Santa Barbara Real Estate Statistical Update – February 2020
South Coast Snapshot…
Single Family Homes Sold +16% ~ 92 in Feb 2020 vs. 79 in Feb 2019
Single Family Median Sales Price -8.5% ~ $1,189,500. in Feb 2020 vs. $1,300,000. in Feb 2019
Single Family Average Sales Price -21% ~ $1,744,859. in Feb 2020 vs. $2,198,044. in Feb 2019
Single Family Year to Date ~ Homes Sold +26% ~ Median Sales Price -4% ~ Average Sales Price -24%
Condos Sold -3% ~ 36 in Feb 2020 vs. 37 in Feb 2019
Condo Median Sales Price +14% ~ $682,500. in Feb 2020 vs. $600,000. in Feb 2019
Condo Average Price +15% ~ $861,681. in Feb 2020 vs. $751,419. in Feb 2019
Condos Year to Date ~ Condos Sold -5% ~ Median Sales Price +6% ~ Average Sales Price +12%
Inventory
Inventory remains very low with just 3.58 months of supply in February. We have now had 4 consecutive months of historically low inventory. There was 3.23 months in January, 3.19 months in December and 3.77 months in November. Inventory ranged around 4-5 months of supply for the majority of 2019.
Price Reductions
There were 86 price reductions in February. There were 106 in January. The majority of 2019 ranged between 100-200 price reductions per month.
Days on Market
82 days for Single Family Homes ~ 63 days for Condos. This is a very consistent metric.
Of the 128 sales of homes and condos sold in February, 55 or 42.9% were below $1,000,000. This is also a very consistent metric.
Year over Year Price Report for February
Santa Barbara Median Price +4.3% ~ $1,174,500. in Feb 2020 vs. $1,126,000. in Feb 2019
Santa Barbara Average Price +10.6% ~ $1,599,577. in Feb 2020 vs. $1,445,797 in Feb 2019
Montecito Median Price -39.8% ~ $2,650,000. in Feb 2020 vs. $4,400,000. in Feb 2019
Montecito Average Price -41.8% ~ $2,810,667 in Feb 2020 vs. $4,833,056 in Feb 2019
Hope Ranch Median Price NA ~ no sales in Feb 2020 vs. $4,555,500. in Feb 2019
Hope Ranch Average Price NA ~ no sales in Feb 2020 vs. $4,555,500. in Feb 2019
Summerland Median Price NA ~ no sales in Feb 2020 vs. $1,900,000. in Feb 2019
Summerland Average Price NA ~ no sales in Feb 2020 vs. $1,900,000. in Feb 2019
Carpinteria Median Price -24.4% ~ $1,058,500. in Feb 2020 vs. $1,400,000. in Feb 2019
Carpinteria Average Price -57.7% ~ $1,775,667 in Feb 2020 vs. $4,201,700. in Feb 2019
Goleta Median Price -16.5% ~ $886,000. in Feb 2020 vs. $1,060,500. in Feb 2019
Goleta Average Price -19.6% ~ $970,500. in Feb 2020 vs. $1,206,438. in Feb 2019
Source: CORT INDATA as of March 17, 2020. This includes both off market and MLS data combined.