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.  

The Santa Barbara unique estate and signature property market is one which requires well informed local knowledge that is crucial to successful acquisition and sale of these rare estate properties. Custom searches of Santa Barbara beach properties, estates, Montecito homes for sale or Hope Ranch real estate information are available at http://www.RareEstates.com, a fine home sale transaction network, having specialized local resources and knowledge of unadvertised luxury properties and qualified estate property investors searching for properties. For exclusive information about privately offered estate properties in the Montecito, Santa Barbara or Hope Ranch Marketplace, direct your inquiries here.

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