Nancy's Santa Barbara Real Estate Blog

Santa Barbara Real Estate through the end of September 2013

Santa Barbara Real Estate through the end of September 2013

This is an analysis of the Santa Barbara Real Estate market through the month of September 2013. For the Home Estate market the numbers of sales fell from the previous month to 107 in September dropping from 121 in August and 113 in July. The Median Sales Price also fell for the month down to $922,500 in September going from $1,065,000 in August and the $948,000 we saw in July. The opened escrows also fell in September to 98 from 116 in August and 101 in July while the median list price on those escrows fell, going from $999,000 in August to $975,000 in September. There were about 130 new listings that came on the market in September with a median list price of approximately $1.1 million and an average list price of just about $2.13 million which left the overall inventory flat from 337 units for sale in August to 337 in September. 

For the Condo segment of the market sales fell to 34 in September down from 49 in August and 42 in July. The median sales price went back up however from $508,000 in August to approximately $545,000 in September while the numbers of escrows went down from 40 in August to about 30 in September with the median list price on those escrows remaining stable from $532,000 in August to about $530,000 in September.

There were about 50 new condo listings that came on the market for the month with a median list price of about $515,000 and an average list price of approximately $615,000. The overall inventory rose in September from about 80 units for sale in August to approximately 100 in September with the median list price on those new listings going down to about $515,000 in September from $645,000 in August. 

Through the end of September sales of single family homes is up about 5% from ’12 while the median sales price for those homes is up about 18%. For condos, sales are up approximately 10% with the median sales price up over 27%. Of the single family homes that sold for the month roughly 34% of those sales were over the asking price and for condos that number was about 26%. The average over asking price for homes that sold fell to about 4.3% and for condos that number was about 5.3%. Sales went down in September as well as escrows and the median sales price also went down under $1 million to about $920,000. Despite the decline of sales and escrows in September the rest of 2013 should remain strong.

 

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