Number of Sales Continue to Decline
Mortgage Rates Hit 7%
Single Family Homes Sold -44% ~ 49 in Feb 2023 vs. 89 in Feb 2022
Single Family Median Sales Price -16% ~ $2,090,000. in Feb 2023 vs. $2,500,000. in Feb 2022
Single Family Average Sales Price -7% ~ $3,146,770. in Feb 2023 vs. $3,389,153. in Feb 2022
Single Family – Year to Date
Homes Sold -40%
Median Sales -12%
Average Sales Price -6%
Condos Sold -40% ~ 24 in Feb 2023 vs. 40 in Feb 2022
Condo Median Sales Price +13% ~ $990,000. in Feb 2023 vs. $873,000. in Feb 2022
Condo Average Sales Price -11% ~ $1,119,515. in Feb 2023 vs. $1,255,990. in Feb 2022
Condo – Year to Date
Condos Sold -39%
Median Sales Price +6%
Average Price -6%
Inventory
There was 1.2 months of supply in February. We have had less than 2 months of supply for 28 consecutive months!
Pending Sales
There were 105 pending sales 74 pending sales in February. There were 74 in January and 77 in December.
Price Reductions
There were 38 price reductions in February. There were 27 in January and 18 in December.
Sales Price % to Original List Price
February homes and condos sold at 97% of original list price.
Of the 73 sales of homes and condos sold in February, 55 or 75.3% were above $1,000,000.
Cash Sales
33% of all sales in February were cash.
Year to date, 30% of all sales were cash.
Days on Market
27 days for single family homes
19 days for condos
Year over Year Price Report for February
Santa Barbara Median Sales Price +3.1% ~ $2,300,000. in Feb 2023 vs. $2,230,000. in Feb 2022
Santa Barbara Average Sales Price -13.8% ~ $2,292,907. in Feb 2023 vs. $2,661,904. in Feb 2022
Montecito Median Sales Price +42.7% ~ $6,505,000. in Feb 2023 vs. $4,557,500. in Feb 2022
Montecito Average Sales Price +50% ~ $9,609,333. in Feb 2022 vs. $6,406,264. in Feb 2022
Hope Ranch Median Sales Price +10.2% ~ $7,250,000. in Feb 2023 vs. $6,575,000. in Feb 2022
Hope Ranch Average Sales Price +16.4% ~ $7,658,333. in Feb 2023 vs. $6,575,000. in Feb 2022
Summerland Median Sales Price +67.1% ~ $5,350,000. in Feb 2023 vs. $3,200,000. in Feb 2022
Summerland Average Sales Price +79.1% ~ $5,733,450. in Feb 2023 vs. $3,200,000. in Feb 2022
Carpinteria Median Sales Price +125% ~ $2,587,500. in Feb 2023 vs. $1,150,000. in Feb 2022
Carpinteria Average Sales Price +217.8% ~ $3,643,750. in Feb 2023 vs. $1,146,333. in Feb 2022
Goleta Median Sales Price -10.2% ~ $1,405,316. in Feb 2023 vs. $1,565,000. in Feb 2022
Goleta Average Sales Price -12.8% ~ $1,497,488. in Feb 2023 vs. $1,719,169. in Feb 2022
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Mar 9, 2023. This includes both off market and MLS data combined.