Monday, October 31, 2011
Tuesday, October 25, 2011
Monday, October 17, 2011
Monday, October 10, 2011
Santa Barbara Real Estate Update ~ September 2011
Santa Barbara Real Estate from Carpinteria to Goleta for Sept. ‘11 including Montecito, Hope Ranch and Summerland.
For the Home Estate/PUD market of Santa Barbara, Montecito, Hope Ranch, Carpinteria, Summerland and Goleta after seeing a rise in the numbers of sales each month from June to August, September 2011saw a decline in the numbers of properties sold down to 85 from the high of 97 the previous month. The median sales price did go up however to $800,000 from $739,000 in August but, the average sales price declined from approximately $1.2 milllion in August to about $1.178 million in September.
The reason for the rise in the median sales price was a decline in sales below $1 million to 53 September from 67 in August while sales from $1 to $2 million rose from 17 to 23 for the month. Sales above $2 fell off markedly however to 9 down from 10 with 1 transaction over $5 million.
Escrows also declined in September down to 79 from 108 in August and the median list price on those escrows fell from $809,000 in August to $729,000 in September. The decline in both the median list price of escrows and median sold price on closed homes can be tied at least in part to the decline of the FHA maximum loan amount which was $729,000. That maximum loan amount supported the $850,000 median sales price which held stable through ’09 and ’10.
Looking at the Districts, Carpinteria/Summerland sales are up 14% from 55 to 64 and the median sales price is up from $662,500 to $716,250. The numbers of escrows are also way up going from 52 to 71 with the median list price on those escrows rising from $679,000 last year to $705,000 this year.
For Montecito, sales are up by 16% going from 110 to 128 with the median sales price dropping from $2.4 million to $2.227 million. Escrows are up 26% going from 115 to 146 but the median list price on those escrows is down from $2.562 million to $2.25 million.
East of State St sales are down 1% going from 186 to 183 and the median sales price is down from $929,500 to $900,000. The escrows are up by 6% however going from 199 to 211 with the median list price on those escrows dropping from $989,000 last year to $929,000 this year.
West of State St sales are up 10% from 143 to 158 but the median sales price is down from $800,000 to $680,000. The numbers of escrows are also up with 154 in ’10 to 171 in ‘11 but the median list price on those escrows is down from $817,000 last year to $699,950 this year.
Hope Ranch sales are up from 14 to 22 but the median sales price is down from $2.675 million to $1.9 million. The numbers of escrows are also up from 16 to 23 but the median list price on those escrows is down from $2.9 million to $1.995 million.
Goleta South sales are down 25% from 79 to 60 and the median sales price is down from $675,500 to $600,000. The numbers of escrows are up however from 73 to 77 with the median list price on those escrows declining from $727,000 to $577,000.
Goleta North sales are also down from 124 to 122 with the median sales price dropping from $705,000 to $660,000. The numbers of escrows are up however from 128 to 139 with the median list price on those escrows falling from $729,000 to $663,000.
The year over year numbers have sales about 4% above where they were last year at this time and the numbers of escrows about 15% ahead of last year’s pace. But, the median sales price has fallen down to $815,000 from $850,000 the previous year. If sales from $1 to $2 million become more prevalent the yearly median sales price will come up a little but the trend at this time is still downward with about a 4% drop for the whole area from where it was last year and without Hope Ranch and Montecito it’s down about 8%.
For the condo market September sales remained strong with 39 properties closing escrow up from August when there were 38 and the median sales price rose to $445,000 from $436,449 for the month. The numbers of escrows fell however to 32 from 39 in August but the median list price on those escrows rose dramatically from $379,990 to $464,000 in September.
The days on the market for condos that closed escrow went back up to the mid 80s from the mid 60s in August but the Sales Price to Original List Price Ratio remained strong in the 90th percentile.
With the numbers of escrows coming in at the low 30s for the month the year over year numbers again have escrows trailing the previous year but only by 2. The numbers of sales are still about 9% behind where they were last year with the median sales price down about 3% to $425,000 from $437,000 last year.
The Condo inventory remains at about 140 available properties from Carpinteria to Goleta with the median list price for those properties coming in at around $505,000 and the average list price showing up at about $695,000.
Looking at the Districts, Carpinteria/Summerland sales are down from 45 to 44 with the median sales price falling from $385,000 to $359,450. The numbers of escrows are also down falling from 50 to 47 and the median list price on those escrows is down from $409,450 to $369,000.
Montecito condo sales are up from 14 to 19 with the median sales price down from $1,022,500 to $818,750 and the numbers of escrows are up from 18 to 19 with the median list price on those escrows down from $1,075,000 to $998,000.
East of State St sales are down 20% from 55 to 45 with the median sales price rising from $475,000 to $518,750 but the numbers of escrows are up going from 52 to 60 with the median list price on those escrows dropping slightly from $519,725 last year to $495,000 this year.
West of State St sales are down 13% from 59 to 51 with the median sales price falling from $495,000 to $439,000. The escrows are also down from 70 to 62 with the median list price on those escrows falling from $517,000 to $429,000.
Goleta South sales are up by 7% from 38 to 42 with the median sales price down just a little from $370,000 to $365,000. The numbers of escrows are up 29% from 37 to 48 with the median list price on those escrows down from $372,900 to $350,000.
Goleta North sales are down 3% from 30 to 29 with the median sales price down from $408,500 to $360,000. The escrows are also down from 39 to 29 with the median list price on those escrows falling from $419,000 to $349,500.
Despite the numbers of home sales falling in September the outlook for the rest of the year remains strong because of all the escrows that are still currently open. The median sales price and median list price on those escrows is trending down however with the majority of the activity still coming in the $450,000 to $750,000 range.
On the other hand, condos appear to be moving forward currently with even a slight upward movement in prices. Both extremes in condo pricing had a substantial amount of activity in September with 3 sales below $200,000 and 4 sales above $1 million while the majority of the action centered in the $400,000 to $550,000 range.
With Single Family Home escrows still about 15% ahead of last year sales should be strong through the end of the year and even though the numbers of condo sales remains about 9% behind where it was last year the numbers of opened condo escrows also point to a good finish for 2011.
For the Home Estate/PUD market of Santa Barbara, Montecito, Hope Ranch, Carpinteria, Summerland and Goleta after seeing a rise in the numbers of sales each month from June to August, September 2011saw a decline in the numbers of properties sold down to 85 from the high of 97 the previous month. The median sales price did go up however to $800,000 from $739,000 in August but, the average sales price declined from approximately $1.2 milllion in August to about $1.178 million in September.
The reason for the rise in the median sales price was a decline in sales below $1 million to 53 September from 67 in August while sales from $1 to $2 million rose from 17 to 23 for the month. Sales above $2 fell off markedly however to 9 down from 10 with 1 transaction over $5 million.
Escrows also declined in September down to 79 from 108 in August and the median list price on those escrows fell from $809,000 in August to $729,000 in September. The decline in both the median list price of escrows and median sold price on closed homes can be tied at least in part to the decline of the FHA maximum loan amount which was $729,000. That maximum loan amount supported the $850,000 median sales price which held stable through ’09 and ’10.
Looking at the Districts, Carpinteria/Summerland sales are up 14% from 55 to 64 and the median sales price is up from $662,500 to $716,250. The numbers of escrows are also way up going from 52 to 71 with the median list price on those escrows rising from $679,000 last year to $705,000 this year.
For Montecito, sales are up by 16% going from 110 to 128 with the median sales price dropping from $2.4 million to $2.227 million. Escrows are up 26% going from 115 to 146 but the median list price on those escrows is down from $2.562 million to $2.25 million.
East of State St sales are down 1% going from 186 to 183 and the median sales price is down from $929,500 to $900,000. The escrows are up by 6% however going from 199 to 211 with the median list price on those escrows dropping from $989,000 last year to $929,000 this year.
West of State St sales are up 10% from 143 to 158 but the median sales price is down from $800,000 to $680,000. The numbers of escrows are also up with 154 in ’10 to 171 in ‘11 but the median list price on those escrows is down from $817,000 last year to $699,950 this year.
Hope Ranch sales are up from 14 to 22 but the median sales price is down from $2.675 million to $1.9 million. The numbers of escrows are also up from 16 to 23 but the median list price on those escrows is down from $2.9 million to $1.995 million.
Goleta South sales are down 25% from 79 to 60 and the median sales price is down from $675,500 to $600,000. The numbers of escrows are up however from 73 to 77 with the median list price on those escrows declining from $727,000 to $577,000.
Goleta North sales are also down from 124 to 122 with the median sales price dropping from $705,000 to $660,000. The numbers of escrows are up however from 128 to 139 with the median list price on those escrows falling from $729,000 to $663,000.
The year over year numbers have sales about 4% above where they were last year at this time and the numbers of escrows about 15% ahead of last year’s pace. But, the median sales price has fallen down to $815,000 from $850,000 the previous year. If sales from $1 to $2 million become more prevalent the yearly median sales price will come up a little but the trend at this time is still downward with about a 4% drop for the whole area from where it was last year and without Hope Ranch and Montecito it’s down about 8%.
For the condo market September sales remained strong with 39 properties closing escrow up from August when there were 38 and the median sales price rose to $445,000 from $436,449 for the month. The numbers of escrows fell however to 32 from 39 in August but the median list price on those escrows rose dramatically from $379,990 to $464,000 in September.
The days on the market for condos that closed escrow went back up to the mid 80s from the mid 60s in August but the Sales Price to Original List Price Ratio remained strong in the 90th percentile.
With the numbers of escrows coming in at the low 30s for the month the year over year numbers again have escrows trailing the previous year but only by 2. The numbers of sales are still about 9% behind where they were last year with the median sales price down about 3% to $425,000 from $437,000 last year.
The Condo inventory remains at about 140 available properties from Carpinteria to Goleta with the median list price for those properties coming in at around $505,000 and the average list price showing up at about $695,000.
Looking at the Districts, Carpinteria/Summerland sales are down from 45 to 44 with the median sales price falling from $385,000 to $359,450. The numbers of escrows are also down falling from 50 to 47 and the median list price on those escrows is down from $409,450 to $369,000.
Montecito condo sales are up from 14 to 19 with the median sales price down from $1,022,500 to $818,750 and the numbers of escrows are up from 18 to 19 with the median list price on those escrows down from $1,075,000 to $998,000.
East of State St sales are down 20% from 55 to 45 with the median sales price rising from $475,000 to $518,750 but the numbers of escrows are up going from 52 to 60 with the median list price on those escrows dropping slightly from $519,725 last year to $495,000 this year.
West of State St sales are down 13% from 59 to 51 with the median sales price falling from $495,000 to $439,000. The escrows are also down from 70 to 62 with the median list price on those escrows falling from $517,000 to $429,000.
Goleta South sales are up by 7% from 38 to 42 with the median sales price down just a little from $370,000 to $365,000. The numbers of escrows are up 29% from 37 to 48 with the median list price on those escrows down from $372,900 to $350,000.
Goleta North sales are down 3% from 30 to 29 with the median sales price down from $408,500 to $360,000. The escrows are also down from 39 to 29 with the median list price on those escrows falling from $419,000 to $349,500.
Despite the numbers of home sales falling in September the outlook for the rest of the year remains strong because of all the escrows that are still currently open. The median sales price and median list price on those escrows is trending down however with the majority of the activity still coming in the $450,000 to $750,000 range.
On the other hand, condos appear to be moving forward currently with even a slight upward movement in prices. Both extremes in condo pricing had a substantial amount of activity in September with 3 sales below $200,000 and 4 sales above $1 million while the majority of the action centered in the $400,000 to $550,000 range.
With Single Family Home escrows still about 15% ahead of last year sales should be strong through the end of the year and even though the numbers of condo sales remains about 9% behind where it was last year the numbers of opened condo escrows also point to a good finish for 2011.
Tuesday, October 4, 2011
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