Monday, December 19, 2011
Sunday, December 18, 2011
Santa Barbara Real Estate Update ~ November 2011
Santa Barbara Real Estate through the end of November‘11 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 November 2011. Starting with the Home Estate/PUD sector in November there were 68 sales approximately equaling the numbers of sales in October when there were 69 but down from September when there were 79. The median sales price slipped a little from October however when it was $745,000 down to $735,000 in November.
The numbers of escrows for the month remained strong topping the 100 level up from 97 in October but the median list price on those escrows dipped markedly from about $800,000 in October to below $700,000 in November.
Year over year the numbers of sales are still up for 2011 by about 4% while the numbers of escrows is up 16%. But, the median sales price has declined about 7% falling below $800,000 for the year and the average sales price has also declined from $1.46 million last year to $1.2 million for a 17% drop.
The reason for median sales price decline was that over 2/3 of the sales were below the million dollar mark with only 12 sales from $1 to $2 million and just 8 above $2 million. But, of those 8 sales above $2 million there were 2 above $5 million with 1 above $4 million.
Looking at the Districts, Carpinteria/Summerland sales are up 11% from 71 to 79 and the median sales price is up from $670,000 to $705,000. The numbers of escrows are also way up going from 72 to 91 with the median list price on those escrows rising from $679,000 last year to $699,500 this year.
For Montecito, sales are up by 11% going from 136 to 152 with the median sales price dropping from $2.412 million to $2.15 million. Escrows are up 18% going from 145 to 172 but the median list price on those escrows is down from $2.637 million to $2.15 million.
East of State St sales are about even going from 222 in ’10 to 223 in ‘11 and the median sales price is down from $929,000 to $885,000. The escrows are up by 17% going from 232 to 272 with the median list price on those escrows dropping from $989,000 last year to $895,000 this year.
West of State St sales are up 7% from 171 to 184 but the median sales price is down from $795,000 to $690,000. The numbers of escrows are also up with 196 in ’10 to 204 in ‘11 but the median list price on those escrows is down from $799,000 last year to $699,900 this year.
Hope Ranch sales are up from 20 to 24 but the median sales price is down from $2.375 million to $1.95 million. The numbers of escrows are also up from 18 to 28 but the median list price on those escrows is down from $2.395 million to $1.995 million.
Goleta South sales are down 11% from 86 to 76 and the median sales price is down from $672,500 to $605,000. The numbers of escrows are up however from 88 to 93 with the median list price on those escrows declining from $699,000 to $599,000.
Goleta North sales are even with 148 in ’10 and 148 in ‘11 with the median sales price dropping from $707,500 to $659,500. The numbers of escrows are up however from 150 to 174 with the median list price on those escrows falling from $729,000 to $685,000.
For the Condo segment of the market, sales fell from 28 in October to 25 for November but the median sales price rose from $379,900 in October to $410,000 in November. With sales dropping, escrows surged to 39 for the month up from 27 in October but the median list price on those escrows declined from $405,000 in October to $385,875 in November.
Year over year, the numbers of condo sales is down 9% but the numbers of escrows are actually up about 1.5%. The median sales price has declined approximately 4% from last year with the average sales price falling about 3%. The Sales Price to Original List Price ratio is almost exactly where it was last year with 90% and the days on the market for the properties that have sold is holding steady at around 70.
About half of the 25 sales came in between $300,000 to $500,000 but there was significant activity both higher up and lower down the price scale. There were 6 sales below $300,000 and 5 sales above $600,000 with 2 sales over $900,000 and 1 sale over $1.1 million.
Looking at the Districts, Carpinteria/Summerland sales are down from 57 to 55 with the median sales price falling from $385,850 to $350,000. The numbers of escrows are also down falling from 67 to 59 and the median list price on those escrows is down from $397,000 to $359,900.
Montecito condo sales are down with 22 in ’10 and 21 in ‘11 with the median sales price down from $1,062,500 to $905,750. But, the numbers of escrows are equal with 22 in both years with the median list price on those escrows up from $1,085,000 in ’10 to $1,096,500 in ‘11.
East of State St sales are down 3% from 65 to 63 with the median sales price rising from $475,000 to $455,000. But, the numbers of escrows are up going from 60 to 78 with the median list price on those escrows dropping from $519,250 last year to $492,495 this year.
West of State St sales are down 17% from 74 to 61 with the median sales price falling from $496,000 to $439,000. The escrows are also down from 80 to 71 with the median list price on those escrows falling from $507,500 to $434,000.
Goleta South sales are up by 13% from 45 to 51 with the median sales price down just a little from $370,000 to $364,000. The numbers of escrows are up 41% from 41 to 56 with the median list price on those escrows down from $379,500 to $350,000.
Goleta North sales are down 27% from 44 to 32 with the median sales price down from $400,000 to $362,500. The escrows are also down from 51 to 38 with the median list price on those escrows falling from $404,000 to $354,500.
For the Home/Estate PUD market sales should finish the year stronger than the finish we experienced in 2010 but the median sales price continues to push downward. For the Condo market sales won’t equal what we experienced in 2010 but there still could be a substantial amount of activity closing out the year because of the numbers of escrows that could close by the end of the year.
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 November 2011. Starting with the Home Estate/PUD sector in November there were 68 sales approximately equaling the numbers of sales in October when there were 69 but down from September when there were 79. The median sales price slipped a little from October however when it was $745,000 down to $735,000 in November.
The numbers of escrows for the month remained strong topping the 100 level up from 97 in October but the median list price on those escrows dipped markedly from about $800,000 in October to below $700,000 in November.
Year over year the numbers of sales are still up for 2011 by about 4% while the numbers of escrows is up 16%. But, the median sales price has declined about 7% falling below $800,000 for the year and the average sales price has also declined from $1.46 million last year to $1.2 million for a 17% drop.
The reason for median sales price decline was that over 2/3 of the sales were below the million dollar mark with only 12 sales from $1 to $2 million and just 8 above $2 million. But, of those 8 sales above $2 million there were 2 above $5 million with 1 above $4 million.
Looking at the Districts, Carpinteria/Summerland sales are up 11% from 71 to 79 and the median sales price is up from $670,000 to $705,000. The numbers of escrows are also way up going from 72 to 91 with the median list price on those escrows rising from $679,000 last year to $699,500 this year.
For Montecito, sales are up by 11% going from 136 to 152 with the median sales price dropping from $2.412 million to $2.15 million. Escrows are up 18% going from 145 to 172 but the median list price on those escrows is down from $2.637 million to $2.15 million.
East of State St sales are about even going from 222 in ’10 to 223 in ‘11 and the median sales price is down from $929,000 to $885,000. The escrows are up by 17% going from 232 to 272 with the median list price on those escrows dropping from $989,000 last year to $895,000 this year.
West of State St sales are up 7% from 171 to 184 but the median sales price is down from $795,000 to $690,000. The numbers of escrows are also up with 196 in ’10 to 204 in ‘11 but the median list price on those escrows is down from $799,000 last year to $699,900 this year.
Hope Ranch sales are up from 20 to 24 but the median sales price is down from $2.375 million to $1.95 million. The numbers of escrows are also up from 18 to 28 but the median list price on those escrows is down from $2.395 million to $1.995 million.
Goleta South sales are down 11% from 86 to 76 and the median sales price is down from $672,500 to $605,000. The numbers of escrows are up however from 88 to 93 with the median list price on those escrows declining from $699,000 to $599,000.
Goleta North sales are even with 148 in ’10 and 148 in ‘11 with the median sales price dropping from $707,500 to $659,500. The numbers of escrows are up however from 150 to 174 with the median list price on those escrows falling from $729,000 to $685,000.
For the Condo segment of the market, sales fell from 28 in October to 25 for November but the median sales price rose from $379,900 in October to $410,000 in November. With sales dropping, escrows surged to 39 for the month up from 27 in October but the median list price on those escrows declined from $405,000 in October to $385,875 in November.
Year over year, the numbers of condo sales is down 9% but the numbers of escrows are actually up about 1.5%. The median sales price has declined approximately 4% from last year with the average sales price falling about 3%. The Sales Price to Original List Price ratio is almost exactly where it was last year with 90% and the days on the market for the properties that have sold is holding steady at around 70.
About half of the 25 sales came in between $300,000 to $500,000 but there was significant activity both higher up and lower down the price scale. There were 6 sales below $300,000 and 5 sales above $600,000 with 2 sales over $900,000 and 1 sale over $1.1 million.
Looking at the Districts, Carpinteria/Summerland sales are down from 57 to 55 with the median sales price falling from $385,850 to $350,000. The numbers of escrows are also down falling from 67 to 59 and the median list price on those escrows is down from $397,000 to $359,900.
Montecito condo sales are down with 22 in ’10 and 21 in ‘11 with the median sales price down from $1,062,500 to $905,750. But, the numbers of escrows are equal with 22 in both years with the median list price on those escrows up from $1,085,000 in ’10 to $1,096,500 in ‘11.
East of State St sales are down 3% from 65 to 63 with the median sales price rising from $475,000 to $455,000. But, the numbers of escrows are up going from 60 to 78 with the median list price on those escrows dropping from $519,250 last year to $492,495 this year.
West of State St sales are down 17% from 74 to 61 with the median sales price falling from $496,000 to $439,000. The escrows are also down from 80 to 71 with the median list price on those escrows falling from $507,500 to $434,000.
Goleta South sales are up by 13% from 45 to 51 with the median sales price down just a little from $370,000 to $364,000. The numbers of escrows are up 41% from 41 to 56 with the median list price on those escrows down from $379,500 to $350,000.
Goleta North sales are down 27% from 44 to 32 with the median sales price down from $400,000 to $362,500. The escrows are also down from 51 to 38 with the median list price on those escrows falling from $404,000 to $354,500.
For the Home/Estate PUD market sales should finish the year stronger than the finish we experienced in 2010 but the median sales price continues to push downward. For the Condo market sales won’t equal what we experienced in 2010 but there still could be a substantial amount of activity closing out the year because of the numbers of escrows that could close by the end of the year.
Monday, December 12, 2011
Monday, December 5, 2011
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