Each month a very generous 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!
For the Home Estate/PUD market of Santa Barbara, Montecito, Hope Ranch, Carpinteria, Summerland and Goleta July 2011 was a significant month in that it marked the third month in a row that there were 90 or more sales and it was the first month of the year that sales surpassed the 2010 mark. But, while the sales increased to 94 for the month the median sales price declined from $862,500 in June to $827,000 in July. The average sales price remained stable however going from $1,299,018 in June to $1,226,920 in July.
The numbers of escrows declined a bit in July but still came in right around the mid 90s for the month down from 110 in June and the median list price on those escrows went down a little from $797,000 in June to $749,000 in July. But, despite falling from the previous month, escrows remained over 16% ahead of where they were last year at this time.
The inventory increased in July finishing the month with about 575 Home Estate/PUDs available for purchase from Carpinteria to Goleta and the median list price on that inventory remained stable at about $1.5 median with a $2.8 million average.
The price range break out for sales remained at about the same ratio that we experienced in June with 55 sales below a million in July up from 54 in June and 29 sales from $1 to $2 million up from 25 in June. For the above $2 million range there were10 sales for both months with 3 of those sales topping the $5 million mark.
Looking at the Districts, Carpinteria/Summerland sales are up 17% from 39 to 46 and the median sales price is up from $675,000 to $716,250. The numbers of escrows are also way up going from 33 to 52 with the median list price on those escrows rising from $625,000 last year to $749,000 this year.
For Montecito sales are up by 25% going from 79 to 99 with the median sales price dropping from $2.492 million to $2.227 million. Escrows are up 34% going from 87 to 118 but the median list price on those escrows is down from $2.75 million to $2.295 million.
East of State St sales are down 1% going from 142 to 140 and the median sales price is down from $975,000 to $915,000. The escrows are up by 12% however going from 152 to 171 with the median list price on those escrows dropping from $995,000 last year to $959,000 this year.
West of State St sales are up 4% from 112 to 117 but the median sales price is down from $800,000 to $701,000. The numbers of escrows are about equal for both years with 131 in ’10 and 134 in ‘11 but the median list price on those escrows is down from $824,000 to $717,000.
Hope Ranch sales are up from 11 to 15 but the median sales price is down from $2.975 million to $1.925 million. The numbers of escrows are also up from 10 to 20 and the median list price on those escrows is up from $1.87 million to just under $2 million.
Goleta South sales are down 39% from 64 to 39 and the median sales price is down $665,000 to $600,000. The numbers of escrows are also down from 60 to 57 with the median list price on those escrows declining from $729,000 to $574,900.
Goleta North sales are also down from 98 to 90 with the median sales price dropping from $732,448 to $666,000. The numbers of escrows are up however from 104 to 116 with the median list price on those escrows falling from $731,950 to $685,000.
With the escrows continuing to mount, the second half of 2011 should see sales push significantly past the numbers that we saw in 2010. The median sales price remains slightly behind the previous year however with about a 2% drop to a $839,950 median down from $857,500 and when you take Montecito and Hope Ranch out of the mix the median sales price drops by about 8% coming in a $728,250 through July 2011 falling from $793,325 July 2010.
For the condo market July marks the 4th month in a row that the numbers of sales have increased. It also marks the highest median sales price that we’ve seen in the last 12 months rising to $551,450 from $439,500 in June and $375,000 in May. The numbers of opened escrows also took a big leap forward with 47 for the month up from 36 in June and only 15 in May. But, the median list price on those opened escrows remained at about the same level we’ve seen in the previous months with a $449,000 median in July, $447,495 in June and $420,000 in May.
At this point in the year escrows are only 8 behind where they were last year but the median list price on those escrows is down from $469,350 in 2010 to $425,000 in 2011. With escrows surging sales still lag significantly dropping from 193 in 2010 to 141 in 2011, but despite the lack of sales the median sales price is down only slightly going from $435,000 last year to $420,000 this year and the average sales price is actually ahead of the previous year rising from $523,548 to $535,272.
That increase in the average sales price is due to condo sales in the upper end starting to move forward particularly in Montecito but there have also been higher priced sales in Carpinteria and both the East and West Sides of Santa Barbara.
Looking at the Districts, Carpinteria/Summerland sales are down from 39 to 34 with the median sales price falling from $386,500 to $359,950. The numbers of escrows are even however 39 in both years. But, the median list price on those escrows is down from $404,450 to $374,000.
Montecito condo sales are down from 12 to 10 with the median sales price up from $1,062,500 to $1,200,000. But, the numbers of escrows are up from 12 to 15 with the median list price on those escrows up from $1,062,500 to $1,297,000.
East of State St sales are down 47% from 44 to 23 with the median sales price rising from $467,000 to $517,500. The numbers of escrows are also down but only by a little going from 40 to 39 with the median list price on those escrows up from $519,725 last year to $550,000 this year.
West of State St sales are down 31% from 47 to 32 with the median sales price falling from $498,000 to $425,000. The escrows are also down from 55 to 45 with the median list price on those escrows falling from $507,000 to $429,000.
Goleta South sales are up by 14% from 27 to 31 with the median sales price up just a little from $355,000 to $362,000. The numbers of escrows are up 33% from 27 to 36 with the median list price on those escrows up from $339,900 to $355,950.
Goleta North sales are down 30% from 26 to 18 with the median sales price down from $405,000 to $362,000. The escrows are also down from 31 to 22 with the median list price on those escrows falling from $419,000 to $349,500.
With Home sales surpassing the numbers we saw last year and condo escrows starting to mount the second half of 2011 looks like it will be strong. I’m particularly encouraged by the increase in the numbers of sales from $1 to $2 million in the home market which will bring the overall median sales price up. Also encouraging is the increase in condo sales that we’ve seen for the last 4 months and when you couple it with the rise in the median sales price of condos things should really start to move forward in that sector.
The questions that remain are first, what is going to happen with interest rates particularly if the US Treasuries get downgraded and second, what about that significant ghost inventory of homes and condos that are either in foreclosure or pre-foreclosure. But, whatever occurs in those areas the Santa Barbara Real Estate market still looks stronger than what’s going on in the rest of the country.
The numbers of escrows declined a bit in July but still came in right around the mid 90s for the month down from 110 in June and the median list price on those escrows went down a little from $797,000 in June to $749,000 in July. But, despite falling from the previous month, escrows remained over 16% ahead of where they were last year at this time.
The inventory increased in July finishing the month with about 575 Home Estate/PUDs available for purchase from Carpinteria to Goleta and the median list price on that inventory remained stable at about $1.5 median with a $2.8 million average.
The price range break out for sales remained at about the same ratio that we experienced in June with 55 sales below a million in July up from 54 in June and 29 sales from $1 to $2 million up from 25 in June. For the above $2 million range there were10 sales for both months with 3 of those sales topping the $5 million mark.
Looking at the Districts, Carpinteria/Summerland sales are up 17% from 39 to 46 and the median sales price is up from $675,000 to $716,250. The numbers of escrows are also way up going from 33 to 52 with the median list price on those escrows rising from $625,000 last year to $749,000 this year.
For Montecito sales are up by 25% going from 79 to 99 with the median sales price dropping from $2.492 million to $2.227 million. Escrows are up 34% going from 87 to 118 but the median list price on those escrows is down from $2.75 million to $2.295 million.
East of State St sales are down 1% going from 142 to 140 and the median sales price is down from $975,000 to $915,000. The escrows are up by 12% however going from 152 to 171 with the median list price on those escrows dropping from $995,000 last year to $959,000 this year.
West of State St sales are up 4% from 112 to 117 but the median sales price is down from $800,000 to $701,000. The numbers of escrows are about equal for both years with 131 in ’10 and 134 in ‘11 but the median list price on those escrows is down from $824,000 to $717,000.
Hope Ranch sales are up from 11 to 15 but the median sales price is down from $2.975 million to $1.925 million. The numbers of escrows are also up from 10 to 20 and the median list price on those escrows is up from $1.87 million to just under $2 million.
Goleta South sales are down 39% from 64 to 39 and the median sales price is down $665,000 to $600,000. The numbers of escrows are also down from 60 to 57 with the median list price on those escrows declining from $729,000 to $574,900.
Goleta North sales are also down from 98 to 90 with the median sales price dropping from $732,448 to $666,000. The numbers of escrows are up however from 104 to 116 with the median list price on those escrows falling from $731,950 to $685,000.
With the escrows continuing to mount, the second half of 2011 should see sales push significantly past the numbers that we saw in 2010. The median sales price remains slightly behind the previous year however with about a 2% drop to a $839,950 median down from $857,500 and when you take Montecito and Hope Ranch out of the mix the median sales price drops by about 8% coming in a $728,250 through July 2011 falling from $793,325 July 2010.
For the condo market July marks the 4th month in a row that the numbers of sales have increased. It also marks the highest median sales price that we’ve seen in the last 12 months rising to $551,450 from $439,500 in June and $375,000 in May. The numbers of opened escrows also took a big leap forward with 47 for the month up from 36 in June and only 15 in May. But, the median list price on those opened escrows remained at about the same level we’ve seen in the previous months with a $449,000 median in July, $447,495 in June and $420,000 in May.
At this point in the year escrows are only 8 behind where they were last year but the median list price on those escrows is down from $469,350 in 2010 to $425,000 in 2011. With escrows surging sales still lag significantly dropping from 193 in 2010 to 141 in 2011, but despite the lack of sales the median sales price is down only slightly going from $435,000 last year to $420,000 this year and the average sales price is actually ahead of the previous year rising from $523,548 to $535,272.
That increase in the average sales price is due to condo sales in the upper end starting to move forward particularly in Montecito but there have also been higher priced sales in Carpinteria and both the East and West Sides of Santa Barbara.
Looking at the Districts, Carpinteria/Summerland sales are down from 39 to 34 with the median sales price falling from $386,500 to $359,950. The numbers of escrows are even however 39 in both years. But, the median list price on those escrows is down from $404,450 to $374,000.
Montecito condo sales are down from 12 to 10 with the median sales price up from $1,062,500 to $1,200,000. But, the numbers of escrows are up from 12 to 15 with the median list price on those escrows up from $1,062,500 to $1,297,000.
East of State St sales are down 47% from 44 to 23 with the median sales price rising from $467,000 to $517,500. The numbers of escrows are also down but only by a little going from 40 to 39 with the median list price on those escrows up from $519,725 last year to $550,000 this year.
West of State St sales are down 31% from 47 to 32 with the median sales price falling from $498,000 to $425,000. The escrows are also down from 55 to 45 with the median list price on those escrows falling from $507,000 to $429,000.
Goleta South sales are up by 14% from 27 to 31 with the median sales price up just a little from $355,000 to $362,000. The numbers of escrows are up 33% from 27 to 36 with the median list price on those escrows up from $339,900 to $355,950.
Goleta North sales are down 30% from 26 to 18 with the median sales price down from $405,000 to $362,000. The escrows are also down from 31 to 22 with the median list price on those escrows falling from $419,000 to $349,500.
With Home sales surpassing the numbers we saw last year and condo escrows starting to mount the second half of 2011 looks like it will be strong. I’m particularly encouraged by the increase in the numbers of sales from $1 to $2 million in the home market which will bring the overall median sales price up. Also encouraging is the increase in condo sales that we’ve seen for the last 4 months and when you couple it with the rise in the median sales price of condos things should really start to move forward in that sector.
The questions that remain are first, what is going to happen with interest rates particularly if the US Treasuries get downgraded and second, what about that significant ghost inventory of homes and condos that are either in foreclosure or pre-foreclosure. But, whatever occurs in those areas the Santa Barbara Real Estate market still looks stronger than what’s going on in the rest of the country.
