrows opened this year compared to 30 last year. This 13% rise in the numbers of sales and 33% rise in the numbers of escrows should continue to push sales forward for the next few months. Unlike the other districts in town the median sales price has fallen only $35,000 down to the current $525,000 level with the median list price of pending properties declining a greater distance from about $600,000 to the current approximately $520,000 level. Right now there are only 47 condos available on the West Side of Santa Barbara with a median list price of just under $600,000.
For the East of State St area of Santa Barbara Real Estatefor the first 6 months for Home Estate/PUDs there have been 73 sales which is about 10% behind where we were in 08. In contrast the numbers of pending sales is over 20% ahead of where we were last year. The difference is the median sales price for those 73 properties is about 25% below where it was last year and the median list price for the over 100 pending sales is also about 25% down from the 08 level. The inventory on the other hand is about at the same level it was last year with 146 Home Estate/PUDs currently available in the East of State St area with a median list price of about $1.4 million.
For Condos on the East of State St area of Santa Barbara Real Estatefor the first six months there have been 27 sales compared to 26 last year but there have been 35 escrows this year compared to 28 last year. This 25% rise in the numbers of escrows should spur sales forward for the next few months. But decline the median sales price from about $700,000 to about $500,000 for 09 should also continue because the median list price for pending properties was $699,000 last year compared to $539,000 this year. The inventory is about at the same place it was last year with 46 properties currently available for purchase with a median list price of $649,000.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first 6 months of 09 there have been about 50 sales which approximately 41% below where we were last year at this time. This picture could be getting better however because the numbers of pending properties is only about a third below where we were last year. Accompanying the reduced amount of activity for sales is a decline in the median sales price which is down to about $2.35 million for the area for about a 35% drop from 08. The median list price for properties in escrow is also down to about $2.695 million from $3.385 million last year for a decline of about 20%. What definitely isnt down in Montecito is the numbers of Home Estate/PUDs that are on the market. The inventory is up over 30% and currently has over 200 properties available with a median list price of $3.695 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first six months there has been only 1 sale for $679,000. This compares to last year when there had been 9 sales with a median sales price of about $1.6 million. The drought for Montecito Condos will continue because there has been only 1 opened escrow this year compared to 9 last year. Meanwhile the available condos continue to