Monday, July 25, 2011
Monday, July 18, 2011
Monday, July 11, 2011
Saturday, July 9, 2011
Santa Barbara Real Estate Update ~ June 2011
Santa Barbara Real Estate for January through June’11 including Carpinteria, Summerland, Montecito, Hope Ranch and Goleta.
For the Home Estate/PUD market for the greater Santa Barbara area from Carpinteria to Goleta including Summerland, Montecito and Hope Ranch for the first 6 months of 2011 the numbers of sales in June fell back to 89 from 91 in May but they were up from 72 in April. The median sales price for June did go up however to $865,000 from $795,000 in May but down from $880,000 in April.
The rise in the median sales price was as a result of an increase in the numbers of sales between $1 and $2 million. Sales below $1 million remained the same with 54 for both May and June whereas sales from $1 to $2 million went up from 20 in May to 25 in June. Sales above $2 million fell back however going from 16 in May to 10 in June. But, there were 3 sales over $5 million in June compared to none in May.
The escrows in June continued moving forward with 113 for the month down a little from May when there were 117 and the median list price on those escrows slid back from $879,000 in May to $799,000 in June.
The year over year numbers are down a little with sales dropping from 435 in ’10 to 429 in ’11 and the median sales price dipped from $855,000 last year to $840,000 this year. There was a greater drop in the average sales price however going from about $1.46 million in ’10 to $1.256 million in ’11. But, the sales price to original list price ratio went up from 82% last year to over 87% this year.
Looking at the Districts, Carpinteria/Summerland sales are up 17% from 34 to 40 and the median sales price is up from $675,000 to $723,750. The numbers of escrows are way up going from 27 to 44 with the median list price on those escrows rising from $625,000 last year to $775,000 this year.
For Montecito sales are up by 28% going from 63 to 81 with the median sales price dropping from $2.48 million to $2.35 million. Escrows are up 36% going from 76 to 104 but the median list price on those escrows is down from $2.75 million to $2.29 million.
East of State St sales are down 7% going from 121 to 112 and the median sales price is down from $960,500 to $895,000. The escrows are up by 12% however going from 132 to 148 with the median list price on those escrows dropping from $1,012,000 last year to $949,000 this year.
West of State sales are up 10% from 90 to 99 but the median sales price is down from $813,750 to $701,000. The numbers of escrows are equal for both years with 114 but the median list price on those escrows is down from $849,950 to $739,000.
Hope Ranch sales are up from 10 to 13 but the median sales price is down from $3.23 million to $1.85 million. The numbers of escrows are also up from 10 to 17 and the median list price on those escrows is up from $1.87 million to just under $2 million.
Goleta South sales are down 43% from 53 to 30 and the median sales price is down $650,000 to $600,000. The numbers of escrows are also down from 56 to 47 with the median list price on those escrows declining from $725,000 to $555,800.
Goleta North sales are also down from 83 to 76 with the median sales price dropping from $734,948 to $675,000. The numbers of escrows are up however from 93 to 98 with the median list price on those escrows falling from $750,000 to $682,000.
Home sales for 2011 should surpass the 2010 numbers in the next few months but the median sales price is still trending downward. Montecito has experienced a strong year however and the median sales price in that area is keeping the rest the area’s numbers from reflecting a stronger downward trend. Without Hope Ranch and Montecito in the mix the median sales price is down about 8% from 2010 to approximately $730,000.
For the condo market for the same period the numbers of sales continues to creep upward. There were 23 sales in June up from 19 in May and 17 in April. The good news is that the median sales price bounced back up from May to $439,000 in June after declining for the previous 4 months. The pending numbers were also very healthy in June with 39 opened escrows up from 20 in May and the median list price on those escrows also went up from $409,500 in May to $439,000 in June.
The sales price to original list price ratio fell for the month however from 93% in May to 85.52% in June but that was reflective of the fact that there were 2 sales over $1 million with one of those over $2.5 million.
Year over year the sales are still dramatically down going from 169 in ’10 to 113 in ’11 with the median sales price dropping from $435,000 last year to $406,000 this year. But, with the numbers of escrows starting to pick up the sales figures should start closing the gap with the previous year’s numbers.
The inventory for Condos the inventory remained steady with 167 properties available from Carpinteria to Goleta with a $529,000 median list price and a $700,840 average list price.
Looking at the Districts, Carpinteria/Summerland sales are down from 36 to 29with the median sales price falling from $393,100 to $359,900. The numbers of escrows are only down by 1 however so sales should start picking up in the area. But, the median list price on those escrows is down from $409,950 to $382,000.
Montecito condo sales are down from 10 to 8 with the median sales price down slightly from $1,062,500 to $995,000. The numbers of escrows are also down from 11 to 8 with the median list price on those escrows actually up from $1,075,000 to $1,345,000.
East of State St sales are down 56% from 39 to 17 with the median sales price dropping from $442,500 to $420,000. The numbers of escrows are also down from 35 to 27 with the median list price on those escrows actually up a bit from $519,250 last year to $545,000 this year.
West of State St sales are down 41% from 41 to 24 with the median sales price falling from $496,000 to $425,000. The escrows are also down from 50 to 34 with the median list price on those escrows falling from $515,000 to $429,000.
Goleta South sales are up by 2 from 25 to 27 with the median sales price down just a little from $360,000 to $345,000. The numbers of escrows are up 32% from 25 to 33 with the median list price on those escrows up from $339,900 to $350,000.
Goleta North sales are down 30% from 20 to 15 with the median sales price down from $405,000 to $367,500. The escrows are also down from 28 to 19 with the median list price on those escrows falling from $419,000 to $350,000.
The condo sector of the market is still sputtering but has definitely shown some life in June. Sales are continuing to push forward and the numbers of escrows are about double where they were for the previous two months. The median sales price also took an upward trend in June as did the median list price on the opened escrows.
If the condo market does start to move forward and the single family dwelling market continues on the pace that its setting we could end up having a strong second half of 2011. But, even with the numbers of sales increasing the median sales price is still going down particularly below the $1 million mark. The real good news is that the $1 to $2 million sector which is moving forward at this time which would bring up the overall median sales price for the area.
For the Home Estate/PUD market for the greater Santa Barbara area from Carpinteria to Goleta including Summerland, Montecito and Hope Ranch for the first 6 months of 2011 the numbers of sales in June fell back to 89 from 91 in May but they were up from 72 in April. The median sales price for June did go up however to $865,000 from $795,000 in May but down from $880,000 in April.
The rise in the median sales price was as a result of an increase in the numbers of sales between $1 and $2 million. Sales below $1 million remained the same with 54 for both May and June whereas sales from $1 to $2 million went up from 20 in May to 25 in June. Sales above $2 million fell back however going from 16 in May to 10 in June. But, there were 3 sales over $5 million in June compared to none in May.
The escrows in June continued moving forward with 113 for the month down a little from May when there were 117 and the median list price on those escrows slid back from $879,000 in May to $799,000 in June.
The year over year numbers are down a little with sales dropping from 435 in ’10 to 429 in ’11 and the median sales price dipped from $855,000 last year to $840,000 this year. There was a greater drop in the average sales price however going from about $1.46 million in ’10 to $1.256 million in ’11. But, the sales price to original list price ratio went up from 82% last year to over 87% this year.
Looking at the Districts, Carpinteria/Summerland sales are up 17% from 34 to 40 and the median sales price is up from $675,000 to $723,750. The numbers of escrows are way up going from 27 to 44 with the median list price on those escrows rising from $625,000 last year to $775,000 this year.
For Montecito sales are up by 28% going from 63 to 81 with the median sales price dropping from $2.48 million to $2.35 million. Escrows are up 36% going from 76 to 104 but the median list price on those escrows is down from $2.75 million to $2.29 million.
East of State St sales are down 7% going from 121 to 112 and the median sales price is down from $960,500 to $895,000. The escrows are up by 12% however going from 132 to 148 with the median list price on those escrows dropping from $1,012,000 last year to $949,000 this year.
West of State sales are up 10% from 90 to 99 but the median sales price is down from $813,750 to $701,000. The numbers of escrows are equal for both years with 114 but the median list price on those escrows is down from $849,950 to $739,000.
Hope Ranch sales are up from 10 to 13 but the median sales price is down from $3.23 million to $1.85 million. The numbers of escrows are also up from 10 to 17 and the median list price on those escrows is up from $1.87 million to just under $2 million.
Goleta South sales are down 43% from 53 to 30 and the median sales price is down $650,000 to $600,000. The numbers of escrows are also down from 56 to 47 with the median list price on those escrows declining from $725,000 to $555,800.
Goleta North sales are also down from 83 to 76 with the median sales price dropping from $734,948 to $675,000. The numbers of escrows are up however from 93 to 98 with the median list price on those escrows falling from $750,000 to $682,000.
Home sales for 2011 should surpass the 2010 numbers in the next few months but the median sales price is still trending downward. Montecito has experienced a strong year however and the median sales price in that area is keeping the rest the area’s numbers from reflecting a stronger downward trend. Without Hope Ranch and Montecito in the mix the median sales price is down about 8% from 2010 to approximately $730,000.
For the condo market for the same period the numbers of sales continues to creep upward. There were 23 sales in June up from 19 in May and 17 in April. The good news is that the median sales price bounced back up from May to $439,000 in June after declining for the previous 4 months. The pending numbers were also very healthy in June with 39 opened escrows up from 20 in May and the median list price on those escrows also went up from $409,500 in May to $439,000 in June.
The sales price to original list price ratio fell for the month however from 93% in May to 85.52% in June but that was reflective of the fact that there were 2 sales over $1 million with one of those over $2.5 million.
Year over year the sales are still dramatically down going from 169 in ’10 to 113 in ’11 with the median sales price dropping from $435,000 last year to $406,000 this year. But, with the numbers of escrows starting to pick up the sales figures should start closing the gap with the previous year’s numbers.
The inventory for Condos the inventory remained steady with 167 properties available from Carpinteria to Goleta with a $529,000 median list price and a $700,840 average list price.
Looking at the Districts, Carpinteria/Summerland sales are down from 36 to 29with the median sales price falling from $393,100 to $359,900. The numbers of escrows are only down by 1 however so sales should start picking up in the area. But, the median list price on those escrows is down from $409,950 to $382,000.
Montecito condo sales are down from 10 to 8 with the median sales price down slightly from $1,062,500 to $995,000. The numbers of escrows are also down from 11 to 8 with the median list price on those escrows actually up from $1,075,000 to $1,345,000.
East of State St sales are down 56% from 39 to 17 with the median sales price dropping from $442,500 to $420,000. The numbers of escrows are also down from 35 to 27 with the median list price on those escrows actually up a bit from $519,250 last year to $545,000 this year.
West of State St sales are down 41% from 41 to 24 with the median sales price falling from $496,000 to $425,000. The escrows are also down from 50 to 34 with the median list price on those escrows falling from $515,000 to $429,000.
Goleta South sales are up by 2 from 25 to 27 with the median sales price down just a little from $360,000 to $345,000. The numbers of escrows are up 32% from 25 to 33 with the median list price on those escrows up from $339,900 to $350,000.
Goleta North sales are down 30% from 20 to 15 with the median sales price down from $405,000 to $367,500. The escrows are also down from 28 to 19 with the median list price on those escrows falling from $419,000 to $350,000.
The condo sector of the market is still sputtering but has definitely shown some life in June. Sales are continuing to push forward and the numbers of escrows are about double where they were for the previous two months. The median sales price also took an upward trend in June as did the median list price on the opened escrows.
If the condo market does start to move forward and the single family dwelling market continues on the pace that its setting we could end up having a strong second half of 2011. But, even with the numbers of sales increasing the median sales price is still going down particularly below the $1 million mark. The real good news is that the $1 to $2 million sector which is moving forward at this time which would bring up the overall median sales price for the area.
Tuesday, July 5, 2011
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