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 October 2014. For the Home Estate/PUD market the numbers of sales fell from the previous month to just over 85 in October, dropping from 109 in September and 100 in August. The Median Sales Price also fell for the month to about $1.015 million in October from $1,199,000 in September and also down from $1,377,500 in August. The opened escrows rose however in October to 110 from 82 in September and 100 in August, while the median list price on those escrows fell from $1,195,000 in September to about $950,000 in October. There were approximately 120 new listings that came on the market in October with a median list price of approximately $1.185 million and an average list price of just about $2.3 million, which left the overall inventory basically flat from 346 units for sale in September to about 310 in October.
Year over year sales are down about 22% with the median sales price up to about $1,160,000 for approximately a 24% rise. The average sales price is also up going from about $1.42 million in 2013 to approximately $1.775 million in 2014 for a 25% rise, while the numbers of escrows are down with 1,077 in ’13 to about 930 in ‘14 with the median list price on those escrows up about 21% to approximately $1,150,000.
For the Condo segment of the market sales rose to about 40 in October up from 29 in September but down from 44 in August. The median sales price fell however from $615,000 in September to approximately $555,000 in October, while the numbers of escrows stayed steady from 41 in September to about 40 in October with the median list price on those escrows also remaining where it was in the previous month from $589,000 in September to about $599,000 in October.
There were about 40 new condo listings that came on the market for the month with a median list price of about $514,000 falling from $599,000 and an average list price of approximately $760,000 falling from about $767,567 in September, while the overall inventory fell in October from about 130 units for sale in September to approximately 105 in October.
Through the end of October sales of single family homes are down about 22% from ’13 while the median sales price for those homes is up about 24%. For condos, sales are also down but by only approximately 7% with the median sales price up over 10%. Of the single family homes that sold for the month roughly 15% of those sales were over the asking price and for condos that number was about 7%. The average over asking price for homes that sold was about 3% and for condos that number was about 7%. On the other side of the coin 21% of the homes listed for sale had price reductions and 25% of the condos went down in price.
For single family homes sales went down in October but escrows went up, while the median sales price went down to about $1.05 million from $1.19 million the previous month. For condos sales went up but the median sales price went down to about $540,000 from $615,000 the previous month. The inventory fell for homes and also declined for condos but despite the mixed messages from the market the rest of 2014 should finish strong.