Santa Barbara Real Estate through the end of June ‘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 June 2013. For the Home Estate/PUD market the numbers of sales went down in June to 114 from 136 in May and 131 in April. The Median Sales Price went up however to $1,048,000 for the month rising from $879,500 in May and $915,000 in April. The opened escrows also went down in June to 128 from the 168 in May and 146 in April while the median list price on those escrows increased slightly going from $984,000 in May to $987,000 in June. There were 154 new listings that came on the market in June with a median list price of approximately $1.19 million and an average list price of just about $2.11 million while the overall inventory went up only slightly from about 300 units for sale in May to 322 in June.
Year over year sales are up about 7.5% with the median sales price up to roughly $917,000 for a 16% rise. The average sales price is also up going from just over $1.3 million in 2012 to approximately $1.4 million in 2013 for an 8% rise while the numbers of escrows are also up about 3.5% with the median list price on those escrows up about 15%.
Looking at the Districts, Carpinteria/Summerland sales are up from 44 to 50 and the median sales price is up from $807,500 to $825,000. The numbers of escrows are also up from 43 to 62 with the median list price on those escrows rising from $785,000 last year to $860,950 this year.
For Montecito, sales are up going from 122 to 123 with the median sales price rising from $1.875 million to $2.585 million. Escrows are also up going from 138 to 142 and the median list price on those escrows is up from $2.1 million to $2.495 million.
East of State St sales are up going from 164 in ’12 to 166 in ‘13 and the median sales price is up from $854,000 to $967,500. The escrows are also up going from 183 to 184 with the median list price on those escrows rising from $922,500 last year to $989,000 this year.
West of State St sales are up from 114 to 138 and the median sales price is up from $711,000 to $825,000. The numbers of escrows are up with 151 in ’12 compared to 154 in ‘13 and the median list price on those escrows is up from $707,500 last year to $875,000 this year.
Hope Ranch sales are up from 11 to 19 and the median sales price is up from $2 million to $2.01 million. The numbers of escrows are also up with 17 last year compared to19 this year. But, the median list price on those escrows is down from $2.295 million in ’12 to $1.86 million in ‘13.
Goleta South sales are even with 61 last year and 61 this year but the median sales price is up from $580,000 to $699,000. The numbers of escrows are down from 76 to 59 with the median list price on those escrows rising from $659,000 to $698,000.
Goleta North sales are up with 108 in ’12 and 112 in ’13 with the median sales price rising from $610,000 to $770,000. The numbers of escrows are down however from 122 to 113 with the median list price on those escrows going from $599,900 to $775,000.
The Condo segment of the market remained strong with 38 sales in June down from 48 in May but up from the 28 we saw in April. The median sales price went up a lot however from about $470,000 in May to $530,750 in June but the numbers of escrows went down from 49 in May to 44 in June with the median list price on those escrows rising from $495,000 to $570,000.
There were only 39 new condo listings that came on the market for the month with a median list price of $565,000 and an average list price of $642,025. Just like with the Home Estate/PUD market the overall inventory hardly moved at all and actually declined a bit to about 50 active listings from Carpinteria to Goleta.
Looking at the Districts, Carpinteria/Summerland sales are up from 23 to 43 with the median sales price rising from $330,000 to $427,000. The numbers of escrows are also up from 25 last year to 47 this year and the median list price on those escrows is up from $384,500 to $448,000.
Montecito condo sales are up with 13 in ’12 and 15 in ‘13 with the median sales price down from $1,200,000 to $985,000.The numbers of escrows rose with 16 in ’12 and 17 in ‘13 while the median list price on those escrows is down from $1,222,500 in ’12 to $985,000 in ‘13.
East of State St sales are down from 63 to 47 with the median sales price rising from $514,435 to $541,000. The numbers of escrows are down however going from 94 to 54 with the median list price on those escrows falling from $622,000 last year to $585,000 this year.
West of State St sales are up from 44 to 56 with the median sales price rising from $360,000 to $510,000. The escrows went from 51 to 58 with the median list price on those escrows going from $371,050 to $549,000.
Goleta South sales are up from 31 to 33 with the median sales price also up from $279,000 to $447,500. The numbers of escrows are down with 41 in ’12 and 38 in ‘13 with the median list price on those escrows up from $299,900 last year to $440,000 this year.
Goleta North sales are up from 24 to 30 with the median sales price also up from $345,000 to $388,000. The escrows are down from 32 to 30 with the median list price on those escrows going from $362,000 to $422,000.
Through the end of June sales and the median sales price for both Single Family Homes and Condos is up. Of the single family homes that sold for the month roughly 25% of those sales were over the asking price and for condos that number was about 29%. The average over asking price for homes that sold was about 4% and for condos that number was about 3.5%. There have been a significant number of new home listings coming on the market but the surge in escrows and sales has kept the overall inventory at a very low level. With prices starting to surge and the inventory remaining stagnant it will be interesting to see if the current pace of sales can be maintained.