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 2014. For the Home Estate/PUD market sales fell for the month coming in with about 105 closings down from the 113 we saw in May. The Median Sales Price went from $1,175,000 in May to about $1,185,000 in June, with the days on the market for sold properties staying steady at around 45 from the 48 we saw in the previous month. The opened escrows went up a little however from 100 in May to about 110 in June, while the median list price on those escrows also went up a little to about $1,280,000 from the $1,222,500 in May. There were about 135 new listings that came on the market in June with a median list price of approximately $1,180,000 and an average list price of about $2.156 million, while the overall inventory didn’t move from 319 units for sale in May to 319 in June.
Year over year sales are down about 20% with the median sales price up to roughly $1,100,000 for a 22% rise. The average sales price is also up going from just over $1.4 million in 2013 to approximately $1.7 million in 2014, while the numbers of escrows are down about 20% but the median list price on those escrows is up over 20%.
For the Condo segment of the market sales fell to about 35 in June down from 44 in May. The median sales price also went down from about $550,000 to roughly $490,000, but the numbers of escrows went up from 36 to just fewer than 40 with the median list price on those escrows rising just a little from $536,100 to about $540,000.
There were about 55 new condo listings that came on the market for the month with a median list price of about $600,000 and an average list price of approximately $715,000. And, just like with the Home Estate/PUD market the overall inventory rose slightly from 111 in May to 118 in June.
Through the end of June sales are down for both single-family dwellings and condos and prices for both segments of the market are up. For June about 17.4% of the homes sold for over the asking price and the percentage over the original list price was 3.6%. For condos about 17.6% of the sales closed for over the asking price and the percentage over the original list price was 1.7%. With escrows and sales down for both segments of the market the recovery could start to stall. But, with the number of listings for condos and single-family residences rising there could still be increased activity and vitality as we move into the third quarter.