Santa Barbara Real Estate through the end of September ‘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 September 2013. For the Home Estate/PUD market the numbers of sales fell from the previous month to 107 in September dropping from 121 in August and 113 in July. The Median Sales Price also fell for the month down to $922,500 in September going from $1,065,000 in August and the $948,000 we saw in July. The opened escrows also fell in September to 98 from 116 in August and 101 in July while the median list price on those escrows fell, going from $999,000 in August to $975,000 in September. There were about 130 new listings that came on the market in September with a median list price of approximately $1.1 million and an average list price of just about $2.13 million which left the overall inventory flat from 337 units for sale in August to 337 in September.
Year over year sales are up about 5% with the median sales price up to $937,500 for an 18% 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 up with 1,004 in ’12 to 1,016 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 65 to 80 and the median sales price is up from $732,000 to $849,000. The numbers of escrows are also up from 69 to 91 with the median list price on those escrows rising from $767,540 last year to $861,900 this year.
For Montecito, sales are down going from 191 to 184 with the median sales price rising from $1.872 million to $2.438 million. Escrows are also down going from 214 to 192 but the median list price on those escrows is up from $1.995 million to $2.495 million.
East of State St sales are down going from 248 in ’12 to 246 in ‘13 but the median sales price is up from $870,000 to $970,000. The escrows went from 256 to 253 with the median list price on those escrows rising from $897,500 last year to $999,000 this year.
West of State St sales are up from 199 to 215 and the median sales price is up from $700,000 to $875,000. The numbers of escrows are up with 226 in ’12 compared to 233 in ‘13 and the median list price on those escrows is up from $699,000 last year to $895,000 this year.
Hope Ranch sales are up from 22 to 26 but the median sales price is down from just over $2 million to $1.983 million. The numbers of escrows are down with 26 last year compared to 23 this year and the median list price on those escrows is down from $2.3 million in ’12 to $2.195 million in ‘13.
Goleta South sales are up with 93 last year and 95 this year and the median sales price is up from $632,200 to $711,350. The numbers of escrows are down from 108 to 85 with the median list price on those escrows rising from $659,000 to $704,950.
Goleta North sales are up with 163 in ’12 and 167 in ’13 with the median sales price rising from $623,500 to $775,000. The numbers of escrows are also up from 169 to 170 with the median list price on those escrows going from $615,000 to $779,000.
For the Condo segment of the market sales fell to 34 in September down from 49 in August and 42 in July. The median sales price went back up however from $508,000 in August to approximately $545,000 in September while the numbers of escrows went down from 40 in August to about 30 in September with the median list price on those escrows remaining stable from $532,000 in August to about $530,000 in September.
There were about 50 new condo listings that came on the market for the month with a median list price of about $515,000 and an average list price of approximately $615,000. The overall inventory rose in September from about 80 units for sale in August to approximately 100 in September with the median list price on those new listings going down to about $515,000 in September from $645,000 in August.
Looking at the Districts, Carpinteria/Summerland sales are up from 44 to 71 with the median sales price rising from $364,500 to $443,000. The numbers of escrows are also up from 48 last year to 68 this year and the median list price on those escrows is up from $395,000 to $448,500.
Montecito condo sales are up with 20 in ’12 and 25 in ‘13 but the median sales price is down from $1,105,000 to $995,000.The numbers of escrows are up with 23 in ’12 and 25 in ‘13 while the median list price on those escrows is down from $1,195,000 in ’12 to $995,000 in ‘13.
East of State St sales are down from 98 to 79 with the median sales price rising from $497,495 to $559,000. The numbers of escrows are also down going from 137 to 82 with the median list price on those escrows also down from $587,000 last year to $585,000 this year.
West of State St sales are up from 66 to 87 with the median sales price rising from $375,000 to $550,000. The escrows went from 73 to 87 with the median list price on those escrows going from $399,000 to $558,000.
Goleta South sales are even from 52 to 52 with the median sales price up from $288,950 to $439,500. The numbers of escrows are up with 55 in ’12 and 61 in ‘13 with the median list price on those escrows up from $310,000 last year to $444,500 this year.
Goleta North sales are down from 46 to 44 with the median sales price up from $349,000 to $422,500. The escrows are down however from 54 to 40 with the median list price on those escrows going up from $369,000 to $425,000.
Through the end of September sales of single family homes is up about 5% from ’12 while the median sales price for those homes is up about 18%. For condos, sales are up approximately 10% with the median sales price up over 27%. Of the single family homes that sold for the month roughly 34% of those sales were over the asking price and for condos that number was about 26%. The average over asking price for homes that sold fell to about 4.3% and for condos that number was about 5.3%. Sales went down in September as well as escrows and the median sales price also went down under $1 million to about $920,000. Despite the decline of sales and escrows in September the rest of 2013 should remain strong.