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 2015. For the Single Family Home market sales remained strong for the month coming in with 126 closings up from the 114 we saw in June. The Median Sales Price fell however to about $997,500 from the $1,252,000 we saw in June, while the days on the market for sold properties went down to around 40 from the 46 we saw in the previous month. The opened escrows also fell from 126 in June to just about 108 in July, while the median list price on those escrows went up to about $1.139 million from $1.112 million in June. There were approximately 155 new listings that came on the market in July with a median list price of approximately $1.18 million, with the overall inventory rising from 307 units for sale at the end of June to 317 at the end of July.
Year over year sales are up about 16% with the median sales price at roughly $1.125 million for basically no movement. The numbers of escrows are up about 17% and the median list price on those escrows down 4.0%.
For the Condo segment of the market sales remained strong rising to over 50 in July up from 47 in June. The median sales price went down however from $636,000 to roughly $527,500. The numbers of escrows went up from 43 to approximately 53 with the median list price on those escrows falling from $615,000 to about $545,000.
There were about 57 new condo listings that came on the market for the month with a median list price of about $565,000. And, just like with the Single Family Home market the overall inventory rose slightly from 85 units for sale in June to 87 in July.
Through the end of July sales of both single-family dwellings and condos are up. But the price for single-family homes is about where it was last year at $1.125 million, while the price of condos has risen about 4% to $565,000. In July for the Single Family Home market approximately 20% of the home sales sold for over the asking price and for condos that number was also about 20%. For Homes the percentage of the sales price over the asking price was about 2.7% while for condos it was about 2.9%. On the other side of the coin 24% of the single-family homes listed went down in price and for condos that number was 20%.
Starting the third quarter the median sales price of homes took a tumble in July down to about $985,000, but year over year sales prices are about where they were last year at this time with a $1,125,000 median. For condos sales are about 38% up with the median sales price up about 3.8%. But now that most of the Hideaway sales are behind us we’ll start to see what’s really happening with the condo market. As always the key to the real estate market is the inventory, which is showing a bit of a rise right now for both single-family homes and condos.