Real Estate News
Santa Barbara News-Press – January 1, 2011
HOME SALES RISE IN 2010- First 11 months see sales up 9 percent from 2009
In the last roundup of residential real estate reports for 2010, it appears sales are up slightly and it may be a better time to sell a house, some observers say -- just three years after the nation’s real estate meltdown.
For the first 11 months of last year, for which all the statistics are in, sale look better than the previous year, but all the numbers were not ye in for the last week of December.
“For the period Dec. 1 to 22, we have 82 closed transactions, versus 99 for the same period (of the previous year),” said South Coast-based Realtor Ruth Ann Bowe with Coldwell Banker. “Last year (2009), all of December had 132 transactions total, and we still have 65 transactions that pended in November, so there is a good chance we’ll have a bunch more before the end of the month.”
Ms. Bowe said there were 766 active listings as of Dec. 22 or 7.8 months of inventory based on the last 30 days sales
“Obviously sales aren’t as strong this December as they were (in 209), but they are still pretty strong,” she said. “While we all know there is no crystal ball, my educated opinion is that we’ll have an increase in sales in the spring as interest rates start to rise and buyers realize the window of opportunity is getting limited to get both a good interest rate and a great deal.
The median sales price of the homes was $874,500, up from $750,000 in November of last year, with the year-to-date median sales price being almost equal with $855,000 last year and $849,700 the previous year, said Gary J. Woods of Home Realty & Investments in Santa Barbara.
“Looking at the first 11 months of last year we see that sales are up from 2009 by about 9 percent with over 800 sales in 2010,” Mr. Woods said. “Escrows are also up about 8 percent for the year with the median list price on those escrows almost exactly where it was last year currently residing at about $880,000. New listings are also up about 8 percent for the year, but the median list price on those new listings fell from approximately $1.2 million last year to just under $1 million (last) year.”
“We have been monitoring the local South Coast housing market every month and reporting that the market has shown clear improvement over 2009, regarding sales and selling values,” said director of the California Economic Forecast in Goleta. “Detached housing values have risen about 4 percent this year; condos have remained relatively flat. Sales are higher in nearly all sub-markets.”
Mortgage rates and a slowly improving economy including a rising stock market have contributed to a better year for the local residential real estate sector, Mr. Schniepp said.
“While selling values have not strengthened much recently, they are likely to show better progress this year as the distressed housing inventory declines and the labor markets improve,” Mr. Schniepp said. “Last year was a better year for real estate and the economy than 2009 and this year will be a better year than last year.”
“It’s been an interesting year in real estate, particularly in Santa Barbara,” Ms. Bowe said. “In November, there were 66 single family residences, not counting condos, sold, versus 72 last year in November. Year-to-date, though, our sales are up 812 vs. 743.”
Ms. Bowe said 83 homes went pending, meaning, “We should have good closing stats for December,” which are due later this week. In 2009, only 67 went pending in November, she said.
“Even the high end is selling,” Ms. Bowe said. “Our office sold a $19.5 million home just (Dec. 2), she said referring to a Padaro Lane compound that reportedly was purchased by film director George Lucas.
With 150-feet of beach frontage, it is one of the largest and widest parcels on that section of the shore, according to published reports, according to listing information. The gated compound was built in 1981. It includes a four- bedroom house and a separate two-bedroom guest house. It also has a yoga room.
The property includes a wide terrace enclosed by a low wall that stretches along the back of the main house with grounds and gardens designed by Keith LeBlanc Landscape Architecture in Boston, listing information indicated.
“Serious buyers are definitely out there looking right now,” Ms. Bowe said.
In his monthly analysis of the Santa Barbara real estate market, Mr. Woods included Carpinteria, Summerland, Montecito, Hope Ranch, downtown Santa Barbara and Goleta through November.
After home estate sales declined six out of the previous seven months, November sales increased ever so slightly compared to October. November’s median sales price also went up slightly from October finishing November around $875,000,” Mr. Woods reported.
“When you look at the entire year of 2010, the median sales price is right about where it was last year at this time at approximately $855,000 and according to Case-Schiller and Inman that is where it will remain for the next 18 months to two years,” Mr. Woods said.
November home sales below $1 million fell markedly to 38 as did the sales from $1 to $2 million dropping to 12, Mr. Woods reported. The sales from $2 million and higher rose to 16 with only one sale more than $5 million. That sale took almost 600 days to complete the buying process, Mr. Woods said,
“We see that in Carpinteria/Summerland through November sales are up about 12 percent from 62 to 70 and the median sales price is almost exactly where it was (in 2009) rising from $670,000 in 2009 to $675,000 in 2010,” Mr. Woods reported. “In Montecito, sales are up slightly from 127 (in 2009) to 136 (through November of last year) for a 7 percent increase and the median sales price is almost exactly where it was last year falling from $2.475 million to $2,425,000.”
For the Eastside of Santa Barbara, sales were up about 7 percent, going from 205 in 2009 to 222 in for the first 1 months of last year. The median sales price is also up slightly from $899,500 last year to $929,500 during that period, Mr. Woods reported.
“The Westside has also seen an increase in sales going from 144 last year to 170 (for the first 11 months of last year) for an 18 percent increase and the median sales price has gone up from $750,000 last year to $795,000 this year,” he said.
In Hope Ranch, sales are up by two from 18 to 20 for the first 11 months of last year with the median sales price going up from $2,335,000 to $2,375,000 this year. Mr. Woods said, “Because of some rather large sales the average sales price in Hope Ranch is way up however from $3,662,361 in 2009 to $3,993,212 (for the first 11 months of last year).”
For Goleta South, home sales are up from 76 to 86 for a 13 percent rise, but the median sales price has gone up only slightly from $670,000 in 2009 to $672,500 last year, Mr. Woods said. Goleta North sales are up about 5 percent from 140 to 147 and the median sales price is up from $704,500 to $710,000.
“Despite the numbers of sales falling for six out of the last seven months and moving up a little in November, we are still about 9 percent ahead of where we were last year, but the median sales price remains at almost exactly where it was last year at this time,” Mr. Woods said.
For the condominium market for the first 11 months of last year, sales fell from 33 in October to 26 for November, Mr. Woods said. The median sales price also fell from $475,000 in October to $425,000 in November. The numbers of opened escrows rose to 31 for November up from 26 in October but the median list price on those escrows also stayed the same for both months at just under $400,000.
