Santa Barbara Real Estate Summary: First Half of 2016 (Condo Edition)

Santa Barbara Real Estate Summary: First Half of 2016 (Condo Edition)

Santa Barbara architecture (Credit: bfick, Flickr)

Santa Barbara architecture (Credit: bfick, Flickr)

After summarizing the single family home market, it's time we take a look at the equivalent statistics for condos.  You will notice much less variation in condo stats, and this is due to the fact that, unlike single family homes, it is hard for condo units in the same building to be valued significantly differently.  And you certainly don't have the same "fix and flip" opportunities.  Let's dig in!

The first chart we'll look at is the high sales price for each district.  Hope Ranch does not appear here because there are no condos in that desirable enclave.  Montecito, as expected, takes the title for most expensive.  Prices in Bonnymede and Montecito Shores are consistently in the $2M-$4M range, which explains their status as the preeminent down-sizing solution for Montecito residents.

Santa Barbara prices are buoyed by the Sevilla and El Andaluz luxury condos on the Westside, and Anacapa Villas on the Eastside.  The crown jewel of Goleta condos continues to be The Hideaways.

Santa Barbara Real Estate - First Half of 2016

The next chart shows the lowest sales prices for each area.  How can the cheapest condo in Montecito be worth nearly $800,000? Answer: it sits in Montecito Union attendance area.  Read more about how attendance areas impact home prices HERE.

Santa Barbara comes in right around $400,000, while Carpinteria/Summerland come in at the mid-$300,000's.  Goleta rounds out the field in the mid-$200,000's.  Condos in this price range are typically of the 1-bedroom or studio variety, but can be sound investments for buyers who want to avoid many of the headaches that single family residences can present.

If you're looking at a condo, always remember to account for monthly HOA dues as these can have a significant impact on affordability.  The tradeoff is that with a condo you typically have more peace of mind since the association is responsible for a majority of the exterior upkeep.

Santa Barbara Real Estate - First Half of 2016

Up next is the chart that really matters: median price.  Better than high, low, or average price, median price is the one you want to pay attention to.  

Montecito is creeping up towards $2,000,000, again aided by the twin powers of Bonnymede and Montecito Shores.  

Santa Barbara finishes firmly in the $700,000's, which sheds some light on the entry-level market.  This price range has typically been reserved for entry-level single family residences, but with the market closing in on pre-bubble highs, condos have seen their value pushed upwards as well.  Buyers can still choose between a nicer/larger condo or a starter home, but that pricepoint is now higher than previous years.

Carpinteria/Summerland and Goleta North are nearly identical in the high-$500,000's.  As buyers have been priced out of Santa Barbara, they have migrated to either side of town, which is why these two areas have very similar median prices for condominiums.  Goleta South trails by roughly $100,000.

Median condo prices will surely climb as new developments like The Village at Los Carneros, Tree Farm, and Old Town Village build and sell. There are also small-quantity developments coming to fruition like Spanish Oaks, The Boulders, and The Knoll

Santa Barbara Real Estate - First Half of 2016

Similar to what we found with single family home data, Santa Barbara combines for nearly half of the condo transactions.  Quantities in Goleta should bump up in the near future with aforementioned developments reaching completion.  Montecito and Goleta North have the fewest data points, but the numbers are still fairly representative of expected results.

Santa Barbara Real Estate - First Half of 2016

Quantity of Condos Sold

That does it for my 2016 first half wrap up.  Stay tuned for the full-year summary in January.  Will the market continue to climb and surpass pre-bubble heights?  Will election drama and international security issues cause a drop?  Will things simply plateau for a while?  We will see!

Comments are welcome below, or on Twitter where you can follow me at @askdevinwong.  

Cheers! -Devin

(805) 451-6157   //   devin@devinwong.realtor

3375 Foothill Rd. #911, Carpinteria, CA 93013

3375 Foothill Rd. #911, Carpinteria, CA 93013

Santa Barbara Real Estate Summary: First Half of 2016

Santa Barbara Real Estate Summary: First Half of 2016