Santa Barbara Real Estate through the end of October ‘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 October 2012. For the Home Estate/PUD market after seeing sales drop to 83 in September they again rose to over 100 in October. The median sales price also came up from $750,000 in September to about $815,000 in October with escrows rising from 94 to about 120 for the month. The median list price on those escrows showed the biggest upswing however going from $762,540 to almost $900,000.
Most of the sales activity for the month was still concentrated below $1 million with over two thirds of the sales below that mark and a little less than one fourth of the sales coming in from $1 to $2 million while about 15% of sales showed up above $2 million. Of those approximately 15% above $2 million there were 3 sales over $5 million with the highest priced property selling for $9 million.
Year over year, the numbers of sales are still way up with about 1,050 transactions completed compared to 780 last year. The median sales price is basically unchanged but down just a little from $800,050 in 2011 to about $795,000 now. The escrows are also still way up from 841 last year to about 1,150 this year while the median list price on those escrows has risen a little from about $825,000 last year to approximately $830,000 now.
Looking at the Districts, Carpinteria/Summerland sales are up from 70 to 71 and the median sales price is up from $710,000 to $732,000. The numbers of escrows are down going from 78 to 74 with the median list price on those escrows rising from $710,000 last year to $785,000 this year.
For Montecito, sales are up going from 140 to 219 with the median sales price dropping from $2.15 million last year to $1.835 million. Escrows are also up going from 154 to 249 but the median list price on those escrows is down from $2.295 million to $1.995 million.
East of State St sales are up going from 209 in ’11 to 279 in ‘12 but the median sales price is down from $895,000 to $875,000. The escrows are also up going from 229 to 292 with the median list price on those escrows dropping from $932,000 last year to $896,500 this year.
West of State St sales are up from 169 to 218 and the median sales price is up from $686,375 to $700,000. The numbers of escrows are also up with 181 in ’11 compared to 252 in ‘12 but the median list price on those escrows is down going from $714,000 last year to $699,950 this year.
Hope Ranch sales are up from 23 to 26 and the median sales price is up from $1.925 million to $2.057 million. The numbers of escrows are up with 27 last year compared to 28 this year and the median list price on those escrows is up from $1.995 million in ’11 to $2.3 million in ‘12.
Goleta South sales are up with 69 last year and 102 this year and the median sales price is up from $606,000 to $620,000. The numbers of escrows are also up from 86 to 120 with the median list price on those escrows rising from $575,000 to $662,000.
Goleta North sales are up with 132 in ’11 and 181 in ’12 with the median sales price dropping from $659,000 to $615,000. The numbers of escrows are also up from 149 to 191 with the median list price on those escrows falling from $699,000 to $625,000.
For the Condo segment of the market sales went back up to the mid-40s after dropping to 34 in September and the median sales price rose from $369,950 in September to about $475,000 in October. The numbers of escrows remained at about the same level going from 34 up to 37 with the median list price on those escrows also remaining stable going down from $454,500 to $450,000.
Sales were strong in October from $250,000 to $550,000 but particularly from $400,000 to $550,000 which caused the median sales price to go up. The highest priced sale for the month was $975,000 with the least expensive sale coming in at $161,500 giving us an almost $500,000 average sales price.
Year over year condo sales are up from 247 in 2011 to about 360 in 2012. But, the median sales price on those properties is down from $420,000 last year to about $400,000. With the condo inventory continuing to stay low at around 80 units the median sales price should continue to go up and it will definitely spike upwards when the bulk of the Bella Riviera sales start to come in.
Looking at the Districts, Carpinteria/Summerland sales are even from 49 to 49 with the median sales price rising from $355,000 to $369,000. The numbers of escrows are up from 51 last year to 55 this year and the median list price on those escrows is up from $369,000 to $389,500.
Montecito condo sales are up with 19 in ’11 and 23 in ‘12 and the median sales price is up from $818,750 to $1,010,000.The numbers of escrows are up with 19 in ’11 and 27 in ‘12 while the median list price on those escrows is the same from $1,195,000 in ’11 to $1,195,000 in ‘12.
East of State St sales are up from 54 to 117 with the median sales price rising from $480,000 to $497,495. The numbers of escrows are also up going from 67 to 152 with the median list price on those escrows rising from $484,990 last year to $592,000 this year.
West of State St sales are up from 57 to 76 with the median sales price falling from $439,000 to $378,300. The escrows are up from 63 to 85 with the median list price on those escrows falling from $439,000 to $413,500.
Goleta South sales are up from 47 to 56 with the median sales price down from $359,000 to $293,950. The numbers of escrows are also up with 50 in ’11 and 62 in ‘12 but the median list price on those escrows is down from $350,000 last year to $314,950 this year.
Goleta North sales are up from 32 to 52 with the median sales price down from $362,500 to $349,000. The escrows are also up from 29 to 60 with the median list price on those escrows rising from $350,000 to $365,000.
In October both single family and condo sales went up again and the median price sales also started to rise. With the inventory remaining low for both sectors sales should start to tail off but there are still plenty of properties currently in escrow that will probably close by the end of the year. If sales do start to slow the median sales price will rise so that the Santa Barbara area more closely matches what’s going on in the rest of California.