Santa Barbara Real Estate through the end of June ‘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 June 2012. For the Home Estate/PUD market after seeing the median sales price rise from February through May it leveled off in June at around $795,000. The numbers of sales declined from 136 in May to around 120 in June but the Sales Price to Original List Price Ratio rose from 86% in May to 90% in June.
The days on the market for properties that sold during the month remained in the mid-60s and the inventory also stayed right around 400 active properties from Carpinteria to Goleta. The median list price on those active listings also stayed where it was in the previous month at around $1.9 million with the average list price coming in at about $3.6 million.
What went down however was the numbers of homes that went into escrow. They fell from 168 in May with a median list price of $837,000 to around 120 in June with the median list price rising to $859,000. The days on the market for those properties that did go into escrow rose from 61 in May to the mid-80s in June possibly signaling a bit of a slowing in the market.
Year over Year, the numbers are still very strong with sales up about 40% from 430 last year to around 600 this year and the escrows also up approximately 40% from 505 last year to over 700 this year. But, the median sales price has declined roughly 7% from $840,000 to approximately $785,000 with the median list price on the properties in escrow also dropping about 7% from $855,000 to about $810,000
Looking at the Districts, Carpinteria/Summerland sales are up from 40 to 43 and the median sales price is up from $723,750 to $785,000. The numbers of escrows are also up going from 42 to 43 with the median list price on those escrows falling from $769,000 last year to $767,000 this year.
For Montecito, sales are up going from 81 to 122 with the median sales price dropping from $2.35 million last year to $1.875 million. Escrows are also up going from 101 to 140 but the median list price on those escrows is down from $2.475 million to $1.999 million.
East of State St sales are up going from 113 in ’11 to 162 in ‘12 but the median sales price is down from $895,000 to $845,000. The escrows are also up going from 139 to 190 with the median list price on those escrows dropping from $950,000 last year to $910,000 this year.
West of State St sales are up from 100 to 113 and the median sales price is up from $700,000 to $705,000. The numbers of escrows are also up with 105 in ’11 compared to 155 in ‘12 but the median list price on those escrows is down from $735,000 last year to $700,000 this year.
Hope Ranch sales are down from 13 to 11 but the median sales price is up from $1.855 million to $2 million. The numbers of escrows are equal with 17 last year compared to 17 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 30 last year and 60 this year but the median sales price is down from $600,000 to $580,000. The numbers of escrows are also up from 43 to 75 with the median list price on those escrows rising from $575,000 to $617,000.
Goleta North sales are up with 76 in ’11 and 107 in ’12 with the median sales price dropping from $680,000 to $615,000. The numbers of escrows are also up from 93 to 131 with the median list price on those escrows falling from $686,500 to $615,000.
For the Condo segment of the market, after the 28 sales in April rising to 48 in May, sales fell to 41 in June. The median sales price rose however going from $375,000 in May to $465,000 in June. The primary reason for the condo median sales price spiking upward was the 10 sales recorded in the Bella Riviera complex. Those sales had a low price of about $615,000 with a high of just over $100,000 for an $860,000 median.
Year over year, condo sales are up from 113 in 2011 to about 190 in 2012 for roughly a 70% rise but the median sales price has gone from $406,000 last year to just about $400,000 this year for a 1.5% downswing. Escrows are up dramatically from 133 in 2011 to about 255 in 2012 for a 90% gain while the median list price on those escrows has gone down slightly from $425,000 to approximately $415,000 for a 2.5% drop. The overall inventory remains at about 100 active listings in June with a median list price of about $585,000 and an average list price of about $770,000.
Looking at the Districts, Carpinteria/Summerland sales are down from 29 to 23 with the median sales price falling from $359,900 to $330,000. The numbers of escrows are also down from 31 last year to 28 this year but the median list price on those escrows is up from $374,000 to $384,500.
Montecito condo sales are up with 8 in ’11 and 13 in ‘12 with the median sales price is also up from $995,000 to $1,200,000.The numbers of escrows are up with 8 in ’11 and 16 in ‘12 while the median list price on those escrows is down from $1,345,000 in ’11 to $1,222,500 in ‘12.
East of State St sales are up from 17 to 63 with the median sales price rising from $420,000 to $514,435. The numbers of escrows are also up going from 25 to 97 with the median list price on those escrows rising from $563,000 last year to $615,000 this year.
West of State St sales are up from 24 to 44 with the median sales price falling from $425,000 to $360,000. The escrows are up from 31 to 52 with the median list price on those escrows falling from $429,000 to $359,900.
Goleta South sales are up from 26 to 31 with the median sales price down from $335,000 to $279,000. The numbers of escrows are up however with 30 in ’11 and 42 in ‘12 but the median list price on those escrows is down from $355,950 last year to $297,450 this year.
Goleta North sales are up from 16 to 24 with the median sales price down from $372,500 to $345,000. The escrows are also up from 17 to 34 with the median list price on those escrows falling from $362,500 to $362,000.
In June, sales of both Home Estate/PUDs and Condos remained strong but they both fell off from the May numbers. The median sales price for homes leveled off after rising for the previous 4 months but the median sales price of condos rose dramatically primarily because of sales in the Bella Riviera complex. Just as I said last month, because of all the sales and escrows, the inventory will probably remain low with about 400 Homes and 100 Condos available in the area. With that low inventory and high demand prices should start to move up. But, because of the substantial numbers of Short Sales on the market the upward motion in listings and sales prices probably won’t become a surge.