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Real Estate Report – May 2014

 

Entering the Spring Season of Santa Barbara Real Estate


Median Home Orice - May 2014

There are still multiple offers at all price points.   For single family residences and Planned Unit Developments (referred to as houses), the year to date median continues to rise.  The current median is in line with the medians during the height of the market six to nine years ago as noted on the graph.  Our current median is over 21% higher than last year at this time.

Number of Homes Sold - May 2014

On the graph regarding number of sales, there are far less sales than the last two years and during the last Up market.  During the down time of the market, we actually had as many as 33% of our house sales being distressed properties on a monthly basis.  Distressed properties are those that were either selling short (less than what was owed to the lender) or foreclosed and taken over by the lender.   In 2012 and 2013 the market was quickly selling off so many properties that had lost value or were distressed.  Those were high volume years.  In April, only 5% of the sales were distressed properties.

Last April, overall we had about the same number of available properties (Active Listings) as this April but there were 25% more listings in escrow than what we have currently.   Even with that, we have only 2.4 months of inventory which can be considered a fairly robust market.  The “months of inventory” is the time that it is assumed that it would take to sell the current housing inventory.

Of the 302 house sales this year, here is a breakdown by sales price:

Price Range        % of Sales   
Under $1.0M             47
$1.0M-$2.0M           30
$2.0M-$4.0M           16
$4.0M and over         7

Looking at the listings currently in escrow, 42% of them are under $1,000,000.  What is interesting is that of the current Active Listings, only 11% are under $1,000,000.

In regards to condos, the median is at $550,000 which is up around 18% compared to last year at this time.  There is only 1.9 months of inventory for condos.

The number of sales of condos is about 10% less than last year.  The inventory for condos has been keeping up with last year’s figures.  During this year, we have had 19 more new condo listings than we did in 2013. Overall, inventory is not a problem for condos.

Overall, based on low months of inventory, we have a strong seller’s market in most of our areas.  Carpinteria is currently showing a 5.0 months of inventory but it was just 2.1 months for March.  This is a fluctuating area for sales. Even though the market appears to be favoring the sellers, sellers should still have their properties in tip-top shape for showings.  This could assist in a higher sale price and faster sale.

As a final note, Village Properties continues to outshine the large corporation competition in both number of properties sold and total dollar volume.  Village is over $60,000,000 higher than the next highest real estate company.*

Please give us a call if you should have any questions about our evolving market.