Monday, April 29, 2013
Monday, April 22, 2013
Tuesday, April 16, 2013
Friday, April 12, 2013
Santa Barbara Real Estate Update ~ March 2013
Santa Barbara Real Estate through the end of March ‘13 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 2013. For the Home Estate/PUD market sales remained strong for the month coming in with about 95 closings up from the 80 we saw in February. The Median Sales Price stayed at about $940,000 which is roughly where it was at the end of February while the days on the market for sold properties went down to around 75 from the 90 we saw in the previous month. The opened escrows went up a little however from 118 in February to fewer than 130 in January while the median list price on those escrows also went up to about $1.1 million from $949,000 in February. There were about 150 new listings that came on the market in March with a median list price of approximately $1.1 million and an average list price of about $2.1 million with the overall inventory rising from about 280 units for sale to around 290.
Year over year sales are up about 7% with the median sales price up to roughly $900,000 for a 15% rise. The average sales price is also up going from just over $1.258 million in 2012 to approximately $1.5 million in 2013 and the numbers of escrows are also up about 12% with the median list price on those escrows up over 20%
Looking at the Districts, Carpinteria/Summerland sales are down from 23 to 18 but the median sales price is up from $652,500 to $869,500. The numbers of escrows are up however from 18 to 27 with the median list price on those escrows falling from $1,200,000 last year to $885,000 this year.
For Montecito, sales are up going from 46 to 52 with the median sales price rising from $1.75 million to $2.75 million. Escrows are also up going from 59 to 66 and the median list price on those escrows is up from $1.995 million to $2.495 million.
East of State St sales are down going from 71 in ’12 to 57 in ‘13 but the median sales price is up from $830,000 to $955,000. The escrows are up however going from 81 to 86 with the median list price on those escrows rising from $879,000 last year to $995,000 this year.
West of State St sales are up from 39 to 45 but the median sales price is down from $739,000 to $723,894. The numbers of escrows are up with 57 in ’12 compared to 70 in ‘13 and the median list price on those escrows is up from $707,450 last year to $839,000 this year.
Hope Ranch sales are up from 6 to 12 and the median sales price is up from $1.82 million to $2.01 million. The numbers of escrows are up with 4 last year compared to10 this year. But, the median list price on those escrows is down from $2.114 million in ’12 to $2.027 million in ‘13.
Goleta South sales are up with 23 last year and 30 this year and the median sales price is up from $550,000 to $650,000. The numbers of escrows are down however from 36 to 29 with the median list price on those escrows rising from $574,000 to $699,450.
Goleta North sales are up with 39 in ’12 and 48 in ’13 with the median sales price rising from $615,000 to $712,000. The numbers of escrows are also up from 55 to 60 with the median list price on those escrows going from $584,500 to $767,000.
For the Condo segment of the market sales also remained strong rising to about 35 in March up from 28 in February. The median sales price went down slightly however from about $482,500 to roughly $455,000 and the numbers of escrows went down from 38 to approximately 30 with the median list price on those escrows rising from $499,000 to about $515,000
There were about 45 new condo listings that came on the market for the month with a median list price of about $575,000 and an average list price of approximately $790,000. And, just like with the Home Estate/PUD market the overall inventory rose slightly from just below 50 to just about 47.
Looking at the Districts, Carpinteria/Summerland sales are up from 9 to 20 with the median sales price rising from $330,000 to $423,000. The numbers of escrows are up from 12 last year to 24 this year and the median list price on those escrows is up from $370,000 to $437,000.
Montecito condo sales are up with 3 in ’12 and 7 in ‘13 with the median sales price down from $1,135,000 to $965,000.The numbers of escrows rose with 7 in ’12 and 9 in ‘13 while the median list price on those escrows is down from $1,250,000 in ’12 to $912,000 in ‘13.
East of State St sales are down from 21 to 20 with the median sales price rising from $459,990 to $498,500. The numbers of escrows are down however going from 46 to 16 with the median list price on those escrows falling from $604,500 last year to $499,000 this year.
West of State St sales are up from 21 to 23 with the median sales price rising from $415,000 to $435,000. The escrows went from 25 to 25 with the median list price on those escrows going from $350,200 to $539,000.
Goleta South sales are up from 12 to 14 with the median sales price also up from $248,500 to $442,500. The numbers of escrows are down with 18 in ’12 and 16 in ‘13 with the median list price on those escrows up from $264,900 last year to $424,000 this year.
Goleta North sales are up from 9 to 11 with the median sales price down from $345,000 to $280,000. The escrows are down from 17 to 10 with the median list price on those escrows going from $379,500 to $402,000.
Through the end of 1st quarter both sales and prices for the Home Estate/PUD and Condo markets are up with about 35% of the home sales going for over the asking price in March and about the same percentage of condos. For Homes the percentage of the sales price over the asking price was about 8% while for condos it was only about 1.5% and most of that percentage over asking for condos came from 1 sale in Montecito. With escrows up for single family homes but down for condos the second quarter looks like a mixed bag. If listings don’t start to pick up for both segments of the market the recovery could start to stall. But, if the rise in prices attracts interest from the sellers and listings start to rise then the 2nd quarter will remain strong.
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 2013. For the Home Estate/PUD market sales remained strong for the month coming in with about 95 closings up from the 80 we saw in February. The Median Sales Price stayed at about $940,000 which is roughly where it was at the end of February while the days on the market for sold properties went down to around 75 from the 90 we saw in the previous month. The opened escrows went up a little however from 118 in February to fewer than 130 in January while the median list price on those escrows also went up to about $1.1 million from $949,000 in February. There were about 150 new listings that came on the market in March with a median list price of approximately $1.1 million and an average list price of about $2.1 million with the overall inventory rising from about 280 units for sale to around 290.
Year over year sales are up about 7% with the median sales price up to roughly $900,000 for a 15% rise. The average sales price is also up going from just over $1.258 million in 2012 to approximately $1.5 million in 2013 and the numbers of escrows are also up about 12% with the median list price on those escrows up over 20%
Looking at the Districts, Carpinteria/Summerland sales are down from 23 to 18 but the median sales price is up from $652,500 to $869,500. The numbers of escrows are up however from 18 to 27 with the median list price on those escrows falling from $1,200,000 last year to $885,000 this year.
For Montecito, sales are up going from 46 to 52 with the median sales price rising from $1.75 million to $2.75 million. Escrows are also up going from 59 to 66 and the median list price on those escrows is up from $1.995 million to $2.495 million.
East of State St sales are down going from 71 in ’12 to 57 in ‘13 but the median sales price is up from $830,000 to $955,000. The escrows are up however going from 81 to 86 with the median list price on those escrows rising from $879,000 last year to $995,000 this year.
West of State St sales are up from 39 to 45 but the median sales price is down from $739,000 to $723,894. The numbers of escrows are up with 57 in ’12 compared to 70 in ‘13 and the median list price on those escrows is up from $707,450 last year to $839,000 this year.
Hope Ranch sales are up from 6 to 12 and the median sales price is up from $1.82 million to $2.01 million. The numbers of escrows are up with 4 last year compared to10 this year. But, the median list price on those escrows is down from $2.114 million in ’12 to $2.027 million in ‘13.
Goleta South sales are up with 23 last year and 30 this year and the median sales price is up from $550,000 to $650,000. The numbers of escrows are down however from 36 to 29 with the median list price on those escrows rising from $574,000 to $699,450.
Goleta North sales are up with 39 in ’12 and 48 in ’13 with the median sales price rising from $615,000 to $712,000. The numbers of escrows are also up from 55 to 60 with the median list price on those escrows going from $584,500 to $767,000.
For the Condo segment of the market sales also remained strong rising to about 35 in March up from 28 in February. The median sales price went down slightly however from about $482,500 to roughly $455,000 and the numbers of escrows went down from 38 to approximately 30 with the median list price on those escrows rising from $499,000 to about $515,000
There were about 45 new condo listings that came on the market for the month with a median list price of about $575,000 and an average list price of approximately $790,000. And, just like with the Home Estate/PUD market the overall inventory rose slightly from just below 50 to just about 47.
Looking at the Districts, Carpinteria/Summerland sales are up from 9 to 20 with the median sales price rising from $330,000 to $423,000. The numbers of escrows are up from 12 last year to 24 this year and the median list price on those escrows is up from $370,000 to $437,000.
Montecito condo sales are up with 3 in ’12 and 7 in ‘13 with the median sales price down from $1,135,000 to $965,000.The numbers of escrows rose with 7 in ’12 and 9 in ‘13 while the median list price on those escrows is down from $1,250,000 in ’12 to $912,000 in ‘13.
East of State St sales are down from 21 to 20 with the median sales price rising from $459,990 to $498,500. The numbers of escrows are down however going from 46 to 16 with the median list price on those escrows falling from $604,500 last year to $499,000 this year.
West of State St sales are up from 21 to 23 with the median sales price rising from $415,000 to $435,000. The escrows went from 25 to 25 with the median list price on those escrows going from $350,200 to $539,000.
Goleta South sales are up from 12 to 14 with the median sales price also up from $248,500 to $442,500. The numbers of escrows are down with 18 in ’12 and 16 in ‘13 with the median list price on those escrows up from $264,900 last year to $424,000 this year.
Goleta North sales are up from 9 to 11 with the median sales price down from $345,000 to $280,000. The escrows are down from 17 to 10 with the median list price on those escrows going from $379,500 to $402,000.
Through the end of 1st quarter both sales and prices for the Home Estate/PUD and Condo markets are up with about 35% of the home sales going for over the asking price in March and about the same percentage of condos. For Homes the percentage of the sales price over the asking price was about 8% while for condos it was only about 1.5% and most of that percentage over asking for condos came from 1 sale in Montecito. With escrows up for single family homes but down for condos the second quarter looks like a mixed bag. If listings don’t start to pick up for both segments of the market the recovery could start to stall. But, if the rise in prices attracts interest from the sellers and listings start to rise then the 2nd quarter will remain strong.
Tuesday, April 9, 2013
Tuesday, April 2, 2013
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