Santa Barbara Real Estate through the end of February ‘12 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 February 2012. Sales for the month lagged slightly from January but the numbers of escrows remained strong with over 100. This marks the third month in a row where escrows have been slightly below or slightly above 100. The median sales price for the month declined however dropping below $700,000 to $677,500 from $810,000 in January and the days on the market for the sold properties also declined to the low 70s from the low 80s in January.
The decline in the median sales price is because of the increased activity below the $1 million range with about a dozen sales below $500,000 and over 2 dozen sales between $500,000 and $700,000. Also contributing to the decline in median sales price is a reduction in the number of sales from $1 to $2 million which dropped about 20% from January and a weakening in the sales above $2 million which fell by about half.
With escrows remaining strong and the days on the market coming down, single family home sales will remain robust through the first quarter and on into the second quarter. Even more encouraging news is that it looks like the decline in the median sales price may be evening out despite the significant fall in February. Both January and February had a median list price for homes entering escrow in the $780,000 range up from roughly $690,000 in December.
Comparing the first 2 months of 2011 with the same period in 2012 we see sales up from the low 90s last year to the high-130 range this year. But, the median sales price has declined from about $830,000 last year to around $760,000 this year. The escrows are also up from about 125 in ’11 to over 200 in ’12 but the median list price on those escrows is down from approximately $850,000 last year to about $780,000 this year.
Looking at the Districts, Carpinteria/Summerland sales are up from 8 to 14 and the median sales price is down from $672,500 to $570,000. The numbers of escrows are also up going from 7 to 13 with the median list price on those escrows rising from $725,000 last year to $1,100,000 this year.
For Montecito, sales are up going from 12 to 22 with the median sales price rising from $1.75 million to $1.8 million. Escrows are also up going from 22 to 39 but the median list price on those escrows is down from $2.497 million to $1.995 million.
East of State St sales are up going from 24 in ’11 to 45 in ‘12 but the median sales price is down from $935,000 to $807,500. The escrows are also up going from 36 to 60 with the median list price on those escrows dropping from $985,000 last year to $807,500 this year.
West of State St sales are down from 25 to 20 and the median sales price is down from $730,000 to $689,625. The numbers of escrows are up however with 27 in ’11 compared to 37 in ‘12 but the median list price on those escrows is down from $710,000 last year to $694,000 this year.
Hope Ranch sales are up from 3 to 5 and the median sales price is up from $1.6 million to $1.875 million. The numbers of escrows are down however with 5 last year compared to 3 this year. But, the median list price on those escrows is up from $2.047 million in ’11 to $2.29 million in ‘12.
Goleta South sales are up with 5 last year and 12 this year but the median sales price is down from $707,500 to $519,000. The numbers of escrows are up however from 12 to 24 with the median list price on those escrows declining from $629,000 to $504,890.
Goleta North sales are up with 24 in ’11 and 25 in ’12 with the median sales price dropping from $705,000 to $624,000. The numbers of escrows are also up from 27 to 31 with the median list price on those escrows falling from $704,000 to $579,000.
For the Condo segment of the market sales rose from January when there were 13 to about 17 in February but the median sales price remained at approximately $365,000. The numbers of escrows jumped significantly however going from 30 in January to 43 in February and the median list price on those escrows also went up from $365,500 to approximately $430,000. What also rose for the month were the days on the market of sold properties which about tripled from 35 in January to about 105 in February.
Comparing February 2011 with February 2012, sales are basically equal rising from 16 to 17 but the median sales price has dropped from $422,500 to about $365,000. Escrows are up about 70% however with the median list price on those escrows also up from $407,375 to roughly $420,000. With year over year sales down about 6% from 2011 the median sales price has also declined about 11%. But, escrows are way up with the median list price on those escrows basically unchanged.
Looking at the Districts, Carpinteria/Summerland sales are down from 9 to 3 with the median sales price falling from $350,000 to $286,833. The numbers of escrows are up from 6 last year to 7 this year and the median list price on those escrows is down from $479,950 to $390,000.
Montecito condo sales are down with 4 in ’11 and 2 in ‘12 with the median sales price up from $645,000 to $1,034,950.The numbers of escrows fell with 3 in ’11 and 2 in ‘12 while the median list price on those escrows is up from $998,000 in ’11 to $1,394,740 in ‘12.
East of State St sales are up from 4 to 5 with the median sales price falling from $429,750 to $415,000. The numbers of escrows are up however going from 6 to 28 with the median list price on those escrows rising from $414,500 last year to $584,000 this year.
West of State St sales are down from 4 to 3 with the median sales price rising from $422,500 to $465,000. The escrows are up from 7 to 16 with the median list price on those escrows falling from $420,000 to $381,850.
Goleta South sales are down from 10 to 6 with the median sales price also down from $369,000 to $228,250. The numbers of escrows are equal with 9 in both years with the median list price on those escrows down from $375,950 last year to $299,900 this year.
Goleta North sales are down from 5 to 3 with the median sales price down from $399,000 to $357,000. The escrows are up from 5 to 13 with the median list price on those escrows falling from $425,000 to $365,500.
Both the Home Estate/PUD and Condo markets look strong ending the first quarter and going into the second quarter. Also, the median sales price decline for homes seems to have stabilized and there may even be a slight rise in the price of condos. Home sales in the $1 to $2 million range have slowed however and above $2 million there is not a lot of activity. But, there are some higher priced homes and condos in escrow currently so this picture will change shortly.
