Statistics June 2009, Part 1 Comparing 2005-2009, Part 2 Comparing 2008-2009

Santa Barbara Home/Planned Unit Development Statistics:
Part 1-Comparing 2005-2009

Median Sales Price Jan-May:
Yr 2005 $1,222,000
Yr 2009 $ 846,100

Sales Jan-May:
Yr 2005 437
Yr 2009 266

Sales Pending Jan-May:
Yr 2005 520
Yr 2009 359

Escrow Fall Throughs, % of all homes Jan-May:
Yr 2005 31 6%
Yr 2009 53 14.7%

New Listings Jan-May:
Yr 2005 718
Yr 2009 795


Part 2-Comparing 2008-2009

Total Active Listings Jan-May:
Yr 2008 1,343
Yr 2009 1,421

UP +5.8%

New listings Jan-May:
Yr 2008 764
Yr 2009 795

UP +4.1%

New listings Median Sales Price Jan-May:
Yr 2008 $1,299,000
Yr 2009 $1,299,000

EVEN +0.0%

Properties that went into Escrow Jan-May:
Yr 2008 347
Yr 2009 359

UP +3.5%

Number of Sold Properties Jan-May:
Yr 2008 315
Yr 2009 266

DOWN -15.6%

Median Sales Prices Jan-May:
Yr 2008 $1,195,000
Yr 2009 $ 846,100

DOWN -29.2%

Median Sales Prices w/o Hope Ranch/Montecito Jan-May:
Yr 2008 $925,000
Yr 2009 $767,000

DOWN -17.1%

Average Sold Price Jan-May:
Yr 2008 $2,188,462
Yr 2009 $1,352,280

DOWN -38.2%

Average Sold Price w/o Hope Ranch/Montecito Jan-May:
Yr 2008 $1,241,951
Yr 2009 $ 974,517

DOWN -21.5%

Sold Volume Jan-May:
Yr 2008 $689,365,571
Yr 2009 $359,706,564

DOWN -47.8%

Current Santa Barbara Statistics & Survey-how buyers search for open houses

From January-May 2009 the Median Sales Price for Santa Barbara is $846,100. This is down 32% from the height of of the median sales price of $1,250,000, back in 2007.
Currently there are 626 homes/PUDs on the market. The inventory is at its highest level and the Buyers at the lowest level.
Basic economics of supply and demand: High Inventory with few Buyers=Buyer's Market

Where are Buyer's searching for properties open to view?
According to Realtor Magazine-online
January 3, 2009
More than 90% of potential home buyers plan to attend open houses as they look for a home to buy, according to a survey conducted by Trulia.com

62% use online sites to find open houses
53% use information provided to them by real estate professionals
36% use neighborhood signs
31% use information in the newspaper or other printed source

Statistics for February 2009

Stats for Goleta, SB, Summerland, Carp.

48 homes sold in February, 30 of those sold were below $1M
$720,000, Median Sales Price
85% sales price from original listed price

Sales Prices equivalent to late 2003-2004

Highest sale in February $3,850,000 (Bella Vista, Montecito)
Lowest sale in February, $200,000 (home on leased land off Painted Cave)

Escrow fall-through, up, ~30%
Median Sales Price down -33.9%
Average Sold Price down -52.9%
Average Sold Price (without Montecito and Hope Ranch) down -32.8%

Average Sales Price in Montecito, down 52% (lack of higher end sales)
2008 $5,647,000
2009 $2,670,000
Average Sales Price in Hope Ranch, down 28%
2008 $3,288,000
2009 $2,360,000

December Cort Report, Sales for Santa Barbara

Cort Report for December 1-31st, 2008

Carpinteria Sales

19 sales

Sales Price Range: $100,000-$7,290,000

Average Sales Price: $525,588.24

Goleta Sales

17 sales

Sales Price Range: $$211,000-$770,000

Average Sales Price: $525,588.24

Hope Ranch Sales

2 sales

Sales Price Range:  $3,194,545-$5,900,000

Average Sales Price: $4,547,272.73

Isla Vista Sales

2 sales

Sales Price Range: $1,335,000-$1.455,000

Average Sales Price: $1,395,000

Montecito Sales

13 sales

Sales Price Range: $1,145,000-$10,600,000

Average Sales Price: $4,216,923,08

Santa Barbara Sales

52 sales

Sales Price Range: $50,000-$3,190,000

Average Sales Price: $976,019.23

Habitat Breaks Ground! & November CORT Report

Today, Habitat for Humanity had their ceremonial groundbreaking for the upcoming San Pascual Housing Project. It was a wonderful event where everyone was invited to meet the community members involved, as well as meet the 4 families who will live in the housing project. At this time, Habitat has reached 44% of the campaign goal, and recently closed escrow at the housing project site, located at 618 San Pascual Street. During today's program, Mayor Marty Blum and First District Supervisor Salud Carbajal, expressed their enthusiasm for the project, and for the organizations impact in our community. Mayor Blum encouraged everyone to visit the ReStore, and to join her with a hammer when construction begins.

The November CORT report is outlined below.

November Sales-South County by area.

1. Carpinteria 7 sales: Average sales price $1,711,426.57

Range ($250K-$6.5M)

2. Goleta 21 sales: Average sales price $668,523.81

Range ($285K-$2.3M)

3. Hope Ranch 1 sale: price $2.7M

4. Montecito 11 sales: Average sales price: $2,266,772.73

Range ($1.2M-4.2M)

5. Santa Barbara 34 sales: Average sales price $931,235.29

Range ($331,500-$3.6M)

6. Summerland 3 sales: Average sales price $1,107,166.67

Range ($454,500-$1.795M)

Sotheby's Contributes to Conservation International, $800 Billion Dollar Buy Out, Foreclosures Suspended

Sotheby's International Realty has announced a comprehensive program to protect tropical forest land worldwide through a company-wide support of Conservation International (CI), a global conservation leader operating in 40 countries.

Sotheby's International Realty is encouraging its agents, staff and customers to take action by participating in the program, which supports CI's "Lost There Felt Here" campaign to protect tropical forests. Already the company has given an up-front donation to protect over 4,500 acrse of endangered rainforest. In 2009 the will match each acreage donation made, until a combined total of at least 8,500 acres is reached. To learn more about CI visit: www.conservation.org

***This will be an organization that I will be contributing to, as well as our local Habitat for Humanity at the close of every escrow.

An article from MSNBC.com, "U.S. moves to thaw credit for consumers" (quick synopsis)

The government unveiled two new programs Tuesday that will provide $800 billion to try to help unfreeze the market for consumer debt from home mortgages and credit cards.

The announcements by the Federal Reserve and the Treasury Department represented the latest modifications to the largest government bailout in history. The program on consumer debt will lend up to $200 billion to the holders of securities backed by various types of consumer loans. It will be supported by a $20 billion of credit protection from the $700 billion bailout package that was enacted last month. In a promising sign that homeowner's rates could tumble, rates on Fannie Mae and Fredie Mac debt fell Tuesday after Paulson announced the new plan.

Fannie Mae & Freddie Mac to suspend foreclosure sales until January 2009 (NAR Newsline)

Fannie Mae and Freddie Mac recently announced that they will postpone foreclosure sales and evictions on occupied single-family residences scheduled to occur between Nov. 26, 2008-Jan. 9, 2009.

During this time, the two mortgage companies will streamline their modification programs, scheduled to launch Dec. 15th. Foreclosure attorneys and loan servicers will continue to contact borrowers who have defaulted on their mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac, and continue to pursue workout options.

Pocket Listings, Food Bank and Lending News

Pocket listings: (call me for details or to set up a showing)

4 bedroom completely remodeled on the Mesa, 2 blocks from the Shoreline Park, Washington Elementary, price $1,565,000.

Downtown craftsman. 2 bed/1 bath on Upper East in Peabody School, updated and freshly painted, price $750,000.

Food Bank:

Sotheby's International Realty is participating with the Food Bank to feed our local Santa Barbara community. The demand for Foodbank services has increased by 25-30% this year. We have bins at each Sotheby's office if you would like to donate canned goods. One their website they have a list of nutritious items that they need. Please visit: http://www.foodbanksbc.org/ for donation information and programs provided.

Lending News:

Arick Fuller. a mortgage broker with First Capital provided the following update today:

The conforming loan rate for Santa Barbara will be set to a maximum of $603,000, starting next week. That has been lowered from our current conforming rate of  $729,500, but is significantly higher than the conforming rate of $419,000, back in 2005. Rates are under 6% for owner occupied, and are at ~6% for non-owner occupied, a possible point may be paid. Full docs are needed. Take out the guess work on what you may qualify for. Call your lender and get your pre-approval.