Once again, real estate sales in South Santa Barbara County* rose month-over-month to their highest level year-to-date. Sales of both homes and condos rose 10% month-over-month to 185 sales. This was on top of a 38% rise month-over-month in April. However, due to lower overall inventory and a higher than typical number of sales in May of last year, sales declined approximately 20% year-over-year. Median sales price in May dipped slightly month over month but rose year-over-year. (Source: CORT)

According to the Santa Barbara Association of Realtors MLS (SBAOR), the number of new listings dropped in May but so did the number of escrows, pushing overall inventory up nearly 7% to 320 homes for sale. Approximately 26% of home sales and 29% of condo sales sold for prices above their asking price (approximately 5% above asking for homes, and 2% for condos).

Lower overall inventory is reflected in lower total sales. According to CORT, sales declined approximately 20% year-over-year in South Santa Barbara County* from the prior year. In Montecito, sales declined 36% from 2013.

The chart below reflects historic sales trends in South Santa Barbara county according to CORT. More market data is available here courtesy of Chicago Title Santa Barbara, including sales recaps for Santa Barbara, Montecito, Goleta, Carpinteria, and Summerland.

Median values of homes/estates sold (excluding condos) for South Santa Barbara County increased to $1.1MM for sales closed year-to-date, an increase of approximately 23% year-over-year (SBAOR). In Montecito, median values of homes/estates (excluding condos) remained relatively flat at approximately $2.5MM (SBAOR). Median list price rose in South Santa Barbara County but dipped slightly in Montecito.

Last month’s decline in opened escrows suggests lower sales in June… typical of this time of year. Meanwhile, rising inventory is good for buyers who have found it difficult to secure the property they desire. For more information on this month’s figures or to inquire about buying or selling a home, please give us a call or shoot us an email!

* South Santa Barbara County includes: Santa Barbara (City and Unincorporated), Montecito, Goleta, Carpinteria, and Summerland