Santa Barbara Real Estate through the end of October ‘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 October 2013. For the Home Estate/PUD market the numbers of sales fell from the previous month to 90 in October dropping from 107 in September and 121 in August. The Median Sales Price rose for the month however to $941,499 in October from $922,500 in September but down from $1,069,000 in August. The opened escrows also fell in October to 83 from 95 in September and 110 in August while the median list price on those escrows fell from $975,000 in September to $879,000 in October. There were 100 new listings that came on the market in October with a median list price of approximately $1.2 million and an average list price of just about $1.5 million which left the overall inventory fell from 337 units for sale in September to about 320 in October.
Year over year sales are up about 3% with the median sales price up to about $940,000 for approximately an 18% rise. The average sales price is also up going from about $1.35 million in 2012 to approximately $1.42 million in 2013 for a 5% rise while the numbers of escrows are down with 1,113 in ’12 to 1,088 in ‘13 with the median list price on those escrows up about 15% to approximately $950,000.
Looking at the Districts, Carpinteria/Summerland sales are up from 71 to 92 and the median sales price is up from $732,000 to $850,000. The numbers of escrows are also up from 75 to 98 with the median list price on those escrows rising from $797,500 last year to $860,950 this year.
For Montecito, sales are down going from 219 to 198 with the median sales price rising from $1.835 million to $2.438 million. Escrows are also down going from 246 to 203 but the median list price on those escrows is up from $1.997 million to $2.495 million.
East of State St sales are down going from 282 in ’12 to 273 in ‘13 but the median sales price is up from $872,500 to $967,500. The escrows went down from 288 to 281 with the median list price on those escrows rising from $898,000 last year to $999,000 this year.
West of State St sales are up from 219 to 236 and the median sales price is up from $700,000 to $879,000. The numbers of escrows are up with 250 in ’12 compared to 252 in ‘13 and the median list price on those escrows is up from $700,000 last year to $895,000 this year.
Hope Ranch sales are up from 26 to 27 but the median sales price is down from $2.057 million to $2.01 million. The numbers of escrows are down with 27 last year compared to 25 this year and the median list price on those escrows is up from $2.3 million in ’12 to $2.425 million in ‘13.
Goleta South sales are down with 103 last year and 101 this year but the median sales price is up from $626,100 to $729,000. The numbers of escrows are down from 120 to 93 with the median list price on those escrows rising from $669,000 to $719,000.
Goleta North sales are up with 181 in ’12 and 182 in ’13 with the median sales price rising from $612,500 to $775,000. The numbers of escrows are also up from 180 to 183 with the median list price on those escrows going from $615,000 to $788,700.
For the Condo segment of the market sales fell to 30 in October down from 35 in September and 49 in August. The median sales price also fell from $539,000 in September to $512,000 in October while the numbers of escrows stayed steady from 31 in September to 31 in October with the median list price on those escrows also remaining where it was in the previous month from $529,000 in September to $525,000 in October.
There were about 50 new condo listings that came on the market for the month with a median list price of about $555,000 rising from $514,500 and an average list price of approximately $685,000 rising from about $615,000 in September while the overall inventory rose in October from about 95 units for sale in September to approximately 110 in October.
Looking at the Districts, Carpinteria/Summerland sales are up from 49 to 76 with the median sales price rising from $369,000 to $441,000. The numbers of escrows are also up from 53 last year to 72 this year and the median list price on those escrows is up from $392,250 to $449,900.
Montecito condo sales are up with 23 in ’12 and 26 in ‘13 but the median sales price is down from $1,010,000 to $995,000.The numbers of escrows are up with 27 in ’12 and 28 in ‘13 while the median list price on those escrows is down from $1,195,000 in ’12 to $1,147,500 in ‘13.
East of State St sales are down from 118 to 86 with the median sales price rising from $495,000 to $568,500. The numbers of escrows are also down going from 150 to 84 with the median list price on those escrows also down from $589,000 last year to $580,000 this year.
West of State St sales are up from 78 to 94 with the median sales price rising from $375,650 to $542,500. The escrows went up from 83 to 97 with the median list price on those escrows going from $413,500 to $553,500.
Goleta South sales are up from 56 to 60 with the median sales price up from $293,950 to $442,500. The numbers of escrows are also up with 60 in ’12 and 66 in ‘13 with the median list price on those escrows up from $314,950 last year to $449,000 this year.
Goleta North sales are down from 52 to 47 with the median sales price up from $349,000 to $419,000. The escrows are down however from 59 to 42 with the median list price on those escrows going up from $367,000 to $425,000.
Through the end of October sales of single family homes is up about 3% from ’12 while the median sales price for those homes is up about 18%. For condos, sales are also up approximately 4% with the median sales price up over 27%. Of the single family homes that sold for the month roughly 30% of those sales were over the asking price and for condos that number was about 18%. The average over asking price for homes that sold rose to about 8% and for condos that number was about 2.5%. Sales went down in October as well as escrows but the median sales price went up to about $940,000. Despite the decline of sales and escrows in October the rest of 2013 should remain strong.