Santa Barbara Real Estate Statistical Update for December, Year End 2024 and 2025 Forecast

Total Sales

$3,335,741,571. in 2024

vs.

$2,881,889,322. in 2023

Estates Priced $10 Million and Above

$741,892,500. in 2024

vs.

$495,067,709. in 2023

Single Family Homes Sold +39%

71 in Dec 2024 vs. 51 in Dec 2023

Single Family Median Sales Price +7%

$2,025,000. in Dec 2024 vs. $1,895,000. in Dec 2023

Single Family Average Sales Price +10%

$2,892,297. in Dec 2024 vs. $2,638,197. in Dec 2023

Single Family – Year End 2024

Homes Sold +7%

Median Sales Price +5%

Average Sales Price +11%

Condos Sold +4%

27 in Dec 2024 vs. 26 in Dec 2023

Condo Median Sales Price +2%

$895,000. in Dec 2024 vs. $875,000. in Dec 2023

Condo Average Sales Price -4%

$1,060,656. in Dec 2024 vs. $1,106,085. in Dec 2023

Condo – Year End 2024

Condos Sold -6%

Median Sales Price +6%

Average Price +4%

Inventory

There was 2.17 months of supply in December. That’s down from 2.58 months in November.

Pending Sales

There were 84 pending sales in December. This is down from 98 in November and substantially down from the 120 range it held for most of 2024.

Price Reductions

There were 45 price reductions in December. It is the 2nd lowest number of price reductions in all of 2024. The lowest was 38 in Feb 2024.

Sales Price % to Original List Price

December homes and condos sold at 94.4% of original list price.

Of the 98 sales of homes & condos sold in December, 79 or 80.6% were above $1,000,000.

Cash Sales

36% of all sales in December were cash.

For the year, 44% of all sales were cash.

Days on Market

37 days for single family homes

30 days for condos.

2025 Forecast

Inventory Will Remain Low

Demand Will Be Strong

We Will Continue to See A Large Number of Cash Transactions

Interest Rates Will Remain Elevated

Homeowners Insurance Will Remain Expensive