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 July 2012. For the Home Estate market sales were approximately at the same level that we saw in June when there were 129 declining slightly to about 125 and the median sales price also came in very close to the June number when it was $830,000 falling a bit to about $820,000. The escrows went up however from 116 in June to about 130 in July while the median list price on those escrows fell from $912,000 in June to about $810,000 in July.
The average days on the market for properties that sold during the month rose from June when it was 63 to over 80 in July. This rise is essentially due to the lack of inventory which has dipped below 380 properties from Carpinteria to Goleta with a particular lack of homes for sale in that popular $500,000 to $700,000 range. This fact is illustrated by the rise in the median list price of available homes which has risen to over $2.2 million with a $3.875 million average list price.
Year over year the numbers of sales are still way up with about 730 transactions completed compared to 525 closings last year. The median sales price is down however going from $839,000 last year to right around $800,000 this year. Like Sales, escrows are also up from 589 in 2011 to about 835 in 2012 but the median list price on those escrows is down from $849,000 last year to about $820,000 this year.
For the Condo segment of the market July was another strong month with almost 40 properties closing escrow. The median sales price for those sales went down however from $465,000 in June to about $425,000 in July. This decline in the sales price was primarily due to the lack of any Bella Riviera properties closing. Actually, there were some Bella Riviera sales during the month but they were all of the “affordable” variety which weren’t reflected in the Multiple Listing Service numbers.
Year over year, condo sales are up from 141 in 2011 to about 230 in 2012. But, the median sales price on those homes is down from $420,000 last year to roughly $400,000. That drop in the median sales price is significant marking a decline in overall condo prices even with the Bella Riviera sales which ranged from about $650,000 to over $1,000,000. Escrows are also way up with 174 last year compared to about 290 this year but the median list price on those escrows is down from about $430,000 last year to about $420,000 this year.
In July, sales of both Home Estate and Condos remained strong with the median sales price of homes remaining in the $820,000 range while the median sales price of condos dropped from $465,000 to about $425,000. Escrows also remained strong with over 130 homes starting the buying process and over 40 condos. The median list price on those home escrows dropped significantly however from over $900,000 in June to just about $810,000 in July while the median list price on the condo escrows remained stable at about $425,000.
Inventory remains the key to the continued health of the Santa Barbara Real Estate market. With available homes below 380 and condos below 90 put together with a high demand for those properties particularly in the $500,000 to $700,000 range for homes and the $300,000 to $500,000 range for condos the market will start to slow down soon if there aren’t more properties being put up for sale.
