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

Submitted by Gary Woods on Sat, 08/08/2015 - 12:30

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 July 2015. For the Home Estate/PUD market sales remained strong for the month coming in with 126 closings up from the 114 we saw in June. The Median Sales Price fell dramatically however to about $997,500 from the $1,252,000 we saw in June while the days on the market for sold properties went down to around 40 from the 46 we saw in the previous month.  The opened escrows also fell from 126 in June to just about 108 in July while the median list price on those escrows went up to about $1.139 million from $1.112 million in June. There were approximately 155 new listings that came on the market in July with a median list price of approximately $1.18 million and an average list price of about $2.38 million with the overall inventory rising from 307 units for sale at the end of June to 317 at the end of July.

Year over year sales are up about 16% with the median sales price at roughly $1.125 million for basically no movement. The average sales price is up however going from just over $1.8 million in 2014 to approximately $1.849 million in 2015 with the numbers of escrows up about 17% and the median list price on those escrows down 4.0%

Looking at the Districts, Carpinteria/Summerland sales are up from 41 to 61 but the median sales price is down from $962,500 to $927,000. The numbers of escrows are also up from 50 to 71 with the median list price on those escrows falling from $1,155,000 last year to $942,000 this year.

For Montecito, sales are down going from 124 to 112 with the median sales price rising from $2,795,000 to $3,100,000. Escrows are also down going from 133 to 120 but the median list price on those escrows is up from $2.95 million to $2.97 million.

East of State St sales are up going from 172 in ’14 to 191 in ‘15 and the median sales price is up from $1,212,000 to $1,250,000. The escrows are also up going from 178 to 201 with the median list price on those escrows falling from $1,289,000 last year to $1,250,000 this year.
West of State St sales are up from 132 to 161 and the median sales price is up from $908,000 to $985,000. The numbers of escrows are also up with 137 in ’14 compared to 173 in ‘15 and the median list price on those escrows is up from $946,500 last year to $1,057,000 this year.

Hope Ranch sales are up from 19 to 26 and the median sales price is up from $2.6 million to $3 million. The numbers of escrows are down however with 24 last year compared to 21 this year with the median list price on those escrows down from $3.495 million in ’14 to $3.229 million in ‘15.

Goleta South sales are down with 51 last year and 48 this year but the median sales price is up from $758,800 to $775,000. The numbers of escrows are up however from 48 to 53 with the median list price on those escrows rising from $769,000 to $779,000.

Goleta North sales are up with 93 in ’14 and 125 in ’15 with the median sales price rising from $850,000 to $875,000. The numbers of escrows are also up from 113 to 136 with the median list price on those escrows going from $850,000 to $889,000.

For the Condo segment of the market sales remained strong rising to over 50 in July up from 47 in June. The median sales price went down a lot however from $636,000 to roughly $527,500 but the numbers of escrows went up from 43 to approximately 53 with the median list price on those escrows falling from $615,000 to about $545,000.

There were about 57 new condo listings that came on the market for the month with a median list price of about $565,000 and an average list price of approximately $768,350.  And, just like with the Home Estate/PUD market the overall inventory rose slightly from 85 units for sale in June to 87 in July.

Looking at the Districts, Carpinteria/Summerland sales are up from 27 to 63 with the median sales price falling from $505,000 to $499,000. The numbers of escrows are also up from 26 last year to 67 this year with the median list price on those escrows up from $504,500 to $519,000.

Montecito condo sales are up with 8 in ’14 and 21 in ‘15 but the median sales price is down from $1,357,500 to $1,285,000. The numbers of escrows also rose with 9 in ’14 and 22 in ‘15 while the median list price on those escrows went up from $1,199,000 in ’14 to $1,250,000 in ‘15.

East of State St sales are up from 62 to 88 with the median sales price falling from $625,000 to $615,000. The numbers of escrows are also up going from 63 to 87 with the median list price on those escrows falling from $635,000 last year to $602,000 this year.

West of State St sales are up from 63 to 79 with the median sales price falling from $620,000 to $585,000. The escrows also went up from 74 to 85 with the median list price on those escrows going down from $629,000 to $599,000.

Goleta South sales are up from 45 to 70 with the median sales price also up from $485,000 to $552,500. The numbers of escrows are also up with 47 in ’14 and 79 in ‘15 with the median list price on those escrows up from $498,950 last year to $579,000 this year.

Goleta North sales are down from 44 to 33 with the median sales price up from $454,500 to $503,168. The escrows are also down from 44 to 36 with the median list price on those escrows going up from $452,000 to $514,500.

Through the end of July sales of both single-family dwellings and condos is up.  But, the price for single-family homes is about where it was last year at $1.125 million while the price of condos has risen about 4% to $565,000. In July for the Home Estate/PUD market approximately 20% of the home sales sold for over the asking price and for condos that number was also about 20%. For Homes the percentage of the sales price over the asking price was about 2.7% while for condos it was about 2.9%.  On the other side of the coin 24% of the single-family homes listed went down in price and for condos that number was 20%.

Starting the third quarter the median sales price of homes took a big tumble in July down to about $985,000 but year over year sales prices are about where they were last year at this time with a $1,125,000 median. For condos sales are about 38% up with the median sales price up about 3.8%. But now that most of the Hideaway sales are behind us we’ll start to see what’s really happening with the condo market. As always the key to the real estate market is the inventory, which is showing a bit of a rise right now for both single-family homes and condos.

Gary Woods