Buyer Activity Is Heating Up
Nearly Half of All Sales in February Were Cash
Single Family Homes Sold +16% ~ 57 in Feb 2024 vs. 49 in Feb 2023
Single Family Median Sales Price +8% ~ $2,265,000. in Feb 2024 vs. $2,090,000. in Feb 2023
Single Family Average Sales Price +34% ~ $4,226,728. in Feb 2024 vs. $3,146,770. in Feb 2023
Single Family – Year to Date
Homes Sold +15%
Median Sales +18%
Average Sales Price +16%
Condos Sold +33% ~ 32 in Feb 2024 vs. 24 in Feb 2023
Condo Median Sales Price -3% ~ $962,500. in Feb 2024 vs. $990,000. in Feb 2023
Condo Average Sales Price -9% ~ $1.023,626. in Feb 2024 vs. $1,119,515. in Feb 2023
Condo – Year to Date
Condos Sold +41%
Median Sales Price -3%
Average Price -9%
Inventory
There was 2.05 months of inventory in January. We have been in the 2 month range or below it for nearly 4 years!
Pending Sales
There were 103 pending sales in February. It has held steady in this range for all of 2023.
Price Reductions
There were 38 price reductions in February. It is down from the 53 range for the last 7 months.
Sales Price % to Original List Price
February homes and condos sold at 96.9% of original list price.
Of the 89 sales of homes and condos sold in February, 66 or 74.2% were above $1,000,000.
Cash Sales
47% of all sales in February were cash.
Year to date 44% of all sales were cash.
Days on Market
31 days for single family homes
21 days for condos
Year over Year Price Report for February
Santa Barbara Median Sales Price -5.6% ~ $2,171,500. in Feb 2024 vs. $2,300,000. in Feb 2023
Santa Barbara Average Sales Price +0.8% ~ $2,311,299. in Feb 2024 vs. $2,292,907. in Feb 2023
Montecito Median Sales Price -8.5% ~ $5,950,000. in Feb 2024 vs. $6,505,000. in Feb 2023
Montecito Average Sales Price +19% ~ $11,424,192. in Feb 2022 vs. $9,609,333. in Feb 2023
Hope Ranch Median Sales Price N/A ~ no sales in Feb 2024 vs. $7,250,000. in Feb 2023
Hope Ranch Average Sales Price N/A ~ no sales in Feb 2024 vs. $7,658,333. in Feb 2023
Summerland Median Sales Price N/A ~ no sales in Feb 2024 vs. $5,350,000. in Feb 2023
Summerland Average Sales Price N/A ~ no sales in Feb 2024 vs. $5,733,450. in Feb 2023
Carpinteria Median Sales Price -68.1% ~ $825,000. in Feb 2024 vs. $2,587,500. in Feb 2023
Carpinteria Average Sales Price -76.2% ~ $867,727. in Feb 2024 vs. $3,643,750. in Feb 2023
Goleta Median Sales Price +8.7% ~ $1,527,500. in Feb 2024 vs. $1,405,316. in Feb 2023
Goleta Average Sales Price +15.6% ~ $1,730,791. in Feb 2024 vs. $1,497,488. in Feb 2023
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of March 13, 2024. This includes both off market and MLS data combined.