Ellwood Real Estate Newsletter

OK, we are three months into the new year now, so what’s going on with Goleta home sales and prices so far this year and what will the coming months look like for homebuyers and home sellers???

The first quarter statistics for 2011 are in the books, which is going to give us a much more accurate snapshot of the market compared to looking at one individual month.

Home sales numbered 53 in Goleta this year vs. 49 over the same period in 2010. The median home sale price this year so far is $685,000 compared to $680,000 in 2010. So, the number of sales and the median price have remained largely unchanged!! The evidence is in: we have price stability in this market segment!

For condominiums, there are so few sales in Goleta, and the numbers are skewed by low-end sales in a few developments, therefore in order to get a better picture of the condo market I am combining Santa Barbara and Goleta condominiums.

Condo sales numbered 35 in SB/Goleta this year vs. 46 over the same period in 2010. The median condo sale price this year so far is $430,000 compared to $399,000 in 2010. So, the number of sales has dropped significantly and the median price has increased!! The trend for 2011 is coming into focus as we are seeing price stability in the condominium market!

Interest rates are currently hovering around 4.75% for a 30 year fixed rate mortgage or 4.1% for a 15 year mortgage. Rates are projected to rise to 5.25% by the third quarter of 2011, and 5.5% by year end. Plan accordingly!!

Things people say they really like about living in the Ellwood area…

  • The Bluffs, walking, beaches, surfing, wildlife viewing, butterflies: This is probably the #1 answer people give me when asked what they like the most about living at Santa Barbara Shores, University Village, Cannon Green, Pacific Palms, Ellwood Station, the Fairways, and other developments nearby. The sanctuary of the Butterfly and Nature preserve, coast, land, and water is oh so special. We are closer to nature here than most other neighborhoods.
  • Shopping: This is a huge benefit to living in the Ellwood area. It is within walking or biking distance for many, a very short drive for the rest. Residents enjoy the close proximity to movie theatres, restaurants, coffee shops, grocery and big-box items. Not to mention an excellent Farmer’s Market on Sunday and Thursday!
  • Employment: Close proximity to UCSB, Raytheon, Allergan, FLIR, Yardi, GUSD, and other large and small employers draws newcomers, and gives current residents a big reason to stay here.
  • Schools: Both Ellwood and Isla Vista, Goleta Union Schools, enjoy a solid reputation with former and current parents, and have dedicated hard working teachers and staff.
  • Do you know about the whale counting at Coal Oil Point? Pay a visit out there, or go online to: http://www.graywhalescount.org/
  • Friendly caring neighbors: There are a lot of friendly folks, and a diversity of cultures and peo- ples found on every street in the Ellwood area, rich in so many ways!
  • Retirement: Ever notice how many empty-nesters live in the area? Well, I’ll tell you, a lot! They like living here for all of the reasons above, plus they have enjoyed property appreciation over the years, and know that long-term care options are available in the community, and the home equity they have built up can help pay for this, or a legacy for their children.

Current Offerings: Houses and Condos

BR/Baths Status Price
Palo Alto 3/2 Active $515,000
Daytona 4/2 Active $520,000
Daytona 6/4 Active $739,000
Saratoga 3/2 Active $599,000
Sea Gull 3/2 Active $549,000
Big Sur 3/2 Pending $575,000
Lowell Way 3/2 Active $550,000
Greensboro 4/2 Active $785,000
Georgetown 4/2 Active $702,900
Chapman Duplex Active $799,000
Lowell Way Duplex Active $570,000
Cannon Green 3/1.5 Active $349,000
Mills Way 2/2 Active $379,000
Mills Way 2/2 Active $425,000
Mills Way 3/2.5 Pending $469,000
Monique Ct. 2/1 Pending $355,000
Mathilda 1/1.5 Active $295,000

Recent Sales

Bd/Ba Sale Date Sale Price
7640 Pismo Beach 2/2 11/10 $520,000
311 Daytona 3/2 3/11 $600,000
7576 Sea Gull 4/2 12/10 $618,000
358 Cannon Green 3/2 3/11 $659,000
236 Entrance #10 2/2.5 2/11 $355,000
451 Cannon Green #B 3/2.5 1/11 $454,000
375 Cannon Green #A 3/2 3/11 $415,750
555 Mills Way 3/2.5 4/11 $469,000
7033 Marymount 2/1.5 3/11 $321,300

Ellwood Real Estate Newsletter, April 2011 PDF