Santa Barbara Real Estate Stats

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 November 2014.

For the Home Estate/PUD market the numbers of sales fell from the previous month to 72 in November dropping from 87 in October and 109 in September. The Median Sales Price also fell for the month to about $947,500 from $985,000 in October and $1,199,000 in September. The opened escrows also fell in November to about 75 from 107 in October and 81 in September while the median list price on those escrows rose from $949,000 in October to approximately $1,035,000 in November. There were roughly 70 new listings that came on the market in November with a median list price of just about $1.15 million and an average list price of around $1.8 million which left the overall inventory falling from 308 units for sale in October to about 280 in November.

Year over year sales are down about 17% with the median sales price up to about $1,130,000 for approximately a 21% rise. The average sales price is also up going from about $1.43 million in 2013 to approximately $1.73 million in 2014 for also a 21% rise while the numbers of escrows are down with 1,161 in ’13 to just over 1,000 in ‘14 with the median list price on those escrows up about 20% to approximately $1,150,000.

Looking at the Districts, Carpinteria/Summerland sales are down from 99 to 79 but the median sales price is up from $852,500 to $925,000. The numbers of escrows are also down from 103 to 88 with the median list price on those escrows rising from $872,000 last year to $949,000 this year.

For Montecito, sales are down going from 212 to 195 with the median sales price rising from $2.424 million to $2.75 million. Escrows are also down going from 219 to 193 but the median list price on those escrows is up from $2.495 million to $2.95 million.

East of State St sales are down going from 294 in ’13 to 273 in ‘14 but the median sales price is up from $967,500 to $1.195 million. The escrows went down from 306 to 282 with the median list price on those escrows rising from $1,037,500 last year to $1.199 million this year.

West of State St sales are down from 255 to 210 but the median sales price is up from $877,000 to $970,850. The numbers of escrows are down with 272 in ’13 compared to 221 in ‘14 but the median list price on those escrows is up from $895,000 last year to $959,000 this year.

Hope Ranch sales are up from 29 to 32 and the median sales price is up from $2.056 million to $2.6 million. The numbers of escrows are up with 24 last year compared to 36 this year and the median list price on those escrows is up from $2.425 million in ’13 to $3.45 million in ‘14.

Goleta South sales are down with 108 last year and 76 this year but the median sales price is up from $730,000 to $750,000. The numbers of escrows are down from 94 to 75 with the median list price on those escrows rising from $710,000 to $749,000.

Goleta North sales are down with 199 in ’13 and 152 in ’14 with the median sales price rising from $795,000 to $846,000. The numbers of escrows are down from 194 to 163 with the median list price on those escrows going up from $796,500 to $845,000.

For the Condo segment of the market sales fell to 37 in November down from 40 in October but up from the 29 we saw in September. The median sales price also rose from $553,750 in October to $735,000 in November while the numbers of escrows rose from the 36 we saw in October to about 45 in November with the median list price on those escrows rising slightly from $569,000 in October to $572,000 in November.

There were about 45 new condo listings that came on the market for the month with a median list price of about $590,000 rising from $500,000 in October and an average list price of approximately $760,000 equaling the October number while the overall inventory stayed steady in November from about 105 units for sale in October to 105 in November.
Looking at the Districts, Carpinteria/Summerland sales are down from 80 to 39 with the median sales price rising from $445,000 to $505,000. The numbers of escrows are also down from 75 last year to 47 this year but the median list price on those escrows is up from $449,450 to $499,000.

Montecito condo sales are down with 29 in ’13 and 16 in ‘14 but the median sales price is up from $1,115,000 to $1,600,000. The numbers of escrows are down with 29 in ’13 and 19 in ‘14 while the median list price on those escrows is up from $1,245,000 in ’13 to $1,695,000 in ‘14.

East of State St sales are up from 90 to 93 with the median sales price rising from $563,500 to $640,000. The numbers of escrows are up going from 87 to 95 with the median list price on those escrows also up from $580,000 last year to $639,000 this year.

West of State St sales are up from 101 to 110 with the median sales price rising from $530,000 to $650,000. The escrows went up from 104 to 120 with the median list price on those escrows going from $553,500 to $659,000.

Goleta South sales are up from 66 to 93 with the median sales price up from $445,000 to $538,500. The numbers of escrows are also up with70 in ’13 and 94 in ‘14 with the median list price on those escrows up from $449,000 last year to $549,950 this year.

Goleta North sales are up from 52 to 58 with the median sales price up from $419,500 to $455,000. The escrows are also up from 50 to 58 with the median list price on those escrows going up from $425,000 to $452,000.

Through the end of November sales of single family homes are down about 17% from ’13 while the median sales price for those homes is up about 21%. For condos, sales are down approximately 5% with the median sales price up over 11%. Of the single family homes that sold for the month roughly 10.4% of those sales were over the asking price and for condos that number was about 14.2%. But, 3 of the 5 over the asking price condo sales were in the Hideaway. The average over asking price for homes that sold over the asking price was about 8.7% but really it was 1 sale, 1520 Santa Rosa Ave that was listed for $1.1 million and sold for $1.6. For condos the percentage over the asking price was about 8.7% but again most of those were the upgrades in the Hideaway. On the other side of the coin 14 % of the Home/Estate Inventory experienced a price reduction in November while 19% of the condos went down in price.

We usually finish the year with a lot of single family sales and 2014 should be no exception. Also, the median sales price for homes which has declined for the past 4 months should come back up to roughly $1 million finishing the year with about a $1,150,000 annualized median sales price up 20+% over 2013. The condo sales are a little more confusing however with big numbers racked up by the Hideaway and 401 Chapala St but the overall condo market is soft with prices dropping slightly.

Gary Woods
12/9/2014

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