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 June 2013. For the Home Estate market the numbers of sales went down in June to 114 from 136 in May and 131 in April. The Median Sales Price went up however to $1,048,000 for the month rising from $879,500 in May and $915,000 in April. The opened escrows also went down in June to 128 from the 168 in May and 146 in April while the median list price on those escrows increased slightly going from $984,000 in May to $987,000 in June. There were 154 new listings that came on the market in June with a median list price of approximately $1.19 million and an average list price of just about $2.11 million while the overall inventory went up only slightly from about 300 units for sale in May to 322 in June.
Year over year sales are up about 7.5% with the median sales price up to roughly $917,000 for a 16% rise. The average sales price is also up going from just over $1.3 million in 2012 to approximately $1.4 million in 2013 for an 8% rise while the numbers of escrows are also up about 3.5% with the median list price on those escrows up about 15%.
The Condo segment of the market remained strong with 38 sales in June down from 48 in May but up from the 28 we saw in April. The median sales price went up a lot however from about $470,000 in May to $530,750 in June but the numbers of escrows went down from 49 in May to 44 in June with the median list price on those escrows rising from $495,000 to $570,000.
There were only 39 new condo listings that came on the market for the month with a median list price of $565,000 and an average list price of $642,025. Just like with the Home Estate market the overall inventory hardly moved at all and actually declined a bit to about 50 active listings from Carpinteria to Goleta.
Through the end of June sales and the median sales price for both Single Family Homes and Condos is up. Of the single family homes that sold for the month roughly 25% of those sales were over the asking price and for condos that number was about 29%. The average over asking price for homes that sold was about 4% and for condos that number was about 3.5%. There have been a significant number of new home listings coming on the market but the surge in escrows and sales has kept the overall inventory at a very low level. With prices starting to surge and the inventory remaining stagnant it will be interesting to see if the current pace of sales can be maintained.
