Santa Barbara Real Estate through the end of January‘14 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 January 2014. For the Home Estate/PUD market the numbers of sales fell from the previous month to about 70 in January from 102 in December and 81 in November. The Median Sales price for the month rose however going to about $1.25 million in January from $986,000 in December and $990,000 in November. But, the opened escrows fell in January to about 65 from approximately 70 in December and they were also down from the 85 we saw in November. The median list price on those escrows fell only slightly however from $995,000 in December to about $990,000 in January. There were approximately 115 new listings that came on the market in January with a median list price of approximately $1.3 million and an average list price of just about $2.6 million which left the overall inventory rising from about 215 units for sale at the start of January to roughly 240 at the start of February.
Year over year sales are down about 13.5% from the start of 2013 but the median sales price is up to about $1,250,000 from $850,000 at the start of last year. The average sales price is also up going from about $1.25 million in 2013 to approximately $1.45 million in 2014 for a 15% rise while the numbers of escrows are down with about 90 in January ’13 to roughly 70 in ‘14 with the median list price on those escrows up about 10% to approximately $990,000.
Looking at the Districts, Carpinteria/Summerland sales are down from 6 to 1 and the median sales price is down from $824,000 to $755,365. The numbers of escrows are also down from 9 to 4 with the median list price on those escrows rising from $699,000 last year to $774,000 this year.
For Montecito, sales are up going from 13 to 19 with the median sales price falling from $2.74 million to $2.112 million. Escrows are down going from 23 to 10 and the median list price on those escrows is down from $2.695 million to $1.791 million.
East of State St sales are up going from 16 in ’13 to 26 in ‘14 and the median sales price is up from $895,000 to $1,150,000. The escrows went down from 20 to 17 with the median list price on those escrows rising from $945,000 last year to $1,195,000 this year.
West of State St sales are up from 15 to 20 and the median sales price is up from $682,450 to $1,055,000. The numbers of escrows are down with 17 in ’13 compared to 13 in ‘14 but the median list price on those escrows is up from $689,900 last year to $895,000 this year.
Hope Ranch sales are down from 5 to 1 and the median sales price is down from $1.983 million to $1.955 million. The numbers of escrows are up with 0 last year compared to 3 this year but the median list price on those escrows is up from $0 in ’13 to $2.85 million in ‘14.
Goleta South sales are down with 14 last year and 4 this year but the median sales price is up from $650,000 to $827,500. The numbers of escrows are down from 7 to 3 with the median list price on those escrows rising from $699,000 to $1,025,000.
Goleta North sales are down with 15 in ’13 and 4 in ’14 with the median sales price rising from $695,000 to $949,000. The numbers of escrows are down from 16 to 10 with the median list price on those escrows going from $795,000 to $759,000.
For the Condo segment of the market sales fell to around 20 in January from about 35 in December and 30 in November. The median sales price rose however from $474,000 in December to roughly $600,000 in January while the numbers of escrows fell from 31 in December to about 25 in January with the median list price on those escrows rising from $475,000 in December to about $560,000 in January.
There were about 30 new condo listings that came on the market for the month with a median list price of approximately $590,000 rising from $460,000 the previous month and an average list price of approximately $640,000 going up from about $455,000 in December while the overall inventory fell in January from about 90 units for sale at the start of January to approximately 85 at the start of February.
Looking at the Districts, Carpinteria/Summerland sales are down from 6 to 3 with the median sales price rising from $432,191 to $670,000. The numbers of escrows are also down from 3 last year to 1 this year and the median list price on those escrows is down from $587,890 to $539,900.
Montecito condo sales are down with 1 in ’13 and 0 in ‘14 down the median sales price is down from $995,000 to $0.The numbers of escrows are down with 3 in ’13 and 1 in ‘14 while the median list price on those escrows is up from $870,000 in ’13 to $950,000 in ‘14.
East of State St sales are down from 6 to 4 with the median sales price rising from $575,259 to $699,500. The numbers of escrows are up going from 6 to 8 with the median list price on those escrows down from $656,750 last year to $585,000 this year.
West of State St sales are down from 5 to 3 with the median sales price rising from $406,500 to $750,000. The escrows went down from 10 to 7 with the median list price on those escrows going from $409,500 to $579,000.
Goleta South sales are up from 2 to 5 with the median sales price up from $307,500 to $445,000. The numbers of escrows are also up with 3 in ’13 and 5 in ‘14 with the median list price on those escrows up from $225,000 last year to $574,900 this year.
Goleta North sales are down from 7 to 4 with the median sales price up from $256,250 to $425,000. The escrows are even from 3 to 3 with the median list price on those escrows going up from $369,000 to $419,000.
Through the end of January sales of single family homes is about 23.5% down from ’13 while the median sales price for those homes is up to about $1.25 million from approximately $850,000 last year. For condos, sales are down roughly 27% with the median sales price up about 45%. Of the single family homes that sold for the month roughly 15% of those sales were over the asking price and for condos that number was about 16%. The average over asking price for homes that sold was about 6% and for condos that number was about 2%.
At the beginning of 2014 sales of both single family homes and condos is down substantially while the median sales price for both segments is up. For 2014 the real estate market is still dependent on the inventory. If the listings start increasing then the numbers of sales will rise and the median sales price will moderate. But, if listings remain stagnant then sales will decrease but the median sales price will continue to go up.