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TheSantaBarbaraGroup
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Santa Barbara South Coast
Year-to-Date 2008 MLS Market Activity |
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Closed
Escrows |
Median
Sales Price |
December
Sales Pending |
December
Active
Listings |
December
Inventory
(Months) |
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Houses/PUD |
770 |
$1,035,000 |
59 |
466 |
7.9 |
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Carpinteria/
Summerland |
60 |
$807,500 |
4 |
63 |
15.8 |
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Montecito |
150 |
$3,200,000 |
13 |
142 |
10.9 |
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Santa Barbara |
307 |
$999,500 |
20 |
165 |
8.3 |
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Hope Ranch |
20 |
$2,875,000 |
0 |
18 |
---- |
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Goleta |
233 |
$769,500 |
22 |
71 |
3.2 |
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Condos |
271 |
$535,000 |
18 |
152 |
8.4 |
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TOTALS |
1,041 |
$851,000 |
77 |
618 |
8.0 |
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December 2008 Real Estate Market
THE MEDIAN SALES PRICE of houses and planned unit developments (PUDs) sold through the Multiple Listings Service (MLS) in December was $902,500 for sales across the entire Santa Barbara South Coast area. This price level is down from $1,200,000 last month, but higher than in October and about the same price level seen in September. The median price for the year 2008 closed out at $1,035,000. The number of sales of houses and PUDs that closed escrow in December was 64, up dramatically compared to 33 last month, and equal to the average of 64 sales per month for the year, compared to a monthly average of 74 in 2007.
For condominiums, the median sale price in December was $389,000 down dramatically from $515,000 last month, and lower than the price levels seen in the last quarter of the year. The median sales price for 2008 closed out at $535,000, compared to the median price for 2007 at $630,000. Condominium sales with closed escrows totaled 15 in December, down from last month at 20, and lower than the monthly average of 22 seen for the entire year. For 2007, sales averaged almost 30 sales per month.
For 2008, the number of closed escrows totaled 1,041 for houses, PUDs, and condominiums combined, down 16% from the 1,242 closed escrows in 2007. The median sale price for houses, and PUDs was $1,035,000 compared to $1,232,500 for the last year, also down 16%. For condominiums, the median sale price for 2008 was $535,000, compared to $629,000 for 2007, down by 15% from last year.
Overall inventory levels for Santa Barbara remain on the high side at 7.9 months. Generally, an inventory level of about 6 months is considered a balanced market, favoring neither buyers nor sellers, based on national averages and long term market experience. Lower levels of inventory may be considered a seller's market, whereas levels greater than about six months are considered a buyer's market.
Please contact TheSantaBarbaraGroup if you would like a free detailed market analysis of your area.
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