MARKET REPORT santa barbara real estate · through july 2020
1915 LAS TUNAS ROAD
Lic #01206734
1915 LAS TUNAS ROAD 7 Bedrooms | 7 FullAllBathrooms | deemed 2 Half Bathrooms | Offered $10,200,000 information provided is reliable, but has not been verified & we do notat guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020. View the property >
REVIEW IN NUMBERS july 2020 ytd · south santa barbara county
TOTAL SALES
915 SINGLE FAMILY RESIDENCE SALES
659
CONDOMINIUM SALES
256 All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
SOUTH COAST REAL ESTATE MARKET UPDATE Second Quarter 2020 ¡ by Jackie Walters
As one might imagine, with the unfolding impacts of Covid-19, real estate sales activity for the Santa Barbara South Coast for the first two quarters of 2020 has seen some dramatic shifts. Village Properties is here to support our community during these unprecedented and challenging times. Our hearts go out to local families and businesses directly impacted by the pandemic. For those who wish to buy or sell real estate, our agents are ready to help under safe and carefully crafted protocols in order to best protect all involved in the real estate sales process. MARKET SUMMARY YEAR-TO-DATE The year began with strong sales activity fueled by a strong economy and ongoing low interest rates. When the country, and our local community, began to grapple with the ramifications of dealing with the virus, sales activity went from bewilderment and paralysis in March and April to, astonishingly, a robust sellers’ market by May and June. Pending sales for homes and PUDs for the month of June 2020 were up three times the number for April 2020; 149 versus 50. By comparison, we saw 103 pending sales for the month of June 2019, showing a significant jump in demand yearover-year.
As you can see, the local real estate market is one sector of our local economy where a “V- shaped” recovery has taken hold. Since the Stay at Home Order was eased, we have seen a surge in out-of-town buyers coming to the Santa Barbara area seeking a smaller community environment for their families. There has been increased appeal for compound-type properties and “extended-family” floor plans. Privacy, space and rural settings are also in high demand. Looking closely at the data, you will see how this roller-coaster of a market has now settled in at a somewhat astonishing pace. The chart gives a breakdown of activity per neighborhood as well as the year-to-date median price and months of inventory. The current low month of inventory numbers will almost certainly result in a higher median price as the year unfolds. MEDIAN SALES PRICE For houses and PUDs market-wide, all communities from Carpinteria to Goleta, the median sales price is flat from one year ago; $1,288,500 as of the end of June versus $1,290,00 one year ago. Look for that number to creep up as the year unfolds. The big winner in the median price category is Montecito. As of the end of June, Montecito’s median price was $3,250,000, up 14% from one year ago. What we are calling the “Montecito surge” is a result of a large number of higher-end Los Angeles and Bay Area buyers deciding to not delay their dream of a home here. There have been many cases of buyers coming to town, viewing a handful of homes, picking one and closing with cash in less than 30 days. Their strong preference is for turn-key homes, to allow for their move to happen sooner rather than later. The median price for the city of Santa Barbara, at $1,236,000, is actually down very slightly from one year ago, but we do expect that number to move upward as the months unfold. Going back many years, the Goleta market has been “the canary in the coal mine” for South Coast market trends. (That market was the first to signal distress and foreclosures coming out of the 2008 financial crisis.) The Goleta median price at the end of June at $1,055,000 is up 7% from a year ago, indicating market strength in a mostly entry-level housing community, which in turn, will impact the higher price ranges across the South Coast. The smaller communities of Carpinteria and Summerland show a decrease in their median price and higher-end Hope Ranch is showing a slight increase.
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
Santa Barbara South Coast 2020 MLS Market Activity
June 2020
2020 Year-to-Date Closed Median Sales Escrows Price
Sales Active Months of Closed Median Sales Pending Listings Inventory Escrows Price
Houses/PUDs
452
$1,288,500
149
285
1.9
108
$1,245,000
Carp/Summerland
36
$1,092,000
12
30
2.5
12
$1,040,000
Montecito
87
$3,250,000
34
107
3.1
24
$4,146,950
Santa Barbara
204
$1,236,000
63
94
1.5
43
$1,300,000
Hope Ranch
12
$3,312,500
5
18
3.6
4
$2,511,250
Goleta
113
$1,055,000
35
36
1.0
25
$950,000
Condos
145
$681,692
53
102
1.9
33
$620,000
Totals
597
$1,150,000
202
387
1.9
141
$1,115,000
MONTHS OF INVENTORY The months of inventory statistic provides an excellent snapshot of current buyer confidence and today’s pulse of the market. It compares the number of pending sales to the available inventory, whereas sold data will reflect market activity from up to two months previously. To define this statistic further, months of inventory represents the absorption of the available properties. A lower number shows properties are selling as fast or faster than new listings coming on the market. Looking at the chart, you will see today’s strong activity is clearly reflected. Again, across our market, the winner is Montecito, for the most dramatic change in that statistic, year-over-year. At the end of June this year, Montecito had only 3.1 months of inventory, as compared to 8.9 a year ago. I personally do not recall, going back many years, that low of a month of inventory number for Montecito. To illustrate further, at Montecito’s three months of inventory, there are approximately three sellers for every one buyer, (this of course will vary according to price range) — as compared to a year ago where on average, each seller was competing with eight other sellers for that one buyer. Months of inventory for Santa Barbara and Goleta are 1.5 and 1.0 respectively. This is solid sellers’ market territory. Priced at market value, a seller can expect their home to sell within the first four to six weeks. Along with this swift market a buyer will often be facing multiple offer situations, which is never a fun place to be. Consult your Realtor for strategies in having your offer stand out from the rest under those circumstances.
Current days on market, for the entire market is 65. This number varies greatly, depending, of course, on location and price range. For properties priced at under $1 million, days on market is well under one month. As far as list price to sales price percentage, again, heavily determined by location and price, this currently stands at 95%, this is the list price at the time of sale, after any price reductions. CONDOS The condo market, providing a starting point for many first time home buyers, is also showing solid strength. The median price is up 4.3% from one year ago. We are in uncertain times. Owning your own home, or buying an investment property, can be one of the safest long term investments and is most often the largest part of someone’s overall net worth. Take advantage of today’s historically low interest rates and ask your Realtor to help you discover opportunities in the market for you. Most importantly, stay safe and healthy. By: Jackie Walters, Village Properties. Jackie has been an active agent for over 30 years and she can be reached at 805-570-0558 or jackie@villagesite.com. License #00835438
Santa Barbara South Coast 2020 MLS Market Activity July 2020
2020 Year-to-Date Closed Median Sales Escrows Price
Sales Active Months of Closed Median Sales Pending Listings Inventory Escrows Price
Houses/PUDs
575
$1,389,000
178
257
1.4
121
$1,733,000
Carp/Summerland
43
$1,089,000
12
32
2.7
7
$900,000
Montecito
122
$3,533,706
40
107
2.7
34
$4,017,500
Santa Barbara
249
$1,300,000
78
71
0.9
44
$1,550,000
Hope Ranch
17
$2,800,000
11
11
1.0
5
$2,600,000
Goleta
144
$1,075,000
37
36
1.0
31
$1,110,000
189
$700,000
64
91
1.4
43
$749,000
Condos
Totals
764
$1,184,000
242
348
1.4
164
$1,418,750
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
570 RONDA DRIVE 6 Bedrooms | 5 Bathrooms | Offered at $1,195,000 View the property >
633 W ORTEGA B 2 Bedrooms | 2 Bathrooms | Offered at $699,000 View the property >
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
SINGLE FAMILY south santa barbara county · july 2020 ytd
AVERAGE SALES PRICE
MEDIAN SALES PRICE
$2,001,949
$1,375,000
+4% change from 2019
+10% change from 2019
CONDOMINIUM south santa barbara county · july 2020 ytd
AVERAGE SALES PRICE
MEDIAN SALES PRICE
$863,934
$741,500
+9% change from 2019
-23% change from 2019
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
3375 FOOTHILL ROAD #122 2 Bedrooms | 2 Bathrooms | isOffered atbut$749,000 All information provided deemed reliable, has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020. View the property >
CARPINTERIA
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales · YTD
total sales · YTD
42
32
average sales price · YTD
average sales price · YTD
$1,536,299
$655,859
median sales price · YTD
median sales price · YTD
$1,025,250
$532,500
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
SUMMERLAND
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales · YTD
total sales · YTD
12
2
average sales price · YTD
average sales price · YTD
$3,130,958
$634,500
median sales price · YTD
median sales price · YTD
$2,002,250
$634,500
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
2525 2173 BANNER LILLIE AVENUE 3 Separate Living Spaces 1 - 2- Bed/1 Bedrooms |2verified - 1Bathrooms Bed/1Bath || Offered Offeredatat $2,250,000 $---,000 All information provided| is deemed reliable, butBath has not & been & we do not guarantee it. We recommend that buyers make their own inquiries. villagesite.com/property/details/18-2445/------DRE #01206734. Data taken from CORT through July 2020. View the property >
696 ROMERO CANYON ROAD 3 Bedrooms | 3 Bathrooms | isOffered atbut$2,895,000 All information provided deemed reliable, has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020. View the property >
MONTECITO
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales · YTD
total sales · YTD
132
21
average sales price · YTD
average sales price · YTD
$3,966,000
$1,785,810
median sales price · YTD
median sales price · YTD
$3,335,000
$1,800,000
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
SANTA BARBARA
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales · YTD
total sales · YTD
306
104
average sales price · YTD
average sales price · YTD
$1,468,828
$896,577
median sales price · YTD
median sales price · YTD
$1,255,000
$766,000
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
665 LAS ALTURAS ROAD 5 Bedrooms | 4 Bathrooms | Offered at $3,000,000 View the property >
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
4002 CUERVO AVENUE 5 Bedrooms | 3.5 All Bathrooms Offered athas$4,250,000 information provided |is deemed reliable, but not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020. View the property >
HOPE RANCH
SINGLE FAMILY RESIDENCES total sales · YTD
18 average sales price · YTD
$3,908,351 median sales price · YTD
$3,062,500
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
GOLETA
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales · YTD
total sales · YTD
149
97
average sales price · YTD
average sales price · YTD
$1,166,877
$702,727
median sales price · YTD
median sales price · YTD
$1,000,000
$743,000
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
6178 COLOMA DRIVE 3 Bedrooms | 2 Bathrooms | Offered at $929,000 View the property >
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020.
4357 CUNA DRIVE 5 Bedrooms | 4 Full Bathrooms | 1 reliable, HalfbutBathroom | & we Offered at it.$2,175,000 All information provided is deemed has not been verified do not guarantee We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT through July 2020. View the property >
OUR MISSION Forging lasting personal relationships with customers is at the core of our success and we pride ourselves on keeping clients for life. We credit our devoted team of agents for keeping our clients satisfied and we’re firm believers in developing and sustaining these long-term relationships. We’re committed to developing agents into passionate professionals that offer unparalleled service on the job and are dedicated to community involvement off the clock. The numbers included in this report are courtesy of Fidelity National Title.
SANTA YNEZ 3615 Sagunto Street, Santa Ynez, CA 93460 | 805.688.1620 MONTECITO 1250 Coast Village Road, Montecito, CA 93108 | 805.969.8900 SANTA BARBARA 1436 State Street, Santa Barbara, CA 93101 | 805.681.8800 All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries.
DRE #01206734. Data taken from CORT through July 2020.