Nancy's Santa Barbara Real Estate Blog

Santa Barbara Real Estate through the end of January 2012

Santa Barbara Real Estate through the end of January 2012

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 January 2012.  Starting with the Home sector for the month of January 2012 we had 69 sales compared to 42 in January 2011. The median sales price after falling for the previous 4 months rose from $707,000 in December to $810,000 in January putting it just slightly behind the $819,650 of January 2011.

The numbers of escrows for the month again remained strong with 107 opened and the median list price on those escrows rose from $695,000 in December to $785,000 in January. Those 107 opened escrows almost doubled the numbers of escrows we saw in January 2011 but the median list price on those escrows this year fell about $100,000 from the previous January when it was $899,000.

Of the 69 home sales in January 46 were below $1 million with 16 sales between $1 and $2 million and 7 closings over $2 million with 1 of those 7 over $5 million.  The highest priced sale for the month came in at $9.55 million while on the other end of the scale the least expensive property sold for $327,000. All of that gives us an average sales price for the month of $1,182,044 and a median sales price of $810,000.

The days on the market for the sold properties fell from about 100 in December to 80 in January and the Sales Price to Original List Price Ratio rose from 85% in December to about 90% in January. The overall inventory rose from about 390 that we saw in December to approximately 414 in January but the median list price on those homes remained stable at around $1.7 million with about a $3.5 million average list price.

For the Condo segment of the market sales fell off dramatically in January to 12 from 35 in December. The median sales price also fell from $407,000 to $364,000 and the days on the market also dropped from 92 in December to just 37 in January.  But while the sales were falling in January the escrows were rising from 22 in December with a $304,000 median list price to 30 in January with a $365,500 median list price. 

Comparing January 2011 with January 2012 sales are down from 16 to 12. The median sales price is about the same dropping slightly from $382,000 to $364,000. The Sales Price to Original List Price Ratio is up from 89% to 92% and those previously mentioned days on the market fell precipitously from 101 to 37. The real good news in all of that is that the escrows have more than doubled rising from 14 in January 2011 to 30 for January 2012. But while the numbers of escrows are up the median list price on those escrows has dropped from $422,500 to $365,500.

Of the 12 sales 5 were below $300,000 with 5 over $500,000 and 1 over $1 million. The highest priced sale for the month was for $1.2 million while the least expensive condo sold for $150,000. That wide diversity of sales gives us an average sales price of $485,241 and a median sales price of $353,000.

For both the Home and Condo markets it looks like 2012 will continue where we left off 2011. Sales for both segments look like they will continue to increase while the median sales price continues to drop.

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