Quick Statistics
The average price for the 74 properties is $1,578,283.
The highest price is $13,310,000 for 1360 E Mountain Drive.
The median price is $859,500.
The lowest price is $375,000 for 412 De La Vina Street.
The average Market Time is 104.
Overview:
Overall Santa Barbara is doing better than most of the rest of the country when you look at the Real Estate market even with sales dropping. There is a lot of uncertainty out there which rightfully makes buyers timid. The results of the upcoming elections could resolve some of that insecurity but there are still a lot of questions to be answered before we’ll see a big surge in both numbers of units sold and a rise in the median sales price will occur.
Home Estate/PUD
For September ’10 for the Home Estate/PUD market of Santa Barbara, Montecito, Hope Ranch, Carpinteria/Summerland and Goleta the numbers of sales declined from the previous month when there were 80 down to 74 in September. This means that the numbers of sales has gone down 5 out of the last 6 months. The median sales price went up however rising over $100,000 from $776,000 in August to $879,750 in September. The average sales price also went up substantially rising from about $1.16 million in August to $1.57 million in September.
The decline in the numbers of sales is somewhat surprising because there were 94 escrows with a median list price of $879,000 opened in August but those escrows did correctly predict the rise in the median sales price which came in at $879,000 for September. The numbers of escrows has been swinging wildly from month to month with about 95 in June, 75 in July, approximately 95 in August, and now 80 in September. The median list price on those escrows has stayed remarkably solid however coming in right about $850,000 every month.
Carpinteria/Summerland: up from 52 last year to 55 this year with the median sales price declining slightly from $687,500 last year to $662,500 this year.
Montecito: sales are up from 105 in ’09 to 109 in ’10 and the median sales price has dropped from $2.57 million last year to $2.41 million this year. This drop in the median sales price is actually more pronounced however because what is occurring is that houses priced for substantially more are now selling in that $2.4 million range.
East of State St: sales are up almost 20% going from 156 in ’09 to 185 in ’10 and the median sales price which was $900,000 last year is still above where it is currently at $929,000 but that gap is starting to move closer together.
West of State St: also has sales up over 20% from 114 last year to 142 this year and the median sales price is also up from $730,000 last year to $800,000 this year. It looks like that level of sales and prices should continue on the West Side with pended properties coming in at the same percentage as sales and the median list price on those escrows still hovering right around $800,000.
Hope Ranch: sales are again moving forward from where they were last year when there were 10 up to 14 this year and the median sales price is also maintaining a lead over last year when it was $2.175 million. This year those 14 sales have given us a median sales price of $2.675 million and an average sales price of $3.51 million.
Goleta South: there have been 79 sales this year compared to 61 last year but the median sales price has declined slightly from $700,000 last year to $675,500 this year.
Goleta North: has also seen sales rise from 115 last year to 123 this year but for that area the median sales price has gone up slightly from $703,000 last year to $710,000 this year.
Comparing September 2010 with its 74 sales and about $880,000 median sales price to September 2009 we see sales down from the 85 of a year ago but the median sales price up from $750,000 last year to $880,000 this year. Essentially for the past 12 months the median sales price has remained stable from month to month at around $850,000. There have been some peaks and valleys in that time, but the overall effect has been the median sales price for the area remains at around $850,000.
Condos
For the Condo market in September sales went up to 23 rising from 22 in the previous month. The median sales price also went up rising from $427,500 in August to $460,000 in September so it would naturally follow that the average sales price also rose from $507,027 to $529,538.
The numbers of escrows also rose from 27 the previous month to 36 in September but the median list price of those escrows declined from $490,000 in August to $469,000 in September. The Sales Price to Original List Price Ratio has remained strong for Condos all year hovering around the mid to low 90th percentile which means that when a property comes on at the right price it goes out very close to that price.
There have been 238 Condo sales through September 2010 compared to 226 at this time last year but the numbers of escrows has declined from 273 last year to 259 this year. The median sales price for ’10 of $437,000 is below the ’09 number of $467,000 but the median list price on the pended properties is $469,000 for both years. I think the disparity in the median sales price numbers and median list price numbers on the pended properties is due to the fact that most of those sub $400,000 condos are gone so if something is going into escrow it’s farther up in the price range.
Carpinteria/Summerland: sales are up by about 30% going from 107 to 140. But, the median sales price has declined from $411,500 last year to $385,000 this year.
Montecito: this year both sales and prices are up. For ’09 there were only 4 sales compared to 14 this year and the median sales price has risen from $697,000 last year to $1,022,500 this year.
East of State St: there have been 55 sales this year up from 43 last year but the median sales price is down from $529,500 last year to $475,000 this year.
West of State St: the numbers of sales is up from 54 to 59 but the median sales price declined slightly from $510,000 last year to $495,000 this year.
Goleta South: has seen sales drop markedly by over 40% basically due to a lack of inventory. Last year there were 55 sales and this year there have been 38. The median sales price has also dropped from $453,000 last year to $370,000 this year despite a huge rise in the sales price to original list price ratio which went up to 97.56%.
Goleta North: has also seen a decline in sales falling from 38 to 30 for a 23% drop but unlike Goleta South the median sales price in the North has gone up from $375,050 to $408,500.