South Coast Snapshot…
The Santa Barbara Real Estate Market is on Fire!
Huge Buyer Demand
Very Low Inventory
We are in the 10th consecutive month of very low inventory. If you are thinking of selling, lets talk…
Single Family Homes Sold +22% ~ 159 in Aug 2020 vs. 130 in Aug 2019
Single Family Median Sales Price +26% ~ $1,625,000. in Aug 2020 vs. $1,292,500. in Aug 2019
Single Family Average Sales Price +26% ~ $2,208,267. in Aug 2020 vs. $1,750,327. in Aug 2019
Single Family Year to Date ~ Homes Sold -7% ~ Median Sales Price +12% ~ Average Sales Price +7%
Condos Sold +52% ~ 70 in Aug 2020 vs. 46 in Aug 2019
Condo Median Sales Price -0.4% ~ $672,000. in Aug 2020 vs. $675,000. in Aug 2019
Condo Average Sales Price +19% ~ $859,057. in Aug 2020 vs. $721,967. in Aug 2019
Condo Year to Date ~ Condos Sold -26% ~ Median Sales Price +15% ~ Average Sales Price +10%
Inventory
August is the 10th consecutive month of very low inventory with 3.62 months of inventory. There was 4.03 months in July, 4.31 months in June, 4.29 months in May, 3.81 months in April, 3.22 months in March, 3.58 months in February, 3.23 months in January, 3.19 months in December and 3.77 months in November.
Pending Sales
There were 286 pending sales in August. There were 266 in July, 222 in June, 134 in May, 65 in April, 107 in March, 144 in February & 131 in January. Pending sales in 2019 ranged from a low of 114 in December to a high of 199 in May.
Price Reductions
There were 102 price reductions in August. There were 127 in July, 100 in June, 93 in May, 52 in April, 89 in March, 86 in February and 106 in January. 2019 ranged between 100-200 price reductions per month.
Sales Price % to Original List Price
August homes and condos sold at 96.25% of original list price. It was 96% in July, 95.2% in June, 93.5% in May, 94.75% in April, 96.25% in March, 94.9% in February and 94.5% in January.
Of the 229 sales of homes and condos in August, 147 or 64.1% were above $1,000,000.
Days on Market
81 days for single family homes ~ 66 days for condos
Year over Year Price Report
Santa Barbara Median Sales Price +6% ~ $1,240,000. in Aug 2020 vs. $1,167,500. in Aug 2019
Santa Barbara Average Sales Price +3% ~ $1,378,485. in Aug 2020 vs. $1,342,544. in Aug 2019
Montecito Median Sales Price -29% ~ $2,975,000 in Aug 2020 vs. $4,200,000. in Aug 2019
Montecito Average Sales Price -19% ~ $3,622,434. in Aug 2020 vs. $4,454,467. in Aug 2019
Hope Ranch Median Sales Price +91% ~ $4,906,500. in Aug 2020 vs. $2,575,000. in Aug 2019
Hope Ranch Average Sales Price +112% ~ $5,457,875. in July 2020 vs. $2,575,000. in Aug 2019
An Oceanfront and an Estate sale in Hope Ranch impact August data
Summerland Median Sales Price +24% ~ $1,250,000. in Aug 2020 vs. $1,005,000. in Aug 2019
Summerland Average Sales Price +25% ~ $1,531,500. in Aug 2020 vs. $1,228,750. in Aug 2019
Carpinteria Median Sales Price +7% ~ $812,500. in Aug 2020 vs. $762,000. in Aug 2019
Carpinteria Average Sales Price +26% ~ $1,021,611. in Aug 2020 vs. $812,947. in Aug 2019
Goleta Median Sales Price +7% ~ $950,000. in Aug 2020 vs. $885,000. in Aug 2019
Goleta Average Sales Price +8% ~ $1,102,680. in Aug 2020 vs. $1,020,682. in Aug 2019
Call or text Wendy Gragg at 805.453.3371 for more information.
Source: CORT INDATA as of Sept 22, 2020. This includes both off market and MLS data combined.