Santa Barbara Real Estate Statistical Update ~ December and Year End 2023
Yearly Revenue Slashed
Amid Low Inventory and High Interest Rates
YEARLY REVENUE
$2,881,889,322. in 2023
vs.
$3,933,446,977. in 2022
Estates Priced $10 Million and Above Revenue
$473,387,709. in 2023
vs.
$843,590,888. in 2022
Single Family Homes Sold -12% ~ 51 in Dec 2023 vs. 58 in Dec 2022
Single Family Median Sales Price -10% ~ $1,895,000. in Dec 2023 vs. $2,102,500. in Dec 2022
Single Family Average Sales Price -47% ~ $2,638,197. in Dec 2023 vs. $4,932,964. in Dec 2022
Single Family Year to Date ~ Homes Sold -24% ~ Median Sales Price flat ~ Average Sales Price -5%
Condos Sold +44% ~ 26 in Dec 2023 vs. 18 in Dec 2022
Condo Median Sales Price -8% ~ $875,000. in Dec 2023 vs. $952,500. in Dec 2022
Condo Average Sales Price -2% ~ $1,106,085. in Dec 2023 vs. $1,130,235. in Dec 2022
Condo Year to Date ~ Condos Sold -22% ~ Median Sales Price -1% ~ Average Sales Price +3%
Inventory
There was 1.9 months of supply in December. It has been in the 2 month range for the last 5 months. Prior to that, there was less than 2 months for nearly 3 years.
Pending Sales
There were 71 pending sales in December. There were 20 fewer pending sales in December. Pending sales have ranged around 91 for all of 2023.
Price Reductions
There were 20 price reductions in December. This is down substantially from 67 price reductions in November. December had the lowest number of price reductions in 2023.
Sales Price % to Original List Price
December homes and condos sold at 96.2% of original list price.
Of the 77 sales of homes and condos sold in December, 56 or 72.7% were above $1,000,000.
Cash Sales
35% of all sales in December were cash.
For the year, 41% of all sales were cash.
Days on Market
30 days for single family homes
24 days for condos
Year End Price Report
Santa Barbara Median Sales Price -6% ~ $2,000,000. in 2023 vs. $2,120,000. in 2022
Santa Barbara Average Sales Price -5% ~ $2,314,133. in 2023 vs. $2,444,205. in 2022
Montecito Median Sales Price -3% ~ $5,295,000. in 2023 vs. $5,450,000. in 2022
Montecito Average Sales Price -9% ~ $6,547,476. in 2023 vs. $7,179,783. in 2022
Hope Ranch Median Sales Price +2% ~ $5,737,500. in 2023 vs. $5,625,000. in 2022
Hope Ranch Average Sales Price -12% ~ $7,035,000. in 2023 vs. $7,964,873. in 2022
Summerland Median Sales Price +41% ~ $3,500,000. in 2023 vs. $2,475,000. in 2022
Summerland Average Sales Price +83% ~ $5,208,794. in 2023 vs. $2,850,473. in 2022
Carpinteria Median Sales Price -15% ~ $1,602,500. in 2023 vs. $1,885,000. in 2022
Carpinteria Average Sales Price -34% ~ $2,990,051. in 2023 vs. $4,503,375. in 2022
Goleta Median Sales Price -4% ~ $1,492,450. in 2023 vs. $1,552,500. in 2022
Goleta Average Sales Price +7% ~ $1,799,749. in 2023 vs. $1,682,796. in 2022
2024 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
Interest Rates will Moderate in 2nd Half of 2024
CALL OR TEXT WENDY GRAGG FOR MORE INFORMATION
Source: CORT INDATA as of January 12, 2024. This includes both off market and MLS data combined.
