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 2015. For the Single Family Home market sales fell for the month coming in with about 115 closings down from the 127 we saw in May. The Median Sales Price went from $1.28 million in May to about $1.25 in June, with the days on the market for sold properties dropping a little to around 45 from the 52 we saw in the previous month. The opened escrows went up a lot however from 114 in May to about 130 in June, while the median list price on those escrows stayed stable at about $1.13 from $1.11 million in May. There were roughly 170 new listings that came on the market in June with a median list price of approximately $1.35, while the overall inventory rose from about 285 units for sale in May to around 305 in June.
Year over year sales are up about 12% with the median sales price up to roughly $1.175 million for a 5% rise. The numbers of escrows are up about 19% with the median list price on those escrows down about 3.5%.
For the Condo segment of the market sales fell to just above 45 in June down from 55 in May. The median sales price went up however from $590,000 to roughly $635,000. The numbers of escrows also went down from 52 to approximately 43, with the median list price on those escrows falling from $639,000 to about $619,000.
There were about 75 new condo listings that came on the market for the month with a median list price of about $699,000. And, just like with the Single Family Home market the overall inventory rose from 65 in May to about 85 in June.
Through the end of June year over year sales are up for both single family homes and condos, and prices for both segments of the market are also up. For June about 22% of the homes sold for over the asking price but the percentage over the original list price was just 0.3%. For condos about 11% of the sales closed for over the asking price and the percentage over the original list price was about 1.7%. On the other side of the coin 31% of the single family listings went down in price and 18% of the condo prices were reduced.
With escrows and sales up for both segments of the market quarter 3 looks to be starting strong. The vitality in the market is still dependent on the inventory however. Each month a significant number of new listings come on the market but mostly they go into escrow right away, which means that the number of overall homes for sale hardly moves at all.