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