July 09, 2014

Santa Barbara Real Estate through the end of June ‘14 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland

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 2014. For the Home Estate/PUD market sales fell for the month coming in with about 105 closings down from the 113 we saw in May. The Median Sales Price went from $1,175,000 in May to about $1,185,000 in June with the days on the market for sold properties staying steady at around 45 from the 48 we saw in the previous month. The opened escrows went up a little however from 100 in May to about 110 in June while the median list price on those escrows also went up a little to about $1,280,000 from $the 1,222,500 in May. There were about 135 new listings that came on the market in June with a median list price of approximately $1,180,000 and an average list price of about $2.156 million with the overall inventory didn’t move from 319 units for sale in May to 319 in June.

Year over year sales are down about 20% with the median sales price up to roughly $1,100,000 for a 22% rise. The average sales price is also up going from just over $1.4 million in 2013 to approximately $1.7 million in 2014 while the numbers of escrows are down about 20% but the median list price on those escrows is up over 20%

Looking at the Districts, Carpinteria/Summerland sales are down from 50 to 35 but the median sales price is up from $825,000 to $975,000. The numbers of escrows are also down from 60 to 44 with the median list price on those escrows rising from $857,262 last year to $1,102,500 this year.

For Montecito, sales are down going from 123 to 101 with the median sales price rising from $2,585,000 to $2.675 million. Escrows are also down going from 140 to 111 but the median list price on those escrows is up from $2.495 million to $2.95 million.

East of State St sales are down going from 166 in ’13 to 151 in ‘14 but the median sales price is up from $967,500 to $1,230,000. The escrows are also down going from 181 to 158 with the median list price on those escrows rising from $984,000 last year to $1,250,000 this year.

West of State St sales are down from 138 to 113 but the median sales price is up from $825,000 to $913,700. The numbers of escrows are also down with 153 in ’13 compared to 115 in ‘14 but the median list price on those escrows is up from $879,000 last year to $895,000 this year.

Hope Ranch sales are down from 19 to 15 but the median sales price is up from about $2 million to $3.25 million. The numbers of escrows are up however with 18 last year compared to 19 this year and the median list price on those escrows is up from $2.027 million in ’13 to $2.875 million in ‘14.

Goleta South sales are down with 61 last year and 42 this year but the median sales price is up from $699,000 to $750,000. The numbers of escrows are also down from 58 to 44 with the median list price on those escrows rising from $698,500 to $769,000.

Goleta North sales are down with 113 in ’13 and 78 in ’14 with the median sales price rising from $765,000 to $847,500. The numbers of escrows are also down from 112 to 96 with the median list price on those escrows going from $775,000 to $846,500.


For the Condo segment of the market sales fell to about 35 in June down from 44 in May. The median sales price also went down from about $550,000 to roughly $490,000 but the numbers of escrows went up from 36 to just fewer than 40 with the median list price on those escrows rising just a little from $536,100 to about $540,000.

There were about 55 new condo listings that came on the market for the month with a median list price of about $600,000 and an average list price of approximately $715,000. And, just like with the Home Estate/PUD market the overall inventory rose slightly from 111 in May to 118 in June.

Looking at the Districts, Carpinteria/Summerland sales are down from 45 to 22 with the median sales price rising from $445,000 to $502,000. The numbers of escrows are also down from 46 last year to 22 this year but the median list price on those escrows is up from $446,500 to $499,000.

Montecito condo sales are down with 15 in ’13 and 8 in ‘14 with the median sales price up from $985,000 to $1,357,500. The numbers of escrows also fell with 17 in ’13 and 9 in ‘14 but the median list price on those escrows is up from $985,000 in ’13 to $1,199,000 in ‘14.

East of State St sales are up from 47 to 50 with the median sales price rising from $541,000 to $625,000. The numbers of escrows are also up going from 49 to 54 with the median list price on those escrows rising from $575,000 last year to $630,000 this year.

West of State St sales are down from 57 to 56 with the median sales price rising from $510,875 to $607,500. The escrows went up from 55 to 60 with the median list price on those escrows going up from $527,000 to $627,000.

Goleta South sales are down from 34 to 33 with the median sales price up from $446,250 to $485,000. The numbers of escrows are up with 39 in ’13 and 42 in ‘14 with the median list price on those escrows up from $444,500 last year to $519,000 this year.

Goleta North sales are up from 31 to 35 with the median sales price up from $389,000 to $430,000. The escrows are up from 29 to 38 with the median list price on those escrows going up from $425,000 to $449,000.

Through the end of June sales are down for both single-family dwellings and condos and prices for both segments of the market are up. For June about 17.4% of the homes sold for over the asking price and the percentage over the original list price was 3.6%. For condos about 17.6% of the sales closed for over the asking price and the percentage over the original list price was 1.7%. With escrows and sales down for both segments of the market the recovery could start to stall. But, with the numbers of listings for condos and single-family residents rising there could still be increased activity and vitality as we move into the third quarter.

Gary Woods

Posted by gandlwoods at July 9, 2014 07:03 AM