Santa Barbara Real Estate through the end of June ‘14 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland
CONDOS: For the Condo segment of the market sales fell to about 35 in June down from 44 in May. The median sales price also went down from about $550,000 to roughly $490,000 but the numbers of escrows went up from 36 to just fewer than 40 with the median list price on those escrows rising just a little from $536,100 to about $540,000.
There were about 55 new condo listings that came on the market for the month with a median list price of about $600,000 and an average list price of approximately $715,000. And, just like with the Home Estate/PUD market the overall inventory rose slightly from 111 in May to 118 in June.
Looking at the Districts, Carpinteria/Summerland sales are down from 45 to 22 with the median sales price rising from $445,000 to $502,000. The numbers of escrows are also down from 46 last year to 22 this year but the median list price on those escrows is up from $446,500 to $499,000.
Montecito condo sales are down with 15 in ’13 and 8 in ‘14 with the median sales price up from $985,000 to $1,357,500. The numbers of escrows also fell with 17 in ’13 and 9 in ‘14 but the median list price on those escrows is up from $985,000 in ’13 to $1,199,000 in ‘14.
East of State St sales are up from 47 to 50 with the median sales price rising from $541,000 to $625,000. The numbers of escrows are also up going from 49 to 54 with the median list price on those escrows rising from $575,000 last year to $630,000 this year.
West of State St sales are down from 57 to 56 with the median sales price rising from $510,875 to $607,500. The escrows went up from 55 to 60 with the median list price on those escrows going up from $527,000 to $627,000.
Goleta South sales are down from 34 to 33 with the median sales price up from $446,250 to $485,000. The numbers of escrows are up with 39 in ’13 and 42 in ‘14 with the median list price on those escrows up from $444,500 last year to $519,000 this year.
Goleta North sales are up from 31 to 35 with the median sales price up from $389,000 to $430,000. The escrows are up from 29 to 38 with the median list price on those escrows going up from $425,000 to $449,000.
Through the end of June sales are down for both single-family dwellings and condos and prices for both segments of the market are up. For June about 17.4% of the homes sold for over the asking price and the percentage over the original list price was 3.6%. For condos about 17.6% of the sales closed for over the asking price and the percentage over the original list price was 1.7%. With escrows and sales down for both segments of the market the recovery could start to stall. But, with the numbers of listings for condos and single-family residents rising there could still be increased activity and vitality as we move into the third quarter.
***Courtesy of SBMLS