South Coast Snapshot…
July 2020 was a record setting month. Demand is the strongest I have seen in nearly 20 years. We are in the 9th consecutive month of very low inventory
Single Family Homes Sold +9% ~ 127 in July 2020 vs. 117 in July 2019
Single Family Median Sales Price +43% ~ $1,675,000. in July 2020 vs. $1,172,000. in July 2019
Single Family Average Sales Price +32% ~ $2,520,728. in July 2020 vs. $1,912,491. in July 2019
Single Family Year to Date ~ Homes Sold -13% ~ Median Sales Price +10% ~ Average Sales Price +4%
Condos Sold -19% ~ 63 in July 2020 vs. 78 in July 2019
Condo Median Sales Price +21% ~ $764,000. in July 2020 vs. $633,750. in July 2019
Condo Average Sales Price +10% ~ $894,278. in July 2020 vs. $809,445. in July 2019
Condo Year to Date ~ Condos Sold -35% ~ Median Sales Price -23% ~ Average Sales Price +9%
Inventory
July is the 9th consecutive month of very low inventory with 4.03 months of inventory. There was 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 266 pending sales in July. There were 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 127 price reductions in July. There were 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
July homes and condos sold at 96% of original list price. It was 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 190 sales of homes and condos in July, 118 or 62.1% were above $1,000,000. Those that sold below $1,000,000. sell at a much higher percentage to original list price than those above $1,000,000.
Days on Market
83 days for single family homes ~ 82 days for condos
Year over Year Price Report
Santa Barbara Median Sales Price +64.9% ~ $1,550,000. in July 2020 vs. $915,000. in July 2019
Santa Barbara Average Sales Price +49% ~ $1,750,941 in July 2020 vs. $1,174,807. in July 2019
Montecito Median Sales Price +34.6% ~ $3,812,500 in July 2020 vs. $2,832,750. in July 2019
Montecito Average Sales Price +28.8% ~ $4,732,235. in July 2020 vs. $3,674,975. in July 2019
Hope Ranch Median Sales Price +44% ~ $2,700,000. in July 2020 vs. $1,875,000. in July 2019
Hope Ranch Average Sales Price +101.3% ~ $3,775,000. in July 2020 vs. $1,875,000. in July 2019
Summerland Median Sales Price +82.2% ~ $2,482,000. in July 2020 vs. $1,362,500. in July 2019
Summerland Average Sales Price +98.5% ~ $2,704,833. in July 2020 vs. $1,362,500. in July 2019
Carpinteria Median Sales Price +2.8% ~ $900,000. in July 2020 vs. $875,000. in July 2019
Carpinteria Average Sales Price -60.2% ~ $1,001,250. in July 2020 vs. $2,519,400. in July 2019
Oceanfront sale at $23,000,000. in July 2019 impacts this data
Goleta Median Sales Price +26.2% ~ $1,072,500. in July 2020 vs. $850,000. in July 2019
Goleta Average Sales Price +26.7% ~ $1,246,560. in July 2020 vs. $983,762. in July 2019
Call or text Wendy Gragg at 805.453.3371 for more information.
Source: CORT INDATA as of August 17, 2020. This includes both off market and MLS data combined.
