Nancy's Santa Barbara Real Estate Blog

Santa Barbara Real Estate through the end of October 2012

Santa Barbara Real Estate through the end of October 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 October 2012. For the Home Estate market after seeing sales drop to 83 in September they again rose to over 100 in October. The median sales price also came up from $750,000 in September to about $815,000 in October with escrows rising from 94 to about 120 for the month. The median list price on those escrows showed the biggest upswing however going from $762,540 to almost $900,000.

Most of the sales activity for the month was still concentrated below $1 million with over two thirds of the sales below that mark and a little less than one fourth of the sales coming in from $1 to $2 million while about 15% of sales showed up above $2 million. Of those approximately 15% above $2 million there were 3 sales over $5 million with the highest priced property selling for $9 million.

Year over year, the numbers of sales are still way up with about 1,050 transactions completed compared to 780 last year. The median sales price is basically unchanged but down just a little from $800,050 in 2011 to about $795,000 now. The escrows are also still way up from 841 last year to about 1,150 this year while the median list price on those escrows has risen a little from about $825,000 last year to approximately $830,000 now.

For the Condo segment of the market sales went back up to the mid-40s after dropping to 34 in September and the median sales price rose from $369,950 in September to about $475,000 in October. The numbers of escrows remained at about the same level going from 34 up to 37 with the median list price on those escrows also remaining stable going down from $454,500 to $450,000.Sales were strong in October from $250,000 to $550,000 but particularly from $400,000 to $550,000 which caused the median sales price to go up. The highest priced sale for the month was $975,000 with the least expensive sale coming in at $161,500 giving us an almost $500,000 average sales price.

Year over year condo sales are up from 247 in 2011 to about 360 in 2012. But, the median sales price on those properties is down from $420,000 last year to about $400,000.  With the condo inventory continuing to stay low at around 80 units the median sales price should continue to go up and it will definitely spike upwards when the bulk of the Bella Riviera sales start to come in.

In October both single family and condo sales went up again and the median price sales also started to rise. With the inventory remaining low for both sectors sales should start to tail off but there are still plenty of properties currently in escrow that will probably close by the end of the year. If sales do start to slow the median sales price will rise so that the Santa Barbara area more closely matches what’s going on in the rest of California.




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