June 08, 2012

Santa Barbara Real Estate through the end of May ‘12 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland

This is an analysis of the Santa Barbara Real Estate market including Carpinteria Real Estate/Summerland Real Estate, Montecito Real Estate, Hope Ranch Real Estate, downtown Santa Barbara and Goleta Real Estate through the month of May2012. For the Home Estate/PUD market, May marked the third month in a row that sales of homes topped 100 going up to over 130 for the month. The median sales price also went up going over $800,000 to about $825,000 for the month rising from $756,300 in April. The numbers of escrows also rose in May to about 170 from 142 in April with the median list price on those approximately 170 opened escrows going up from $789,000 in April to about $840,000 in May.

Through May, compared to last year, sales are up from 340 to about 475 for approximately a 40% rise while the median sales price is down a little from $810,000 last year to about $795,000 for a 2% drop. Escrows are up from 405 to about 605 for a 50% upswing with the median list price on those escrows going down 10% from $879,000 to about $800,000.

With all the activity in sales and escrows the overall inventory remains at around 400 Home Estate/PUDs available for purchase from Carpinteria to Goleta and because of all the sales below $1 million the median list price on those homes has risen to about $1.95 million with the average list price hovering around $3.65 million.

Looking at the Districts, Carpinteria/Summerland sales are up from 36 to 39 and the median sales price is up from $710,000 to $800,000. The numbers of escrows are also up going from 33 to 38 with the median list price on those escrows rising from $759,000 last year to $905,500 this year.

For Montecito, sales are up going from 64 to 102 with the median sales price dropping from $2.444 million last year to $1.85 million. Escrows are also up going from 82 to 115 but the median list price on those escrows is down from $2.572 million to $1.999 million.

East of State St sales are up going from 85 in ’11 to 125 in ‘12 but the median sales price is down however from $917,500 to $829,000. The escrows are also up going from 114 to 156 with the median list price on those escrows dropping from $959,000 last year to $900,000 this year.

West of State St sales are up from 75 to 88 and the median sales price is up from $686,000 to $739,000. The numbers of escrows are also up with 86 in ’11 compared to 130 in ‘12 but the median list price on those escrows is down from $745,000 last year to $699,000 this year.

Hope Ranch sales are down from 10 to 8 and the median sales price is down from $1.95 million to $1.937 million. The numbers of escrows are also down with 15 last year compared to 10 this year. But, the median list price on those escrows is up from $1.947 million in ’11 to $2.295 million in ‘12.

Goleta South sales are up with 27 last year and 49 this year but the median sales price is down from $602,500 to $585,000. The numbers of escrows are also up from 32 to 68 with the median list price on those escrows rising from $575,000 to $649,000.

Goleta North sales are up with 62 in ’11 and 86 in ’12 with the median sales price dropping from $685,000 to $610,000. The numbers of escrows are also up from 69 to 115 with the median list price on those escrows falling from $673,000 to $615,900.

For the Condo segment of the market, after the 41 sales in the month of March and 28 sales in April sales rose to about 45 in May. The median sales price however remained right around $400,000 for the month while the numbers of escrows rose from 45 in April to about 50 in May. The median list price on those escrows also rose from $379,000 in April to about $405,000 in May.

Year over year, condo sales are up from 89 in 2011 to about 150 in 2012 for a 65% rise and the median sales price has gone from $390,000 last year to just about $400,000 this year for a 2.5% upswing. Escrows are up dramatically from 101 in 2011 to about 215 in 2012 for a 110% gain while the median list price on those escrows has gone up slightly from $399,500 to approximately $410,000 for another 2.5% gain

The overall inventory took a slight upturn in May from the approximately 100 available condos from Carpinteria to Goleta in the previous 4 months to about 115 listings with nearly a $570,000 median list price and almost a $715,000 average list price.

Looking at the Districts, Carpinteria/Summerland sales are down from 24 to 18 with the median sales price falling from $350,000 to $341,500. The numbers of escrows are also down from 24 last year to 20 this year and the median list price on those escrows is down from $363,000 to $354,500.

Montecito condo sales are up with 6 in ’11 and 11 in ‘12 with the median sales price also up from $767,500 to $1,200,000.The numbers of escrows are up with 6 in ’11 and 13 in ‘12 while the median list price on those escrows is down from $1,397,500 in ’11 to $1,250,000 in ‘12.

East of State St sales are up from 13 to 39 with the median sales price rising from $420,000 to $459,495. The numbers of escrows are also up going from 15 to 77 with the median list price on those escrows rising from $545,000 last year to $615,000 this year.

West of State St sales are up from 18 to 34 with the median sales price falling from $425,000 to $387,000. The escrows are up from 24 to 46 with the median list price on those escrows falling from $424,500 to $361,850.

Goleta South sales are down from 21 to 27 with the median sales price also down from $338,150 to $279,000. The numbers of escrows are up however with 23 in ’11 and 40 in ‘12 but the median list price on those escrows is down from $350,000 last year to $293,500 this year.

Goleta North sales are up from 13 to 21 with the median sales price down from $372,500 to $345,000. The escrows are also up from 16 to 28 with the median list price on those escrows falling from $377,000 to $349,900.

In May, sales of both Home Estate/PUDs and Condos remained strong surging to heights we haven’t seen for quite a few months. Escrows also swelled making the rest of quarter 2 and on into quarter 3 look very strong. With all of the multiple offers for Homes and Condos prices inched up in May and should continue to move up based on the median list price on the escrows opened during the month.

Also, because of all the sales and escrows the inventory will probably remain low with about 400 Homes and 100 Condos available in the area. With the low inventory and high demand, list prices should start to move up. But, because of the substantial numbers of Short Sales on the market the upward motion in listings and sales prices probably won’t become a surge.

Gary Woods

Posted by gandlwoods at June 8, 2012 06:57 AM