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!
The decline in the median sales price came from the dramatic rise in sales priced below $1 million going from 59 to 67 and the even more dramatic drop in sales from $1 to $2 million which went from 29 to 17. Sales above $2 million remained at about the same level going from 10 in July to 12 in August with 2 of those sales over $2 million down from 3 in July.
The numbers of escrows also rose in August going to 111 for the month up from 95 in July and 104 in June. The median list price on those escrows went up from July when it was $749,000 to $799,000 in August but the sales price to original list price ratio on those properties that closed escrow continued to hover right around 87%.
The inventory continued to be around 550 to 570 available properties for the month with the median list price on those available properties remaining around a $1.45 million median list price and a $2.9 million average list price.
The average days on the market for the homes that did sell went up to the mid 90s after being in the mid to high 70’s for the previous two months.
Looking at the Districts, Carpinteria/Summerland sales are up 16% from 49 to 57 and the median sales price is up from $675,000 to $710,000. The numbers of escrows are also way up going from 44 to 64 with the median list price on those escrows rising from $659,000 last year to $700,000 this year.
For Montecito, sales are up by 21% going from 95 to 115 with the median sales price dropping from $2.41 million to $2.16 million. Escrows are up 31% going from 103 to 135 but the median list price on those escrows is down from $2.69 million to $2.32 million.
East of State St sales are down 3% going from 164 to 158 and the median sales price is down from $950,000 to $915,000. The escrows are up by 6% however going from 176 to 188 with the median list price on those escrows dropping from $995,000 last year to $949,000 this year.
West of State St sales are up 8% from 126 to 142 but the median sales price is down from $800,000 to $682,000. The numbers of escrows are also up with 145 in ’10 to 158 in ‘11 but the median list price on those escrows is down from $824,000 last year to $699,900 this year.
Hope Ranch sales are up from 12 to 19 but the median sales price is down from $2.412 million to $1.972 million. The numbers of escrows are also up from 13 to 22 but the median list price on those escrows is down from $2.295 million to $1.995 million.
Goleta South sales are down 28% from 69 to 49 and the median sales price is down from $670,000 to $590,000. The numbers of escrows are also down from 69 to 67 with the median list price on those escrows declining from $729,000 to $594,450.
Goleta North sales are also down from 114 to 110 with the median sales price dropping from $715,000 to $659,500. The numbers of escrows are up however from 121 to 129 with the median list price on those escrows falling from $729,000 to $668,000.
With about 100 more escrows opened through August ’11 than occurred through August ’10 the Home Estate market in Santa Barbara looks healthy. But, the majority of those sales are occurring below the $1 million mark with the burst of activity that occurred from $1 to $2 in July appearing to be only an aberration.
For the Home Estate/PUD market of Santa Barbara, Montecito, Hope Ranch, Carpinteria, Summerland and Goleta August 2011 marked the third month in a row in which the numbers of sales increased. Sales rose from 90 in June to 95 in July to 96 in August. But, unlike the numbers of sales the median sales price declined for those same 3 months dropping from $862,500 in June to $815,000 in July down to $734,500 in August.
For the condo market August marked the 5th month in a row that we saw an increase in the numbers of sales from the previous month. The median sales price fell back however, dropping from $551,400 in July to a still healthy $436,449 in August. After posting sub $400,000 median sales prices for condos for most of the rest of 2011 anything in that $430,000 range is very welcome and should spur condo sellers who have been sitting on the sidelines watching their investments decline into thinking about listing their properties.
The Days on the Market for sold properties slid down into the mid 60s after being above 91 in July and almost 100 in June. While the Sales Price to Original List Price Ratio remained around 90% for July and August and up from 85% in June.
The numbers of escrows continued to grow in August with 43 for the month down a little from 46 in July but up from 35 in June. The median list price on those escrows slid down however below $400,000 for the month falling from $457,000 in July and $465,000 in June.
The numbers of sales when compared to 2010 continues to lag but the numbers of escrows in 2011 has surpassed those posted in the previous year. Last year through August the median sales price for condos was $435,000 and this year it has been $420,000 but it seems to be continuing to rise.
Looking at the Districts, Carpinteria/Summerland sales are down from 42 to 40 with the median sales price falling from $385,750 to $359,450. The numbers of escrows are also down falling from 45 to 44 and the median list price on those escrows is down from $409,900 to $369,000.
Montecito condo sales are up from 14 to 16 with the median sales price up from $1,022,500 to $1,100,000 and the numbers of escrows are up from 13 to 16 with the median list price on those escrows up from $1,050,000 to $1,247,000.
East of State St sales are down 32% from 49 to 33 with the median sales price rising from $471,000 to $517,500 and the numbers of escrows are down going from 47 to 53 with the median list price on those escrows dropping from $519,950 last year to $517,000 this year.
West of State St sales are down 25% from 54 to 40 with the median sales price falling from $495,000 to $432,000. The escrows are also down from 59 to 55 with the median list price on those escrows falling from $507,000 to $429,000.
Goleta South sales are up by 20% from 30 to 36 with the median sales price up just a little from $357,500 to $365,000. The numbers of escrows are up 34% from 32 to 43 with the median list price on those escrows down from $365,950 to $350,000.
Goleta North sales are down 17% from 28 to 23 with the median sales price down from $408,500 to $350,000. The escrows are also down from 35 to 28 with the median list price on those escrows falling from $416,500 to $349,500.
I continue to be encouraged by the numbers of property sales in the Santa Barbara area particularly with Single Family Dwellings and now more and more with Condos. With the numbers of escrows continuing strong the last 4 months of 2011 should be good for both homes and condos. But, while the median sales price on condos is starting to move up the median sales price on homes continues to slide. With 38 of the 96 sales occurring between $500,000 and $800,000 in August and with 11 more sales below $500,000 there’s a lot more activity farther down in the market. And when you combine that fact with activity between $1 and $2 million sputtering the median sales price should continue to push down. Hopefully the higher dollar properties on the market will start to re-assert themselves and we will have a more robust Santa Barbara Real Estate market from top to bottom.
Please join us for CEC’s 2011 Green Gala Gypsy Caravan. For the third year in a row, we are pleased to partner with