As indicated last month, real estate sales in South Santa Barbara County* declined in June… a decline of 16% from the prior year and a decline of 19% from May 2014. Sales continued their year-over-year decline due to lower overall real estate inventory. In addition, we witnessed fewer opened escrows in May, suggesting that closed sales might fall short of recent numbers. Median sales price once again reflected a healthy increase over the prior year.

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.

According to the Santa Barbara Association of Realtors MLS (SBAOR), median values of homes/estates sold (excluding condos) for South Santa Barbara County remained flat over last month at $1.1MM for sales closed year-to-date, an increase of approximately 22% year-over-year (SBAOR). In Montecito, median values of homes/estates sold (excluding condos) edged up slightly over last month to $2.675MM (SBAOR).

In June, the number of new listings was down slightly from last month while the number of opened escrows increased slightly. Overall inventory remained unchanged month-over-month. Approximately 17% of home sales and 18% of condo sales sold for prices above their asking price (approximately 4% above asking for homes, and 2% for condos).

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