Maurie McGuireSanta Barbara Real Estate Market Analysis April 2016
By: Scott Westlotorn
The real estate market for Single Family Residences (SFR) on the South Coast of Santa Barbara maintained its price strength in April with a 7% year over year increase in the median price. The average days on market increased by about 28% to 70 days. With only a slight uptick in inventory there is still an upward bias on price and the market outlook through the spring and summer selling season remains a seller’s market. Here’s what the year to date numbers look like at a glance:
| 2016 | 2015 | Increase/Decrease | |
| Median Sales Price | $1,250,000 | $1,050,750 | +$199,250 |
| Median List Price | $1,495,000 | $1,395,000 | +$100,000 |
| Average Sales Price | $1,538,594 | $1,482,599 | +$55,995 |
| Days on Market | 70 | 51 | +19 |
| Closed Escrows | 323 | 340 | -5% |
| New Listings | 602 | 598 | +.7% |
| Inventory Active & Pending | 724 | 903 | -19% |
Looking at the numbers in the South Coast Districts there were extreme differentials in Carpinteria due to several high end estate sales in 2015. The Mesa continues to see a lot of buyer interest where the dynamic of low inventory has pushed the Median price up by 29% West of State.
| District | 2016
Sales |
2016 Average Sales Price | Percent | 2015
Average Sales Price |
| Carpinteria/Summerland | -44% | $1,088,183 | -60% | $2,726,387 |
| Montecito | 14.8% | $3,968,489 | -3% | $4,092,002 |
| East of State | +25% | $1,416,029 | +7.7% | $1,535,258 |
| West of State | -19% | $1.190,669 | +5.4% | $1,129,785 |
| Hope Ranch | +61% | $5,276,000 | +19% | $4,403,576 |
| Goleta South | -13% | $799,006 | +2.5% | $779,170 |
| Goleta North | -15% | $1,010,120 | +3% | $980,487 |
The most telling numbers in April was the Median prices for SFR’s are above the 2005 through 2008 peak of $1,200,000 . Rising prices are encouraging sellers to put their homes on the market. Our perception is we’re seeing more homes being listed since the beginning of May historically the peak month for sales in any given year.
What we can expect to see for the second half of the year depends on inventory. If there are more listings then prices should stabilize. However if inventory remains low relative to the number of buyers we can expect to see the upward bias on price to continue.