Tuesday, February 21, 2012
Thursday, February 16, 2012
Santa Barbara Real Estate Update ~ January 2012
Santa Barbara Real Estate through the end of January ‘12 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 January 2012. Starting with the Home Estate/PUD sector for the month of January 2012 we had 69 sales compared to 42 in January 2011. The median sales price after falling for the previous 4 months rose from $707,000 in December to $810,000 in January putting it just slightly behind the $819,650 of January 2011.
The numbers of escrows for the month again remained strong with 107 opened and the median list price on those escrows rose from $695,000 in December to $785,000 in January. Those 107 opened escrows almost doubled the numbers of escrows we saw in January 2011 but the median list price on those escrows this year fell about $100,000 from the previous January when it was $899,000.
Of the 69 home sales in January 46 were below $1 million with 16 sales between $1 and $2 million and 7 closings over $2 million with 1 of those 7 over $5 million. The highest priced sale for the month came in at $9.55 million while on the other end of the scale the least expensive property sold for $327,000. All of that gives us an average sales price for the month of $1,182,044 and a median sales price of $810,000.
The days on the market for the sold properties fell from about 100 in December to 80 in January and the Sales Price to Original List Price Ratio rose from 85% in December to about 90% in January. The overall inventory rose from about 390 that we saw in December to approximately 414 in January but the median list price on those homes remained stable at around $1.7 million with about a $3.5 million average list price.
Looking at the Districts, Carpinteria/Summerland sales are up from 1 to 6 and the median sales price is up from $591,000 to $650,000. The numbers of escrows are also up going from 2 to 8 with the median list price on those escrows rising from $632,450 last year to $749,500 this year.
For Montecito, sales are up going from 5 to 14 with the median sales price dropping from $3.15 million to $1.82 million. Escrows are up going from 7 to 18 but the median list price on those escrows is down from $3.595 million to $2.195 million.
East of State St sales are up going from 8 in ’11 to 26 in ‘12 but the median sales price is down from $1,400,000 to $917,500. The escrows are up going from 17 to 31 with the median list price on those escrows dropping from $1,095,000 last year to $879,000 this year.
West of State St sales are down from 17 to 8 and the median sales price is down from $630,000 to $508,000. The numbers of escrows are down with 16 in ’11 compared to 15 in ‘12 but the median list price on those escrows is up from $699,950 last year to $750,000 this year.
Hope Ranch sales are up from 1 to 2 but the median sales price is down from $1.6 million to $1.532 million. The numbers of escrows are even with 3 in both years but the median list price on those escrows is up from $1.9 million in ’11 to $2.29 million in ‘12.
Goleta South sales are equal with 5 in both years but the median sales price is down from $707,500 to $497,500. The numbers of escrows are up however from 5 to 16 with the median list price on those escrows declining from $912,000 to $549,000.
Goleta North sales are down with 12 in ’11 and 11 in ’12 with the median sales price dropping from $917,500 to $610,000. The numbers of escrows are up however from 13 to 18 with the median list price on those escrows falling from $710,000 to $544,000.
For the Condo segment of the market sales fell off dramatically in January to 12 from 35 in December. The median sales price also fell from $407,000 to $364,000 and the days on the market also dropped from 92 in December to just 37 in January. But while the sales were falling in January the escrows were rising from 22 in December with a $304,000 median list price to 30 in January with a $365,500 median list price.
Comparing January 2011 with January 2012 sales are down from 16 to 12. The median sales price is about the same dropping slightly from $382,000 to $364,000. The Sales Price to Original List Price Ratio is up from 89% to 92% and those previously mentioned days on the market fell precipitously from 101 to 37. The real good news in all of that is that the escrows have more than doubled rising from 14 in January 2011 to 30 for January 2012. But while the numbers of escrows are up the median list price on those escrows has dropped from $422,500 to $365,500.
Of the 12 sales 5 were below $300,000 with 5 over $500,000 and 1 over $1 million. The highest priced sale for the month was for $1.2 million while the least expensive condo sold for $150,000. That wide diversity of sales gives us an average sales price of $485,241 and a median sales price of $353,000.
Looking at the Districts, Carpinteria/Summerland sales are down from 5 to 2 with the median sales price falling from $350,000 to $325,250. The numbers of escrows are equal in both years with 2 and the median list price on those escrows is up from $294,933 to $410,000.
Montecito condo sales are up with 1 in ’11 and 2 in ‘12 with the median sales price up from $890,000 to $1,034,950.The numbers of escrows are also up with 1 in ’11 and 2 in ‘12 with the median list price on those escrows also up from $998,000 in ’11 to $1,394,740 in ‘12.
East of State St sales are down from 3 to 1 with the median sales price rising from $450,000 to $630,000. The numbers of escrows are up going from 2 to 7 with the median list price on those escrows dropping from $709,450 last year to $399,000 this year.
West of State St sales are up from 1 to 4 with the median sales price rising from $315,000 to $515,000. The escrows are up from 2 to 8 with the median list price on those escrows falling from $847,500 to $447,000.
Goleta South sales are down from 3 to 2 with the median sales price down from $335,500 to $183,750. The numbers of escrows are up from 4 to 5 with the median list price on those escrows down from $362,975 to $349,000.
Goleta North sales are down from 4 to 1 with the median sales price down from $382,000 to $285,000. The escrows are up from 3 to 7 with the median list price on those escrows falling from $479,000 to $349,900.
For both the Home Estate/PUD and Condo markets it looks like 2012 will continue where we left off 2011. Sales for both segments look like they will continue to increase while the median sales price continues to drop.
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 January 2012. Starting with the Home Estate/PUD sector for the month of January 2012 we had 69 sales compared to 42 in January 2011. The median sales price after falling for the previous 4 months rose from $707,000 in December to $810,000 in January putting it just slightly behind the $819,650 of January 2011.
The numbers of escrows for the month again remained strong with 107 opened and the median list price on those escrows rose from $695,000 in December to $785,000 in January. Those 107 opened escrows almost doubled the numbers of escrows we saw in January 2011 but the median list price on those escrows this year fell about $100,000 from the previous January when it was $899,000.
Of the 69 home sales in January 46 were below $1 million with 16 sales between $1 and $2 million and 7 closings over $2 million with 1 of those 7 over $5 million. The highest priced sale for the month came in at $9.55 million while on the other end of the scale the least expensive property sold for $327,000. All of that gives us an average sales price for the month of $1,182,044 and a median sales price of $810,000.
The days on the market for the sold properties fell from about 100 in December to 80 in January and the Sales Price to Original List Price Ratio rose from 85% in December to about 90% in January. The overall inventory rose from about 390 that we saw in December to approximately 414 in January but the median list price on those homes remained stable at around $1.7 million with about a $3.5 million average list price.
Looking at the Districts, Carpinteria/Summerland sales are up from 1 to 6 and the median sales price is up from $591,000 to $650,000. The numbers of escrows are also up going from 2 to 8 with the median list price on those escrows rising from $632,450 last year to $749,500 this year.
For Montecito, sales are up going from 5 to 14 with the median sales price dropping from $3.15 million to $1.82 million. Escrows are up going from 7 to 18 but the median list price on those escrows is down from $3.595 million to $2.195 million.
East of State St sales are up going from 8 in ’11 to 26 in ‘12 but the median sales price is down from $1,400,000 to $917,500. The escrows are up going from 17 to 31 with the median list price on those escrows dropping from $1,095,000 last year to $879,000 this year.
West of State St sales are down from 17 to 8 and the median sales price is down from $630,000 to $508,000. The numbers of escrows are down with 16 in ’11 compared to 15 in ‘12 but the median list price on those escrows is up from $699,950 last year to $750,000 this year.
Hope Ranch sales are up from 1 to 2 but the median sales price is down from $1.6 million to $1.532 million. The numbers of escrows are even with 3 in both years but the median list price on those escrows is up from $1.9 million in ’11 to $2.29 million in ‘12.
Goleta South sales are equal with 5 in both years but the median sales price is down from $707,500 to $497,500. The numbers of escrows are up however from 5 to 16 with the median list price on those escrows declining from $912,000 to $549,000.
Goleta North sales are down with 12 in ’11 and 11 in ’12 with the median sales price dropping from $917,500 to $610,000. The numbers of escrows are up however from 13 to 18 with the median list price on those escrows falling from $710,000 to $544,000.
For the Condo segment of the market sales fell off dramatically in January to 12 from 35 in December. The median sales price also fell from $407,000 to $364,000 and the days on the market also dropped from 92 in December to just 37 in January. But while the sales were falling in January the escrows were rising from 22 in December with a $304,000 median list price to 30 in January with a $365,500 median list price.
Comparing January 2011 with January 2012 sales are down from 16 to 12. The median sales price is about the same dropping slightly from $382,000 to $364,000. The Sales Price to Original List Price Ratio is up from 89% to 92% and those previously mentioned days on the market fell precipitously from 101 to 37. The real good news in all of that is that the escrows have more than doubled rising from 14 in January 2011 to 30 for January 2012. But while the numbers of escrows are up the median list price on those escrows has dropped from $422,500 to $365,500.
Of the 12 sales 5 were below $300,000 with 5 over $500,000 and 1 over $1 million. The highest priced sale for the month was for $1.2 million while the least expensive condo sold for $150,000. That wide diversity of sales gives us an average sales price of $485,241 and a median sales price of $353,000.
Looking at the Districts, Carpinteria/Summerland sales are down from 5 to 2 with the median sales price falling from $350,000 to $325,250. The numbers of escrows are equal in both years with 2 and the median list price on those escrows is up from $294,933 to $410,000.
Montecito condo sales are up with 1 in ’11 and 2 in ‘12 with the median sales price up from $890,000 to $1,034,950.The numbers of escrows are also up with 1 in ’11 and 2 in ‘12 with the median list price on those escrows also up from $998,000 in ’11 to $1,394,740 in ‘12.
East of State St sales are down from 3 to 1 with the median sales price rising from $450,000 to $630,000. The numbers of escrows are up going from 2 to 7 with the median list price on those escrows dropping from $709,450 last year to $399,000 this year.
West of State St sales are up from 1 to 4 with the median sales price rising from $315,000 to $515,000. The escrows are up from 2 to 8 with the median list price on those escrows falling from $847,500 to $447,000.
Goleta South sales are down from 3 to 2 with the median sales price down from $335,500 to $183,750. The numbers of escrows are up from 4 to 5 with the median list price on those escrows down from $362,975 to $349,000.
Goleta North sales are down from 4 to 1 with the median sales price down from $382,000 to $285,000. The escrows are up from 3 to 7 with the median list price on those escrows falling from $479,000 to $349,900.
For both the Home Estate/PUD and Condo markets it looks like 2012 will continue where we left off 2011. Sales for both segments look like they will continue to increase while the median sales price continues to drop.
Tuesday, February 7, 2012
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