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 October
2014. For the Home Estate/PUD market the
numbers of sales fell from the previous month to just over 85 in October dropping
from 109 in September and 100 in August. The Median Sales Price also fell for the
month to about $1.015 million in October from $1,199,000 in September and also
down from $1,377,500 in August. The
opened escrows rose however in October to110 from 82 in September and 100 in
August while the median list price on those escrows fell from $1,195,000 in
September to about $950,000 in October. There were approximately 120 new
listings that came on the market in October with a median list price of
approximately $1.185 million and an average list price of just about $2.3 million
which left the overall inventory basically flat from 346 units for sale in
September to about 310 in October.
Year over year sales are down about 22% with the
median sales price up to about $1,160,000 for approximately a 24% rise. The
average sales price is also up going from about $1.42 million in 2013 to approximately
$1.775 million in 2014 for a 25% rise while the numbers of escrows are down
with 1,077 in ’13 to about 930 in ‘14 with the median list price on those
escrows up about 21% to approximately $1,150,000.
Looking at the
Districts, Carpinteria/Summerland sales are down from 93 to 69 but the median
sales price is up from $850,000 to $949,500. The numbers of escrows are also down
from 98 to 83 with the median list price on those escrows rising from $865,450
last year to $950,000 this year.
For Montecito, sales are down going from
198 to 190 with the median sales price rising from $2.438 million to $2.75
million. Escrows are also down going from 200 to 182 but the median list price
on those escrows is up from $2.497 million to $2.95 million.
East of State St sales are down,
going from 273 in ’13 to 248 in ‘14 but the median sales price is up
from $967,500 to $1,212,000. The escrows went down from 280 to 259 with the
median list price on those escrows rising from $999,000 last year to $1,197,000
this year.
West of State St sales are down
from 236 to 190 but the median sales price is up from $879,000 to $960,000. The
numbers of escrows are also down with 251 in ’13 compared to 204 in ‘14 but the
median list price on those escrows is up from $895,000 last year to $950,000 this
year.
Hope Ranch sales are up from 27 to
30 and the median sales price is also up from $2.01 million to $2.706 million.
The numbers of escrows are up with 22 last year compared to 32 this year and
the median list price on those escrows is also up from $2.31 million in ’13 to
$2.875 million in ‘14.
Goleta South sales are down with
101 last year and 69 this year but the median sales price is up from $729,000
to $756,250. The numbers of escrows are also down from 92 last year with the
median list price of $710,000 to 69 this year with a median list price of $749,350.
Goleta North sales are down with
182 in ’13 and 131 in ’14 with the median sales price rising from $775,000 to $850,000.
The numbers of escrows are also down from 183 to 154 with the median list price
on those escrows going from $791,850 to $849,000.
For the Condo segment of
the market sales rose to about 40 in October up from 29 in September but down
from 44 in August. The median sales price fell however from $615,000 in
September to approximately $555,000 in October while the numbers of escrows stayed
steady from 41 in September to about 40 in October with the median list price on
those escrows also remaining where it was in the previous month from $589,000
in September to about $599,000 in October.
There were about 40 new
condo listings that came on the market for the month with a median list price
of about $514,000 falling from $599,000 and an average list price of approximately
$760,000 falling from about $767,567 in September while the overall inventory
fell in October from about 130 units for sale in September to approximately 105
in October.
Looking at the Districts,
Carpinteria/Summerland sales are down from 76 to 35 with the median sales price
rising from $441,000 to $525,000. The numbers of escrows are also down from 72
last year to 41 this year and the median list price on those escrows is up from
$449,900 to $505,000.
Montecito condo sales are down with
26 in ’13 and 12 in ‘14 but the median sales price is up from $995,000 to
$1,318,750. The numbers of escrows are also down with 28 in ’13 and 17 in ‘14
while the median list price on those escrows is up from $1,147,500 in ’13 to $1,300,000
in ‘14.
East of State St sales are down
from 86 to 84 with the median sales price rising from $568,500 to $625,000. The
numbers of escrows are up however going from 81 to 85 with the median list
price on those escrows up from $585,000 last year to $649,000 this year.
West of State St sales are up from
94 to 97 with the median sales price rising from $542,500 to $639,000. The escrows
also went up from 95 to 105 with the median list price on those escrows going
from $542,000 to $639,450.
Goleta South sales are up from 60 to 85 with the median sales price up
from $442,500 to $538,500. The numbers of escrows are also up with 63 in ’13 and
86 in ‘14 with the median list price on those escrows up from $444,500 last
year to $549,900 this year.
Goleta North sales are
up from 47 to 56 with the median sales price up from $419,000 to $455,000. The
escrows are also up from 42 to 52 with the median list price on those escrows
going up from $425,000 to $449,000.
Through the end of October sales of single family homes
is down about 22% from ’13 while the median sales price for those homes is up
about 24%. For condos, sales are also down but by only approximately 7% with
the median sales price up over 10%. Of the single family homes that sold for
the month roughly 15% of those sales were over the asking price and for condos
that number was about 7%. The average
over asking price for homes that sold was about 3% and for condos that number was
about 7%. On the other side of the coin 21% of the homes listed for sale had
price reductions and 25 % of the condos went down in price.
For single family homes sales went down in October
but escrows went up while the median sales price went down to about $1.05
million from $1.19 million the previous month. For condos sales went up but the
median sales price went down to about $540,000 from $615,000 the previous
month. The inventory fell for homes and also declined for condos but despite
the mixed messages from the market the rest of 2014 should finish strong.
Gary Woods
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