The Prinz Report

for Santa Barbara real estate and Montecito real estate

The Fourth Quarter of 2011

A Quarterly Newsletter on Market Trends and Economic Insight for Real Estate in Santa Barbara; including the areas of Montecito, Santa Barbara, Hope Ranch, Carpinteria, Summerland, Goleta and The South Coast


Santa Barbara and Montecito Real Estate Statistics

Information provided by First American Title

Fourth Quarter of 2011
Santa Barbara South County Recap of Total Sales

2011 4th qtr; 394 sales, average $825,352, median $605,833, 76 sales over $1m
2010 4th qtr; 341 sales, average $1,120,358, median $723,000, 95 sales over $1m
2009 4th qtr; 412 sales, average $1,074,279, median $726,333, 114 sales over $1m
2008 4th qtr; 311 sales, average $1,283,517, median $742,000, 114 sales over $1m

Carpinteria
2011 4th qtr; 44 sales, average $521,511, median $433,000
Oct. 2011; 13 sales, average $669,038, median $388,000
Nov. 2011; 14 sales, average $469,143, median $436,000
Dec. 2011; 17 sales, average $426,353, median $475,000

Goleta
2011 4th qtr; 62 sales, average $495,025, median $472,417
Oct. 2011; 24 sales, average $507,146, median $486,250
Nov. 2011; 15 sales, average $546,167, median $479,000
Dec. 2011; 23 sales, average $431,761, median $452,000

Hope Ranch
2011 4th qtr; 6 sales, average $3,667,063, median $3,398,750
Oct. 2011; 0 sales
Nov. 2011; 2 sales, average and median $4,597,500
Dec. 2011; 4 sales, average $2,736,625, median $2,200,000

Isla Vista
2011 4th qtr; 3 sales, average $821,875, median $821,875
Oct. 2011; 1 sale, average and median $930,000
Nov. 2011; 2 sales, average and median $713,750
Dec. 2011; 0 sales

Montecito
2011 4th qtr; 40 sales, average $1,846,529, median $1,551,667
Oct. 2011; 12 sales, average $1,433,292, median $1,200,000
Nov. 2011; 13 sales, average $2,515,962, median $1,975,000
Dec. 2011; 15 sales, average $1,590,333, median $1,480,000

Santa Barbara
2011 4th qtr; 236 sales, average $724,346, median $609,000
Oct. 2011; 71 sales, average $713,585, median $615,000
Nov. 2011; 67 sales, average $675,779, median $618,000
Dec. 2011; 98 sales, average $783,673, median $593,000

Summerland
2011 4th qtr; 3 sales, average $845,333, median $845,333
Oct. 2011; 1 sale, average and median $500,000
Nov. 2011; 1 sale, average and median $950,000
Dec. 2011; 1 sale, average and median $1,086,000

Unincorporated Area
2011 4th qtr; 0 sales
Oct. 2011; 0 sales
Nov. 2011; 0 sales
Dec. 2011; 0 sales

If you'd like to review a comparison of Santa Barbara's real estate market over the past four years see Santa Barbara Real Estate Sales Statistics for the Trailing Twelve Months

Real Estate Market Activity Index

Fourth quarter sales; October through December 2011

This is a select index of sales activity shown by date of sale. Not all sales are shown; contact me for a comparative market analysis and specific evaluation of sales activity for your area and the market's relationship to your property.


   Area        Address         Sales Date  
   Sales Price     
   
Carpinteria 7410 Shepard Mesa Road 10/4/2011 1,100,000
Montecito 950 Arcady Road 10/4/2011 1,625,000
Santa Barbara 707 E Valerio Street 10/4/2011 1,250,000
Santa Barbara 1634 Mira Vista 10/4/2011 1,400,000
Hope Ranch 4484 Via Esperanza 10/5/2011 4,000,000
Montecito 275 Olive Mill Road 10/7/2011 3,300,000
Santa Barbara 2928 Arriba Way 10/7/2011 1,300,000
Santa Barbara 1635 Oramas Road 10/11/2011 1,379,000
Montecito 660 Randall Road 10/12/2011 2,210,000
Montecito 116 Palm Tree Lane 10/13/2011 1,060,000
Santa Barbara 2020 Las Canoas Way 10/13/2011 1,050,000
Santa Barbara 3084 Calle Mariposa 10/13/2011 1,220,000
Montecito 433 Alcala Lane 10/14/2011 2,300,000
Santa Barbara 1709 Overlook Lane 10/18/2011 3,580,000
Montecito 762 Westmont Road 10/19/2011 1,500,000
Montecito 677 Orchard Avenue 10/21/2011 1,200,000
Montecito 1368 East Valley Road 10/25/2011 1,200,000
Santa Barbara 958 Arbolado Road 10/25/2011 1,100,000
Carpinteria 745 Sand Point Road 10/28/2011 3,415,000
Santa Barbara 100 E. Constance Avenue 10/28/2011 2,079,000
Santa Barbara 2660 Puesta Del Sol 10/31/2011 1,500,000
Montecito 1556 Miramar Beach 11/4/2011 4,150,000
Montecito 1661 Fernald Point Lane 11/4/2011 8,250,000
Goleta 4739 Calle Las Brisas 11/4/2011 1,395,000
Santa Barbara 2929 Samarkand Drive 11/15/2011 1,239,750
Goleta 976 Camino del Retiro 11/15/2011 1,150,000
Goleta 880 Cambridge Drive 11/15/2011 1,200,000
Montecito 807 Cima Linda Lane 11/17/2011 2,000,000
Montecito 585 Stone Meadow Lane 11/17/2011 2,111,000
Carpinteria 1240 Mark Avenue 11/18/2011 1,402,000
Montecito 277 Middle Road 11/18/2011 1,195,000
Santa Barbara 948 Mission Canyon Lane 11/18/2011 1,055,000
Santa Barbara 1547 La Cresta Circle 11/18/2011 1,850,000
Montecito 581 Freehaven Drive 11/21/2011 3,100,000
Montecito 532 Las Fuentes Drive 11/22/2011 3,900,000
Hope Ranch 4439 Via Abrigata 11/22/2011 7,800,000
Montecito 655 Coyote Road 11/23/2011 1,010,000
Montecito 38 Seaview Drive 11/23/2011 1,100,000
Santa Barbara 2617 Montrose Place 11/23/2011 1,145,000
Montecito 1966 East Valley Road  11/30/2011 2,600,000
Santa Barbara 333 El Cielito 11/30/2011 1,500,000
Santa Barbara 1637 Santa Rosa Avenue 11/30/2011 1,090,000
Montecito 866 Deerpath Road 12/1/2011 1,225,000
Santa Barbara 3874 Crescent Drive 12/1/2011 1,413,000
Santa Barbara 1201 Bel Air Drive 12/1/2011 1,016,000
Goleta 296 Vereda Leyenda 12/1/2011 1,015,000
Santa Barbara 1800 El Encanto Road 12/2/2011 2,600,000
Hope Ranch 1450 Estrella Drive 12/2/2011 1,400,000
Santa Barbara 1533 Shoreline Drive 12/6/2011 2,975,000
Montecito 235 Santa Rosa Lane 12/7/2011 1,480,000
Montecito 3 Seaview Drive 12/7/2011 2,300,000
Santa Barbara 225 E. Mission Street 12/9/2011 3,950,000
Goleta 129 Hollister Ranch Road 12/9/2011 1,600,000
Goleta 1042 Via Los Padres 12/9/2011 1,900,000
Santa Barbara 2739 Los Encinas Road 12/13/2011 2,051,000
Goleta 1440 Camino Meleno 12/13/2011 1,255,000
Santa Barbara 3709 Lincolnwood Drive 12/14/2011 1,150,000
Montecito 110 Summit Lane 12/15/2011 2,550,000
Santa Barbara 940 Arbolado Road 12/15/2011 1,150,000
Santa Barbara 941 Tornoe Road 12/15/2011 1,705,000
Hope Ranch 947 Via Fruteria 12/15/2011 3,000,000
Santa Barbara 1661 Las Canoas Road 12/16/2011 1,225,000
Santa Barbara 105 W. De La Guerra Street B 12/16/2011 1,387,500
Montecito 1323 Arroyico Lane 12/19/2011 2,650,000
Montecito 2212 Camino del Rosario 12/20/2011 2,100,000
Montecito 655 Oak Springs Lane 12/20/2011 2,900,000
Santa Barbara 1426 Bath Street 12/20/2011 1,300,000
Montecito 116 Rametto Road 12/21/2011 1,600,000
Montecito 1128 Oriole Road 12/22/2011 985,000
Hope Ranch 4495 Via Abrigata 12/22/2011 5,500,000
Santa Barbara 2601 Montrose Place 12/23/2011 1,040,000
Santa Barbara 1840 La Coronilla Drive 12/28/2011 1,300,000
Summerland 2641 Marguerite Way 12/30/2011 1,125,000
Santa Barbara 520 Plaza Rubio 12/30/2011 1,150,000
Santa Barbara 1901 E. Las Tunas Road 12/30/2011 2,740,000
Hope Ranch 395 Las Palmas Drive 12/30/2011 1,046,152


Commentary on the Santa Barbara Real Estate Market
January 2012

There has been some positive economic news as of late regarding the fourth quarter of 2011.  Unemployment is down, manufacturing is up and the equities markets have been rallying.  That´s a positive start to the New Year.  According to the National Association of Realtors some housing markets are rebounding and experiencing an increase in demand.  Admittedly we´re not through the resolution of the inventory of foreclosed homes, which may take another couple of years to return to normal levels, but housing markets like Santa Barbara, which are driven in part by lifestyle opportunities, are anticipating that 2012 should see conditions returning with more opportune market conditions.   

 

Prices and the inventory of homes are down generally speaking in Santa Barbara and real estate sales are up.  Foreclosed properties have had an impact on and buyers have perceived this as an investment opportunity. Some potential sellers have delayed participating in the market waiting for an upward trend in home values.  While we may not have hit "bottom" yet it would seem that we are getting close.  The recovery and upside will be a long and drawn out process that will likely play out over the next three to seven years. In 2012 one´s decision to participate in the Santa Barbara real estate market will be driven by events evolving in one´s life, life´s changes.  The speculative atmosphere has changed to one based on the present realities of market economics. 

 

The supply of available properties has been more limited than in the past; for instance coming into 2011 there were 904 properties on the market, at the start of 2012 there were 670.  This number has been increasing as to be expected at this time of year but down considerably from mid 2009 when there were over a 1000 properties on the market.  I´ll predict that if economic trends in California and the country maintain a positive equilibrium that the Santa Barbara real estate market will experience a modest revival.

 

Here´s a review of how the Santa Barbara real estate market progressed in the fourth quarter of 2011.  Over the fourth quarter there were a total of 394 sales in 2011, up from 341 sales in 2010.  The average home price this quarter was $825,352 and the median home price was $605,833 compared to the 4th quarter of 2010 when the average home price was $1,120,358 and the median home price was $723,000.  In the 4th quarter of 2011 there were 76 home sales priced over a million dollars compared to 95 home sales in that price range in 2010. 

 

Comparing the 4th quarter with the 3rd quarter of 2011 there was a decrease in sales with 394 properties selling compared to 417 sales in the 3rd quarter.  The average price declined from $1,008,674 in the 3rd quarter to $825,352 in the 4th while median sales prices were also down from $663,250 in the 3rd to $605,833 in the 4th.  The number of sales over a million dollars was down from 117 in the 3rd quarter to 76 in the 4th quarter.

 

It is interesting to see that there was a significant increase in the number of sales over the 4th quarter of 2011 compared to last year at this time.  Average and median prices are down and reflect buying opportunities at price points that haven´t been seen in several years.  On the year there were 1450 homes sold, this is the highest number of sales on the year since 2007 when there were 1662 sales.  I believe that 2012 will see the Santa Barbara real estate market stabilize and see growth in sales as long as global economic fractures remain manageable.  It is relevant that investors research the value of the micro housing markets in Santa Barbara and the conditions affecting property values before making a commitment.  There are good investment opportunities available as conditions continue to adjust.  Contact me for additional information and insight.

Take a look at this composite of Santa Barbara real estate statistics; you can see the market trends over the past year compared with the past three years. 

If you´re thinking of selling, contact me for a property evaluation, I´d be glad to send you a current analysis for your home or investment property.  If you´re a buyer in this market, I´d be glad to review your investment goals with you and research the properties that match your criteria and offer value as an investment.

I´d be glad to respond to your questions and comments. 

- Roy Prinz, Coldwell Banker

Send e-mails to: rprinz@coldwellbanker.com
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