Price Reductions and Days on Market are Increasing
Single Family Homes Sold +10% ~ 80 in Aug 2024 vs. 73 in Aug 2023
Single Family Median Sales Price +10% ~ $2,101,000. in Aug 2024 vs. $1,910,000. in Aug 2023
Single Family Average Sales Price +12% ~ $3,050,316. in Aug 2024 vs. $2,726,486. in Aug 2023
Year to Date Single Family
Homes Sold +12%
Median Sales +7%
Average Sales Price +15%
Condos Sold +6% ~ 35 in Aug 2024 vs. 33 in Aug 2023
Condo Median Sales Price -5% ~ $974,000. in Aug 2024 vs. $1,025,000. in Aug 2023
Condo Average Sales Price -21% ~ 1,167,268. in Aug 2024 vs. $1,478,985. in Aug 2023
Year to Date Condos
Condos Sold +3%
Median Sales Price +2%
Average Price -5%
Inventory
There was 3.17 months of supply in August. This is the 3rd month in a row with inventory in the 3 month range. Otherwise it was at or below the 2 month range for almost 4 years!
Pending Sales
There were 103 pending sales in August. This is below the 118 range it has held for all of 2023 and most of 2024.
Price Reductions
Price reductions continue to increase. There were 97 price reductions in August, 78 in July, 73 in June, 74 in May, 63 in April, 50 in March, 38 in February and 53 in January.
Sales Price % to Original List Price
August homes and condos sold at 95.9% of original list price.
Of the 115 sales of homes and condos sold in August, 94 or 81.7% were above $1,000,000.
Cash Sales
43% of all sales in August were cash.
Year to date 42% of all sales were cash.
Days on Market
40 days for single family homes
39 days for condos
Year over Year Price Report for August
Santa Barbara Median Sales Price +3.6% ~ $2,075,000. in Aug 2024 vs. $2,003,278. in Aug 2023
Santa Barbara Average Sales Price -3.2% ~ $2,391,159. in Aug 2024 vs. $2,469,844. in Aug 2023
Montecito Median Sales Price +13.5% ~ $5,850,000. in Aug 2024 vs. $5,153,000. in Aug 2023
Montecito Average Sales Price +6.3% ~ $6,620,644. in Aug 2022 vs. $6,229,556. in Aug 2023
Hope Ranch Median Sales Price +24.8% ~ $6,180,000. in Aug 2024 vs. $4,950,000. in Aug 2023
Hope Ranch Average Sales Price +23.9% ~ $6,134,183. in Aug 2024 vs. $4,950,000. in Aug 2023
Summerland Median Sales Price N/A ~ $1,465,000. in Aug 2024 vs. no sales in Aug 2023
Summerland Average Sales Price N/A ~ $1,465,000. in Aug 2024 vs. no sales in Aug 2023
Carpinteria Median Sales Price -20.5% ~ $1,102,831. in Aug 2024 vs. $1,387,500. in Aug 2023
Carpinteria Average Sales Price -23.8% ~ $1,102,831. in Aug 2024 vs. $1,447,100. in Aug 2023
Goleta Median Sales Price +13.2% ~ $1,630,000. in Aug 2024 vs. $1,440,000. in Aug 2023
Goleta Average Sales Price +15.1% ~ $1,866,053. in Aug 2024 vs. $1,621,208. in Aug 2023
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Sept 11, 2024. This includes both off market and MLS data combined.
