Santa Barbara Real Estate through the end of November‘10 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland
This is an analysis of the Santa Barbara Real Estate market including Carpinteria/Summerland, Montecito, Hope Ranch, downtown Santa Barbara and Goleta through the month of November ’10. Starting with the Home Estate/PUD sector in November, after sales declining for 6 out of the previous 7 months sales went up if ever so slightly from the month of October. The median sales price for the month also went up slightly from October finishing the month of November around $875,000. When you look at the entire year of 2010 the median sales price is right about where it was last year at this time at approximately $855,000 and according to Case-Schiller and Inman that is where it will remain for the next 18 months to 2 years.
Sales for November below $1 million fell markedly to 38 as did the sales from $1 to $2 million dropping to 12. The sales from $2 million and up remained rose however to 16 with only 1 sale over $5 million and that sale taking almost 600 days to complete the buying process.
Looking at the first 11 months of ’10 we see that sales are up from ’09 by about 9% with over 800 sales in ’10. Escrows are also up about 8% for the year with the median list price on those escrows almost exactly where it was last year currently residing at about $880,000. New listings are also up about 8% for the year but the median list price on those new listings fell from approximately $1.2 million last year to just under $1 million this year.
Looking at the Districts, we see that in Carpinteria/Summerland through November ’10, sales are up about 12% from 62 to 70 and the median sales price is almost exactly where it was last year rising from $670,000 in ’09 to $675,000 in ’10. In Montecito, sales are up slightly from 127 last year to 136 this year for a 7% increase and the median sales price is almost exactly where it was last year falling from $2.475 million to $2,425,000.
For the East Side of Santa Barbara, sales are up about 7% going from 205 in ’09 to 222 in ’10. The median sales price is also up slightly from $899,500 last year to $929,500 this year. The West Side has also seen an increase in sales going from 144 last year to 170 this year for an 18% increase and the median sales price has gone up from $750,000 last year to $795,000 this year.
In Hope Ranch, sales are up by 2 from 18 to 20 this year with the median sales price going up from $2,335,000 to $2,375,000 this year. Because of some rather large sales the average sales price in Hope Ranch is way up however from $3,662,361 in ’09 to $3,993,212 in ’10.
For Goleta South, home sales are up from 76 to 86 for a 13% rise but the median sales price has gone up only slightly from $670,000 last year to $672,500 this year. Goleta North sales are up about 5% from 140 to 147 and the median sales price is up from $704,500 to $710,000.
Despite the numbers of sales falling for 6 out of the last 7 months and moving up a little in November we are still about 9% ahead of where we were last year, but the median sales price remains at almost exactly where it was last year at this time.
For the Condo market, sales fell from 33 in October to 26 for November. The median sales price also fell from $475,000 in October to $425,000 in November. The numbers of opened escrows rose to 31 for November up from 26 in October but the median list price on those escrows also stayed the same for both months at just under $400,000.
After being ahead of the ’09 sales pace for most of the year, sales are almost exactly where they were last year with 297 in ’10 compared to 292 in ’09. The numbers of escrows fell however about 6% from ‘09 declining from 324 last year to 311 in ’10. The rest of the numbers including new listings, sales price to original list price ratio and average sales price remain almost exactly where they were at this time last year.
With sales in the mid 20’s for November 2010, 11 of those sales were between $350,000 and $450,000 with 14 sales between $300,000 and $500,000. There were 2 sales above $1 million however but one of those sales took a whopping 925 days to complete.
Looking at the Districts, we see that condo sales in Carpinteria/Summerland are up about 20% going from 47 last year to 56 this year. But, with the numbers of sales up, the median sales price is down from $417,500 last year to $388,850 this year with the average sales price down from $504,602 last year to $434,113 this year. In Montecito, sales are up more than double from 10 to 22, but the median sales price is about where it was last year rising slightly from $1,060,000 last year to $1,062,500 this year with the average sales price falling slightly from $1,151,400 to $1,128,636.
On the East Side of Santa Barbara sales are up by 27% from 51 last year to 65 this year but the median sales price has gone down from $534,450 to $475,000 with the average sales price also falling from $651,124 to $586,747. Condo sales are also up on the West Side of Santa Barbara but not nearly as far as the East Side. In ’09 there were 73 sales on the West Side and this year there have been 74. The median sales price is down slightly however dipping from $505,000 last year to $496,000 this year.
For Goleta South, sales have dropped by 30% from 64 last year to 45 this year with the median sales price also going down from $451,000 last year to $370,000 this year. Sales are also down for Goleta North from 55 last year to 42 this year for a 27% decline with the median sales price going up from $394,000 to $408,500.
Sales for the Condo Markets in the Santa Barbara area are almost exactly where they were last year after being way ahead of the previous year’s numbers for most of the year. Escrows have flattened out for the past 3 months remaining about 6% behind where they were last year and the median sales price while not declining as precipitously as it has been for the previous 2 years is still declining in ’10 down to about $435,000 for the year.
The single family dwelling market despite an increase of about 9% in the numbers of sales and 8% for escrows and new listings is basically where it was last year at this time. The median sales price is almost exactly where it was last year but the average sales price is slightly ahead going up from $1.37 million to $1.465 million. For the foreseeable future it looks like things are going to remain about where they’ve been for the last year for Santa Barbara Real Estate.