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 2013. For the Home Estate/PUD market the numbers of sales fell from the previous month to 90 in October dropping from 107 in September and 121 in August. The Median Sales Price rose for the month however to $941,499 in October from $922,500 in September but down from $1,069,000 in August. The opened escrows also fell in October to 83 from 95 in September and 110 in August while the median list price on those escrows fell from $975,000 in September to $879,000 in October. There were 100 new listings that came on the market in October with a median list price of approximately $1.2 million and an average list price of just about $1.5 million which led the overall inventory to fall from 337 units for sale in September to about 320 in October.
Year over year sales are up about 3% with the median sales price up to about $940,000 for approximately an 18% rise. The average sales price is also up going from about $1.35 million in 2012 to approximately $1.42 million in 2013 for a 5% rise while the numbers of escrows are down with 1,113 in ’12 to 1,088 in ‘13 with the median list price on those escrows up about 15% to approximately $950,000.
For the Condo segment of the market sales fell to 30 in October down from 35 in September and 49 in August. The median sales price also fell from $539,000 in September to $512,000 in October while the numbers of escrows stayed steady from 31 in September to 31 in October with the median list price on those escrows also remaining where it was in the previous month from $529,000 in September to $525,000 in October.
There were about 50 new condo listings that came on the market for the month with a median list price of about $555,000 rising from $514,500 and an average list price of approximately $685,000 rising from about $615,000 in September while the overall inventory rose in October from about 95 units for sale in September to approximately 110 in October.
Through the end of October sales of single family homes is up about 3% from ’12 while the median sales price for those homes is up about 18%. For condos, sales are also up approximately 4% with the median sales price up over 27%. Of the single family homes that sold for the month roughly 30% of those sales were over the asking price and for condos that number was about 18%. The average over asking price for homes that sold rose to about 8% and for condos that number was about 2.5%. Sales went down in October as well as escrows but the median sales price went up to about $940,000. Despite the decline of sales and escrows in October the rest of 2013 should remain strong.
All the Best,
~Nancy
