YEAR TO DATE STATISTICS: There were 57 single-family homes sold in Santa Barbara in December bringing the total year-to-date sales for 2011 to 465 compared to 439 for 2010, 373 sales in 2009 and 339 in 2008. In 2011 the median sales price was $760,000 , the 2010 median was $860,000 and in 2009 the median sales price for the year was $1,000,000. (Conclusion: In the past three years Santa Barbara single family home sales have increased 37% and prices have declined 24%)
CURRENTLY IN SANTA BARBARA: The Multiple Listing Service reports 191 single-family homes listed for sale with a median asking price of $950,000. Eighty-five (85) of these homes are in escrow (last year at this time there were fifty-six in escrow). The median asking price of the pending sales is $699,000. (Conclusion: Escrows are up 51%, median asking prices of pending sales are down 10%).
THE BOTTOM LINE: In the past three years Santa Barbara single-family home sales have increased 37% and prices have declined 24%. With 50% more transactions in escrow than last year and pending sales prices down 10% reasonable people would agree the trend continues.
CONDOMINIUMS: There were sixteen (16) condominiums sold in Santa Barbara in December bringing the total year-to-date sales for 2011 to 140 compared to 147 in 2010. In 2011 the median sales price was $455,000, the 2010 median it was $495,000.
