Nancy's Santa Barbara Real Estate Blog

Santa Barbara Real Estate Through July 2013

Santa Barbara Real Estate Through July 2013

The Home Estate market number of sales went down in July to 112 from 115 in June and 141 in May. The MedianSales Price also went down to about $945,000 for the month falling from $1,035,000 in June but up from $880,000 in May. The opened escrows also went down in July to 111 from 128 in June and 134 in May while the median list price on those escrows increased going from $1,035,000 in June to $1,089,000 in July. There were about 150 new listings that came on the market in July with a median list price of approximately $1.09 million, while the overall inventory went up from about 320 units for sale in June to roughly 335 in July.

Year over year sales are up about 4% with the median sales price up to roughly $925,000 for a 16% rise. The average sales price is also up going from just over $1.3 million in 2012 to approximately $1.4 million in 2013 for a 5% rise while the numbers of escrows are also up about 1.2% with the median list price on those escrows up about 18%.

The Condo segment of the market remained strong with 41 sales in July up from 39 in June but down from the 51 we saw in May. The median sales price went up a lot however from about $520,000 in June to approximately $575,000 in July.

There were 59 new condo listings that came on the market for the month with a median list price of $649,000 and an average list price of $930,881. The overall inventory rose in July from about 50 in June to approximately 65 in July with the median list price on those new listings went up to $649,000 in July from $565,000 June.

Through the end of July sales and the median sales price for both Single Family Homes and Condos is up. Of the single family homes that sold for the month roughly 22% of those sales were over the asking price and for condos that number was about 27%. The average over asking price for homes that sold was about 6.5% and for condos that number was about 4%. There have been a significant number of new home listings coming on the market and with the escrows declining slightly the overall inventory has started to climb. With sales starting to cool the median sales price should continue to rise because available properties in the overheated $600,000 to $900,000 have declined while homes on the market priced above $1 million have become more plentiful.

 

Back to Nancy's Blog