Santa Barbara Real Estate through the end of August ‘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 August 2013. For the Home Estate/PUD market the numbers of sales stayed about where it’s been for the past couple of months with about 120 in August rising from 113 in July and 115 in June. The Median Sales Price went back up however to over $1 million for the second time in three months going from $948,000 in July and $1,035,000 in June rising to $1,104,500 in August. The opened escrows also remained stable in August with about 120 compared to 104 in July and 122 in June while the median list price on those escrows fell, going from $999,450 in July to roughly $930,000 in August. There were about 150 new listings that came on the market in August with a median list price of approximately $1.1 million and an average list price of just about $2 million which moved the overall inventory up from 333 units for sale in July to 337 in August.
Year over year sales are up about 2% with the median sales price up to roughly $940,000 for a 17.5% rise. The average sales price is also up going from about $1.37 million in 2012 to approximately $1.44 million in 2013 for a 5% rise while the numbers of escrows are also up but only by approximately 0.5% with the median list price on those escrows up about 15%.
Looking at the Districts, Carpinteria/Summerland sales are up from 59 to 72 and the median sales price is up from $735,000 to $849,500. The numbers of escrows are also up from 59 to 82 with the median list price on those escrows rising from $749,000 last year to $850,000 this year.
For Montecito, sales are down going from 172 to 165 with the median sales price rising from $1.9 million to $2.424 million. Escrows are also down going from 198 to 181 and the median list price on those escrows is up from $1.995 million to $2.495 million.
East of State St sales are down going from 234 in ’12 to 228 in ‘13 but the median sales price is up from $870,000 to $970,000. The escrows went from 237 to 228 with the median list price on those escrows rising from $900,000 last year to $999,000 this year.
West of State St sales are up from 182 to 187 and the median sales price is up from $702,500 to $867,250. The numbers of escrows are up with 202 in ’12 compared to 205 in ‘13 and the median list price on those escrows is up from $699,950 last year to $890,000 this year.
Hope Ranch sales are up from 20 to 25 and the median sales price is down from about $2 million to $1.914 million. The numbers of escrows are down with 23 last year compared to 22 this year and the median list price on those escrows is down from $2.3 million in ’12 to $2.027 million in ‘13.
Goleta South sales are up with 82 last year and 84 this year and the median sales price is up from $600,000 to $702,500. The numbers of escrows are down from 102 to 82 with the median list price on those escrows rising from $659,000 to $699,000.
Goleta North sales are up with 147 in ’12 and 148 in ’13 with the median sales price rising from $619,250 to $772,500. The numbers of escrows are down however from 158 to 155 with the median list price on those escrows going from $625,000 to $775,000.
The Condo segment of the market remained strong with about 50 sales in August up from 42 in July and 40 in June. The median sales price went down a lot however from $580,000 in July to approximately $510,000 in August while the numbers of escrows went down from 47 in July to about 40 in August with the median list price on those escrows falling from $559,000 in July to about $530,000 in August.
There were about 60 new condo listings that came on the market for the month with a median list price of about $645,000 and an average list price of approximately $815,000 while the overall inventory rose in August from about 50 units for sale in July to approximately 85 in August and the median list price on those listings went up to about $1.1 million in August from $650,000 in July.
Looking at the Districts, Carpinteria/Summerland sales are up from 36 to 66 with the median sales price rising from $364,500 to $437,500. The numbers of escrows are also up from 45 last year to 64 this year and the median list price on those escrows is up from $384,250 to $449,000.
Montecito condo sales are up with 20 in ’12 and 23 in ‘13 with the median sales price down from $1,105,000 to $985,000.The numbers of escrows are up with 22 in ’12 and 23 in ‘13 while the median list price on those escrows is down from $1,195,000 in ’12 to $962,000 in ‘13.
East of State St sales are down from 89 to 67 with the median sales price rising from $499,990 to $568,500. The numbers of escrows are also down going from 126 to 70 with the median list price on those escrows down from $592,000 last year to $585,000 this year.
West of State St sales are up from 62 to 75 with the median sales price rising from $378,300 to $538,500. The escrows went from 64 to 83 with the median list price on those escrows going from $378,300 to $553,500.
Goleta South sales are up from 45 to 48 with the median sales price also up from $279,000 to $439,500. The numbers of escrows are down with 52 in ’12 and 51 in ‘13 with the median list price on those escrows up from $299,900 last year to $437,000 this year.
Goleta North sales are up from 40 to 41 with the median sales price also up from $345,000 to $419,500. The escrows are down however from 48 to 38 with the median list price on those escrows going from $365,000 to $429,000.
Through the end of August sales of single family homes is up about 2% while the median sales price for those homes is up about 17.5%. For condos, sales are up approximately 11% with the median sales price up roughly 25%. Of the single family homes that sold for the month roughly 20% of those sales were over the asking price and for condos that number was about 30%. The average over asking price for homes that sold rose to about 9.5% and for condos that number was about 2.5%. Sales picked up in August as well as escrows and the median sales price went back up to over $1 million. With the rise in escrows and prices the rest of 2013 should remain strong.