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!
Santa Barbara Real Estate for January through May ’11 including Carpinteria, Summerland, Montecito, Hope Ranch and Goleta.
For May of 2011 for Santa Barbara, Montecito, Hope Ranch, Carpinteria/Summerland and Goleta the Home Estate/PUD sales went up to 90 for the month rising from 72 in April and 86 in March. But, the median sales price fell back from $880,000 in April to around $790,000 for May. The primary reason for this decline in the median sales price was the increase in the numbers of sales below $1 million. There were 54 sales in May up from 38 in April. But, the May numbers didn’t quite reach the 56 sales below $1 million registered in March when the median sales price dipped to $727,000.This decline in the median sales price is even more pronounced when you look at the May ’10 numbers when there were 86 sales but the median sales price was $902,500.
The year over year numbers from 1/1/11 to 5/31/11 show the median sales price at $810,000 down from about $850,000 for the same period last year and the numbers of sales are down from 353 in ’10 to 339 in ’11. While sales have fallen by 4% and the median sales price has dropped by 4.5% the numbers of escrows have gone up from 384 in ’10 to 442 in ’11 for almost a 15% rise even though the median list price on those escrows is down about 5% to $855,000 this year.
The inventory continues to creep forward rising from about 550 in April to 562 available Home Estate/PUDs from Carpinteria to Goleta in May. But, the median list price for those available properties remains at around $1.4 million with a $2.8 million average list price.
Looking at the districts we see that sales in Carpinteria/Summerland have finally surpassed the ’10 numbers going from 29 to 36 but the median sales price has declined from about $850,000 last year to $710,000 this year. The numbers of escrows are way up however rising from 23 with a $679,000 median list price to 38 with a $769,000 median list price.
In Montecito sales are also up, rising from 51 in ’10 with a $2.45 million median sales price to 63 in ’11 with a $2.55 million median sales price. The numbers of escrows are also way ahead rising from 60 in ’10 with about a $2.7 Million median list price to 86 in ’11 with approximately a $2.5 million list price.
On the East Side of Santa Barbara sales are down from 100 in ’10 with a $950,000 median sales price to 84 in ’11 with about a $915,000 median sales price. The numbers of escrows are up however going from 104 with a $1.1 million list price to 123 with a $955,000 median list price.
On the West Side of Santa Barbara Sales are up however going from 70 with a $810,000 median sales price in ’10 to 75 with a $690,000 median sales price in ’11. The escrows are also up with 91 in ’10 with an $819,000 median list price to 94 with a $749,000 median list price.
In Hope Ranch there have been 10 sales this year with a $1.95 million median sold price and last year there were 10 sales with a $3.237 median sold price. The numbers of escrows are up however from 8 in ’10 with about a $2.475 million median list price to 15 this year with a $1.947 median list price
Goleta South has 27 sales this year with a $575,000 median sold price down from 37 sales with a $630,000 median sold price. The numbers of escrows are also down going from 46 in ’10 with a $699,000 median list price to 37 with a $575,000 median list price.
For Goleta North sales are also down falling from 68 in ’10 with a $720,000 median sales price to 62 with a $685,000 median sold price. The escrows are also down from 81 in ’10 with a $767,000 median list price to 74 in ’11 with a $649,950 median list price.
For May of 2011 for the Condo market in the greater Santa Barbara area sales went up to 18 from 17 in April but down from 21 in March. That means that for 4 out of the first 5 months of the year condos sales have been below 20. The median sales price went down from the previous month falling from $390,000 in April to $372,500 in May which means that the median sales price has fallen for the past 4 consecutive months.
The year over year numbers from 1/1/11 to 5/31/11 show the median sales price at $383,500 down from $435,000 for the same period last year while the numbers of sales are down from 135 in ’10 to 88 in ’11. Sales have fallen by about 35% and the median sales price has dropped by about 12% the numbers of escrows have declined from 148 in ’10 to 116 in ’11 for almost a 22% drop while the median list price on those escrows is down about 15% to $397,000 this year.
The inventory rose a bit from April when there were about 150 properties for sale up to the May level of 169 condos currently being marketed from Carpinteria to Goleta. But, the median list price for those available properties remained at around $565,000 with a $755,000 average list price.
For the districts we see that sales in Carpinteria/Summerland have dropped from 29 in ’10 to 24 in ‘11 and the median sales price has declined from $395,000 last year to $350,000 this year. The numbers of escrows are also down from 31 with a $422,500 median list price to 26 with a $365,500 median list price.
In Montecito sales are also down, falling from 8 in ’10 with a $1.087 million median sales price to 6 in ’11 with a $767,500 median sales price. The numbers of escrows are also way down falling from 10 in ’10 with about a $1.062 Million median list price to 5 in ’11 with approximately a $1.2 million list price.
On the East Side of Santa Barbara sales are down from 29 in ’10 with a $458,500 median sales price to 13 in ’11 with a $420,000 median sales price. The numbers of escrows are also down from 31 with a $519,725 list price to 20 with a $495,000 median list price.
On the West Side of Santa Barbara Sales are also down going from 33 with a $464,500 median sales price in ’10 to 17 with a $425,000 median sales price in ’11. The escrows are also down with 39 in ’10 with a $499,000 median list price to 27 with a $399,000 median list price.
Goleta South has 22 sales this year with a $355,000 median sold price up from 21 sales last year also with a $355,000 median sold price. The numbers of escrows are also up going from 22 in ’10 with a $302,900 median list price to 27 with a $346,950 median list price.
For Goleta North sales are also down falling from 17 in ’10 with a $400,000 median sales price to 12 in ’11 with a $370,000 median sold price. The escrows are down as well falling from 23 in ’10 with a $419,000 median list price to 17 in ’11 with a $362,500 median list price.
With prices falling for both condos and single family homes and the numbers of units sold diminishing when compared to 2010 the only real bright spot is the numbers of Home Estate/PUD escrows which have been opened. Dampening that increase in pended properties is the dramatic increase in the number of homes falling out of escrow. That rate has about doubled from this time last year with a majority of the fall throughs being blamed on lender issues. Going forward in 2011 we’ll have to see whether that momentum in opened escrows can be maintained and whether a larger percentage of those opened escrows can complete the buying process. If that happens then sales will increase and prices should start to stabilize.
Gary Woods
