David Mires, Santa Barbara Realtor

Foothill School is located between Patterson and Turnpike off of Cathedral Oaks in Santa Barbara.

Foothill Elementary's 2011 Academic Performance Index (API) Score was 917 compared to 916 for last year. The API score ranges from 200 to 1000, with 800 as the statewide goal for all schools.

As far as home sale prices, we've seen prices drop nearly 35% from the high in 2006/2007.

Currently, we have condos in the district from the mid $300,000's to Single Family Homes north of $1MM. We've recently seen a bank-owned home sell for $485K.

Please see the following link for all the homes currently for sale in the Foothill Elementary attendance area:

www.foothillschoolhomes.com

Additionally, you can see more one-click home searches on our website, www.miresrealestate.com.

For a customized neighborhood report with closed, pending and active listings sent instantly to your inbox, please see www.santabarbarahomeseller.com

Please contact us with any of your real estate needs!

August Property sales were 119, up 19% from 100 in August of 2010 and 2.6% higher than the 116 sales last month. August 2011 sales were at their highest level compared to August of 2010 and 2009. August YTD sales of 786 are running 5.1% ahead of last year's year-to-date sales of 748.

The Median Sales Price in August was $727,000, down 6.6% from $778,500 in August of 2010 and down 8.6% from $795,000 last month. The Average Sales Price in August was $1,090,524, down 5.2% from $1,149,937 in August of 2010 and down 2.9% from $1,122,988 last month. August 2011 ASP was at the lowest level compared to August of 2010 and 2009.

The Total Inventory of Properties available for sale as of August was 784, down 6.9% from 842 last month and down 21.9% from 1,004 in August of last year. August 2011 Inventory was at its lowest level compared with August of 2010 and 2009.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2011 MSI of 6.6 months was at its lowest level compared with August of 2010 and 2009.

The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for August was 94, up 9.3% from 86 days last month and up 9.3% from 86 days in August of last year. The August 2011 DOM was at a mid level compared with August of 2010 and 2009.

The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The August 2011 Selling Price vs Original List Price of 94.8% was down from 94.9% last month and down from 95.4% in August of last year.

June property sales were 112, up 1.8% from 110 in June of 2010 and 0.9% lower than the 113 sales last month. June 2011 sales were at their hightest level compared to June of 2010 and 2009. June YTD sales of 548 are running 0.6% ahead of last year's year-to-date sales of 548.

The Median Sales Price in June was $860,000, down 0.5% from $864,000 in June of 2010 and up 9.5% from $785,378 last month. The Average Sales Price in June was $1,254,882, up 9.3% from $1,148,172 in June of 2010 and up 4.6% from $1,199,766 last month. June 2011 ASP was at the highest level compared to June of 2010 and 2009.

The Total Inventory of properties available for sale as of June was 838, up 0.1% from 837 last month and down 15.4% from 991 in June of last year. June 2011 Inventory was at its lowest level compared with June of 2010 and 2009.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2011 MSI of 7.5 months was at its lowest level compared with June of 2010 and 2009.

The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend to move towards a more of a Seller's market. The DOM for June was 87, down 17.1% from 105 days last month and equal to 87 days in June of last year. The June 2011 DOM was at a mid level compared with June of 2010 and 2009.

As a full-time real estate agent in Santa Barbara, CA, I am getting tired of hearing the negatives on the housing market, tight-lending, short-sales, foreclosures, lost equity, blah, blah, blah . . . .

Isn't it time we start looking to the future and see the opportunity that sits in front of many of us? I agree, that unemployment, the debt-crisis and economic stuggles of our local and federal governments weigh heavily on our nation and populous. Being a realtor, this has weighed heavily on my business.

What sits in front of us are historic times. For buyers that have the means and qualifications, what are you waiting for? Rates are at historic lows. Prices are at 10 year lows. Inventory is down from the insane highs of 2006 and 2007, but still considered healthy. I know many of you are waiting for the bottom . . . but that must balanced with rates, yes? Just this week, rates ticked up .375% here locally. Still at historic lows, but an upward trend is now inevitable. What about prices? They may dip a bit more, but the bottom will only be seen in hindsight, and once that is known, you basically missed it. And the benefits gained from waiting, may be balanced out by the increase in rates.

For sellers, the decrease in inventory, coupled with low rates and low prices should equate to generating demand as explained by basic economics. Obviously, prices are down from the highs of 2006 and 2007, but priced correctly, the property will sell. Sure, lending is tight, but banks are slowly loosening the reigns and this should begin to translate. Let's not forget the interest rates of the 1980's that pushed north of 15%!

In sum, Real Estate has always been a great long-term investment and still is! The gain seen in Santa Barbara through the last decade, 2000-2010, was 48%! This stat was taken from the Santa Barbara Multiple Listing Service, based on median price. That takes into account the over 30% drop we saw at the end of the decade. Comparatively, the 90's saw a 53% gain.

This blog post is more about throwing something positive out there, which is a scarcity these days. I know times are tough, but when these tough times are seen in hindsight - that is the time when we will see that great opportunity existed as well.

May Property sales were 108, up 3.8% from 104 in May of 2010 and 18.7% higher than the 91 sales last month. May 2011 sales were at their highest level compared to May of 2010 and 2009. May YTD sales of 430 are running 1.1% behind last year's year-to-date sales of 435.

The Median Sales Price in May was $785,189, down 14% from $912,500 in May of 2010 and down 11.3% from $885,000 last month.

The total inventory of properties available for sale as of May was 817, up 1.2% from 807 last month and down 14% from 950 in May of last year. May 2011 inventory was at its lowest level compared with May of 2010 and 2009.

A comparatively lower month's supply of inventory is more beneficial for sellers while a higher month's supply of inventory if better for buyers. the May 2011 month's supply of inventory of 7.6 months was at its lowest level compared with May of 2010 and 2009.

In sum, prices have fallen for both homes and condos and we are behind last year as far as units sold. A bright spot in the May numbers is the increase in the number of escrows opened, but our fallout rate is almost twice that from this time last year. According to Gary Woods, most of these fallouts are because of lender issues. If we can get more of these escrows to stick, sales will increase and pricing may stabilize.

Information in this report was gathered from the Santa Barbara Multiple listing service, and does not reflect all relevant real estate activity.

Please contact me with any questions and/or feedback.