Santa Barbara Real Estate through the end of February ‘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 February 2013. For the Home Estate/PUD market sales remained strong for the month coming in with about 80 which is just about where we left off in January. The Median Sales Price rose markedly however going from about $830,000 in January to around $930,000 in February. The Days on the Market for Sold properties also went up substantially from 50 to around 90 and the opened escrows also went up from 95 to over 120 with the median list price on those escrows remaining in the $950,000 range. There were about 140 new listings that came on the market in February with a median list price of about $1.1 million and an average list price of about $1.9 million but the overall inventory fell from about 290 to around 280.
Year over year sales are up about 15% with the median sales price up at about the same rate to roughly $890,000. The average sales price is way up however going from just over $1 million in 2012 to approximately $1.5 million in 2013. The numbers of escrows are also up about 15% with the median list price on those escrows up almost 20%
Looking at the Districts, Carpinteria/Summerland sales are up from 13 to 15 and the median sales price is up from $570,000 to $825,000. The numbers of escrows are also up from 12 to 20 with the median list price on those escrows falling from $1,197,500 last year to $850,000 this year.
For Montecito, sales are up going from 22 to 35 with the median sales price rising from $1.8 million to $2.74 million. Escrows are also up going from 36 to 44 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 42 in ’12 to 32 in ‘13 but the median sales price is up from $805,000 to $895,000. The escrows are also down going from 56 to 51 with the median list price on those escrows rising from $875,000 last year to $989,000 this year.
West of State St sales are up from 18 to 28 and the median sales price is up from $689,625 to $722,888. The numbers of escrows are up with 33 in ’12 compared to 45 in ‘13 and the median list price on those escrows is up from $699,900 last year to $849,000 this year.
Hope Ranch sales are up from 5 to 6 and the median sales price is up from $1.875 million to $2.341 million. The numbers of escrows are up with 3 last year compared to 7 this year. But, the median list price on those escrows is down from $2.29 million in ’12 to $2.195 million in ‘13.
Goleta South sales are up with 12 last year and 19 this year and the median sales price is up from $519,000 to $655,000. The numbers of escrows are down however from 21 to 13 with the median list price on those escrows rising from $532,000 to $699,000.
Goleta North sales are up with 26 in ’12 and 29 in ’13 with the median sales price rising from $624,000 to $712,000. The numbers of escrows are also up from 29 to 35 with the median list price on those escrows going from $615,000 to $730,000.
For the Condo segment of the market sales also remained about where they were in January rising slightly to 27. The median sales price went up significantly however from about $410,000 to roughly $480,000. The numbers of escrows also went up from 28 to approximately 38 with the median list price on those escrows rising from $422,500 to about $500,000
There were about 40 new condo listings that came on for the month with a median list price of about $560,000 and an average list price of about $700,000 but just like with the Home Estate/PUD market the overall inventory fell slightly from just below 50 to just about 45.
Looking at the Districts, Carpinteria/Summerland sales are up from 3 to 9 with the median sales price rising from $297,500 to $445,382. The numbers of escrows are up from 6 last year to 14 this year and the median list price on those escrows is up from $390,000 to $437,000.
Montecito condo sales are up with 2 in ’12 and 5 in ‘13 with the median sales price down from $1,034,950 to $852,500.The numbers of escrows rose with 2 in ’12 and 8 in ‘13 while the median list price on those escrows is down from $1,394,740 in ’12 to $799,000 in ‘13.
East of State St sales are up from 5 to 10 with the median sales price rising from $415,000 to $491,750. The numbers of escrows are down however going from 24 to 11 with the median list price on those escrows falling from $599,000 last year to $498,500 this year.
West of State St sales are up from 12 to 15 with the median sales price falling from $457,500 to $415,000. The escrows are up from 16 to 19 with the median list price on those escrows going from $381,850 to $512,000.
Goleta South sales are up from 6 to 8 with the median sales price also up from $217,500 to $423,000. The numbers of escrows are up with 9 in ’12 and 11 in ‘13 with the median list price on those escrows up from $299,900 last year to $364,000 this year.
Goleta North sales are up from 3 to 10 with the median sales price down from $357,000 to $285,000. The escrows are down from 12 to 5 with the median list price on those escrows going from $369,000 to $369,000.
Through the end of February sales and prices for both the Home Estate/PUD and Condo markets are up with about 35% of the homes going for over the asking price and about 15% of the condos also selling for over asking. But, of the approximately 26 over asking home sales 4 of them were in The Bluffs and were probably just for the upgrades and 1 of the condo sales was in Bella Riviera and was probably also for the upgrades. The average over asking price for homes came in at about 7% with the condo over asking percentage just slightly lower. If the inventory starts to pick up which it should with sellers seeing prices going up then 2013 will be another big year.