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Santa Barbara Real Estate through the end of April ’15 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland

Submitted by Gary Woods on Sat, 05/09/2015 - 12:30

Santa Barbara Real Estate through the end of April ’15 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 April 2015. For the Home Estate/PUD market sales remained strong for the month coming in with 94 closings but down from the 117 we saw in March. The Median Sales Price fell to about $975,000 from the $1,205,000 we saw in March while the days on the market for sold properties went to around 51 from the 54 we saw in the previous month.  The opened escrows went up substantially from the 114 we saw in March to about 125 in April while the median list price on those escrows stayed at about $1.22 million from $1,197,500 in March. There were about 165 new listings that came on the market in April with a median list price of approximately $1.349 million and an average list price of about $2.13 million while the overall inventory rose from 283 units for sale at the end of February to 293 at the end of March.

 Year over year sales are up about 12.5% with the median sales price at roughly $1.05 million for a 2.7% decline. The average sales price is up however going from just over $1.7 million in ‘14 to approximately $1.9 million in ‘15 for a 12% rise and the numbers of escrows are up about 20.5% to approximately 425 with the median list price on those escrows up around 5.5% to $1.185 million

Looking at the Districts, Carpinteria/Summerland sales are up from 19 to 32 and the median sales price is up from $845,000 to $886,000. The numbers of escrows are also up from 29 to 43 with the median list price on those escrows falling from $928,000 last year to $899,000 this year.

 For Montecito, sales are flat going from 58 to 58 with the median sales price rising from $2,582,500 to $2.8 million. Escrows are up however going from 62 to 68 and the median list price on those escrows is up from $2.772 million to $2.95 million.

 East of State St sales are up going from 84 in ‘14 to 89 in ’15 but the median sales price is down from $1,225,000 to $1.2 million. The escrows are also up going from 101 to 109 with the median list price on those escrows rising from $1,295,000 last year to $1.297 million this year.

 West of State St sales are up from 66 to 76 but the median sales price is down from $950,000 to $850,000. The numbers of escrows are up with 72 in ‘14 compared to 94 in ’15 and the median list price on those escrows is up from $895,000 last year to $1,067,000 this year.

Hope Ranch sales are up from 10 to 16 but the median sales price is down from $3.75 million to $2.95 million. The numbers of escrows are up with 12 last year compared to 16 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 22 last year and 24 this year but the median sales price is up from $738,000 to $746,000. The numbers of escrows are up however from 27 to 28 with the median list price on those escrows rising from $764,000 to $779,000.

 Goleta North sales are up with 50 in ‘14 and 54 in ’15 with the median sales price rising from $800,000 to $870,000. The numbers of escrows are also up from 59 to 67 with the median list price on those escrows going from $842,000 to $914,000.
           
For the Condo segment of the market sales also remained strong rising to about 65 in April up from 56 in March. The median sales price went down from $587,000 to roughly about $565,000 while the numbers of escrows went down from 70 to approximately 66 with the median list price on those escrows rising from $557,000 to about $585,000.

There were about 70 new condo listings that came on the market for the month with a median list price of about $690,000 and an average list price of approximately $835,000.  And, just like with the Home Estate/PUD market the overall inventory remained stagnant from 66 units for sale at the end of March dropping to 60 at the end of April.

Looking at the Districts, Carpinteria/Summerland sales are up from 13 to 35 with the median sales price falling from $527,500 to $475,000. The numbers of escrows are also up from 17 last year to 37 this year and the median list price on those escrows is up from $478,500 to $479,000.

Montecito condo sales are up with 4 in ‘14 and 14 in ’15 with the median sales price up from $880,000 to $957,500. The numbers of escrows rose with 6 in ‘14 and 15 in ’15 while the median list price on those escrows is down from $1,074,500 in ‘14 to $985,000 in ‘15.

East of State St sales are up from 32 to 50 with the median sales price falling from $659,000 to $580,000. The numbers of escrows are also up going from 32 to 63 with the median list price on those escrows falling from $742,500 last year to $589,000 this year.

West of State St sales are up from 29 to 38 with the median sales price falling from $649,000 to $607,500. The escrows went up from 41 to 44 with the median list price on those escrows going from $627,000 to $602,000.

  Goleta South sales are up from 19 to 34 with the median sales price also up from $465,000 to $575,000. The numbers of escrows are also up with 26 in ‘14 and 48 in ’15 with the median list price on those escrows down from $549,000 last year to $544,450 this year.

Goleta North sales are down from 25 to 16 with the median sales price up from $429,000 to $487,250. The escrows are also down from 25 to 23 with the median list price on those escrows going from $434,500 to $499,500.

Through the end of April sales of Single Family Homes are up about 12.5% while the median sales price is down about 2.5%. Condo sales on the other hand are up about 45% while the median sales price is up only about 3.5%. Of the houses that sold about 9% of them sold for over the asking price and for condos that number was about 26% but the majority of the over asking condo sales were in The Hideaway. Of those 9% of homes that went out for over the asking prices that average over asking price is about 3.5% and for condos that number was about is 5%. On the other side of the coin 18% of the homes and 26% of the condos had a price reduction.

The inventory is starting to creep up a little and compared to last year home sales are way up. But, when you compare sales to 2013 they’re actually down substantially. The median sales price for homes is also down at this point despite all the high priced listings that have sold over $5 million.

Condo sales on the other hand are at a 5-year high with The Hideaway playing a big part in the number of sales. The median sales price however is up only a bit with the average sales price showing hardly any movement at all. Hopefully the inventory will continue to rise which will lead to more sales but currently there’s no upward pressure in prices.

Gary Woods