Santa Barbara real estate market year to date comparison to last year shows stability and renewed strength
The Santa Barbara real estate markets of Santa Barbara proper, Montecito real estate, and Hope Ranch real estate markets show continued strength and marked improvement moving through the first quarter of 2008. Statisctics below from Santa Barbara MLS for Single Family Homes and Condominiums.
This Year: 1/1/2008 to 3/24/2008
Last Year: 1/1/2007 to 3/24/2007
For: 3/24/2008
Property type Res; TYP of ‘Condo’, ‘Home/Estate’; District of - MONTECITO’, SANTA BARBARA,- HOPE RANCH’.
|
|
Total Active
|
New Listings
|
Number Sold
|
Sold Volume
|
Average Sale Price
|
|
|||||||||||||
|
Area
|
Last Year
|
This Year
|
PCT
|
Last Year
|
This Year
|
PCT
|
This Year
|
PCT
|
Last Year
|
This Year
|
PCT
|
Last Year
|
This Year
|
PCT
|
Last Year
|
This Year
|
PCT
|
||
|
MONTECITO
|
14
|
23
|
+64
|
13
|
11
|
-15
|
3
|
-70
|
12
|
3
|
-75
|
20,160,000
|
5,560,000
|
-72
|
1,680,000
|
1,853,333
|
+10
|
||
|
EAST Santa Barbara
|
43
|
59
|
+37
|
40
|
41
|
+2
|
12
|
-52
|
23
|
11
|
-52
|
19,004,500
|
9,029,000
|
-52
|
826,283
|
820,818
|
-0
|
||
|
WEST Santa Barbara
|
41
|
58
|
+41
|
35
|
40
|
+14
|
12
|
-52
|
13
|
12
|
-7
|
7,845,500
|
9,493,000
|
+20
|
603,500
|
791,083
|
+31
|
||
|
HOPE RANCH
|
0
|
1
|
+
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||
|
TYP Totals: Condo/Co-Op
|
98
|
141
|
+43
|
88
|
92
|
+4
|
27
|
-55
|
48
|
26
|
-45
|
47,010,000
|
24,082,000
|
-48
|
979,375
|
926,231
|
-5
|
||
|
MONTECITO
|
137
|
162
|
+18
|
92
|
91
|
-1
|
36
|
-30
|
45
|
34
|
-24
|
160,265,000
|
166,046,000
|
+3
|
3,561,444
|
4,883,706
|
+37
|
||
|
EAST Santa Barbara
|
121
|
179
|
+47
|
117
|
124
|
+5
|
48
|
-32
|
50
|
31
|
-38
|
58,346,850
|
40,410,500
|
-30
|
1,166,937
|
1,303,565
|
+11
|
||
|
WEST Santa Barbara
|
76
|
110
|
+44
|
77
|
82
|
+6
|
40
|
-32
|
47
|
24
|
-48
|
51,087,500
|
24,811,500
|
-51
|
1,086,968
|
1,033,812
|
-4
|
||
|
HOPE RANCH
|
15
|
16
|
+6
|
12
|
12
|
0
|
4
|
-63
|
6
|
6
|
0
|
20,895,000
|
17,324,080
|
-17
|
3,482,500
|
2,887,347
|
-17
|
||
|
TYP Totals: Home/Estate
|
349
|
467
|
+33
|
298
|
309
|
+3
|
128
|
-33
|
148
|
95
|
-35
|
290,594,350
|
248,592,080
|
-14
|
1,963,475
|
2,616,759
|
+33
|
||
|
SPACER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Grand
Totals |
447
|
608
|
+36
|
386
|
401
|
+4
|
155
|
-39
|
196
|
121
|
-38
|
337,604,350
|
272,674,080
|
-19
|
1,722,471
|
2,253,505
|
+31
|
||
We see the overall breakdown for sales volume is off from this same time last year due to mortgage market volitility, however average sale prices are up. Condominium average sale price is down 5% but improving measurably and much improved compared to last fall. Single family home average sale prices are up 33% YTD over last year. The Montecito real estate market contiunes to be the core strength of both the single family home and condominium markets here in the Santa Barbara real estate market place. Overall sales numbers are down but should increase moving into summer with reduced interest rates and calming lending market volitility, which has directly effected total number of closed transactions. The new stimulous package is just now kicking into gear with conforming loan limits now at $729,750 from $417,000, for Santa Barbara county real estate and volume in pending sales is increasing as a result. We look forward to these statistics inproving though out the coming months.
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