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

Submitted by Gary Woods on Fri, 07/10/2015 - 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 June 2015. For the Home Estate/PUD market sales fell for the month coming in with about 115 closings down from the 127 we saw in May. The Median Sales Price went from $1.28 million in May to about $1.25 in June with the days on the market for sold properties dropping a little to around 45 from the 52 we saw in the previous month.  The opened escrows went up a lot however from 114 in May to about 130 in June while the median list price on those escrows stayed stable at about $1.13 from $1.11 million in May. There were roughly 170 new listings that came on the market in June with a median list price of approximately $1.35 and an average list price of just over $2 million while the overall inventory rose from about 285 units for sale in May to around 305 in June.

 Year over year sales are up about 12% with the median sales price up to roughly $1.175 million for a 5% rise. The average sales price is also up going from just over $1.7 million in 2014 to approximately $1.9 million in 2015 while the numbers of escrows are up about 19% with the median list price on those escrows down about 3.5%

Looking at the Districts, Carpinteria/Summerland sales are up from 35 to 53 but the median sales price is down from $975,000 to $905,000. The numbers of escrows are also up from 44 to 56 with the median list price on those escrows falling from $1,102,500 last year to $942,000 this year.

For Montecito, sales are flat going from 101 to 101 with the median sales price rising from $2,675,000 to $3.15 million. Escrows are down however going from 108 to 100 but the median list price on those escrows is up from $2.95 million to $3.175 million.

East of State St sales are up going from 151 in ’14 to 158 in ‘15 and the median sales price is up from $1,230,000 to $1,300,000. The escrows are also up going from 154 to 178 with the median list price on those escrows rising from $1,250,000 last year to $1,299,000 this year.

West of State St sales are up from 113 to 135 and the median sales price is up from $913,700 to $975,000. The numbers of escrows are also up with 115 in ’14 compared to 150 in ‘15 and the median list price on those escrows is up from $895,000 last year to $1,067,000 this year.

Hope Ranch sales are up from 15 to 23 but the median sales price is down from $3.25 million to $2.95 million. The numbers of escrows are down however with 20 last year compared to 18 this year but the median list price on those escrows is up from $2.9 million in ’14 to $3.024 million in ‘15.

 Goleta South sales are down with 41 last year and 38 this year but the median sales price is up from $750,000 to $775,000. The numbers of escrows are also up from 42 to 46 with the median list price on those escrows rising from $764,000 to $778,500.

 Goleta North sales are up with 79 in ’14 and 91 in ’15 with the median sales price rising from $850,000 to $875,000. The numbers of escrows are also up from 93 to 113 with the median list price on those escrows going from $849,000 to $885,000.

For the Condo segment of the market sales fell to just above 45 in June down from 55 in May. The median sales price went up however from $590,000 to roughly $635,000. The numbers of escrows also went down from 52 to approximately 43 with the median list price on those escrows falling from $639,000 to about $619,000.

There were about 75 new condo listings that came on the market for the month with a median list price of about $699,000 and an average list price of approximately $900,000.  And, just like with the Home Estate/PUD market the overall inventory rose from just 65 in May to just about 85 in June.

Looking at the Districts, Carpinteria/Summerland sales are up from 22 to 51 with the median sales price falling from $502,000 to $499,000. The numbers of escrows are also up from 23 last year to 58 this year and the median list price on those escrows is up from $499,000 to $504,000.

Montecito condo sales are up with 8 in ’14 and 20 in ‘15 with the median sales price down from $1,357,500 to $1,275,000. The numbers of escrows also rose with 9 in ’14 and 20 in ‘15 but the median list price on those escrows is down from $1,199,000 in ’14 to $1,075,000 in ‘15.

East of State St sales are up from 50 to 77 with the median sales price falling from $625,000 to $602,500. The numbers of escrows are also up going from 52 to 82 with the median list price on those escrows falling from $639,000 last year to $615,000 this year.

West of State St sales are up from 56 to 60 with the median sales price rising from $607,500 to $618,500. The escrows also went up from 57 to 65 with the median list price on those escrows going up from $612,000 to $627,000.

Goleta South sales are up from 33 to 63 with the median sales price up from $485,000 to $591,000. The numbers of escrows are also up with 39 in ’14 and 71 in ‘15 with the median list price on those escrows up from $522,000 last year to $579,000 this year.

Goleta North sales are down from 35 to 30 with the median sales price up from $430,000 to $501,084. The escrows are also down from 36 to 29 with the median list price on those escrows going up from $455,000 to $525,000.

Through the end of June year over year sales are up for both single-family dwellings and condos and prices for both segments of the market are also up.  For June about 22% of the homes sold for over the asking price but the percentage over the original list price was just 0.3%. For condos about 11% of the sales closed for over the asking price and the percentage over the original list price was about 1.7%.  On the other side of the coin 31% of the single family listings went down in price and 18% of the condo prices were reduced.

With escrows and sales up for both segments of the market quarter 3 looks to be starting strong. The vitality in the market is still dependent on the inventory however. Each month a significant number of new listings come on the market but mostly they go into escrow right away, which means that the number of overall homes for sale hardly moves at all.

Gary Woods