Santa Barbara Real Estate through the end of November ‘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 November 2013. For the Home Estate/PUD market the numbers of sales fell from the previous month to 82 in November dropping from 90 in October and 110 in September. The Median Sales Price rose for the month however to about $992,500 in November from $941,499 in October and $909,000 in September. The opened escrows rose in November to 88 from 81 in October but down from the 92 we saw in September while the median list price on those escrows rose from $879,000 in October to $1,172,500 in November. There were about 90 new listings that came on the market in November with a median list price of approximately $1.15 million and an average list price of just about $2.6 million which left the overall inventory falling from about 320 units for sale in October to about 290 in November.
Year over year sales are up just slightly from 2012 with the median sales price up to about $940,000 for approximately a 19% rise. The average sales price is also up going from about $1.36 million in 2012 to approximately $1.43 million in 2013 for a 5% rise while the numbers of escrows are down with 1,203 in ’12 to 1,168 in ‘13 with the median list price on those escrows up about 15% to approximately $960,000.
Looking at the Districts, Carpinteria/Summerland sales are up from 77 to 99 and the median sales price is up from $724,500 to $852,500. The numbers of escrows are also up from 81 to 104 with the median list price on those escrows rising from $785,000 last year to $869,000 this year.
For Montecito, sales are down going from 243 to 212 with the median sales price rising from $1.85 million to $2.424 million. Escrows are also down going from 257 to 221 but the median list price on those escrows is up from $2.095 million to $2.499 million.
East of State St sales are down going from 309 in ’12 to 294 in ‘13 but the median sales price is up from $854,000 to $967,500. The escrows went down from 312 to 307 with the median list price on those escrows rising from $896,500 last year to $1,025,000 this year.
West of State St sales are up from 250 to 255 and the median sales price is up from $690,000 to $877,000. The numbers of escrows are down with 272 in ’12 compared to 271 in ‘13 but the median list price on those escrows is up from $700,000 last year to $890,000 this year.
Hope Ranch sales are up from 27 to 30 but the median sales price is down from $2.1 million to $2.075 million. The numbers of escrows are down with 31 last year compared to 27 this year but the median list price on those escrows is up from $2.295 million in ’12 to $2.46 million in ‘13.
Goleta South sales are down with 111 last year and 108 this year but the median sales price is up from $637,500 to $730,000. The numbers of escrows are down from 131 to 96 with the median list price on those escrows rising from $683,850 to $706,650.
Goleta North sales are up with 190 in ’12 and 199 in ’13 with the median sales price rising from $616,805 to $793,500. The numbers of escrows are even from 194 to 194 with the median list price on those escrows going from $625,000 to $795,000.
For the Condo segment of the market sales remained stable at 29 in November from 30 in October and down from the 35 we saw in September. The median sales price rose however from $512,000 in October to roughly $530,000 in November while the numbers of escrows rose from 31 in October to 34 in November with the median list price on those escrows dropping slightly from $535,000 in October to $505,550 in November.
There were 37 new condo listings that came on the market for the month with a median list price of approximately $530,000 rising from $514,500 and an average list price of approximately $610,000 falling from about $685,000 in October while the overall inventory fell in November from about 110 units for sale in October to 105 in November.
Looking at the Districts, Carpinteria/Summerland sales are up from 54 to 80 with the median sales price rising from $361,000 to $445,000. The numbers of escrows are also up from 60 last year to 75 this year and the median list price on those escrows is up from $389,500 to $449,450.
Montecito condo sales are up with 28 in ’12 and 29 in ‘13 and the median sales price is up from $1,100,000 to $1,165,000.The numbers of escrows are down with 30 in ’12 and 29 in ‘13 while the median list price on those escrows is up from $1,195,000 in ’12 to $1,245,000 in ‘13.
East of State St sales are down from 128 to 90 with the median sales price rising from $514,435 to $563,500. The numbers of escrows are also down going from 159 to 91 with the median list price on those escrows also down from $585,000 last year to $575,000 this year.
West of State St sales are up from 86 to 101 with the median sales price rising from $399,500 to $530,000. The escrows went up from 89 to 106 with the median list price on those escrows going from $415,000 to $558,500.
Goleta South sales are up from 62 to 66 with the median sales price up from $307,500 to $445,000. The numbers of escrows are also up with 61 in ’12 and 73 in ‘13 with the median list price on those escrows up from $310,000 last year to $449,250 this year.
Goleta North sales are down from 56 to 52 with the median sales price up from $357,000 to $419,500. The escrows are down however from 67 to 50 with the median list price on those escrows going up from $355,950 to $425,000.
Through the end of November sales of single family homes is basically flat from ’12 while the median sales price for those homes is up about 19%. For condos, sales are up approximately 1.5% with the median sales price up over 25%. Of the single family homes that sold for the month roughly 18.4% of those sales were over the asking price and for condos that number was about 31%. The average over asking price for homes that sold was about 5.4% and for condos that number was about 4.4%. Sales went down in November as well as escrows but the median sales price went up to about $990,000. The market is definitely starting to cool but should remain strong through the end of 2013.