Santa Barbara Real Estate through the end of July ‘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 July 2012. For the Home Estate/PUD market sales were approximately at the same level that we saw in June when there were 129 declining slightly to about 125 and the median sales price also came in very close to the June number when it was $830,000 falling a bit to about $820,000. The escrows went up however from 116 in June to about 130 in July while the median list price on those escrows fell from $912,000 in June to about $810,000 in July.
The average days on the market for properties that sold during the month rose from June when it was 63 to over 80 in July. This rise is essentially due to the lack of inventory which has dipped below 380 properties from Carpinteria to Goleta with a particular lack of homes for sale in that popular $500,000 to $700,000 range. This fact is illustrated by the rise in the median list price of available homes which has risen to over $2.2 million with a $3.875 million average list price.
Year over year the numbers of sales are still way up with about 730 transactions completed compared to 525 closings last year. The median sales price is down however going from $839,000 last year to right around $800,000 this year. Like Sales, escrows are also up from 589 in 2011 to about 835 in 2012 but the median list price on those escrows is down from $849,000 last year to about $820,000 this year.
Looking at the Districts, Carpinteria/Summerland sales are up from 46 to 52 and the median sales price is up from $716,250 to $735,000. The numbers of escrows are also up going from 50 to 52 with the median list price on those escrows rising from $712,500 last year to $749,000 this year.
For Montecito, sales are up going from 99 to 148 with the median sales price dropping from $2.227 million last year to $1.845 million. Escrows are also up going from 115 to 172 but the median list price on those escrows is down from $2.35 million to $1.995 million.
East of State St sales are up going from 141 in ’11 to 195 in ‘12 but the median sales price is down from $911,250 to $857,000. The escrows are also up going from 159 to 210 with the median list price on those escrows dropping from $959,000 last year to $897,500 this year.
West of State St sales are up from 117 to 148 and the median sales price is up from $701,000 to $706,250. The numbers of escrows are also up with 126 in ’11 compared to 184 in ‘12 but the median list price on those escrows is down from $717,000 last year to $699,000 this year.
Hope Ranch sales are up from 15 to 17 and the median sales price is up from $1.925 million to $2 million. The numbers of escrows are down with 20 last year compared to 19 this year. But, the median list price on those escrows is up from $1.995 million in ’11 to $2.295 million in ‘12.
Goleta South sales are up with 39 last year and 73 this year but the median sales price is down from $600,000 to $599,500. The numbers of escrows are also up from 52 to 84 with the median list price on those escrows rising from $575,000 to $615,000.
Goleta North sales are up with 90 in ’11 and 127 in ’12 with the median sales price dropping from $666,000 to $615,000. The numbers of escrows are also up from 112 to 154 with the median list price on those escrows falling from $693,500 to $625,000.
For the Condo segment of the market July was another strong month with almost 40 properties closing escrow. The median sales price for those sales went down however from $465,000 in June to about $425,000 in July. This decline in the sales price was primarily due to the lack of any Bella Riviera properties closing. Actually, there were some Bella Riviera sales during the month but they were all of the “affordable” variety which weren’t reflected in the Multiple Listing Service numbers.
Year over year, condo sales are up from 141 in 2011 to about 230 in 2012. But, the median sales price on those homes is down from $420,000 last year to roughly $400,000. That drop in the median sales price is significant marking a decline in overall condo prices even with the Bella Riviera sales which ranged from about $650,000 to over $1,000,000. Escrows are also way up with 174 last year compared to about 290 this year but the median list price on those escrows is down from about $430,000 last year to about $420,000 this year.
Looking at the Districts, Carpinteria/Summerland sales are down from 34 to 27 with the median sales price falling from $359,950 to $330,000. The numbers of escrows are up from 36 last year to 37 this year and the median list price on those escrows is up from $374,000 to $399,000.
Montecito condo sales are up with 10 in ’11 and 15 in ‘12 but the median sales price is down from $1,200,000 to $1,135,000.The numbers of escrows are up with 15 in ’11 and 17 in ‘12 while the median list price on those escrows is up from $1,195,000 in ’11 to $1,250,000 in ‘12.
East of State St sales are up from 23 to 75 with the median sales price falling from $517,500 to $507,212. The numbers of escrows are also up going from 38 to 107 with the median list price on those escrows rising from $556,500 last year to $599,000 this year.
West of State St sales are up from 32 to 55 with the median sales price falling from $425,000 to $387,000. The escrows are up from 42 to 60 with the median list price on those escrows falling from $434,000 to $363,800.
Goleta South sales are up from 30 to 39 with the median sales price down from $355,000 to $292,900. The numbers of escrows are also up with 34 in ’11 and 44 in ‘12 but the median list price on those escrows is down from $368,450 last year to $304,950 this year.
Goleta North sales are up from 19 to 28 with the median sales price down from $365,000 to $345,000. The escrows are also up from 21 to 40 with the median list price on those escrows rising from $350,000 to $365,000.
In July, sales of both Home Estate/PUDs and Condos remained strong with the median sales price of homes remaining in the $820,000 range while the median sales price of condos dropped from $465,000 to about $425,000. Escrows also remained strong with over 130 homes starting the buying process and over 40 condos. The median list price on those home escrows dropped significantly however from over $900,000 in June to just about $810,000 in July while the median list price on the condo escrows remained stable at about $425,000.
Inventory remains the key to the continued health of the Santa Barbara Real Estate market. With available homes below 380 and condos below 90 put together with a high demand for those properties particularly in the $500,000 to $700,000 range for homes and the $300,000 to $500,000 range for condos the market will start to slow down soon if there aren’t more properties being put up for sale.