Santa Barbara Real Estate Through the End of March 15For Montecito, Hope Ranch, Santa

Santa Barbara Real Estate through the end of March ‘15for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland

This is an analysis of the Santa Barbara Real Estate market including Carpinteria/Summerland, Montecito, Hope Ranch, downtown Santa Barbara and Goletathroughthe month of March 2015. For the Home Estate/PUD market sales went way up for the month with about 117 closings from the 58 we saw in February. The Median Sales Price also rose to about $1.2 millionup from $1,035,000 at the end of Februarywhile the days on the market for sold properties went down to around 54 from the 71 we saw in the previous month. The opened escrows stayed at about the samelevel from 121 in February to about 118in March. The median list price on those escrows went uphowever to about $1.249 million from $1,050,000 in February. There were approximately 160 new listings that came on the market in March with a median list price of roughly $1.45 million and an average list price of about $2.5 million with the overall inventory rising from about 260units for sale at the end of February to around 280at the end of March.

Year over year sales are up about 22% with the median sales price up toroughly $1.15 million for a 12% rise. The average sales price is also up going from just over $1.585 million in 2014to approximately $2 million in 2015 whilethe numbers of escrows are up about 29% with the median list price on those escrows up over11% to $1,175,000.

Looking at the Districts, Carpinteria/Summerland sales are up from 11 to 24 and the median sales price is up from $845,000 to $895,500. The numbers of escrows are also upfrom 23 to 29 with the median list price on those escrows fallingfrom $865,000 last year to $829,000 this year.

For Montecito, sales are upgoing from 38 to 46 with the median sales price rising from $2,112,500 to $2.86 million. Escrows are also upgoing from 41 to 53and the median list price on those escrows is up from $2.795 million to $2.95 million.

East of State St sales areup going from 59in ‘14 to 68 in ‘15 and the median sales price is up from $1,225,000 to $1.25 million. The escrows are also up going from 61 to 75 with the median list price on those escrows rising from $1,295,000 last year to $1,349,000 this year.

West of State St sales are up from 48 to 50 but the median sales price is down from $950,000 to $845,000. The numbers of escrows are also upwith 49 in ‘14compared to 69 in ‘15 and the median list price on those escrows is up from $895,000last year to $1,055,000this year.

Hope Ranch sales are up from 7 to 12 but the median sales price is down from $5.105 million to $2.86 million. The numbers of escrows are also up with 8last year compared to 12 this year. But, the median list price on those escrows is down from $3.85 million in ‘14to $2.89 millionin ‘15.

Goleta South sales are up with 13last year and 19this year but the median sales price is down from $780,000 to $760,000. The numbers of escrows are also up from 15 to 20 with the median list price on those escrows rising from $739,000 to $778,000.

Goleta North sales are up with 31 in ‘14 to36 in ‘15with the median sales price rising from $770,000 to $862,500. The numbers of escrows are also up from 48 to 50 with the median list price on those escrows going from $789,000 to $949,000.

For the Condo segment of the market sales went way up to 56 in March from 27 in February. The median sales price also went up from $542,500 to $587,000 and the numbers of escrows went up from 38 to 68 with the median list price on those escrows rising from $542,000 to about $559,500.

There were about 45 new condo listings that came on the market for the month with a median list price of about $599,000 and an average list price of approximately $686,697. But, unlike the Home Estate/PUD market the overall inventory fell from just about 86 to roughly65.

Looking at the Districts, Carpinteria/Summerland sales are up from 7 to 24 with the median sales price falling from $527,500 to $475,000. The numbers of escrows are also up from 10 last year to 30this year but the median list price on those escrows is down from $478,500 to $474,000.

Montecito condo sales are up with 3 in ‘14 and 7in ‘15 with the median sales price up from $850,000 to $950,000.The numbers of escrows rose with 5 in ‘14 and 10 in ‘15 while the median list price on those escrows is up from $950,000 in ‘14to $967,000 in ‘15.

East of State St sales are up from 21 to 35 with the median sales price rising from $593,250 to $634,350. The numbers of escrows arealso upgoing from 23 to 48 with the median list price on those escrows falling from $675,000 last year to $575,000 this year.

West of State St sales are up from 16 to 29 with the median sales price up from $607,500 to $618,500. The escrows went from 24 to 32 with the median list price on those escrows going from $644,900 to $699,000.

Goleta South sales are down from 16 to 15 with the median sales price even from $475,000 to $475,000. But the numbers of escrows are up with 15 in ‘14 and 21 in ‘15 while the median list price on those escrows is down from $537,000last year to $475,000 this year.

Goleta North sales are down from 14 to 11 with the median sales price up from $429,000 to $497,000. The escrows are also down from 18 to 15 with the median list price on those escrows goingup from $429,000 to $489,000.

Through the end of the 1st quarter both sales for the Home Estate/PUD and Condo markets are up compared to 2014 and prices are also up. Approximately 12.8% of the home saleswent for over the asking pricein March with about 13.4% ofthe condos. For Homes the percentage of the sales price over the asking price was about 3.1% while for condos it was about 1.7%. On the other side of the coin 23% of the Homes had a price reduction and 36% of the condos went down in price.

Escrows are up for both single-family homes and condos but the second quarter based on escrows looks like it’s stabilizing for homes and based on the inventory perhaps even falling for condos. The median sales price for homes has risen to roughly $1.1 million while the median sales price for condos is up to around $570,000. Listings are still the key for a successful 2015. In March the inventory for single-family homes rose about 9% to roughly 285 properties for sale while it went down about 20% for condos to approximately 65 units. 2015 has started out strong for sales of homes and condos with the median sales price rising for both segments. The question is whether that momentum will be maintained.

Gary Woods