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 February 2013.
For the Home Estate market sales remained strong for the month coming in with about 80 which is just about where we left off in January. The Median Sales Price rose markedly however going from about $830,000 in January to around $930,000 in February.
The Days on the Market for Sold properties also went up substantially from 50 to around 90 and the opened escrows also went up from 95 to over 120 with the median list price on those escrows remaining in the $950,000 range.
There were about 140 new listings that came on the market in February with a median list price of about $1.1 million and an average list price of about $1.9 million but the overall inventory fell from about 290 to around 280.
Year over year sales are up about 15% with the median sales price up at about the same rate to roughly $890,000. The average sales price is way up however going from just over $1 million in 2012 to approximately $1.5 million in 2013.
The numbers of escrows are also up about 15% with the median list price on those escrows up almost 20% For the Condo segment of the market sales also remained about where they were in January rising slightly to 27.
The median sales price went up significantly however from about $410,000 to roughly $480,000. The numbers of escrows also went up from 28 to approximately 38 with the median list price on those escrows rising from $422,500 to about $500,000.
There were about 40 new condo listings that came on for the month with a median list price of about $560,000 and an average list price of about $700,000 but just like with the Home Estate market the overall inventory fell slightly from just below 50 to just about 45.
Through the end of February sales and prices for both the Home Estate and Condo markets are up with about 35% of the homes going for over the asking price and about 15% of the condos also selling for over asking. The average over asking price for homes came in at about 7% with the condo over asking percentage just slightly lower.
If the inventory starts to pick up which it should with sellers seeing prices going up then 2013 will be another big year.
