Santa Barbara Real Estate Statistical Update ~ December and Year End 2022
Yearly Revenue Slashed Amid Extremely Low Inventory
Real Estate Values Increased Double Digits Again
YEARLY REVENUE – 27%
$3,933,446,977. in 2022
vs.
$5,353,551,979. in 2021
Estates Priced $10 Million and Above Revenue -8/7%
$843,590,888. in 2022
vs.
$924,382,712. in 2021
Single Family Homes Sold -36% ~ 58 in Dec 2022 vs. 91 in Dec 2021
Single Family Median Sales Price +20% ~ $2,102,500. in Dec 2022 vs. $1,750,000. in Dec 2021
Single Family Average Sales Price +79% ~ $4,932,964. in Dec 2022 vs. $2,760,223. in Dec 2021
Single Family Year to Date ~ Homes Sold -34% ~ Median Sales Price +12% ~ Average Sales Price +12%
Condos Sold -62% ~ 18 in Dec 2022 vs. 47 in Dec 2021
Condo Median Sales Price +13% ~ $952,500. in Dec 2022 vs. $845,000. in Dec 2021
Condo Average Sales Price +20% ~ $1,130,235. in Dec 2022 vs. $942,702. in Dec 2021
Condo Year to Date ~ Condos Sold -37% ~ Median Sales Price +14% ~ Average Sales Price +15%
Inventory
There was 1.12 months of supply in December 2022. There waws 0.5 months of supply in December 2021 and 1.61 months of supply in December 2000. Inventory is expected to remain low.
Pending Sales
There were 77 pending sales in December. This is the lowest number of pending sales in 2022. November was 2nd lowest at 88 pending sales.
Price Reductionssta
There were 18 price reductions in December. This is down substantially from 54 price reductions in November.
st
Sales Price % to Original List Price
December homes and condos sold at 95% of original list price.
Of the 76 sales of homes and condos sold in December, 64 or 84.2% were above $1,000,000.
Cash Sales
37% of all sales in December were cash.
Year to date, 34% of all sales were cash.
Days on Market
27 days for single family homes
16 days for condos
Year End Price Report
Santa Barbara Median Sales Price +25% ~ $2,120,000. in 2022 vs. $1,696,000. in 2021
Santa Barbara Average Sales Price +23% ~ $2,444,205. in 2022 vs. $1,989,064. in 2021
Montecito Median Sales Price +19% ~ $5,450,000. in 2022 vs. $4,589,000. in 2021
Montecito Average Sales Price +15% ~ $7,179,783. in 2022 vs. $6,265,675. in 2021
Hope Ranch Median Sales Price +18% ~ $5,625,000. in 2022 vs. $4,750,000. in 2021
Hope Ranch Average Sales Price +36% ~ $7,964,873. in 2022 vs. $5,846,738. in 2021
Summerland Median Sales Price -17% ~ $2,475,000. in 2022 vs. $2,999,000. in 2021
Summerland Average Sales Price -39% ~ $2,850,000. in 2022 vs. $4,686,804. in 2021
Carpinteria Median Sales Price +35% ~ $1,885,000. in 2022 vs. $1,400,000. in 2021
Carpinteria Average Sales Price +83% ~ $4,503,375. in 2022 vs. $2,462,573. in 2021
Goleta Median Sales Price +20% ~ $1,557,500. in 2022 vs. $1,300,000. in 2021
Goleta Average Sales Price +7% ~ $1,687,450. in 2022 vs. $1,572,534. in 2021
2023 Forecast
Inventory Will Remain Low
Real Estate Values Will Be Flat to Up Moderately – Double Digit Gains Are Not Anticipated
Cash Transactions Will Remain Elevated
CALL OR TEXT WENDY GRAGG FOR MORE INFORMATION
Source: CORT INDATA as of January 12, 2023. This includes both off market and MLS data combined.
