Interest Rates Hit 7% Range
Year to Date, 40% of All Sales Were Cash
Single Family Homes Sold -25% ~ 73 in Aug 2023 vs. 97 in Aug 2022
Single Family Median Sales Price -16% ~ $1,910,000. in Aug 2023 vs. $2,272,000. in Aug 2022
Single Family Average Sales Price -19% ~ $2,726,486. in Aug 2023 vs. $3,365,835. in Aug 2022
Single Family – Year to Date
Homes Sold -29%
Median Sales -7%
Average Sales Price -8%
Condos Sold -8% ~ 33 in Aug 2023 vs. 36 in Aug 2022
Condo Median Sales Price +1% ~ $1,025,000. in Aug 2023 vs. $1,015,000. in Aug 2022
Condo Average Sales Price +25% ~ $1,478,985. in Aug 2023 vs. $1,185,667. in Aug 2022
Condo – Year to Date
Condos Sold -28%
Median Sales Price flat
Average Price +2%
Inventory
There was 2.19 months of supply in August. It held steady with July’s 2.2 months. Inventory has been under 2 months for nearly 3 years.
Pending Sales
There were 128 pending sales in August. It was 98 in July, 113 in June, 114 in May, 108 in April, 100 in March, 105 pending in February and 74 in January.
Price Reductions
There were 54 price reductions in August.. There were 71 in July, 42 in June, 51 in May, 36 in April, 41 in March, 38 price reductions in February and 27 in January.
Sales Price % to Original List Price
August homes and condos sold at 97.2% of original list price.
Of the 106 sales of homes and condos sold in August, 88 or 83% were above $1,000,000.
Cash Sales
43% of all sales in August were cash.
Year to date, 40% of all sales were cash.
Days on Market
30 days for single family homes
24 days for condos
Year over Year Price Report for August
Santa Barbara Median Sales Price -4.6% ~ $2,003,278. in Aug 2023 vs. $2,100,000. in Aug 2022
Santa Barbara Average Sales Price +12.8% ~ $2,469,844. in Aug 2023 vs. $2,189,321 in Aug 2022
Montecito Median Sales Price +3% ~ $5,153,000. in Aug 2023 vs. $5,000,000. in Aug 2022
Montecito Average Sales Price -19.9% ~ $6,229,556. in Aug 2022 vs. $7,778,004. in Aug 2022
Hope Ranch Median Sales Price +18% ~ $4,950,000. in Aug 2023 vs. $4,195,000. in Aug 2022
Hope Ranch Average Sales Price +18%~ $4,950,000. in Aug 2023 vs. $4,195,000. in Aug 2022
Summerland Median Sales Price N/A ~ no sales in Aug 2023 vs. $3,250,000. in Aug 2022
Summerland Average Sales Price N/A ~ no sales in Aug 2023 vs. $3,250,000. in Aug 2022
Carpinteria Median Sales Price -33.9% ~ $1,387,500. in Aug 2023 vs. $2,100,000. in Aug 2022
Carpinteria Average Sales Price -84.3% ~ $1,447,100. in Aug 2023 vs. $9,229,000. in Aug 2022
Goleta Median Sales Price +1.4% ~ $1,440,000. in Aug 2023 vs. $1,420,000. in Aug 2022
Goleta Average Sales Price -1.9% ~ $1,621,208. in Aug 2023 vs. $1,651,824. in Aug 2022
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Sept 15, 2023. This includes both off market and MLS data combined.
