Santa Barbara Real Estate through the end of May ‘14 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland
SINGLE FAMILY HOMES: 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 May 2014. For the Home Estate/PUD market sales remained strong for the month coming in with about 110 closings up from the 100 we saw in April. The Median Sales Price rose to about $1,125,000 from the $1,110,500 we saw at the end of April while the days on the market for sold properties stayed stable at around 47 from the 49 we saw the previous month. The opened escrows went down a little however from 115 in April to roughly 100 in May while the median list price on those escrows went up to about $1.2 million from $1,175,000 in April. There were about 140 new listings that came on the market in May with a median list price of approximately $1.5 million and an average list price of about $2.649 million with the overall inventory rising from about 300 units for sale in April to around 320 in May.
Year over year sales are down about 23% with the median sales price up to roughly $1,100,000 for a 23% rise. The average sales price is also up going from just over $1.446 million in 2013 to approximately $1.67 million in 2014 but the numbers of escrows are down about 21% to roughly 455 with the median list price on those escrows up over 20% to about $1.149 million
Looking at the District:
CARPINTERIA/SUMMERLAND sales are down from 43 to 28 but the median sales price is up from $832,500 to $860,000. The numbers of escrows are also down from 45 to 34 with the median list price on those escrows rising from $849,000 last year to $1,000,000 this year.
MONTECITO sales are down going from 103 to 76 with the median sales price falling from $2,585,000 to $2.465 million. Escrows are also down going from 119 to 92 and the median list price on those escrows is down from $2.9 million to $2.822 million.
EAST OF STATE STREET sales are down going from 133 in ’13 to 125 in ‘14 but the median sales price is up from $933,500 to $1,245,000. The escrows are also down going from 150 to 123 with the median list price on those escrows rising from $999,500 last year to $1,239,000 this year.
WEST OF STATE STREET sales are down from 112 to 93 but the median sales price is up from $800,000 to $950,000. The numbers of escrows are down with 126 in ’13 compared to 93 in ‘14 but the median list price on those escrows is up from $854,900 last year to $897,000 this year.
HOPE RANCH sales are down from 17 to 11 but the median sales price is up from about $2 million to $3.7 million. The numbers of escrows are even however with 15 last year compared to 15 this year and the median list price on those escrows is up from $2.195 million in ’13 to $3.2 million in ‘14.
GOLETA SOUTH sales are down with 51 last year and 32 this year but the median sales price is up from $685,000 to $744,000. The numbers of escrows are also down from 47 to 36 with the median list price on those escrows rising from $698,500 to $766,500.
GOLETA NORTH sales are down with 92 in ’13 and 63 in ’14 with the median sales price rising from $753,595 to $844,500. The numbers of escrows are also down from 98 to 80 with the median list price on those escrows going up from $775,000 to $839,000.