Wednesday, August 21, 2013
Wednesday, August 14, 2013
Santa Barbara Real Estate Update ~ July 2013
Santa Barbara Real Estate through the end of July ‘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 July 2013. For the Home Estate/PUD market the numbers of sales went down in July to 112 from 115 in June and 141 in May. The Median Sales Price also went down to about $945,000 for the month falling from $1,035,000 in June but up from $880,000 in May. The opened escrows also went down in July to 111 from 128 in June and 134 in May while the median list price on those escrows increased going from $1,035,000 in June to $1,089,000 in July. There were about 150 new listings that came on the market in July with a median list price of approximately $1.09 million and an average list price of just about $1.5 million while the overall inventory went up from about 320 units for sale in June to roughly 335 in July.
Year over year sales are up about 4% with the median sales price up to roughly $925,000 for a 16% rise. The average sales price is also up going from just over $1.3 million in 2012 to approximately $1.4 million in 2013 for a 5% rise while the numbers of escrows are also up about 1.2% with the median list price on those escrows up about 18%.
Looking at the Districts, Carpinteria/Summerland sales are up from 52 to 59 and the median sales price is up from $735,000 to $825,000. The numbers of escrows are also up from 52 to 71 with the median list price on those escrows rising from $749,000 last year to $857,262 this year.
For Montecito, sales are down going from 148 to 145 with the median sales price rising from $1.845 million to $2.424 million. Escrows are also down going from 169 to 164 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 196 in ’12 to 193 in ‘13 but the median sales price is up from $860,000 to $960,000. The escrows are even going from 204 to 204 with the median list price on those escrows rising from $899,000 last year to $1,012,500 this year.
West of State St sales are up from 150 to 162 and the median sales price is up from $705,000 to $860,000. The numbers of escrows are up with 177 in ’12 compared to 181 in ‘13 and the median list price on those escrows is up from $700,000 last year to $892,500 this year.
Hope Ranch sales are up from 17 to 23 and the median sales price is down from about $2 million to $1.914 million. The numbers of escrows are also up with 19 last year compared to 21 this year. But, the median list price on those escrows is down from $2.295 million in ’12 to $1.86 million in ‘13.
Goleta South sales are down with 74 last year and 72 this year but the median sales price is up from $600,000 to $694,500. The numbers of escrows are down from 87 to 67 with the median list price on those escrows rising from $656,775 to $699,000.
Goleta North sales are up with 127 in ’12 and 130 in ’13 with the median sales price rising from $610,000 to $775,000. The numbers of escrows are down however from 144 to 136 with the median list price on those escrows going from $614,950 to $775,000.
The Condo segment of the market remained strong with 41 sales in July up from 39 in June but down from the 51 we saw in May. The median sales price went up a lot however from about $520,000 in June to approximately $575,000 in July while the numbers of escrows went up from 42 in June to 47 in July with the median list price on those escrows falling from $575,000 in June to $559,000 in July.
There were 59 new condo listings that came on the market for the month with a median list price of $649,000 and an average list price of $930,881. The overall inventory rose in July from about 50 in June to approximately 65 in July with the median list price on those new listings went up to $649,000 in July from $565,000 June.
Looking at the Districts, Carpinteria/Summerland sales are up from 27 to 54 with the median sales price rising from $330,000 to $437,500. The numbers of escrows are also up from 35 last year to 54 this year and the median list price on those escrows is up from $399,000 to $446,500.
Montecito condo sales are up with 15 in ’12 and 18 in ‘13 with the median sales price down from $1,135,000 to $990,000.The numbers of escrows rose with 17 in ’12 and 19 in ‘13 while the median list price on those escrows is down from $1,250,000 in ’12 to $995,000 in ‘13.
East of State St sales are down from 75 to 54 with the median sales price rising from $507,212 to $559,000. The numbers of escrows are down however going from 105 to 64 with the median list price on those escrows even from $599,000 last year to $599,000 this year.
West of State St sales are up from 55 to 68 with the median sales price rising from $387,000 to $520,000. The escrows went from 58 to 72 with the median list price on those escrows going from $378,300 to $542,000.
Goleta South sales are even from 40 to 40 with the median sales price also up from $288,950 to $445,000. The numbers of escrows are even with 43 in ’12 and 43 in ‘13 with the median list price on those escrows up from $297,450 last year to $439,000 this year.
Goleta North sales are up from 30 to 36 with the median sales price also up from $345,000 to $419,000. The escrows are down from 39 to 35 with the median list price on those escrows going from $363,500 to $429,000.
Through the end of July sales and the median sales price for both Single Family Homes and Condos is up. Of the single family homes that sold for the month roughly 22% of those sales were over the asking price and for condos that number was about 27%. The average over asking price for homes that sold was about 6.5% and for condos that number was about 4%. There have been a significant number of new home listings coming on the market and with the escrows declining slightly the overall inventory has started to climb. With sales starting to cool the median sales price should continue to rise because available properties in the overheated $600,000 to $900,000 have declined while homes on the market priced above $1 million have become more plentiful.
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 July 2013. For the Home Estate/PUD market the numbers of sales went down in July to 112 from 115 in June and 141 in May. The Median Sales Price also went down to about $945,000 for the month falling from $1,035,000 in June but up from $880,000 in May. The opened escrows also went down in July to 111 from 128 in June and 134 in May while the median list price on those escrows increased going from $1,035,000 in June to $1,089,000 in July. There were about 150 new listings that came on the market in July with a median list price of approximately $1.09 million and an average list price of just about $1.5 million while the overall inventory went up from about 320 units for sale in June to roughly 335 in July.
Year over year sales are up about 4% with the median sales price up to roughly $925,000 for a 16% rise. The average sales price is also up going from just over $1.3 million in 2012 to approximately $1.4 million in 2013 for a 5% rise while the numbers of escrows are also up about 1.2% with the median list price on those escrows up about 18%.
Looking at the Districts, Carpinteria/Summerland sales are up from 52 to 59 and the median sales price is up from $735,000 to $825,000. The numbers of escrows are also up from 52 to 71 with the median list price on those escrows rising from $749,000 last year to $857,262 this year.
For Montecito, sales are down going from 148 to 145 with the median sales price rising from $1.845 million to $2.424 million. Escrows are also down going from 169 to 164 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 196 in ’12 to 193 in ‘13 but the median sales price is up from $860,000 to $960,000. The escrows are even going from 204 to 204 with the median list price on those escrows rising from $899,000 last year to $1,012,500 this year.
West of State St sales are up from 150 to 162 and the median sales price is up from $705,000 to $860,000. The numbers of escrows are up with 177 in ’12 compared to 181 in ‘13 and the median list price on those escrows is up from $700,000 last year to $892,500 this year.
Hope Ranch sales are up from 17 to 23 and the median sales price is down from about $2 million to $1.914 million. The numbers of escrows are also up with 19 last year compared to 21 this year. But, the median list price on those escrows is down from $2.295 million in ’12 to $1.86 million in ‘13.
Goleta South sales are down with 74 last year and 72 this year but the median sales price is up from $600,000 to $694,500. The numbers of escrows are down from 87 to 67 with the median list price on those escrows rising from $656,775 to $699,000.
Goleta North sales are up with 127 in ’12 and 130 in ’13 with the median sales price rising from $610,000 to $775,000. The numbers of escrows are down however from 144 to 136 with the median list price on those escrows going from $614,950 to $775,000.
The Condo segment of the market remained strong with 41 sales in July up from 39 in June but down from the 51 we saw in May. The median sales price went up a lot however from about $520,000 in June to approximately $575,000 in July while the numbers of escrows went up from 42 in June to 47 in July with the median list price on those escrows falling from $575,000 in June to $559,000 in July.
There were 59 new condo listings that came on the market for the month with a median list price of $649,000 and an average list price of $930,881. The overall inventory rose in July from about 50 in June to approximately 65 in July with the median list price on those new listings went up to $649,000 in July from $565,000 June.
Looking at the Districts, Carpinteria/Summerland sales are up from 27 to 54 with the median sales price rising from $330,000 to $437,500. The numbers of escrows are also up from 35 last year to 54 this year and the median list price on those escrows is up from $399,000 to $446,500.
Montecito condo sales are up with 15 in ’12 and 18 in ‘13 with the median sales price down from $1,135,000 to $990,000.The numbers of escrows rose with 17 in ’12 and 19 in ‘13 while the median list price on those escrows is down from $1,250,000 in ’12 to $995,000 in ‘13.
East of State St sales are down from 75 to 54 with the median sales price rising from $507,212 to $559,000. The numbers of escrows are down however going from 105 to 64 with the median list price on those escrows even from $599,000 last year to $599,000 this year.
West of State St sales are up from 55 to 68 with the median sales price rising from $387,000 to $520,000. The escrows went from 58 to 72 with the median list price on those escrows going from $378,300 to $542,000.
Goleta South sales are even from 40 to 40 with the median sales price also up from $288,950 to $445,000. The numbers of escrows are even with 43 in ’12 and 43 in ‘13 with the median list price on those escrows up from $297,450 last year to $439,000 this year.
Goleta North sales are up from 30 to 36 with the median sales price also up from $345,000 to $419,000. The escrows are down from 39 to 35 with the median list price on those escrows going from $363,500 to $429,000.
Through the end of July sales and the median sales price for both Single Family Homes and Condos is up. Of the single family homes that sold for the month roughly 22% of those sales were over the asking price and for condos that number was about 27%. The average over asking price for homes that sold was about 6.5% and for condos that number was about 4%. There have been a significant number of new home listings coming on the market and with the escrows declining slightly the overall inventory has started to climb. With sales starting to cool the median sales price should continue to rise because available properties in the overheated $600,000 to $900,000 have declined while homes on the market priced above $1 million have become more plentiful.
Monday, August 12, 2013
Tuesday, August 6, 2013
Subscribe to:
Posts (Atom)