Santa Barbara Real Estate through the end of April ‘13 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 April 2013. For the Home Estate/PUD market the numbers of sales went up in April to about 130 from the approximately 100 in March and roughly 80 in February. The Median Sales Price went down however to about $920,000 for the month falling slightly from the $929,000 in March and $926,000 in February. The opened escrows went up substantially however to almost 160 from the 122 in March and 110 in February while the median list price on those escrows increased for the past three months going from $917,000 in February to $949,000 in March and to about $975,000 in April. There were about 175 new listings that came on the market in April with a median list price of approximately $1.15 million and an average list price of just about $2 million while the overall inventory went up only slightly from about 289 units for sale in March to just under 300 in April.
Year over year sales are up about 15% with the median sales price up to roughly $900,000 for a 16% rise. The average sales price is also up going from just over $1.237 million in 2012 to approximately $1.5 million in 2013 for a 19% rise and the numbers of escrows are also up about 11% with the median list price on those escrows up about 19%.
Looking at the Districts, Carpinteria/Summerland sales are up from 26 to 29 and the median sales price is up from $690,000 to $844,500. The numbers of escrows are also up from 28 to 39 with the median list price on those escrows falling from $1,195,000 last year to $852,262 this year.
For Montecito, sales are up going from 64 to 72 with the median sales price rising from $1.824 million to $2.642 million. Escrows are also up going from 88 to 91 and the median list price on those escrows is up from $2.195 million to $2.58 million.
East of State St sales are up going from 95 in ’12 to 98 in ‘13 and the median sales price is up from $849,500 to $945,000. The escrows are also up going from 110 to 122 with the median list price on those escrows rising from $879,000 last year to $995,000 this year.
West of State St sales are up from 61 to 77 but the median sales price is down from $749,000 to $723,894. The numbers of escrows are up with 86 in ’12 compared to 105 in ‘13 and the median list price on those escrows is up from $699,950 last year to $849,000 this year.
Hope Ranch sales are up from 6 to 15 and the median sales price is up from $1.82 million to $2.01 million. The numbers of escrows are also up with 6 last year compared to14 this year. But, the median list price on those escrows is down from $2.295 million in ’12 to $2.027 million in ‘13.
Goleta South sales are down with 37 last year and 35 this year but the median sales price is up from $562,500 to $676,000. The numbers of escrows are also down from 55 to 35 with the median list price on those escrows rising from $599,000 to $699,000.
Goleta North sales are up with 66 in ’12 and 76 in ’13 with the median sales price rising from $610,000 to $749,297. The numbers of escrows are even however from 77 to 77 with the median list price on those escrows going from $614,900 to $775,000.
The Condo segment of the market remained strong with about 35 sales in April up from 28 in February but down from 37 in March. The median sales price went up a lot however from about $455,000 in March to roughly $555,000 in April and the numbers of escrows went up from 33 to over 40 for the month with the median list price on those escrows falling a little from $524,700 to about $515,000
There were roughly 60 new condo listings that came on the market for the month with a median list price of about $580,000 and an average list price of approximately $745,000 and, just like with the Home Estate/PUD market the overall inventory hardly moved at all coming in with about 65 active listings from Carpinteria to Goleta.
Looking at the Districts, Carpinteria/Summerland sales are up from 12 to 26 with the median sales price rising from $341,500 to $436,000. The numbers of escrows are also up from 17 last year to 30 this year and the median list price on those escrows is up from $409,000 to $459,475.
Montecito condo sales are up with 6 in ’12 and 12 in ‘13 with the median sales price down from $1,027,500 to $995,000.The numbers of escrows rose with 10 in ’12 and 12 in ‘13 while the median list price on those escrows is down from $1,222,500 in ’12 to $967,000 in ‘13.
East of State St sales are down from 30 to 23 with the median sales price rising from $465,040 to $490,000. The numbers of escrows are down however going from 58 to 33 with the median list price on those escrows falling from $625,000 last year to $524,000 this year.
West of State St sales are up from 25 to 33 with the median sales price rising from $400,000 to $515,000. The escrows went from 33 to 36 with the median list price on those escrows going from $350,050 to $549,000.
Goleta South sales are up from 17 to 18 with the median sales price also up from $258,000 to $442,500. The numbers of escrows are down with 25 in ’12 and 21 in ‘13 with the median list price on those escrows up from $277,400 last year to $427,250 this year.
Goleta North sales are up from 14 to 21 with the median sales price also up from $333,750 to $378,000. The escrows are down from 22 to 16 with the median list price on those escrows going from $362,000 to $412,000.
Through the end of April sales and the median sales price for both Single Family Homes and Condos are up. Of the properties that sold for the month roughly 35% of those sales were over the asking price and for condos that number was about 45%. The average over asking price for homes that sold was about 6.5% and for condos that number was about 7%. There have been a significant number of new listings coming on the market but the surge in escrows and sales has kept the overall inventory at a very low level. With prices starting to surge it will be interesting to see if the current pace of sales can be maintained.