Santa Barbara Real Estate through the end of August ‘14 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland
CONDOS: For the Condo segment of the market sales also remained strong going to 44 in August from 43 in July. The median sales price went up however from $565,000 to roughly $715,000 but the numbers of escrows went down from 41 to 39 with the median list price on those escrows rising from $560,000 to about $635,000.
There were about 60 new condo listings that came on the market for the month with a median list price of about $625,000 and an average list price of approximately $710,000. And, just like with the Home Estate/PUD market the overall inventory rose slightly from 118 units for sale at the end of July to 133 at the end of August.
Looking at the Districts, Carpinteria/Summerland sales are down from 66 to 29 with the median sales price rising from $440,000 to $505,000. The numbers of escrows are also down from 64 last year to 29 this year but the median list price on those escrows is up from $449,000 to $529,000.
Montecito condo sales are down with 23 in ’13 and 10 in ‘14 with the median sales price up from $985,000 to $1,318,750. The numbers of escrows also fell with 24 in ’13 and 11 in ‘14 while the median list price on those escrows is up from $990,000 in ’13 to $1,525,000 in ‘14.
East of State St sales are up from 67 to 71 with the median sales price rising from $568,500 to $632,500. The numbers of escrows are also up going from 68 to 74 with the median list price on those escrows rising from $585,000 last year to $637,000 this year.
West of State St sales are up from 75 to 77 with the median sales price rising from $538,500 to $630,000. The escrows also went up from 80 to 85 with the median list price on those escrows going up from $553,500 to $627,000.
Goleta South sales are up from 48 to 61 with the median sales price also up from $439,500 to $550,000. The numbers of escrows are also up with 51 in ’13 and 63 in ‘14 with the median list price on those escrows up from $439,000 last year to $537,000 this year.
Goleta North sales are up from 41 to 50 with the median sales price up from $419,500 to $454,000. The escrows are also up from 37 to 46 with the median list price on those escrows going up from $427,000 to $449,000.
Through the end of August sales of both single family dwellings and condos is down while the prices for both segments is up. In August for the Home Estate/PUD market about 13% of the home sales sold for over the asking price and for condos that number was roughly 30% with most of the over asking sales coming in the Hideaway. For Homes, the percentage of the sales price over the asking price was about 3% while for condos it was about 3.5%. On the other side of the coin 15% of the homes listed for sale had price reductions and 27% of the condos listed had price reductions.
For August the median sales price of single family homes went up dramatically to about $1.4 million but the median list price on escrows went down to about $1 million which means it doesn’t look the median sales price on single family homes will be going up. The median sales price on condos also went up a great deal to about $715,000 with the median list price for escrows also going up but at a lesser rate so condo prices could see another rise. If the inventory continues at the present level it looks like quarter 4 sales will remain strong and that may trigger another round of price hikes.
***Courtesy of the SBMLS