September 09, 2012

Santa Barbara Real Estate through the end of August ‘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 Real Estate and Goleta Real Estate through the month of August 2012. For the Home Estate/PUD market sales declined dropping from 127 in July to about 115 in August. The median sales price rose however going from $800,000 in July to $830,000 in August. With sales falling and the median sales price rising for the month the days on the market for properties that sold also fell from 82 to 70 which sent out mixed messages. Usually, if the numbers of sales decline the days on the market starts to go up.

The numbers of opened escrows continued at a high level in August coming in at 122 which is just below where it was in July. The median list price on those escrows declined however going from $825,000 in July to $804,000 in August. Listings came up a bit for the month but still fell below the 400 mark to 390 while both the median and average list price of available properties came down slightly to approximately a $2.17 million median list price and a $3.79 million average list.

Year over year the numbers of sales are still way up with 853 transactions completed compared to about 615 last year. The median sales price is down however from $820,000 in 2011 to $799,000 now. The escrows are also still way up from about 685 last year to 943 this year while the median list price on those escrows has declined from about $850,000 last year to approximately $820,000 now.

Looking at the Districts, Carpinteria/Summerland sales are up from 57 to 58 and the median sales price is up from $710,000 to $735,000. The numbers of escrows are down going from 61 to 58 with the median list price on those escrows rising from $712,500 last year to $749,000 this year.

For Montecito, sales are up going from 116 to 171 with the median sales price dropping from $2.155 million last year to $1.925 million. Escrows are also up going from 131 to 197 but the median list price on those escrows is down from $2.435 million to $1.995 million.

East of State St sales are up going from 158 in ’11 to 232 in ‘12 but the median sales price is down from $915,000 to $870,000. The escrows are also up going from 180 to 239 with the median list price on those escrows dropping from $954,500 last year to $899,000 this year.

West of State St sales are up from 142 to 180 and the median sales price is up from $682,000 to $705,000. The numbers of escrows are also up with 153 in ’11 compared to 209 in ‘12 but the median list price on those escrows is down going from $699,900 last year to $699,450 this year.

Hope Ranch sales are up from 19 to 20 and the median sales price is up from $1.972 million to $2 million. The numbers of escrows are also up with 22 last year compared to 24 this year and the median list price on those escrows is up from $1.995 million in ’11 to $2.295 million in ‘12.

Goleta South sales are up with 49 last year and 80 this year and the median sales price is up from $590,000 to $615,000. The numbers of escrows are also up from 63 to 102 with the median list price on those escrows rising from $575,000 to $659,000.

Goleta North sales are up with 110 in ’11 and 144 in ’12 with the median sales price dropping from $659,500 to $615,000. The numbers of escrows are also up from 125 to 167 with the median list price on those escrows falling from $686,500 to $629,000.

For the Condo segment of the market August was another strong month with 44 properties closing escrow. The median sales price for those sales went down however from about $420,000 in July to $383,000 in August. But the big news for the month was the rise in escrows going from 38 in July to 63 in August. The median list price on those escrows fell off however going from about $440,000 in July to $400,000 in August. The days on the market for those 63 sales fell from the 94 we saw in July down to 77 for August paralleling what happened in the Single Family Dwelling market.

Year over year condo sales are up from 180 in 2011 to 276 in 2012. But, the median sales price on those properties is down from $420,000 last year to $400,000. With the condo inventory continuing to fall to 73 units the median sales price will have to rise because soon the only units left will be higher priced evidenced by the $669,000 median list price for the overall inventory and the $917,250 average list.
Looking at the Districts, Carpinteria/Summerland sales are down from 40 to 35 with the median sales price rising from $359,450 to $360,000. The numbers of escrows are up from 41 last year to 46 this year and the median list price on those escrows is up from $369,000 to $384,250.

Montecito condo sales are up with 16 in ’11 and 19 in ‘12 and the median sales price is up from $1,100,000 to $1,105,000.The numbers of escrows are up with 16 in ’11 and 23 in ‘12 while the median list price on those escrows is down from $1,247,000 in ’11 to $1,195,000 in ‘12.

East of State St sales are up from 33 to 88 with the median sales price falling from $517,500 to $497,495. The numbers of escrows are also up going from 51 to 128 with the median list price on those escrows rising from $540,000 last year to $599,000 this year.

West of State St sales are up from 40 to 62 with the median sales price falling from $432,000 to $387,300. The escrows are up from 52 to 67 with the median list price on those escrows falling from $429,000 to $388,650.

Goleta South sales are up from 35 to 44 with the median sales price down from $360,000 to $282,000. The numbers of escrows are also up with 41 in ’11 and 53 in ‘12 but the median list price on those escrows is down from $350,000 last year to $304,950 this year.

Goleta North sales are up from 26 to 40 with the median sales price down from $362,500 to $345,000. The escrows are also up from 27 to 48 with the median list price on those escrows rising from $350,000 to $365,000.

In August single family dwelling sales started to fall off but the median sales price rose from the previous month while condo sales rose but the median sales price declined. Days on the market for both segments declined from the previous month while the sales price to original list price ratio for both condos and homes stayed approximately in the 95th percentile.

The outlook for the rest of 2012 still depends on what happens with the inventory. If the numbers of properties for sale continues to drop the median sales price will start to rise which might bring more sellers into the marketplace. But if there is a surge in the inventory prices will remain about where they’ve been all year with an approximate $800,000 median sales price for homes and a $400,000 median for condos.

Gary Woods

Posted by gandlwoods at September 9, 2012 07:25 AM