February 08, 2013

Santa Barbara Real Estate through the end of January ‘13 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 January 2013. Starting with the Home Estate/PUD sector for the month of January 2013 we had about 80 sales compared to 71 in January 2012 and the median sales price went from $810,000 last year rising to $822,000 this year.

The numbers of escrows for the month came in at about 100 which is approximately where we started 2012 but the median list price on those escrows rose from $819,000 in 2012 to about $950,000 in 2013. The days on the market for sold properties dropped dramatically however from 2012 when it was 79 to roughly 50 in 2013 and the Sales Price to Original List Price Ratio rose from 89% last year to about 94% this year.

Of the roughly 80 homes that sold in January over approximately 50 were below $1 million with 25 of those 50 falling between $550,000 and $700,000. About 20 of the sales came in between $1 and $2 million with 10 above $2 million and of those 10 above $2 million there were 2 over $5 million.

Looking at the Districts, Carpinteria/Summerland sales are down from 7 to5 but the median sales price is up from $515,000 to $824,000. The numbers of escrows are up however going from 7 to 11 with the median list price on those escrows rising from $749,000 last year to $785,000 this year.

For Montecito, sales are down going from 14 to 12 with the median sales price rising from $1.82 million to $2.75 million. Escrows are up going from 17 to 25 and the median list price on those escrows is up from $2.445 million to $2.474 million.

East of State St sales are down going from 25 in ’12 to 15 in ‘13 but the median sales price is up from $891,250 to $911,000. The escrows are down going from 29 to 22 with the median list price on those escrows rising from $849,000 last year to $995,000 this year.

West of State St sales are up from 8 to 15 and the median sales price is up from $508,000 to $682,450. The numbers of escrows are up with 15 in ’12 compared to 18 in ‘13 but the median list price on those escrows is up from $750,000 last year to $769,450 this year.

Hope Ranch sales are up from 2 to 5 and the median sales price is up from $1.532 million to $1.983 million. The numbers of escrows are down with 3 in ’12 to 0 in ’13 and the median list price on those escrows is down from $2.29 million in ’12 to $0 in ‘13.

Goleta South sales are 5 in ’12 and in ’13 there were 12 and the median sales price is up from $497,500 to $635,000. The numbers of escrows are down however from 14 to 8 with the median list price on those escrows rising from $549,000 to $679,000.

Goleta North sales are up with 13 in ’12 and 17 in ’13 with the median sales price rising from $625,000 to $697,500. The numbers of escrows are even however from 16 to 16 with the median list price on those escrows rising from $615,000 to $795,000.

For the Condo segment of the market there were about 26 sales in January 2013 up from 13 in January 2012. The median sales price also rose from $353,000 to roughly $410,000 but the average sales price declined from $464,069 to approximately $430,000. The numbers of escrows went up slightly from ’12 when there were 28 to about 30 in ’13 with the median list price on those escrows rising from $404,500 to approximately $425,000.

The overall inventory of available condos remained low at around 50 with a median list price on that inventory of $835,000 and an average list price of over $1 million. The troubling aspect of the inventory is that for both Home Estates and Condos January was the highpoint for the year so if we continue to drop from these 50 condos for sale and approximately 300 homes sales will drop while prices will rise.
Of the 26 sales about half were between $300,000 and $500,000 with the least expensive property which was an “affordable” going out at $158,300 and the highest priced sale closing at $995,000 giving us the $415,000 median sales price for the month.

Looking at the Districts, Carpinteria/Summerland sales are up from 3 to 6 with the median sales price rising from $297,500 to $432,191. For the numbers of escrows there was 1 in ’12 and in ’13 there were 5 and the median list price on those escrows is up from $410,000 to $445,000.

Montecito condo sales are down with 2 in ’12 and 1 in ‘13 with the median sales price down from $1,034,950 to $995,000. The numbers of escrows are up with 2 in ’12 and 3 in ‘13 with the median list price on those escrows down from $1,394,740 in ’12 to $870,000 in ‘13.

East of State St sales are up from 1 to 6 with the median sales price falling from $630,000 to $575,259. The numbers of escrows are up even from 6 to 6 with the median list price on those escrows rising from $484,990 last year to $656,750 this year.

West of State St sales are even from 4 to 5 with the median sales price falling from $445,000 to $406,500. The escrows are up from 8 to 10 with the median list price on those escrows falling from $447,000 to $409,500.

Goleta South sales are even from 2 to 2 with the median sales price up from $183,750 to $307,500. The numbers of escrows are down from 5 to 4 with the median list price on those escrows down from $349,000 to $247,000.

Goleta North sales are up from 1 to 7 with the median sales price down from $285,000 to $256,250. The escrows are down from 6 to 3 with the median list price on those escrows rising from $355,950 to $369,000.

For both the Home Estate/PUD and Condo markets the inventory remains very low but for both segments of the market sales and median sales price is up if ever so slightly at this early point in the year. In order to capitalize on that momentum the inventory will have go up which is possible if the sellers start to see the prices creeping up.

Gary Woods

Posted by gandlwoods at February 8, 2013 06:31 AM