Tuesday, June 25, 2013
Monday, June 17, 2013
Thursday, June 13, 2013
Santa Barbara Real Estate Update ~ May 2013
Santa Barbara Real Estate through the end of May ‘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 May 2013. For the Home Estate/PUD market the numbers of sales went up in May to about 135 rising from 129 in April and 102 in February. But, the Median Sales Price dropped for the month to about $880,000 from the approximately $915,000 level we saw in April and March. The opened escrows fell to about 135 from the 150 in April but that number was up from the 112 we saw in March. The median list price on those escrows remained stable however at about $985,000 which is where it was in April but up from the $949,000 we saw in March. There were about 165 new listings that came on the market in May with a median list price of approximately $1.15 million and an average list price of just about $2 million while the overall inventory went up only slightly from about 300 units for sale in April to just about 305 in May.
Year over year sales are up about 12% with the median sales price up to roughly $890,000 for a 13.5% rise. The average sales price is also up going from just over $1.335 million in 2012 to approximately $1.446 million in 2013 for an 8.3% rise while the numbers of escrows are up just 1.5% with the median list price on those escrows up about 17.3%.
Looking at the Districts, Carpinteria/Summerland sales are up from 38 to 42 and the median sales price is up from $785,000 to $832,500. The numbers of escrows are also up from 37 to 45 with the median list price on those escrows falling from $1,031,000 last year to $849,000 this year.
For Montecito, sales are up going from 102 to 103 with the median sales price rising from $1.85 million to $2.585 million. Escrows are up going from 116 to 122 and the median list price on those escrows is up from $1.999 million to $2.495 million.
East of State St sales are up going from 125 in ’12 to 133 in ‘13 and the median sales price is up from $829,000 to $942,500. The escrows are even going from 151 to 151 with the median list price on those escrows rising from $900,000 last year to $999,500 this year.
West of State St sales are up from 89 to 111 and the median sales price is up from $727,500 to $792,500. The numbers of escrows are up with 126 in ’12 compared to 130 in ‘13 and the median list price on those escrows is up from $700,000 last year to $854,900 this year.
Hope Ranch sales are up from 8 to 17 and the median sales price is up from $1.937 million to $2.01 million. The numbers of escrows are also up with 10 last year compared to14 this year. But, the median list price on those escrows is down from $2.295 million in ’12 to $2.027 million in ‘13.
Goleta South sales are even with 51 last year and 51 this year but the median sales price is up from $585,000 to $685,000. The numbers of escrows are also down from 67 to 48 with the median list price on those escrows rising from $659,000 to $698,000.
Goleta North sales are up with 86 in ’12 and 92 in ’13 with the median sales price rising from $610,000 to $753,595. The numbers of escrows are down however from 106 to 99 with the median list price on those escrows going from $614,900 to $775,000.
The Condo segment of the market remained strong with about 50 sales in May up from 36 in April and 37 in March. The median sales price went down a lot however from $554,000 in April to roughly $470,000 in May while the numbers of escrows went up from 42 in April to about 50 in May with the median list price on those escrows falling a little from $517,000 to about $500,000
There were roughly 50 new condo listings that came on the market for the month with a median list price of about $500,000 and an average list price of approximately $600,000 and, just like with the Home Estate/PUD market the overall inventory hardly moved at all actually falling to about 55 active listings from Carpinteria to Goleta.
Looking at the Districts, Carpinteria/Summerland sales are up from 20 to 35 with the median sales price rising from $341,500 to $422,500. The numbers of escrows are also up from 20 last year to 38 this year and the median list price on those escrows is up from $370,000 to $446,500.
Montecito condo sales are up with 11 in ’12 and 12 in ‘13 with the median sales price down from $1,200,000 to $995,000.The numbers of escrows are even with 13 in ’12 and 13 in ‘13 while the median list price on those escrows is down from $1,250,000 in ’12 to $939,000 in ‘13.
East of State St sales are even from 39 to 39 with the median sales price rising from $459,495 to $510,000. The numbers of escrows are down going from 74 to 44 with the median list price on those escrows falling from $619,000 last year to $554,500 this year.
West of State St sales are up from 34 to 43 with the median sales price rising from $375,000 to $515,875. The escrows went from 45 to 51 with the median list price on those escrows going from $381,400 to $539,000.
Goleta South sales are down from 28 to 26 with the median sales price up from $285,950 to $445,000. The numbers of escrows are down with 38 in ’12 and 31 in ‘13 with the median list price on those escrows up from $304,950 last year to $439,500 this year.
Goleta North sales are up from 21 to 28 with the median sales price also up from $345,000 to $385,000. The escrows are down from 26 to 24 with the median list price on those escrows going from $349,900 to $424,000.
Of the single family homes that sold for the month roughly 34% of those sales were over the asking price and for condos that number was about 38%. The average over asking price for homes that sold was about 4% and for condos that number was about 2.5%. New listings of single family homes are up but for condos new listings are down and after seeing escrows for single family homes way ahead of last year’s pace most of the year that margin is currently only about 1.5% up while escrows for condos are down about 7%. Sales for both single family homes and condos are currently up however with the prices for both segments also up but we could be seeing signs of a cooling off of the market.
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 May 2013. For the Home Estate/PUD market the numbers of sales went up in May to about 135 rising from 129 in April and 102 in February. But, the Median Sales Price dropped for the month to about $880,000 from the approximately $915,000 level we saw in April and March. The opened escrows fell to about 135 from the 150 in April but that number was up from the 112 we saw in March. The median list price on those escrows remained stable however at about $985,000 which is where it was in April but up from the $949,000 we saw in March. There were about 165 new listings that came on the market in May with a median list price of approximately $1.15 million and an average list price of just about $2 million while the overall inventory went up only slightly from about 300 units for sale in April to just about 305 in May.
Year over year sales are up about 12% with the median sales price up to roughly $890,000 for a 13.5% rise. The average sales price is also up going from just over $1.335 million in 2012 to approximately $1.446 million in 2013 for an 8.3% rise while the numbers of escrows are up just 1.5% with the median list price on those escrows up about 17.3%.
Looking at the Districts, Carpinteria/Summerland sales are up from 38 to 42 and the median sales price is up from $785,000 to $832,500. The numbers of escrows are also up from 37 to 45 with the median list price on those escrows falling from $1,031,000 last year to $849,000 this year.
For Montecito, sales are up going from 102 to 103 with the median sales price rising from $1.85 million to $2.585 million. Escrows are up going from 116 to 122 and the median list price on those escrows is up from $1.999 million to $2.495 million.
East of State St sales are up going from 125 in ’12 to 133 in ‘13 and the median sales price is up from $829,000 to $942,500. The escrows are even going from 151 to 151 with the median list price on those escrows rising from $900,000 last year to $999,500 this year.
West of State St sales are up from 89 to 111 and the median sales price is up from $727,500 to $792,500. The numbers of escrows are up with 126 in ’12 compared to 130 in ‘13 and the median list price on those escrows is up from $700,000 last year to $854,900 this year.
Hope Ranch sales are up from 8 to 17 and the median sales price is up from $1.937 million to $2.01 million. The numbers of escrows are also up with 10 last year compared to14 this year. But, the median list price on those escrows is down from $2.295 million in ’12 to $2.027 million in ‘13.
Goleta South sales are even with 51 last year and 51 this year but the median sales price is up from $585,000 to $685,000. The numbers of escrows are also down from 67 to 48 with the median list price on those escrows rising from $659,000 to $698,000.
Goleta North sales are up with 86 in ’12 and 92 in ’13 with the median sales price rising from $610,000 to $753,595. The numbers of escrows are down however from 106 to 99 with the median list price on those escrows going from $614,900 to $775,000.
The Condo segment of the market remained strong with about 50 sales in May up from 36 in April and 37 in March. The median sales price went down a lot however from $554,000 in April to roughly $470,000 in May while the numbers of escrows went up from 42 in April to about 50 in May with the median list price on those escrows falling a little from $517,000 to about $500,000
There were roughly 50 new condo listings that came on the market for the month with a median list price of about $500,000 and an average list price of approximately $600,000 and, just like with the Home Estate/PUD market the overall inventory hardly moved at all actually falling to about 55 active listings from Carpinteria to Goleta.
Looking at the Districts, Carpinteria/Summerland sales are up from 20 to 35 with the median sales price rising from $341,500 to $422,500. The numbers of escrows are also up from 20 last year to 38 this year and the median list price on those escrows is up from $370,000 to $446,500.
Montecito condo sales are up with 11 in ’12 and 12 in ‘13 with the median sales price down from $1,200,000 to $995,000.The numbers of escrows are even with 13 in ’12 and 13 in ‘13 while the median list price on those escrows is down from $1,250,000 in ’12 to $939,000 in ‘13.
East of State St sales are even from 39 to 39 with the median sales price rising from $459,495 to $510,000. The numbers of escrows are down going from 74 to 44 with the median list price on those escrows falling from $619,000 last year to $554,500 this year.
West of State St sales are up from 34 to 43 with the median sales price rising from $375,000 to $515,875. The escrows went from 45 to 51 with the median list price on those escrows going from $381,400 to $539,000.
Goleta South sales are down from 28 to 26 with the median sales price up from $285,950 to $445,000. The numbers of escrows are down with 38 in ’12 and 31 in ‘13 with the median list price on those escrows up from $304,950 last year to $439,500 this year.
Goleta North sales are up from 21 to 28 with the median sales price also up from $345,000 to $385,000. The escrows are down from 26 to 24 with the median list price on those escrows going from $349,900 to $424,000.
Of the single family homes that sold for the month roughly 34% of those sales were over the asking price and for condos that number was about 38%. The average over asking price for homes that sold was about 4% and for condos that number was about 2.5%. New listings of single family homes are up but for condos new listings are down and after seeing escrows for single family homes way ahead of last year’s pace most of the year that margin is currently only about 1.5% up while escrows for condos are down about 7%. Sales for both single family homes and condos are currently up however with the prices for both segments also up but we could be seeing signs of a cooling off of the market.
Wednesday, June 12, 2013
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