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Santa Barbara Real Estate Update ~ As of December 2014 (Condos)

6-7-2014 1-22-14 AM

Santa Barbara Real Estate through the end of December ‘14 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland

CONDOS: For the Condo segment of the market, sales rose to around 46 in December from 39 in November and 40 in October. The median sales price fell however from $735,000 in November to roughly $525,000 in December while the numbers of escrows fell from 44 in November to about 38 in December with the median list price on those escrows rising just a little from $572,000 in November to about $572,500 in December.

There were about 30 new condo listings that came on the market for the month with a median list price of approximately $570,000 falling from $599,000 in November and an average list price of approximately $655,000 falling from about $750,000 in November while the overall inventory fell for the month from 105 units for sale in November to approximately 85 in December.

Looking at the Districts:

Carpinteria/Summerland sales are down from 83 to 48 with the median sales price rising from $445,000 to $497,000. The numbers of escrows are also down from 78 in ‘13 to 53 in ‘14 but the median list price on those escrows is up from $449,900 to $499,000.

 Montecito condo sales are down with 30 in ’13 and 17 in ‘14 but the median sales price is up from $1,170,000 to $1,565,000. The numbers of escrows are also down with 29 in ’13 and 19 in ‘14 while the median list price on those escrows is up from $1,245,000 in ’13 to $1,749,000 in ‘14.

East of State Street sales are even from 103 to 103 with the median sales price rising from $545,925 to $640,000. The numbers of escrows are up going from 100 to 105 with the median list price on those escrows up from $570,000 in ‘13 to $644,000 to ‘14.

West of State Street sales are up from 113 to 130 with the median sales price rising from $535,000 to $644,000. The escrows went up from 112 to 135 with the median list price on those escrows going from $558,500 to $629,500.

 Goleta South sales are up from 72 to 99 with the median sales price up from $445,000 to $538,500. The numbers of escrows are also up with 76 in ’13 and 99 in ‘14 with the median list price on those escrows up from $449,500 in ’13 to $550,000 in ‘14.

Goleta North sales are up from 57 to 62 with the median sales price up from $420,000 to $455,000. The escrows are also up from 55 to 62 with the median list price on those escrows going up from $425,000 to $449,000.

Through the end of December sales of single-family homes is down about 17% while the median sales price for those homes is up about 19%. For condos, sales are down approximately 2% with the median sales price up about 10%.Of the single-family homes that sold for the month roughly 9% of those sales were over the asking price and for condos that number was also 9%.  The average over asking price for homes that sold was about 3% and for condos that number was about 4%. On the other side of the coin 15% of the single-family homes had a price reduction and 18% of the condos dropped their price. 

At the end of 2014 sales of single-family homes went down significantly while the median sales price for those homes went up significantly. But, with new listings declining 4 years in row it looks like the numbers of sales will continue to decline in 2015. Also, despite the huge run up in the median sales price for the year that rise started cooling in the last 5 months of the year with the median sales price declining 4 months in a row. If interest rates start to move up then prices will fall but if interest rates remain low then prices should flatten out. For 2015 the real estate market is dependent on the inventory. If the listings start increasing reversing the trend of the previous 4 years then the sales will rise but if listings remain stagnant then sales will continue to decrease. 

***Courtesy of the Santa Barbara Multiple Listing Service

 

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