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Analysis of the Santa Barbara Real Estate Market

July 10th, 2015 · No Comments · Mark Lomas and Kirsten Wolfe, Santa Barbara Homes For Sale

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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 June 2015. For the Home Estate/PUD market sales fell for the month coming in with about 115 closings down from the 127 we saw in May. The Median Sales Price went from $1.28 million in May to about $1.25 in June with the days on the market for sold properties dropping a little to around 45 from the 52 we saw in the previous month.  The opened escrows went up a lot however from 114 in May to about 130 in June while the median list price on those escrows stayed stable at about $1.13 from $1.11 million in May. There were roughly 170 new listings that came on the market in June with a median list price of approximately $1.35 and an average list price of just over $2 million while the overall inventory rose from about 285 units for sale in May to around 305 in June.

Year over year sales are up about 12% with the median sales price up to roughly $1.175 million for a 5% rise. The average sales price is also up going from just over $1.7 million in 2014 to approximately $1.9 million in 2015 while the numbers of escrows are up about 19% with the med ian list price on those escrows down about 3.5%

Looking at the Districts, Carpinteria/Summerland sales are up from 35 to 53 but the median sales price is down from $975,000 to $905,000. The numbers of escrows are also up from 44 to 56 with the median list price on those escrows falling from $1,102,500 last year to $942,000 this year.

For Montecito, sales are flat going from 101 to 101 with the median sales price rising from $2,675,000 to $3.15 million. Escrows are down however going from 108 to 100 but the median list price on those escrows is up from $2.95 million to $3.175 million.

East of State St sales are up going from 151 in ’14 to 158 in ‘15 and the median sales price is up from $1,230,000 to $1,300,000. The escrows are also up going from 154 to 178 with the median list price on those escrows rising from $1,250,000 last year to $1,299,000 this year.

West of State St sales are up from 113 to 135 and the median sales price is up from $913,700 to $975,000. The numbers of escrows are also up with 115 in ’14 compared to 150 in ‘15 and the median list price on those escrows is up from $895,000 last year to $1,067,000 this year.

Hope Ranch sales are up from 15 to 23 but the median sales price is down from $3.25 million to $2.95 million. The numbers of escrows are down however with 20 last year compared to 18 this year but the median list price on those escrows is up from $2.9 million in ’14 to $3.024 million in ‘15.

Goleta South sales are down with 41 last year and 38 this year but the median sales price is up from $750,000 to $775,000. The numbers of escrows are also up from 42 to 46 with the median list price on those escrows rising from $764,000 to $778,500.

Goleta North sales are up with 79 in ’14 and 91 in ’15 with the median sales price rising from $850,000 to $875,000. The numbers of escrows are also up from 93 to 113 with the median list price on those escrows going from $849,000 to $885,000.

Data & Analysis by Gary Woods / Painting by local Santa Barbara artist Chris Potter

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