Santa Barbara Real Estate through the end of March 2015 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 March 2015. For the Home Estate/PUD market sales went way up for the month with about 117 closings from the 58 we saw in February. The Median Sales Price also rose to about $1.2 million up from $1,035,000 at the end of February while the days on the market for sold properties went down to around 54 from the 71 we saw in the previous month.  The opened escrows stayed at about the same level from 121 in February to about 118 in March. The median list price on those escrows went up however to about $1.249 million from $1,050,000 in February. There were approximately 160 new listings that came on the market in March with a median list price of roughly $1.45 million and an average list price of about $2.5 million with the overall inventory rising from about 260 units for sale at the end of February to around 280 at the end of March.

                Year over year sales are up about 22% with the median sales price up to roughly $1.15 million for a 12% rise. The average sales price is also up going from just over $1.585 million in 2014 to approximately $2 million in 2015 while the numbers of escrows are up about 29% with the median list price on those escrows up over 11% to $1,175,000.

Looking at the Districts, Carpinteria/Summerland sales are up from 11 to 24 and the median sales price is up from $845,000 to $895,500. The numbers of escrows are also up from 23 to 29 with the median list price on those escrows falling from $865,000 last year to $829,000 this year.

             For Montecito, sales are up going from 38 to 46 with the median sales price rising from $2,112,500 to $2.86 million. Escrows are also up going from 41 to 53 and the median list price on those escrows is up from $2.795 million to $2.95 million.

                East of State St sales are up going from 59 in ‘14 to 68 in ‘15 and the median sales price is up from $1,225,000 to $1.25 million. The escrows are also up going from 61 to 75 with the median list price on those escrows rising from $1,295,000 last year to $1,349,000 this year.

                West of State St sales are up from 48 to 50 but the median sales price is down from $950,000 to $845,000. The numbers of escrows are also up with 49 in ‘14 compared to 69 in ‘15 and the median list price on those escrows is up from $895,000 last year to $1,055,000 this year.

                Hope Ranch sales are up from 7 to 12 but the median sales price is down from $5.105 million to $2.86 million. The numbers of escrows are also up with 8 last year compared to 12 this year. But, the median list price on those escrows is down from $3.85 million in ‘14 to $2.89 million in ‘15.

                Goleta South sales are up with 13 last year and 19 this year but the median sales price is down from $780,000 to $760,000. The numbers of escrows are also up from 15 to 20 with the median list price on those escrows rising from $739,000 to $778,000.

                Goleta North sales are up with 31 in ‘14 to 36 in ‘15 with the median sales price rising from $770,000 to $862,500. The numbers of escrows are also up from 48 to 50 with the median list price on those escrows going from $789,000 to $949,000.

For the Condo segment of the market sales went way up to 56 in March from 27 in February. The median sales price also went up from $542,500 to $587,000 and the numbers of escrows went up from 38 to 68 with the median list price on those escrows rising from $542,000 to about $559,500.

There were about 45 new condo listings that came on the market for the month with a median list price of about $599,000 and an average list price of approximately $686,697.  But, unlike the Home Estate/PUD market the overall inventory fell from just about 86 to roughly 65.

Looking at the Districts, Carpinteria/Summerland sales are up from 7 to 24 with the median sales price falling from $527,500 to $475,000. The numbers of escrows are also up from 10 last year to 30 this year but the median list price on those escrows is down from $478,500 to $474,000.

Montecito condo sales are up with 3 in ‘14 and 7 in ‘15 with the median sales price up from $850,000 to $950,000. The numbers of escrows rose with 5 in ‘14 and 10 in ‘15 while the median list price on those escrows is up from $950,000 in ‘14 to $967,000 in ‘15.

East of State St sales are up from 21 to 35 with the median sales price rising from $593,250 to $634,350. The numbers of escrows are also up going from 23 to 48 with the median list price on those escrows falling from $675,000 last year to $575,000 this year.

West of State St sales are up from 16 to 29 with the median sales price up from $607,500 to $618,500. The escrows went from 24 to 32 with the median list price on those escrows going from $644,900 to $699,000.

  Goleta South sales are down from 16 to 15 with the median sales price even from $475,000 to $475,000. But the numbers of escrows are up with 15 in ‘14 and 21 in ‘15 while the median list price on those escrows is down from $537,000 last year to $475,000 this year.

Goleta North sales are down from 14 to 11 with the median sales price up from $429,000 to $497,000. The escrows are also down from 18 to 15 with the median list price on those escrows going up from $429,000 to $489,000.

Through the end of the 1^st quarter both sales for the Home Estate/PUD and Condo markets are up compared to 2014 and prices are also up.  Approximately 12.8% of the home sales went for over the asking price in March with about 13.4% of the condos. For Homes the percentage of the sales price over the asking price was about 3.1% while for condos it was about 1.7%. On the other side of the coin 23% of the Homes had a price reduction and 36% of the condos went down in price.

 Escrows are up for both single-family homes and condos but the second quarter based on escrows looks like it’s stabilizing for homes and based on the inventory perhaps even falling for condos. The median sales price for homes has risen to roughly $1.1 million while the median sales price for condos is up to around $570,000.  In March the inventory for single-family homes rose about 9% to roughly 285 properties for sale while it went down about 20% for condos to approximately 65 units. 2015 has started out strong for sales of homes and condos with the median sales price rising for both segments. The question is whether that momentum will be maintained.

Read More

4 Keys Identified for a Full Housing Recovery

National Association of realtors

DAILY REAL ESTATE NEWS | FRIDAY, JANUARY 17, 2014

In order to have a fully recovered housing market and economic recovery, economists point to the need for four positive indicators: 

1. A healthy job market with low stable unemployment; 

2. Mortgage delinquencies that have returned to historical averages; 

3. Home prices consistent with an affordable mortgage payment–to–income ratio; and 

4. Home sales that are in the range of historical norms. 

So, is the housing market inching closer? 

Freddie Mac’s U.S. Economic and Housing Market Outlook for January takes a look at how the housing market is performing among these four indicators. Economists note that the unemployment rate -- while inching down -- still remains high at 6.7 percent. Meanwhile, mortgage delinquencies have fallen to 5.88 percent -- nearly half of their peak rate but still higher than the national average of about 2 percent, Freddie notes. 

Home prices still have some room to grow without outpacing income growth, economists say. 

“From 1999–2006, mortgage payments on a hypothetical 30-year fixed-rate mortgage would have increased by 50 percent more than income growth,” Freddie Mac notes in the report. “Currently, payment-to-income ratios are only 60 percent of the level we had in 1999, suggesting room for continued housing growth.” 

Finally, home sales have risen over the past two years but remain below levels from a nearly a decade ago. Home sales, historically, average a rate of about 6 percent of the housing stock every year. They dropped to 4 percent during the housing crisis. Economists are predicting a 5.7 percent pace in 2014. 

"As we start 2014, the housing recovery continues its steady pace,” Frank Nothaft, Freddie Mac’s chief economist. “House-price gains will likely moderate from last year's pace but rise about 5 percent in national indexes. Home sales, as well as other key indicators, continue to trend in the right direction, although in some markets we are seeing the sales recovery strengthen while many others remain weak."

Source: Freddie Mac and “Are We There Yet? Freddie Mac Says Recovery Has a Ways to Go,” Mortgage News Daily (Jan. 16, 2014)

Read More

Conforming Loan Limits Stay Put for 2014, Including High Cost Areas

by Jann Swanson, Mortgage News Daily

November 26, 2013

Whether because of the uproar from some members of Congress, the Mortgage Bankers Association, National Association of Realtors, and other industry players or not, Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) has left loan limits for Fannie Mae and Freddie Mac unchanged for the coming year. 

In a press release on Tuesday DeMarco said that the maximum conforming loan limits for mortgages acquired or guaranteed by the two government sponsored enterprises (GSEs) will remain at $417,000 for one-unit properties in most areas of the country.  Some high costs areas such as Washington, DC, New York, Boston, and large parts of California are exemptfrom the $417,000 ceiling with limits that range as high as $625,000.  This upper limit is also unchanged. 

It is possible there are areas that have previously fallen into the jumbo mortgage category between the two loan limits that may now be capped at the national limit or have experienced some changes in maximums depending on local calculations. 

DeMarco had announced in late summer that he would roll back the limits to a lower level for the coming year as another step in reducing the influence of the GSEs in the mortgage market and encouraging greater participation by the private sector.  The industry groups above and others sent letters both to FHFA and to Congress protesting any downward revisions as potentially harmful to homebuyers, refinancers, and the housing market recovery. 

Loan limits are changed each year according to a formula which takes into account median prices in local areas.  The limits have been unchanged for several years because of emergency regulations put in place in response to the housing crisis and changes that lower limits are usually the province of Congress.

A link to a spreadsheet with a county by county breakdown of the new limits is available at www.FHFA.gov.

Read More

Santa Barbara Real Estate Through the End of October 2013 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland

by Gary Woods

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 2013.  For the Home Estate/PUD market the numbers of sales fell from the previous month to 90 in October dropping from 107 in September and 121 in August. The Median Sales Price rose for the month however to $941,499 in October from $922,500 in September but down from $1,069,000 in August.  The opened escrows also fell in October to 83 from 95 in September and 110 in August while the median list price on those escrows fell from $975,000 in September to $879,000 in October. There were 100 new listings that came on the market in October with a median list price of approximately $1.2 million and an average list price of just about $1.5 million which left the overall inventory fall from 337 units for sale in September to about 320 in October.

                Year over year sales are up about 3% with the median sales price up to about $940,000 for approximately an 18% rise. The average sales price is also up going from about $1.35 million in 2012 to approximately $1.42 million in 2013 for a 5% rise while the numbers of escrows are down with 1,113 in ’12 to 1,088 in ‘13 with the median list price on those escrows up about 15% to approximately $950,000.

Looking at the Districts, Carpinteria/Summerland sales are up from 71 to 92 and the median sales price is up from $732,000 to $850,000. The numbers of escrows are also up from 75 to 98 with the median list price on those escrows rising from $797,500 last year to $860,950 this year. 

             For Montecito, sales are down going from 219 to 198 with the median sales price rising from $1.835 million to $2.438 million. Escrows are also down going from 246 to 203 but the median list price on those escrows is up from $1.997 million to $2.495 million. 

                East of State St sales are down going from 282 in ’12 to 273 in ‘13 but the median sales price is up from $872,500 to $967,500. The escrows went down from 288 to 281 with the median list price on those escrows rising from $898,000 last year to $999,000 this year. 

                West of State St sales are up from 219 to 236 and the median sales price is up from $700,000 to $879,000. The numbers of escrows are up with 250 in ’12 compared to 252 in ‘13 and the median list price on those escrows is up from $700,000 last year to $895,000 this year. 

                Hope Ranch sales are up from 26 to 27 but the median sales price is down from $2.057 million to $2.01 million. The numbers of escrows are down with 27 last year compared to 25 this year and the median list price on those escrows is up from $2.3 million in ’12 to $2.425 million in ‘13. 

                Goleta South sales are down with 103 last year and 101 this year but the median sales price is up from $626,100 to $729,000. The numbers of escrows are down from 120 to 93 with the median list price on those escrows rising from $669,000 to $719,000. 

                Goleta North sales are up with 181 in ’12 and 182 in ’13 with the median sales price rising from $612,500 to $775,000. The numbers of escrows are also up from 180 to 183 with the median list price on those escrows going from $615,000 to $788,700.

For the Condo segment of the market sales fell to 30 in October down from 35 in September and 49 in August. The median sales price also fell from $539,000 in September to $512,000 in October while the numbers of escrows stayed steady from 31 in September to 31 in October with the median list price on those escrows also remaining where it was in the previous month from $529,000 in September to $525,000 in October.

There were about 50 new condo listings that came on the market for the month with a median list price of about $555,000 rising from $514,500 and an average list price of approximately $685,000 rising from about $615,000 in September while the overall inventory rose in October from about 95 units for sale in September to approximately 110 in October.

Looking at the Districts, Carpinteria/Summerland sales are up from 49 to 76 with the median sales price rising from $369,000 to $441,000. The numbers of escrows are also up from 53 last year to 72 this year and the median list price on those escrows is up from $392,250 to $449,900.

Montecito condo sales are up with 23 in ’12 and 26 in ‘13 but the median sales price is down from $1,010,000 to $995,000.The numbers of escrows are up with 27 in ’12 and 28 in ‘13 while the median list price on those escrows is down from $1,195,000 in ’12 to $1,147,500 in ‘13.

East of State St sales are down from 118 to 86 with the median sales price rising from $495,000 to $568,500. The numbers of escrows are also down going from 150 to 84 with the median list price on those escrows also down from $589,000 last year to $580,000 this year.

West of State St sales are up from 78 to 94 with the median sales price rising from $375,650 to $542,500. The escrows went up from 83 to 97 with the median list price on those escrows going from $413,500 to $553,500.

  Goleta South sales are up from 56 to 60 with the median sales price up from $293,950 to $442,500. The numbers of escrows are also up with 60 in ’12 and 66 in ‘13 with the median list price on those escrows up from $314,950 last year to $449,000 this year.

Goleta North sales are down from 52 to 47 with the median sales price up from $349,000 to $419,000. The escrows are down however from 59 to 42 with the median list price on those escrows going up from $367,000 to $425,000.

Through the end of October sales of single family homes are up about 3% from ’12 while the median sales price for those homes is up about 18%. For condos, sales are also up approximately 4% with the median sales price up over 27%. Of the single family homes that sold for the month roughly 30% of those sales were over the asking price and for condos that number was about 18%.  The average over asking price for homes that sold rose to about 8% and for condos that number was about 2.5%. Sales went down in October as well as escrows but the median sales price went up to about $940,000. Despite the decline of sales and escrows in October the rest of 2013 should remain strong.

Read More

The Best Santa Barbara Realtor

Karen Musser, of Prudential California Realty, specializes in Santa Barbara and Ventura real estate. The Prudential name brings buyers to your door but it is Karen’s commitment to enhancing your total real estate experience that ensures that your real estate goals are accomplished.

Thousands of home sellers have learned that Prudential California Realty surrounds its clients in a total experience unmatched anywhere. As one of the top five brokerages in the nation, with over $10 billion in annual sales, Prudential has over 3,000 sales associates in 58 offices to locate the best buyers and properties for their clients.

 As your agent, Karen leverages the power of the Prudential name by offering her expertise in an area that she herself has inhabited for over two decades.

Read More