More Santa Barbara Real Estate Market Statistics...

Here are some other useful numbers on the Santa Barbara real estate market (comparing 2010 to 2009):

Active listings: up 4.2%.
New listings: up 7.7%
Properties that went into escrow: up 8.2%
Sold properties: up 9.3%
Average sold price: up 6.9%
Sold volume: up 16.9%
Months of inventory remained consistent at approximately 8 to 9 months.

*Homes/Estates (These numbers do not include condos)

Rincon Point Painting

Rincon Point

8" x 10"

Oil/Canvas

By Emily McBride

Visual Santa Barbara Real Estate Market Statistics

Here are some very resourceful graphs showing a picture of the Santa Barbara real estate market. These statistics were published through the Santa Barbara MLS on December 3rd. 

He/PU=Home or PUD (Planned Unit Development)

CO=condo

All graphs run from the beginning of January through the end of November.

It's clear from these graphs that 2008 was our lowest performing year, we are seeing an uptick in the market, and prices are still low. There should be some good opportunities in 2011. 

Bird Refuge

Montecito Bird Refuge  - Oil/Canvas - 24" x 48" - By Emily K. McBride

New Listing - 609 Bath Street

New Listing!

609 Bath Street

Santa Barbara, CA 93101

MLS #3683

2B/1B

Built in 1920

Short Sale

Call Emily McBride for an appointment. 

New Listing - 705 W. Mission Street

New Listing! 

705 W. Mission Street

Santa Barbara, CA 93101

MLS #10-3546

3B/2B

2-Car Garage

Lovely Landscaping

Completely Redone

Short Sale

Call Emily McBride for an appointment.

Market Update - Through September 2010

Market Update (Through the end of September 2010 - Santa Barbara South County Real Estate)

**Statistics come out around the 5^th of each month. October statistics will be out soon.

For the Home/Estate market (not including condos) through the end of September, the amount of sales declined compared to August. September showed 74 sales, and August showed 80 sales. Our 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.

Looking by District: (Single family homes)

Carpinteria/Summerland 

Sales are 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 2009 to 109 in 2010, and the median sales price dropped from $2.57 million last year to $2.41 million this year.

East Side of Santa Barbara

Sales are up almost 20% going from 156 in 2009 to 185 in 2010. The median sales price was $900,000 last year and is currently at $929,000.

West Side of Santa Barbara

Sales are also up over 20% from 114 last year to 142 this year, and the median sales price is 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 moving forward from where they were last year. We saw 10 last year, and we have 14 sales this year. 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

Sales rose from 115 last year to 123 this year, and 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 is up from $750,000 last year to $880,000 this year. Essentially for the past 12 months the median sales prices have remained stable from month to month at around $850,000. There have been some peaks and valleys in this time frame, but the overall effect is that the median sales price for the area remains at around $850,000. The decline in the numbers of sales over the past 6 months can be attributed to 3 factors: 1) the end of the 1st Time Buyer Credit, 2) the usual seasonal slowdown and 3) the substantial numbers of foreclosures that we’re still being told are coming from the banks. If and when those foreclosures get released, sales will go up, but the median sales price could see a decline, since foreclosures tend to happen in the lower end of the marketplace, and this will shift the median, which is dependant on the bracket of homes that sell.

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. The average sales price rose from $507,027 to $529,538.

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. The median sales price for 2010 of $437,000 is below the 2009 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 and median list price 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 higher up in the price range.

Looking at the Districts: (Condos)

Carpinteria/Summerland

The 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

Both sales and prices are up. For 2009 there were only 4 sales compared to 14 this year and the median sales price rose from $697,000 last year to $1,022,500 this year.

East Side of Santa Barbara

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 Side of Santa Barbara

Sales are up, from 54 to 59 but the median sales price declined slightly from $510,000 last year to $495,000 this year.

Goleta South

Sales dropped 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

Sales have declined, 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.

The decline in the numbers of Condo sales is much more pronounced when compared

to the drop in Home sales. Condo buyers would be the ones more substantially affected by the ending of the 1st Time Buyer credit and the numbers we see in this sector more closely resemble the numbers we see in the rest of the country for home sales. Just like with home sales, those three factors of 1st Time Buyer Credit, Seasonal Slowdown and the spectrum of more foreclosures about to be released is affecting whether people are going to buy or not.

Overall Santa Barbara is doing better than most of the rest of the country when you look at the Real Estate market. There is some uncertainty out there, which can make buyers feel timid. The results of the upcoming elections could resolve some of that insecurity, but there are still questions to be answered before we’ll see a big surge in both the number of units sold and a rise in the median sales price combined.

Cabrillo Boulevard - Morning Fog

Cabrillo Blvd in the morning fog  - By Emily K. McBride - 24" x 48" - Oil/Canvas

TOMS 'Style Your Sole' Event - - Tomorrow!

TOMS shoes has reached the mark of donating 1,000,000 pairs of shoes to those in need. For every pair that is purchased, they give a pair away. To celebrate this feat, stop in at 'Dressed' on Coast Village Road in Montecito tomorrow between 10am-5pm. Local artists such as Hank Pitcher and Michael Drury will be there to hand paint your shoes. I am unable to participate this year as an artist, but I will be on the team next year to paint your shoes and make them uniquely yours! Enjoy!

2010 Tour of Green Homes

Sign up for the 2010 Tour of Green Homes benefiting Habitat for Humanity.  Showcasing five homes in Santa Barbara, Montecito, and Goleta, as well as the Habitat for Humanity San Pascual affordable housing site, the Tour will demonstrate how environmentally friendly construction methods and materials can be incorporated into any project. ABOUT THE HOMES: Montecito Rebuild: Built to be faithful to the footprint of the origninal house built in 1947 by the owner's father, this home achieved a Three Star rating by the Santa Barbara Contractors Association's Built Green Program. Downtown Historic Victorian:  Originally dating back to 1890, a new home has been built to reflect the beauty and design of the original. The property was  submitted for Platinum certification with the Green Building Council's LEED for Homes program, with 118 out of a total of 132 possible points, more than any other home project to date. Goleta Sustainable Garden: The garden of this ranch-style home has been transformed from a typical suburban landscape to a riot of color, sound and life.  Meander through the pathways and find surprises to delight: passion fruit vines, fruit trees, and drought-tolerant plantings that give way to mountain vistas.   Mission Canyon Fire Safety Remodel: A lovely home in a wooded setting, this home is an example of what can be achieved with an eye to sustainability and fire resistance.  Hope Ranch Estate Landscape:  Overlooking the ocean,  the owners of this home recently undertook a green remodel of both the home and added a highly sustainable landscape. Habitat Affordable Housing Site:  Habitat for Humanity of SSBC is building a four unit owner-occupied condominium on San Pascual. The project is being constructed with volunteer labor and donated, recycled and/or purchased materials.

Purchase Tickets Now!

Regular self-guided tour -  $25 10:00 am - 4:00 pm Learn how to incorporate green design into your home See how green building techniques can be affordable View homes in Montecito, Santa Barbara and Goleta Tour the Habitat Build Site VIP guided tour - $125 10:00 am - 4:00 pm Transportation provided in Airbus type comfort Boxed lunch courtesy of Whole Foods Market Professional presentations en route Post-tour private reception All proceeds benefit Habitat for Humanity  as we strive to eliminate substandard housing from Santa Barbara. I hope you'll join us! Joyce McCullough Habitat for Humanity of Southern Santa Barbara County mail@sbhabitat.org (805) 692-2226

Mark Schniepp Speaks on the Economy

Mark Schniepp was back recently to speak on the economy in Santa Barbara South County. The Santa Barbara Newspress article (dated Sept 17th by Sonia Fernandez) covering the event opened by asking the question that everyone wants answered, "Are we heading into a double dip recession?" Mark Schniepp says we are not.

The outlook was focused mainly on commercial real estate, but Mark also covered the local and national economy, and local residential real estate. According to Mark, the recent drop in the unemployment rate is due to a "hangover" caused by the ending of census jobs and "not indicative of a second recessional dip." He says that jobs will recover and we will see job growth from here on out....just slowly, and that part of the speed of the recovery has to do with people and their behavior. Consumption is a large portion of our GDP and the amount that people are spending is down, due to saving more and changed financial circumstances. (I know I am one of them ... I have been much more conservative about my spending in this market. I see it in my clients too.)

Investors are looking for more certainty when they spend their money, and Mark counted real estate as a more solid investment for people to make & said he believes stocks will continue to put out a lower percent in returns over the next ten years. Real estate prices are expected to rise gradually. Compared to other locations in California, Sonia Fernandez wrote that "the South Coast real estate condition is somewhat protected, given location, constraints on growth, and what Radius Group Commercial Sales Principal Broker Scott Glenn called the "93108 effect" -- that is, Montecito-based investors who are taking advantage of the lower prices and investing cash in local real estate."

In terms of commercial real estate, "Downtown Santa Barbara is still king," according to Scott Glenn. Also, the students in the area are the reason why Isla Vista has the lowest vacancy rate of anywhere in the South Coast. The general vacancy rate for rentals (for the entire South Coast) is still only at 3-4%. This is also due to more people renting instead of buying at the moment.

Dr. Schniepp believes improvement is more likely to be visible by 2012, which is the same summary he gave earlier this year. (Earlier this year, he said 2010 will be better than 2009. 2011 will be better than 2010. And, 2012 will be better than 2011, etc.) He still believes there are some uncertainties out there that could impact consumer confidence and behavior, including the end of Bush-era tax credits, our health care system, and some energy policies that will impact the bottom lines of people and businesses ... but credit is starting to loosen which helps buyers and investors get back in the market. It was essentially the same news we've all been hearing. We are seeing improvement. It's just a gradual shift, and quite honestly, I think a gradual shift is the more sustainable thing we could ask for. It might not be sexy and full of instant gratification, but that's fine with me.

Feel free to share your thoughts!

Open Sky

Open Sky
Oil/Canvas
48" x 72"
Price Upon Request
By Emily K. McBride

Weekly Snapshot Statistics - Santa Barbara Real Estate Market

For the week of 9/6/2010-9/12/2010

44 new listings
63 price changes
31 sales pended (22 under $1M, four $1-2M, four $2-4M, one $8M+)
*The number of sales over $1M is 27% for the week
16 closed
31 off market (18 expired, 7 canceled, 6 withdrawn)
3 back on market

Santa Barbara South County Real Estate Sales YTD

 Click on the image to enlarge the graph.

Sandspit

Here's a new photo of an older painting.

Sandspit
Oil/Canvas
36" x 60"
Sold

Price Reduced

The price has been reduced on this lovely rental listing at 19 Francisco Drive to $3895/month! Please contact Emily at 805.252.2773 for showings. Pets accepted! Peabody School District.

Have Rental Available ~ San Roque Foothills

Please visit www.19franciscodrive.com to view all photos and more information...

Wonderful home in the San Roque foothills with spectacular views on 1.35 acres. Three-bedrooms, two full baths, living room, family room, large kitchen, and 2-car garage. Two fireplaces. Plenty of storage. Light and bright. Located on a cul-de-sac street. Very quiet and private. Per owner, this is located in the Peabody elementary school district. Priced at $4000/month for a 1-year lease. Pets considered. Please contact Emily McBride at 805.252.2773 or emily@villagesite.com for showings.