Review of 2015 Santa Barbara Real Estate (Part 2)
In my last installment (read here), I dug into the 2015 data for single family home sales in the Santa Barbara area. Today I'm going to look at the same information for condos.
Let's see what insight we can unearth...
For starters, there are no condos in Hope Ranch, in case you are wondering.
Montecito again leads the pack by a significant margin. This is primarily driven by the Bonnymede and Montecito Shores communities, which featured 11 of the 26 Montecito condo sales.
Interestingly enough, the median priced condos in the remaining neighborhoods were all somewhat similarly priced. At first glance you might think condo prices are location-independent, but let's see what those median prices got their buyers:
Santa Barbara East: 3BD/2.5BA, 1550sqft. // Santa Barbara West: 2BD/2BA, 1300sqft.
Goleta North: 3BD/2BA, 1600sqft. // Goleta South: 2BD/2.5BA, 1000sqft.
You can see the price premium that is placed on Santa Barbara, and the better value (house-wise) in Goleta.
I can hear you already: "Devin! What condo could possibly be worth $4.5M...let alone one with 2 bedrooms, 2.5 bathrooms, and less than 2000 square feet!?!?!??" Welcome to Montecito, my friends!
Elsewhere, we see the repeating trend of Santa Barbara being valued more than Goleta and Carpinteria-Summerland. Prices in Santa Barbara were buoyed in part by the prestigious Sevilla building in downtown Santa Barbara. Goleta was aided by the influx of units in The Hideaway development in the Ellwood area.
For a true testament to the cache of Montecito, note that the lowest priced condo there was still more expensive than median price condos anywhere else in town.
This plot looks very similar to the two above it, which hints at the interesting behavior of condos. They tend to be grouped in price and it is hard for any unit in a particular complex to be valued much higher than another unit, even if the finishes are dramatically different. That is why you see much more variation in the plots for single family homes.
It should be noted that there were condo sales at less expensive prices than those shown above, but those units were part of the affordable housing programs offered through the cities of Santa Barbara and Goleta.
A simple lesson in supply and demand here. This plot is inversely proportional to the previous ones. Fewer available units means higher prices.
One surprising tidbit here is that the number of units sold in East/West Santa Barbara is very similar. Same with North/South Goleta. No real explanation for this...just a neat coincidence!
Did you find value in this article? Did you learn something you may not have known? Hopefully so! I love digging into this data and finding seemingly unimportant information that, in actuality, can be very beneficial to my clients. Contact me today to learn what else I do that separates me from other agents. Let's get to work!