Santa Barbara Real Estate through the end of May ‘14 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland
CONDOS: For the Condo segment of the market sales also remained strong with about 43 in May up slightly from 42 in April. The median sales price went down however from about $602,000 to roughly $560,000 and the numbers of escrows went down from 51 to approximately 37 with the median list price on those escrows rising from $529,000 to about $537,000
There were about 58 new condo listings that came on the market for the month with a median list price of about $548,500 and an average list price of approximately $752,000. And, just like with the Home Estate/PUD market the overall inventory rose slightly from just below 105 to just about 115.
Looking at the Districts:
CARPINTERIA/SUMMERLAND sales are down from 37 to 18 with the median sales price rising from $427,000 to $516,250. The numbers of escrows are also down from 38 last year to 18 this year but the median list price on those escrows is up from $446,500 to $488,750.
MONTECITO condo sales are down with 12 in ’13 and 7 in ‘14 with the median sales price up from $995,000 to $1,150,000. The numbers of escrows fell with 13 in ’13 and 7 in ‘14 while the median list price on those escrows is up from $939,000 in ’13 to $1,199,000 in ‘14.
EAST OF STATE STREET sales are up from 39 to 40 with the median sales price rising from $510,000 to $675,000. The numbers of escrows are also up going from 39 to 46 with the median list price on those escrows rising from $549,950 last year to $639,000 this year.
WEST OF STATE STREET sales are up from 43 to 44 with the median sales price rising from $515,875 to $620,000. The escrows also went up from 48 to 52 with the median list price on those escrows rising from $529,000 to $594,500.
GOLETA SOUTH sales are flat from 26 to 26 with the median sales price up from $445,000 to $485,000. The numbers of escrows are up with 32 in ’13 and 33 in ‘14 with the median list price on those escrows up from $440,000 last year to $511,500 this year.
GOLETA NORTH sales are up from 29 to 31 with the median sales price up from $386,500 to $430,000. The escrows are also up from 23 to 32 with the median list price on those escrows going up from $419,000 to $439,000.
Through the end of May sales are down for both single family homes and condos with homes falling about 23% and condos dropping roughly 12%. But, the median prices for both segments is up with homes rising about 21% to approximately $1.1 million and condos going up about 20% to roughly $550,000.
During the month about 26% of homes sold for over the asking price and for condos that numbers was about 29%. The percentage of the sales price over the asking price for homes was approximately 5.4% while for condos it was only about 2.2%. The percentage of sales this year versus sales last year should start to get closer together because from May until December last year sales dropped off while they appear to be remaining stable this year. But, the median sales price for homes does appear to be continuing to rise while condos prices are moderating.