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 November 2013.
Year over year sales are up just slightly from 2012 with the median sales price up to about $940,000 for approximately a 19% rise. The average sales price is also up going from about $1.36 million in 2012 to approximately $1.43 million in 2013 for a 5% rise while the numbers of escrows are down with 1,203 in ’12 to 1,168 in ‘13 with the median list price on those escrows up about 15% to approximately $960,000.
For the Condo segment of the market sales remained stable at 29 in November from 30 in October and down from the 35 we saw in September. The median sales price rose however from $512,000 in October to roughly $530,000 in November while the numbers of escrows rose from 31 in October to 34 in November with the median list price on those escrows dropping slightly from $535,000 in October to $505,550 in November.
Through the end of November sales of single family homes is basically flat from ’12 while the median sales price for those homes is up about 19%. For condos, sales are up approximately 1.5% with the median sales price up over 25%. Of the single family homes that sold for the month roughly 18.4% of those sales were over the asking price and for condos that number was about 31%. The average over asking price for homes that sold was about 5.4% and for condos that number was about 4.4%. Sales went down in November as well as escrows but the median sales price went up to about $990,000.
The market is definitely starting to cool but should remain strong through the end of 2013.