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Santa Barbara Real Estate through the end of May ‘15 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland

Submitted by Gary Woods on Sun, 06/07/2015 - 12:30

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 May 2015. For the Home Estate/PUD market sales remained strong for the month coming in with 127 closings up from the 95 we saw in April. The Median Sales Price rose to $1,280,000 up from the $980,000 we saw at the end of April while the days on the market for sold properties stayed stable at 52 from the 50 we saw the previous month.  The opened escrows stayed stable from 121 in April to 120 in May while the median list price on those escrows stayed steady at about $1.19 million from $1.17 million in April. There were about 145 new listings that came on the market in May with a median list price of approximately $1.195 million and an average list price of about $2 million with the overall inventory falling from 293 units for sale at the end of April to around 286 at the end of May.

Year over year sales are up about 12.5% with the median sales price up to roughly $1.13 million for a 2.5% rise. The average sales price is also up going from just over $1.67 million in 2014 to approximately $1.89 million in 2015 and the numbers of escrows are up about 19% to roughly 540 with the median list price on those escrows up about 1% to about $1.175 million

Looking at the Districts, Carpinteria/Summerland sales are up from 28 to 44 and the median sales price is up from $860,000 to $895,500. The numbers of escrows are also up from 34 to 52 with the median list price on those escrows falling from $1,000,000 last year to $899,000 this year.

For Montecito, sales are up going from 76 to 80 with the median sales price rising from $2.465 million to $3.1 million. Escrows are down however going from 92 to 82 but the median list price on those escrows is up from $2.95 million to $3.197 million.

East of State St sales are up going from 125 in ’14 to 128 in ‘15 and the median sales price is up from $1,245,000 to $1,349,500. The escrows are also up going from 123 to 150 with the median list price on those escrows rising from $1,239,000 last year to $1,298,330 this year.

West of State St sales are up from 93 to 107 but the median sales price is down from $950,000 to $933,562. The numbers of escrows are also up with 93 in ’14 compared to 124 in ‘15 and the median list price on those escrows is up from $899,000 last year to $1,067,000 this year.

Hope Ranch sales are up from 11 to 19 but the median sales price is down from about $3.7 million to $2.9 million. The numbers of escrows are also up with 15 last year compared to 17 this year but the median list price on those escrows is down from $3.2 million in ’14 to $2.89 million in ‘15.

Goleta South sales are down with 31 last year and 29 this year but the median sales price is up from $738,000 to $775,000. The numbers of escrows are even however from 35 to 35 with the median list price on those escrows rising from $764,000 to $779,000.

Goleta North sales are up with 64 in ’14 and 76 in ’15 with the median sales price rising from $845,000 to $877,000. The numbers of escrows are also up from 79 to 84 with the median list price on those escrows going up from $845,000 to $889,000.

For the Condo segment of the market sales fell with 53 in May down from 65 in April. The median sales price went up however from $565,000 to roughly $590,000 and the numbers of escrows went down from 66 to 53 with the median list price on those escrows rising from $582,000 to $649,000.

There were about 55 new condo listings that came on the market for the month with a median list price of about $660,000  an average list price of approximately $750,000.  But unlike the Home Estate/PUD market the overall inventory rose slightly from 60 at the end of April to just about 66 at the end of May.

Looking at the Districts, Carpinteria/Summerland sales are up from 18 to 42 with the median sales price falling from $516,250 to $489,500. The numbers of escrows are also up from 19 last year to 48 this year and the median list price on those escrows is also up from $478,500 to $504,000.

Montecito condo sales are up with 7 in ’14 and 16 in ‘15 with the median sales price down from $1,150,000 to $1,120,000. The numbers of escrows rose with 7 in ’14 and 20 in ‘15 while the median list price on those escrows went down from $1,199,000 in ’14 to $1,075,000 in ‘15.

East of State St sales are up from 40 to 64 with the median sales price falling from $675,000 to $610,000. The numbers of escrows are up however going from 44 to 72 with the median list price on those escrows falling from $660,000 last year to $589,000 this year.

West of State St sales are up from 44 to 49 with the median sales price falling from $620,000 to $605,000. The escrows also went up from 51 to 57 with the median list price on those escrows rising from $594,500 to $599,000.

Goleta South sales are up from 26 to 52 with the median sales price up from $485,000 to $628,250. The numbers of escrows are up with 31 in ’14 and 61 in ‘15 with the median list price on those escrows up from $511,500 last year to $579,000 this year.

Goleta North sales are down from 32 to 23 with the median sales price up from $429,500 to $499,000. The escrows are also down from 31 to 25 with the median list price on those escrows going up from $444,000 to $509,000.

Through the end of May sales are up for both single-family homes and condos with homes rising about 12.5% and condos soaring roughly 42%. The median prices for both segments is also up with homes rising about 2.5% to approximately $1.13 million and condos going up about 3% to roughly $560,000.  

During the month about 23% of homes sold for over the asking price and for condos that numbers was about 32%. The percentage of the sales price over the asking price for homes was approximately 3% while for condos it was about 10% which is way above where it has been. On the other side of the coin 18% of the homes had a price reduction and 17% of the condos went down in price.

 May is usually the peak month for sales and this year it looks like that pattern is holding. There does seen to some upward trend in prices with the percentage of homes sold over the asking price more than doubling to about 23% but the percentage amount over the asking price is rather low at 3%. For condos 32% of the sales were over the asking price but about half of those sales were in the Hideaway. The outlook for the rest of the year still depends on the inventory. If listings start to rise then prices will stabilize but if the inventory remains low them prices will start to go up.

Gary Woods