Each month a very generous and talented colleague, Gary Woods compiles all the Santa Barbara Multiple Listing and Cort sales data and provides many of us in the real estate industry with a synopsis of the current market. Thank you Gary, as always your expertise and data is very appreciated!
Through the month of April ’09 for the Home Estate/PUD market in the Santa Barbara area including Montecito, Hope Ranch, Carpinteria/Summerland and Goleta sales were in the mid 80’s with the median sales price remaining steady around $880,000. For contrast in April ’09 there were 68 sales with an $840,000 median sales price. So, even with the increased activity in the marketplace the median sales price is remaining at around the $860,000 level. But, the average sales price for April ’10 was over $2 million compared to April ’09 when the average sales price was about $1.3 million signifying a substantial increase in the sales of more pricey homes.
The escrows continued to pile up in April with about 120 new escrows opening which is up from about 100 in March and 62 in February. But, the median list price on those escrows remained around $890,000. What took a tumble in April was the Sales Price to Original List Price Ratio which again dipped to about 77%. This decline in the ratio is due primarily to higher priced properties that have started to sell but at a significant reduction from their original list price.
The inventory went up substantially in April with more than 200 new listings showing up with the overall inventory rising by more than 100 homes from the month of March. We ended April with about 580 properties available for purchase. The new listings median list price of just over $1 million continues to get closer to the median sold price for the month which means that sales should continue to surge forward. Also, the median list price on the overall inventory continues to fall and is currently hovering around $1.7 million down from about $1.8 million for most of ’09.
Looking at the Districts, Carpinteria/Summerland Home Estate/PUD sales remain about double where they were last year with the median sales price rising about $200,000 to $835,000. Montecito home sales are approximately 20% ahead of where they were last year ending the month with 36 but the median sales price is locked at right around $2.4 million for both years. The pending sales are up about 50% from where they were last year with 46 escrows opened this year but the median list price on those escrows is down from $2.8 million in ’09 to $2.4 million in ‘10
East of State St home sales are about a third ahead of where they were last year with 65 closed escrows but the median sales price has dropped about $25,000 to approximately $925,000. The average sales price has remained steady however at about $1.1 million. Over on the West Side of Santa Barbara home sales are about 10% ahead of where they were last year with 53 purchases so far and the median sales price has come up about $50,000 to $800,000. The average sales price is remaining steady however at around $890,000,
In Hope Ranch sales are more than double the numbers of sales from where they were last year with 9 sold properties this year and the median sales price has risen from $2.55 million last year to $3.5 million this year. The average sales price is also up by more than $1.5 million with some big sales in the area and is currently at around $4 million.
Goleta South sales are a couple behind where they were last year with 24 through April and the median sales price has declined to $625,000 down from $695,000 last year. The average sales price has also fallen from just under $800,000 last year to about $720,000. For Goleta North, sales are up by 10% with 50 completed transactions but the median sales price is stable at $715,000 for both years. The average sales price fell however from $820,000 in ’09 to $775,000 in ’10.
The overall median sales price continues to hover at around $860,000 for the area with prices going up in Carpinteria/Summerland, West of State St and Hope Ranch. Montecito and Goleta North prices seem to have stabilized at least compared to ’09 with median sales prices falling for East of State St and Goleta South.
For condos in April sales moved up from March ending in the low 30s but the median sales price bounced back up to around $455,000. For most of last year condo median sales prices have hovered right around $450,000 with some months falling into the high $300,000 range and others at just over $500,000.
The Sales Price to Original List Price Ratio remains at about 90% which is illustrated by the median list price of the new listings coming on at about $490,000 and the median sales price at around $450,000. There were about 50 new listings that come on the market in April raising the total inventory to approximately 160 condos for sales from Carpinteria to Goleta.
The escrows did not continue to surge however with just over 40 new transactions starting, which is up slightly from March. The median list price on those escrows did come up however rising from about $430,000 last month to approximately $475,000 this month.
Looking at the Districts, in Carpinteria/Summerland sales are up by almost double to 20 but the median sales price has fallen about $25,000 to approximately $385,000. In Montecito there have been 6 sales this year compared to 1 last year with the median sales price right around $1.1 million and the average sales price at $1.4 million.
For East of State St condo sales are up more than double to 21 but the median sales price is down more than $100,000 to $430,000. The average sales price has also declined from about $630,000 last year to approximately $520,000 this year. Over on the West Side sales are up with 20 closed escrows so far but the median sales price is down by more than $55,000 to $464,500.
In Goleta South there have been 4 more sales this year with a total of 16 compared to last year but the median sales price is down about $125,000 to approximately $275,000. The average sales price has also come down from about $460,000 last year to about $360,000 this year. Finally, for Goleta North we see 13 sales this year compared to 12 last year the median sales price went up about $80,000 to approximately $410,000. The average sales price is a lot closer together however rising from $365,000 in ’09 to $380,000 in ’10.
With condo sales up everywhere except Goleta South the overall median sales price continues to gravitate around $450,000. But, when you look at the period from the beginning of the year the median sales price is down from $470,000 in ’09 to about $430,000 in ’10. Prices have declined in Carpinteria/Summerland, East of State St, West of State St and Goleta South with prices rising in Montecito and Goleta North.
With the first time buyer tax credit coming to a close at the end of April we’ll have to see whether it will affect the condo buyer who would be impacted most significantly. The Home Estate/PUD market continues to be strong however with some upward pressure on prices in the below $1 million market.
Gary Woods
