Tuesday, April 24, 2012
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Tuesday, April 10, 2012
Sunday, April 8, 2012
Santa Barbara Real Estate Update ~ March 2012
Santa Barbara Real Estate through the end of March ‘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 March 2012. For the Home Estate/PUD market after experiencing about 70 sales in January and February the numbers of sales rose to 99 in March. To emphasize that rise in activity, not only did the numbers of sales go up but the median sales price also went up to about $845,000 from $677,500 in February.
Escrows also surged for the month rising from about 100 which we saw from December through February to approximately 125 for March. The median list price on those escrows also rose from $769,000 in February to about $805,000 in March. What fell however was the Sales Price to Original Price Ratio which declined from about 90% in February to the low 80s in March. When you put that together with the rise in the Days on the Market that it took to get an accepted offer on the 99 sales it shows that buyers are at least a little more cautious as we move into quarter two despite the overall increase in market movement.
Comparing the first 3 months of 2011 with the same period in 2012, sales are up about 35% with escrows up over 50% and the median sales price is up bit while the average sales prices is down a bit. Year over year the Sales Price to Original Price ratio is within 2% of where it was last year and the Days on the Market for sold properties is within 12 days of where it was in 2011.
Looking at the Districts, Carpinteria/Summerland sales are up from 12 to 24 and the median sales price is up from $672,500 to $690,000. The numbers of escrows are also up going from 14 to 21 with the median list price on those escrows rising from $662,000 last year to $962,500 this year.
For Montecito, sales are up going from 28 to 45 with the median sales price dropping from $2.388 million last year to $1.75 million. Escrows are also up going from 39 to 60 but the median list price on those escrows is down from $2.725 million to $1.972 million.
East of State St sales are up going from 46 in ’11 to 72 in ‘12 but the median sales price is down however from $895,000 to $837,500. The escrows are also up going from 59 to 86 with the median list price on those escrows dropping from $975,000 last year to $887,000 this year.
West of State St sales are down from 42 to 39 but the median sales price is up from $669,095 to $739,500. The numbers of escrows are also up with 43 in ’11 compared to 63 in ‘12 but the median list price on those escrows is down from $748,680 last year to $697,000 this year.
Hope Ranch sales are up from 4 to 6 and the median sales price is up from $1.775 million to $1.82 million. The numbers of escrows are down however with 8 last year compared to 4 this year. But, the median list price on those escrows is up from $1.995 million in ’11 to $2.144 million in ‘12.
Goleta South sales are up with 14 last year and 23 this year but the median sales price is down from $649,500 to $550,000. The numbers of escrows are also up from 15 to 36 with the median list price on those escrows declining from $602,000 to $574,000.
Goleta North sales are down with 42 in ’11 and 37 in ’12 with the median sales price dropping from $685,000 to $615,000. The numbers of escrows are up however from 39 to 59 with the median list price on those escrows falling from $699,900 to $589,000.
For the Condo segment of the market sales about doubled from February when there were 18 to over 40 in March. The median sales price also went up from $361,000 to over $405,000 in March and even the Sales Price to Original List Price ratio rose from 90% to 93% for the month. What came down substantially were the Days on the Market which declined from 102 in February to about 79 in March.
Looking at the Year over Year numbers, condo sales are up about 35% and escrows are up 130%. The median sales price is up slightly with the average sales price down approximately 10%. But, the median list price on condos in escrows is up 5%. The Sales Price to Original List Price ratio is also up from 90% to 92% and the Days on the Market for sold properties has fallen 86 to the mid-70s.
Looking at the Districts, Carpinteria/Summerland sales are down from 15 to 8 with the median sales price falling from $353,500 to $313,750. The numbers of escrows are down from 16 last year to 12 this year and the median list price on those escrows is down from $361,450 to $339,000.
Montecito condo sales are down with 5 in ’11 and 3 in ‘12 with the median sales price up however from $645,000 to $1,135,000.The numbers of escrows are up with 3 in ’11 and 7 in ‘12 while the median list price on those escrows is up from $998,000 in ’11 to $1,250,000 in ‘12.
East of State St sales are up from 8 to 20 with the median sales price rising from $414,750 to $462,515. The numbers of escrows are also up going from 9 to 48 with the median list price on those escrows rising from $563,000 last year to $599,000 this year.
West of State St sales are up from 9 to 21 with the median sales price falling from $425,000 to $415,000. The escrows are up from 11 to 25 with the median list price on those escrows falling from $420,000 to $350,200.
Goleta South sales are down from 14 to 12 with the median sales price also down from $355,000 to $248,500. The numbers of escrows are up however with 14 in ’11 and 18 in ‘12 but the median list price on those escrows is down from $362,975 last year to $261,455 this year.
Goleta North sales are up from 7 to 9 with the median sales price down from $365,000 to $345,000. The escrows are up however from 6 to 21 with the median list price on those escrows falling from $402,000 to $379,500.
As we enter quarter 2 both the Home Estate/PUD and Condo markets look to be in good shape. Sales are up for both segments as are escrows with condos leading the way in that category with an over 130% rise from 2011. The median sales price is up for single family homes and condos but the condo market should start seeing prices go substantially up because of the median list price of properties currently in escrow.
Higher priced home sales lead the way in March with 1 sale coming in over $19 million but there were also a total of 5 sales over $5 million. In the condo market the top sale was for $2.75 million and another sale in the $1.1 million range but below that the next highest sale was in the $650,000 range. Sales and escrows should remain strong through quarter 2 with prices starting to rise for both condos and single family homes.
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 March 2012. For the Home Estate/PUD market after experiencing about 70 sales in January and February the numbers of sales rose to 99 in March. To emphasize that rise in activity, not only did the numbers of sales go up but the median sales price also went up to about $845,000 from $677,500 in February.
Escrows also surged for the month rising from about 100 which we saw from December through February to approximately 125 for March. The median list price on those escrows also rose from $769,000 in February to about $805,000 in March. What fell however was the Sales Price to Original Price Ratio which declined from about 90% in February to the low 80s in March. When you put that together with the rise in the Days on the Market that it took to get an accepted offer on the 99 sales it shows that buyers are at least a little more cautious as we move into quarter two despite the overall increase in market movement.
Comparing the first 3 months of 2011 with the same period in 2012, sales are up about 35% with escrows up over 50% and the median sales price is up bit while the average sales prices is down a bit. Year over year the Sales Price to Original Price ratio is within 2% of where it was last year and the Days on the Market for sold properties is within 12 days of where it was in 2011.
Looking at the Districts, Carpinteria/Summerland sales are up from 12 to 24 and the median sales price is up from $672,500 to $690,000. The numbers of escrows are also up going from 14 to 21 with the median list price on those escrows rising from $662,000 last year to $962,500 this year.
For Montecito, sales are up going from 28 to 45 with the median sales price dropping from $2.388 million last year to $1.75 million. Escrows are also up going from 39 to 60 but the median list price on those escrows is down from $2.725 million to $1.972 million.
East of State St sales are up going from 46 in ’11 to 72 in ‘12 but the median sales price is down however from $895,000 to $837,500. The escrows are also up going from 59 to 86 with the median list price on those escrows dropping from $975,000 last year to $887,000 this year.
West of State St sales are down from 42 to 39 but the median sales price is up from $669,095 to $739,500. The numbers of escrows are also up with 43 in ’11 compared to 63 in ‘12 but the median list price on those escrows is down from $748,680 last year to $697,000 this year.
Hope Ranch sales are up from 4 to 6 and the median sales price is up from $1.775 million to $1.82 million. The numbers of escrows are down however with 8 last year compared to 4 this year. But, the median list price on those escrows is up from $1.995 million in ’11 to $2.144 million in ‘12.
Goleta South sales are up with 14 last year and 23 this year but the median sales price is down from $649,500 to $550,000. The numbers of escrows are also up from 15 to 36 with the median list price on those escrows declining from $602,000 to $574,000.
Goleta North sales are down with 42 in ’11 and 37 in ’12 with the median sales price dropping from $685,000 to $615,000. The numbers of escrows are up however from 39 to 59 with the median list price on those escrows falling from $699,900 to $589,000.
For the Condo segment of the market sales about doubled from February when there were 18 to over 40 in March. The median sales price also went up from $361,000 to over $405,000 in March and even the Sales Price to Original List Price ratio rose from 90% to 93% for the month. What came down substantially were the Days on the Market which declined from 102 in February to about 79 in March.
Looking at the Year over Year numbers, condo sales are up about 35% and escrows are up 130%. The median sales price is up slightly with the average sales price down approximately 10%. But, the median list price on condos in escrows is up 5%. The Sales Price to Original List Price ratio is also up from 90% to 92% and the Days on the Market for sold properties has fallen 86 to the mid-70s.
Looking at the Districts, Carpinteria/Summerland sales are down from 15 to 8 with the median sales price falling from $353,500 to $313,750. The numbers of escrows are down from 16 last year to 12 this year and the median list price on those escrows is down from $361,450 to $339,000.
Montecito condo sales are down with 5 in ’11 and 3 in ‘12 with the median sales price up however from $645,000 to $1,135,000.The numbers of escrows are up with 3 in ’11 and 7 in ‘12 while the median list price on those escrows is up from $998,000 in ’11 to $1,250,000 in ‘12.
East of State St sales are up from 8 to 20 with the median sales price rising from $414,750 to $462,515. The numbers of escrows are also up going from 9 to 48 with the median list price on those escrows rising from $563,000 last year to $599,000 this year.
West of State St sales are up from 9 to 21 with the median sales price falling from $425,000 to $415,000. The escrows are up from 11 to 25 with the median list price on those escrows falling from $420,000 to $350,200.
Goleta South sales are down from 14 to 12 with the median sales price also down from $355,000 to $248,500. The numbers of escrows are up however with 14 in ’11 and 18 in ‘12 but the median list price on those escrows is down from $362,975 last year to $261,455 this year.
Goleta North sales are up from 7 to 9 with the median sales price down from $365,000 to $345,000. The escrows are up however from 6 to 21 with the median list price on those escrows falling from $402,000 to $379,500.
As we enter quarter 2 both the Home Estate/PUD and Condo markets look to be in good shape. Sales are up for both segments as are escrows with condos leading the way in that category with an over 130% rise from 2011. The median sales price is up for single family homes and condos but the condo market should start seeing prices go substantially up because of the median list price of properties currently in escrow.
Higher priced home sales lead the way in March with 1 sale coming in over $19 million but there were also a total of 5 sales over $5 million. In the condo market the top sale was for $2.75 million and another sale in the $1.1 million range but below that the next highest sale was in the $650,000 range. Sales and escrows should remain strong through quarter 2 with prices starting to rise for both condos and single family homes.
Tuesday, April 3, 2012
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