Santa Barbara Real Estate Statistics by Gary Woods
This is an analysis of the Santa Barbara real estate market through the month of February 2015. For the Homes and Condo market the numbers of sales fell from the previous month to 56 in February from 69 in January and 80 in December. The Median Sales price rose however going to $1,035,000 in February from $1,000,000 in January and $962,500 in December. The opened escrows rose in February to 122 from 71 in January and the 70 we saw in December while the median list price on those escrows stayed steady from $1,050,000 in January to about $1,050,000 in February. There were 138 new listings that came on the market in February with a median list price of approximately $1.6 million and an average list price of just about $4.1 million which left the overall inventory rising from 247 units for sale at the start of February to roughly 260 at the start of March.
Year over year home sales are down about 3.1% from the start of 2014 and the median sales price is down to $1,000,000 from $1,087,500 at the start of last year. The average sales price is up however going from $1.536 million in 2014 to approximately $2.21 million in 2015 while the numbers of escrows are up with about 134 thru February ’14 to 192 thru Feb‘15 but, the median list price on those escrows is basically unchanged at roughly $1,050,000.
Looking at the Carpinteria/Summerland sales are up from 6 to 13 but the median sales price is down from $1,620,365 to $915,000. The numbers of escrows are also up from 10 to 19 with the median list price on those escrows falling from $1,167,500 last year to $859,000 this year.
For Montecito, sales are down going from 28 to 23 with the median sales price rising from $2.112 million to $4.09 million. Escrows are up however going from 18 to 30 but the median list price on those escrows is up from $2.772 million to $2.95 million.
East of State St sales are down going from 44 in ’14 to 29 in ‘15 and the median sales price is down from $1,173,000 to $1,084,450. The escrows went up however from 38 to 47 with the median list price on those escrows falling from $1,295,000 last year to $1.294 million this year.
West of State St sales are up from 33 to 34 and the median sales price is down from $942,200 to $850,000. The numbers of escrows are up however with 30 in ’14 compared to 38 in ‘15 and the median list price on those escrows is up from $897,000 last year to $929,500 this year.
Hope Ranch sales are up from 3 to 8 but the median sales price is down from $4.537 million to $2.95 million. The numbers of escrows are also up with 7 last year compared to 11 this year but the median list price on those escrows is down from $4.995 million in ’14 to $3.159 million in ‘15.
Goleta South sales are up with 7 last year and 10 this year but the median sales price is up from $705,000 to $712,500. The numbers of escrows are up however from 7 to 17 with the median list price on those escrows rising from $700,000 to $794,000.
Goleta North sales are up with 16 in ’14 to 19 in ’15 with the median sales price rising from $826,650 to $827,500. The numbers of escrows are also up from 26 to 29 with the median list price on those escrows going from $764,750 to $884,000.
For the Condo segment of the market sales came in around 27 in February from 24 in January and 47 in December. The median sales price fell from $565,000 in January to roughly $542,500 in February while the numbers of escrows rose from 34 in January to 38 in February with the median list price on those escrows falling from $612,000 in January to about $545,000 in February.
There were approximately 50 new condo listings that came on the market for the month with a median list price of about $560,000 rising from $549,500 the previous month and an average list price of approximately $705,000 going down from $732,707 in January. The overall inventory fell slightly in January from 94 units for sale at the start of February to 83 at the start of March.
Through the end of February sales of single family homes is down about 3.1% from ’14 while the median sales price for those homes is down to $1,000,000 from $1,087,500 last year. For condos, sales are up just slightly with the median sales price up about 3% to roughly $560,000. Of the single-family homes that sold for the month roughly 11.1% of those sales were over the asking price and for condos that number was also about 11.1%. The average over asking price for homes that sold was about 1.01% and for condos that number was also about 1.01%. On the other side of the coin 17.5% of the single family homes had price reductions and 30% of the condos went down in price.
At the beginning of 2015 sales of single-family homes is down about .1% while condos are basically where they were at the start of 2014. The big stories for the year are the high end with 17 sales over $5 million and escrows are up substantially for both homes and condos. Currently the inventory is up for homes but flat for condos so if the listings continue up for homes then 2015 will be a robust year. But, if the pattern continues for condos then their sales will flatten out.
This information was created by Santa Barbara master statistician Gary Woods of Sotheby’s International Realty