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 August 2013.
For the Home Estate market the numbers of sales stayed about where it’s been for the past couple of months with about 120 in August rising from 113 in July and 115 in June.
The Median Sales Price went back up however to over $1 million for the second time in three months going from $948,000 in July and $1,035,000 in June rising to $1,104,500 in August.
The opened escrows also remained stable in August with about 120 compared to 104 in July and 122 in June while the median list price on those escrows fell, going from $999,450 in July to roughly $930,000 in August.
There were about 150 new listings that came on the market in August with a median list price of approximately $1.1 million and an average list price of just about $2 million which moved the overall inventory up from 333 units for sale in July to 337 in August.
Year over year sales are up about 2% with the median sales price up to roughly $940,000 for a 17.5% rise. The average sales price is also up going from about $1.37 million in 2012 to approximately $1.44 million in 2013 for a 5% rise while the numbers of escrows are also up but only by approximately 0.5% with the median list price on those escrows up about 15%.
The Condo segment of the market remained strong with about 50 sales in August up from 42 in July and 40 in June. The median sales price went down a lot however from $580,000 in July to approximately $510,000 in August while the numbers of escrows went down from 47 in July to about 40 in August with the median list price on those escrows falling from $559,000 in July to about $530,000 in August.
There were about 60 new condo listings that came on the market for the month with a median list price of about $645,000 and an average list price of approximately $815,000 while the overall inventory rose in August from about 50 units for sale in July to approximately 85 in August and the median list price on those listings went up to about $1.1 million in August from $650,000 in July.
Through the end of August sales of single family homes is up about 2% while the median sales price for those homes is up about 17.5%. For condos, sales are up approximately 11% with the median sales price up roughly 25%.
Of the single family homes that sold for the month roughly 20% of those sales were over the asking price and for condos that number was about 30%. The average over asking price for homes that sold rose to about 9.5% and for condos that number was about 2.5%.
Sales picked up in August as well as escrows and the median sales price went back up to over $1 million. With the rise in escrows and prices the rest of 2013 should remain strong.