Well it’s our favorite time of the month…making sense of Santa Barbara’s Real Estate Market. Here are the numbers for Homes & Condos from Carpinteria to Goleta including Montecito and Hope Ranch, YTD (year to date). February 2016 had a total of 54 Homes Sold. List Volume of those homes was $132,381,667. Median List price of those homes was $1,272,500. DOM (days on the market) of these homes was 72. Total Sold Volume was $126,969,948. Median Sold price was $1,267,500. The SP/LP (selling price to list price) was 95.34.
February 2015 had a total of 56 Homes Sold. List Volume of those homes was $150,836,650. Median List price of those homes $1,074,500. DOM was 70. Total Sold Volume was $138,971,147. Median Sold price was $1,035,000. SP/LP was 92.13.
Pending Sales in February 2016 were 93 at a Median List price of $1,099,000 with a DOM of 83. There were 21 Sales in the $650,000 to $1Million dollar range. In the $1Million to $5Million+ range there were 33 Sales. The Highest price was $28,850,000 for 380 Santa Rosa Lane, Montecito. The Lowest price was $655,000 for 5161 University Lane, Goleta.
February 2016 had a total of 25 Condos Sold. Total List Volume was $24,074,000. Median List price was $739,000. DOM was 79. Total Sold Volume was $23,225,451. Median Sold price was $710,000. SP/LP was 94.73.
February 2015 had a total of 27 Condos Sold. Total List Volume was $20,409,4000. Median List price was $550,000. DOM was 94. Total Sold Volume was $19,697,468. Median Sold price was $542,500. SP/LP was 95.21.
February 2016 Pending Sales were 32 with a Median List price of $739,000 and DOM of 64. There were 19 Sales in the $250,000 to $1Million range and 6 Sales in the $1Million to $4Million+ range. The Highest Price condo was $4,249,999 at 7 Seaview Drive, Montecito. The Lowest Price condo was $263,550 at 5518-19 Armitos Way.
The trends are a bit mixed. Carpinteria Home sales are off -61.5% YTD, while Montecito Home sales are up +52.3% with the rest of Santa Barbara somewhere in-between. New Listings send even more of a mixed message. New Listings in Carpinteria are off -51% while Montecito is off -7% with the rest of Santa Barbara somewhere in-between. Overall Active Listings are down -39.5%; New Listings are down -30%. The Median List price is up +26% but Properties that went into Escrow is down -22.7%. Overall Sold Properties show a slightly rosier picture up +1.92%. The Median Sold price up +15% (without Montecito just +3.9%). Sold Volume is up +28% (thanks again to Montecito).
Anecdotally I’m told by my fellow agents…‘totally done’ properties are moving faster as are ‘fixers’ that are priced right. With Christmas and New Years’ over, the drought easing, California’s economy doing well, the election becoming clearer, and interest rates still at record lows…I believe we’ll see a nice uptick in the overall market as we move into the traditional heavy selling season.