Santa Barbara Real Estate from Carpinteria to Goleta for Oct. ‘11 including Montecito, Hope Ranch and Summerland.
For the Home Estate/PUD market of Santa Barbara, Montecito, Hope Ranch, Carpinteria, Summerland and Goleta after achieving 97 sales in August, the numbers of sales have declined to 89 in September and down to 66 in October. The median sales price also declined from September when it was $800,000 down to $750,000 in October.
Price range statistics show a decline in all categories dropping to 49 from 53 below $1 million. But, the most dramatic drop was in the $1 to $2 million range where there were just 13 sales down from 23 in the previous month and the above $2 market also saw a decline falling to 7 from 9 the previous month. That decline in the over $1 million sales was the reason that the median sales price declined to $750,000.
Despite falling sales, escrows surged to 104 in October up from 76 in September but just below the 108 registered in August and the median list price for those 104 escrows came in at $799,000 also up from the $727,000 figure of September but down from the $809,000 of August. Year over year, escrows remain about 15% ahead of where they were last year so the 4th quarter of 2011 should be strong for sales but down for median sales price.
Looking at the Districts, Carpinteria/Summerland sales are up 12% from 62 to 70 and the median sales price is up from $665,000 to $710,000. The numbers of escrows are also way up going from 66 to 80 with the median list price on those escrows rising from $659,000 last year to $710,000 this year.
For Montecito, sales are up by 16% going from 120 to 140 with the median sales price dropping from $2.375 million to $2.15 million. Escrows are up 19% going from 133 to 159 but the median list price on those escrows is down from $2.65 million to $2 million.
East of State St sales are up 2% going from 202 to 208 and the median sales price is down from $935,000 to $895,000. The escrows are up by 10% going from 217 to 239 with the median list price on those escrows dropping from $989,000 last year to $927,000 this year.
West of State St sales are up 6% from 159 to 169 but the median sales price is down from $795,000 to $686,375. The numbers of escrows are also up with 178 in ’10 to 190 in ‘11 but the median list price on those escrows is down from $799,995 last year to $699,950 this year.
Hope Ranch sales are up from 17 to 23 but the median sales price is down from $2.375 million to $1.925 million. The numbers of escrows are also up from 18 to 27 but the median list price on those escrows is down from $2.395 million to $1.995 million.
Goleta South sales are down 14% from 81 to 69 and the median sales price is down from $672,500 to $606,000. The numbers of escrows are up however from 78 to 88 with the median list price on those escrows declining from $712,000 to $589,900.
Goleta North sales are also down from 137 to 132 with the median sales price dropping from $705,000 to $659,000. The numbers of escrows are up however from 140 to 155 with the median list price on those escrows falling from $729,000 to $688,000.
The year over year numbers continue strong with sales up about 34.6% and escrows about 14.1% ahead. The median sales is edging down however to $800,050 from $851,000 the previous year for a about a 6% drop and when you take Hope Ranch and Montecito out of the mix the median sales price has dipped from $777,000 last year to $716,500 this year for a 7.8% decline. Average sales price show an even farther drop from about $1.456 million last year to approximately $1.209 million this year for a 16.9% decline but when you take Hope Ranch and Montecito out of the mix the fall isn’t quite as pronounced going from $999,913 last year to $872,276 this year for a 12.7%.
For the condo market sales dropped from 39 in September to 28 in October with the median sales price also declining from $445,000 in September to $379,990 in October. The numbers of escrows also decline from September when they were 31 to 27 in October with the median list price on those escrows falling from $449,000 to $415,000.
After 2 very encouraging months when there were 39 sales completed in both months the decline to 28 is not unexpected but the disappointment is the median sales price falling to around $380,000. This decline means that the median sales price has dropped for the past 3 months in a row and currently for the entire year stands at $420,000 down from $445,000 in 2010. Putting that $420,000 media in perspective, the median sales price in 2002 was $410,000.
The price range statistics show 18 of the 28 sales below $400,000 with 8 of the sales coming between $350,000 and $399,000. There were 6 sales from $450,000 to $499,999 however but only 4 sales above that mark. The highest condo sold for $715,000 in October with the least expensive property going out at $192,000.
Looking at the Districts, Carpinteria/Summerland sales are down from 52 to 49 with the median sales price falling from $385,850 to $355,000. The numbers of escrows are also down falling from 57 to 51 and the median list price on those escrows is down from $399,450 to $368,500.
Montecito condo sales are even with 19 in both years with the median sales price down from $1,025,000 to $818,750. But, the numbers of escrows are down from 22 to 19 with the median list price on those escrows up from $1,085,000 to $1,195.000.
East of State St sales are down 8% from 59 to 54 with the median sales price rising from $475,000 to $480,000. But, the numbers of escrows are up going from 57 to 68 with the median list price on those escrows dropping from $519,500 last year to $479,990 this year.
West of State St sales are down 17% from 69 to 57 with the median sales price falling from $499,000 to $439,000. The escrows are also down from 74 to 66 with the median list price on those escrows falling from $517,000 to $439,000.
Goleta South sales are up by 9% from 44 to 48 with the median sales price down just a little from $369,950 to $363,000. The numbers of escrows are up 33% from 39 to 52 with the median list price on those escrows down from $379,500 to $350,000.
Goleta North sales are down 6% from 33 to 31 with the median sales price down from $408,000 to $360,000. The escrows are also down from 44 to 31 with the median list price on those escrows falling from $410,000 to $350,000.
Year over year the numbers of condo sales have fallen from 271 in ’10 to 247 in ’11 with the numbers of escrows down just slightly from 275 last year to 270 this year. The median sales price has declined from $445,000 last year to $420,000 this year but the average sales price has fallen just a little from $526,785 to $515,338.
Because of the decline in prices the inventory has fallen. Total active listings are down about 6.5% this year with new listings off about 8.2%. The median sales price has dropped about 6% this year but without Montecito it’s down only about 3.5%. There have been some substantial sales in the past few months but the majority of the activity is in the $450,000 and below market.
Because of all the escrows that have been opened the end of 2011 should be strong for the Single Family residence market but price should continue to edge down. The condo market however looks like it’s ending the year on a down note with both sales and median price dropping.
