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 April
2014. For the Home Estate/PUD market sales remained strong for the month coming
in with about 100 closings up from the 72 we saw in March. The Median Sales
Price rose to about $1.1 million from the $983,700 we saw in March while the
days on the market for sold properties went to around 50 from the 40 we saw in
the previous month. The opened escrows went
up substantially from 107 in March to over 120 in April while the median list
price on those escrows also went up to about $1.185 million from $1,095,000 in
March. There were about 165 new listings that came on the market in April with
a median list price of approximately $1.185 million and an average list price
of about $1.773 million while the overall inventory rose from 273 units for
sale to just below 300.
Year over year sales are down about 24% with the
median sales price up to roughly $1.1 million for a 21% rise. The average sales
price is also up going from just over $1.46 million in 2013 to approximately $1.7
million in 2014 for a 17% rise but the number of escrows are down about 19% to
approximately 365 with the median list price on those escrows up over 15% to
$1.1 million
Looking at the
Districts, Carpinteria/Summerland sales are down from 29 to 19 and the median
sales price is flat from $844,500 to $845,000. The number of escrows are also
down from 39 to 29 with the median list price on those escrows rising from
$852,262 last year to $928,000 this year.
For Montecito, sales are down going from 72
to 58 with the median sales price falling from $2,642,500 to $2.582 million.
Escrows are also down going from 86 to 67 but the median list price on those
escrows is up from $2.58 million to $2.795 million.
East of State St sales are down
going from 99 in ’13 to 84 in ‘14 but the median sales price is up from $945,000
to $1.225 million. The escrows are also down going from 115 to 103 with the
median list price on those escrows rising from $995,000 last year to $1.295
million this year.
West of State Street sales are down
from 78 to 66 but the median sales price is up from $722,888 to $950,000. The
number of escrows are down with 100 in ’13 compared to 76 in ‘14 and the
median list price on those escrows is up from $851,950 last year to $895,000 this
year.
Hope Ranch sales are down from 15
to 10 and the median sales price is up from about $2 million to $3.75 million.
The number of escrows are down with 13 last year compared to 12 this year. But,
the median list price on those escrows is up from $2.195 million in ’13 to $3.85
million in ‘14.
Goleta South sales are down with
36 last year and 22 this year but the median sales price is up from $668,000 to
$738,000. The number of escrows are also down from 34 to 29 with the median
list price on those escrows rising from $699,000 to $749,000.
Goleta North sales are down with
77 in ’13 and 50 in ’14 with the median sales price rising from $753,595 to $800,000.
The number of escrows are also down from 74 to 62 with the median list price
on those escrows going from $775,000 to $842,000.
For the Condo segment of
the market sales also remained strong rising to over 40 in April up from 26 in
March. The median sales price also went up from $539,500 to roughly about $600,000
and the number of escrows went up from 35 to approximately 55 with the median
list price on those escrows falling from $549,250 to about $525,000.
There were about 70 new
condo listings that came on the market for the month with a median list price
of about $560,000 and an average list price of approximately $850,000. And, just like with the Home Estate/PUD
market the overall inventory rose slightly from about 100 units for sale to
just about 105.
Looking at the Districts,
Carpinteria/Summerland sales are down from 26 to 13 with the median sales price
rising from $436,000 to $527,500. The number of escrows are down from 30 last
year to 16 this year and the median list price on those escrows is up from $459,475
to $488,750.
Montecito condo sales are down with
12 in ’13 and 4 in ‘14 with the median sales price down from $995,000 to
$880,000. The number of escrows fell with 12 in ’13 and 6 in ‘14 while the
median list price on those escrows is up from $967,000 in ’13 to $1,074,500 in
‘14.
East of State Street sales are up from
23 to 32 with the median sales price rising from $490,000 to $659,000. The
number of escrows are also up going from 32 to 34 with the median list price
on those escrows rising from $524,000 last year to $694,500 this year.
West of State Street sales are down
from 33 to 29 with the median sales price rising from $515,000 to $649,000. The
escrows went from 36 to 44 with the median list price on those escrows going
from $549,000 to $612,000.
Goleta South sales are up from 18 to 19 with the median sales price also
up from $442,500 to $465,000. The number of escrows are up with 21 in ’13 and
27 in ‘14 with the median list price on those escrows up from $427,250 last
year to $537,000 this year.
Goleta North sales are
up from 21 to 25 with the median sales price down from $378,000 to $429,000.
The escrows are up from 17 to 27 with the median list price on those escrows
going from $419,000 to $429,999.
Through the end of April sales of Single Family Homes
is down about 24% while the median sales price is up about 21%. Condo sales on
the other hand are down about 9% while the median sales price is up about 20%.
Of the houses that sold about 25% of them sold for over the asking price and
for condos that number was about 10%. Of those 25% of homes that went out for
over the asking prices that average over asking price is about 4% and for
condos that number was about is 5%.
Compared to last year single family home sales are
down dramatically but this should start to level out in quarter 3 because at
that time in 2013 home sales started dropping off precipitously. But, the median sales price should continue
to creep up slowly if the inventory remains low. For condos the number of new
listings is strong but because the sales are increasing the overall inventory
still remains low which should also continue to push prices up.
Inventory is still the key. If the numbers of listed
homes and condos stays low then sales will remain low but the prices will
continue to creep up. But, if the sellers see the prices start to climb then it
might be the motivator to bring them out and sales will rise while prices will
moderate.
Gary Woods
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