Santa Barbara Real Estate through the end of December ‘11 and for all of 2011 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 December 2011 and all of 2011. Starting with the Home Estate/PUD sector after experiencing 3 months in a row of falling sales December rebounded nicely with 98 closings. The median sales price continued to decline however falling to around $710,000 for the month from $730,000 in November and $745,000 in October.
The numbers of escrows for the month remained strong in December with about 100 opened escrows for the second month in a row. But, the median list price on those escrows in December continued the slide we’ve seen for the past few months falling to $690,000 which should set the table for a further decline in the median sales price down to the mid $600,000 level.
Year over year the numbers of sales are still up for 2011 by about 4.5% while the numbers of escrows is up 17.5%. But, the median sales price has declined about 7% falling to $790,000 for the year and the average sales price has declined even further from $1.46 million last year to $1.18 million for about a 19% drop.
There were 19 sales in December from $1 to $2 million with 11 sales above $2 million and 1 over $5 million but still the predominance of the 98 some sales fell below the $1 million mark with 43 of the 95 sales alone coming in between $400,000 and $700,000.
Looking at the Districts, Carpinteria/Summerland sales are up 11% from 80 to 89 but the median sales price is down from $675,000 to $647,500. The numbers of escrows are also way up going from 75 to 98 with the median list price on those escrows dropping from $679,500 last year to $659,000 this year.
For Montecito, sales are up by 11% going from 153 to 163 with the median sales price dropping from $2.4 million to $2.1 million. Escrows are up 15% going from 155 to 182 but the median list price on those escrows is down from $2.512 million to $2 million.
East of State St sales are up going from 244 in ’10 to 259 in ‘11 but the median sales price is down from $925,000 to $870,000. The escrows are up by 20% going from 245 to 295 with the median list price on those escrows dropping from $979,500 last year to $887,000 this year.
West of State St sales are up 5% from 196 to 206 but the median sales price is down from $785,000 to $686,375. The numbers of escrows are also up with 210 in ’10 compared to 226 in ‘11 but the median list price on those escrows is down from $795,000 last year to $699,000 this year.
Hope Ranch sales are up from 21 to 28 but the median sales price is down from $2.212 million to $1.95 million. The numbers of escrows are also up from 20 to 30 but the median list price on those escrows is down from $2.395 million to $1.995 million.
Goleta South sales are down 7% from 96 to 89 and the median sales price is down from $670,000 to $599,900. The numbers of escrows are up however from 92 to 102 with the median list price on those escrows declining from $699,000 to $584,450.
Goleta North sales are up with 157 in ’10 and 162 in ’11, with the median sales price dropping from $705,000 to $661,500. The numbers of escrows are up however from 165 to 190 with the median list price on those escrows falling from $725,000 to $674,000.
For the Condo segment of the market sales also rose in December climbing to 31 for the month from 25 the previous month but the median sales price dropped from $410,000 in November to $407,000 in December. The numbers of escrows opened in December fell to 24 from 38 in November with the median list price on those escrows declining to $317,000 for the month down from $377,887 in November.
Year over year the numbers of condo sales is down 5.2% but the numbers of escrows are actually up about 3.2%. The median sales price has declined approximately 4% from last year with the average sales price falling about 3.5%. The Sales Price to Original List Price ratio is almost exactly where it was last year in the 90th percentile and the days on the market for the properties that have sold rose a bit in 2011 to 80 from 76 in 2010.
About half of the 35 sales came in below $400,000 with another 13 sales showing up between $400,000 and $550,000. But, there were 2 sales over $1 million with one of those over $2 million. With those higher dollar value sales leading the way the average sales price for the month came in just below $500,000 with the highest priced sale at $2.3 million and the least expensive condo selling for $170,000.
Looking at the Districts, Carpinteria/Summerland sales are down from 66 to 61 with the median sales price falling from $382,500 to $350,000. The numbers of escrows are also down falling from 72 to 64 and the median list price on those escrows is down from $389,000 to $359,000.
Montecito condo sales are down with 26 in ’10 and 23 in ‘11 with the median sales price down from $1,075,000 to $905,750.The numbers of escrows are also down with 26 in ’10 and 23 in ‘11 with the median list price on those escrows also down from $1,095,000 in ’10 to $998,000 in ‘11.
East of State St sales are up 8% from 67 to 73 with the median sales price falling from $481,500 to $462,500. The numbers of escrows are also up going from 61 to 81 with the median list price on those escrows dropping from $519,000 last year to $492,495 this year.
West of State St sales are down 16% from 80 to 67 with the median sales price falling from $496,000 to $437,000. The escrows are even however from 82 to 82 with the median list price on those escrows falling from $500,000 to $429,000.
Goleta South sales are up by 17% from 46 to 54 with the median sales price down just a little from $375,000 to $355,000. The numbers of escrows are up 23% from 47 to 58 with the median list price on those escrows down from $379,500 to $349,000.
Goleta North sales are down 16% from 48 to 40 with the median sales price down from $395,000 to $362,500. The escrows are also down from 53 to 40 with the median list price on those escrows falling from $404,000 to $354,500.
Both the Home Estate/PUD and Condo markets finished the year with strong numbers of sales but declining median sales price and looking at the pending numbers for both segments it looks like this trend will continue into 2012 with increased numbers of sales but lower prices.
