Santa Barbara Real Estate through the end of November ‘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 November 2012. For the Home Estate/PUD market sales dropped from October when there were 108 to about 100 for November. The Median sales price also slid a bit from $803,500 in the previous month to approximately $790,000. What went up were the days on the market for properties that sold which went from 57 in October to the mid-80s in November.
Of the approximately 100 sales roughly 2 thirds were below $1 million with about half of those below $1 million sales coming in between $600,000 to $750,000. The remaining roughly 30 sales were divided almost equally between the $1 to $2 million bracket and the over $2 million range. Of those sales above $2 million sales there were 6 above $5 million with the highest sale topping out at $12.5 million.
Year over year, the numbers of sales are still way up with about 1,150 transactions completed compared to 852 last year. The median sales price is basically unchanged but down just a little from $793,750 in 2011 to about $790,000 now. The escrows are also still way up from 852 last year to about 1,230 this year while the median list price on those escrows has risen a little from about $805,000 last year to approximately $830,000 now.
Looking at the Districts, Carpinteria/Summerland sales are down from 80 to 77 but the median sales price is up from $700,000 to $724,500. The numbers of escrows are down going from 89 to 82 with the median list price on those escrows rising from $699,000 last year to $780,000 this year.
For Montecito, sales are up going from 152 to 242 with the median sales price dropping from $2.15 million last year to $1.85 million. Escrows are also up going from 167 to 259 but the median list price on those escrows is down from $2.322 million to $2 million.
East of State St sales are up going from 224 in ’11 to 309 in ‘12 but the median sales price is down from $880,000 to $854,000. The escrows are also up going from 257 to 315 with the median list price on those escrows dropping from $898,850 last year to $896,000 this year.
West of State St sales are up from 184 to 249 and the median sales price is up from $690,000 to $692,000. The numbers of escrows are also up with 194 in ’11 compared to 275 in ‘12 and the median list price on those escrows is up going from $699,950 last year to $700,000 this year.
Hope Ranch sales are up from 24 to 27 and the median sales price is up from $1.95 million to $2.1 million. The numbers of escrows are up with 28 last year compared to 32 this year and the median list price on those escrows is up from $1.995 million in ’11 to $2.29 million in ‘12.
Goleta South sales are up with 76 last year and 111 this year and the median sales price is up from $605,000 to $637,500. The numbers of escrows are also up from 92 to 133 with the median list price on those escrows rising from $584,450 to $669,000.
Goleta North sales are up with 150 in ’11 and 190 in ’12 with the median sales price dropping from $654,500 to $616,805. The numbers of escrows are also up from 166 to 203 with the median list price on those escrows falling from $694,000 to $629,000.
For the Condo segment of the market sales fell back to the mid-30s in November from 46 in October but the median sales price continued to rise from $475,000 the previous month up to about $490,000. Unlike home sales the days on the market continued to stay low however falling from 39 in October to about 30 in November.
Of the approximately 35 condo sales in the month about half of those were between $300,000 to $500,000 but there were 4 sales over $1 million with the top sale coming in at $4.65 million and the least expensive property selling for $215,000.
Year over year condo sales are up from 273 in 2011 to about 400 in 2012. But, the median sales price on those properties is down a little from about $420,000 last year to approximately $410,000. With the condo inventory continuing to stay low at around 65 units the median sales price should continue to go up and it will definitely spike upwards when the bulk of the Bella Riviera properties start to come in.
Looking at the Districts, Carpinteria/Summerland sales are down from 56 to 53 with the median sales price rising from $350,000 to $362,000. The numbers of escrows are even from 59 last year to 59 this year and the median list price on those escrows is up from $361,500 to $392,250.
Montecito condo sales are up with 21 in ’11 and 28 in ‘12 and the median sales price is up from $905,750 to $1,100,000.The numbers of escrows are up with 22 in ’11 and 30 in ‘12 while the median list price on those escrows is up from $1,096,500 in ’11 to $1,195,000 in ‘12.
East of State St sales are up from 63 to 127 with the median sales price rising from $455,000 to $514,717. The numbers of escrows are also up going from 74 to 163 with the median list price on those escrows rising from $495,000 last year to $589,000 this year.
West of State St sales are up from 61 to 86 with the median sales price falling from $439,000 to $399,500. The escrows are up from 68 to 91 with the median list price on those escrows falling from $429,000 to $415,000.
Goleta South sales are up from 49 to 62 with the median sales price down from $359,000 to $307,500. The numbers of escrows are also up with 54 in ’11 and 61 in ‘12 but the median list price on those escrows is down from $350,000 last year to $310,000 this year.
Goleta North sales are up from 34 to 56 with the median sales price down from $367,500 to $357,000. The escrows are also up from 37 to 67 with the median lit price on those escrows falling from $359,000 to $355,950.
In November both single family home and condo sales fell from the previous month with the median sales price on homes going down but the median sales price on condos rising. The days on the market for single family dwellings spiked upward in November indicating that there were a substantial number of short sales in the mix while the days on the market for condos continued to drop. December sales for both condos and single family homes should be strong however as everybody tries to get sales closed by the end of the year. But, home prices should remain about where they’ve been while condo prices will probably rise.