The average price for the 79 properties is $1,171,369.
The highest price is $6,132,396. -1174 Glenview Rd
The median price is $777,000.
The lowest price is $73,000. -78 La Mesa Ln
The average Market Time is 74.
With a substantial number of escrows for both Single Family homes and Condos opened in August the rest of the year could end on a high note as far as numbers of units sold. But, of the properties that did sell in August they are predominantly farther down the price scale. Of the 79 sales there were 3 sales over $5 million but only 7 from $2 to $3.25 million and 16 from $1 to $2 million.
For the greater Santa Barbara Real Estate area from Goleta to Carpinteria/Summerland as well as Montecito and Hope Ranch for the Home Estate/PUD market in August ’10 there were 79 sales declining from 87 in July. The median sales price also fell from $871,250 in July to $777,000 in August. The average sales price also declined from $1.47 million in July to $1.17 million in August but the Sales Price to Original List Price Ratio rose from 81% in July to 86% in August.
While the numbers of sales declined the numbers of escrows rose to the mid 90’s matching the pended sales for June and 15 ahead of July. In contrast to the median sales price decline in August the median list price on the properties that went into escrow rose to about $850,000.
During the month of August 141 new Home Estate/PUD listings came on the market with a median list price of $1.2 million while the overall inventory remained strong with about 660 properties available for purchase with a median list price of $1.6 million and average list price of over $3 million.
Carpinteria/Summerland: had 49 sales in both ’09 and ’10 through August but the median sales price dropped slightly from $682,250 last year to $675,000 this year. The numbers of escrows have dropped however dipping from 57 in ’09 to 49 in ’10.
Montecito: sales is about 10% ahead of last year rising from 86 to 95. The median sales price has not moved however hovering right around $2.4 million for both years. The numbers of escrows is a little closer together rising 4% from 103 to 108 with the median list price on those escrows dropping from $2.9 million last year to $2.7 million this year.
East of State St: sales are up 22% over last year with 164 closings this year compared to 134 last year. The median sales price is also up from last year rising from about $900,000 to $950,000 this year. The numbers of opened escrows is not quite so far ahead however rising 12% from 166 last year to 186 this year and the median list price on those 186 is up to about $960,000 compared to $899,000 last year.
West of State St: sales up about 20% with 126 closings compared to 104 last year and the median sales price is up from $732,500 to $800,000. But, unlike the East Side, the numbers of escrows is up by 28% with 150 opened escrows this year compared to 117 last year and the median list price on those escrows is up from $759,000 last year to $819,000 this year.
Hope Ranch: there are 12 sales this year compared to 10 last year and the median sales price is up from $2.175 million to $2.412 million. The numbers of escrows are also up from 12 to 13 and currently there are 3 properties in escrow in the area. 1 listed at over $5 million 1 listed for about $2.3 and 1 listed at about $2.8 million.
Goleta South: sales are also up from 54 in ’09 to 68 in ’10 but the median sales price has dropped from $717,500 last year to $667,500 this year. The numbers of escrows is also up from 64 to 73 and the median list price on those 73 escrows is right where it was last year at about $725,000
Goleta North: sales are also up from 94 last year to 114 this year and the median sales price has risen from $709,000 to $720,000. The numbers of escrows are also up from 108 to 125 while the median list price on those escrows is down from $730,000 to $720,000.
With sales up by 20%+ in all the districts except Montecito which is up by 10% and Carpinteria/Summerland which has sales dead even with last year, things if not robust look better than what’s going on in the rest of the country. Even more encouraging is that the median sales price is up on the East Side, West Side, Hope Ranch and Goleta North while it’s basically flat in Carpinteria/Summerland and Montecito with the only decline in prices in Goleta South.
For the condo market, sales in August fell for the 4th month in a row down to 21 units closed. The median sales price also declined to $425,000 from about $435,000 the previous month. As of the end of August ’10 there have been 214 sales which puts us about 11% ahead of where we were last year when there were 193 sales. But, the median sales price has declined from about $460,000 last year to $435,000 this year. There were 55 new condo listings in August with a median list price of $575,000 and the overall inventory rose to just over 160 condos for sale.
While the numbers of sales went down the numbers of opened escrows went up from 20 in July to 29 in August. The median list price on those escrows also went up from $479,000 last month to $490,000.
Carpinteria/Summerland: up from 32 to 42 this year but the median sales price has declined slightly from $404,000 last year to $385,750. The numbers of escrows isn’t up nearly as far however going from 40 to 46.
Montecito: sales are also up from 3 to 14and the median sales price has gone up from $715,000 last year to $1,022,500. The average sales price is also up from about $950,000 to $1.2 million and the numbers of escrows are up from 4 to 13.
East of State St: sales are up from 38 to 49 but the median sales price has declined from $517,000 to $471,000. The numbers of escrows opened this year is ahead but barely going from 49 to 51 and the median list price on those escrows dipped from $539,000 to $520,000.
West of State St: sales up from 42 to 54 but the median sales price has declined from $503,000 to $485,000. The numbers of escrows are also up from 57 to 60.
Goleta South: sales are down from 49 to 29 and the median sales price has dipped from $450,000 to $355,000. The numbers of escrows are also down from 59 to 33 and the median list price on those escrows fells from $459,000 to $359,000.
Goleta North: sales are down from 32 to 28 but the median sales price is up from $355,000 to $408,500. The numbers of escrows are down however from 42 to 36 with the median list price on those escrows up from $399,000 to $414,000.