49% of All Sales in June and July Were Cash
Number of Price Reductions Increased
Single Family Homes Sold +3% ~ 68 in July 2023 vs. 66 in July 2022
Single Family Median Sales Price +12% ~ $2,100,000. in July 2023 vs. $1,879,500. in July 2022
Single Family Average Sales Price -8% ~ $2,828,947. in July 2023 vs. $3,087,302. in July 2022
Single Family – Year to Date
Homes Sold -29%
Median Sales -4%
Average Sales Price -6%
Condos Sold -12% ~ 30 in July 2023 vs. 34 in July 2022
Condo Median Sales Price -4% ~ $904,500. in July 2023 vs. $944,500. in July 2022
Condo Average Sales Price -5% ~ $1,179,517. in July 2023 vs. $1,236,706. in July 2022
Condo – Year to Date
Condos Sold -31%
Median Sales Price -2%
Average Price -2%
Inventory
There was 2.2 months of supply in July. Inventory is slowing creeping up. It was 2.06 months in June. Inventory has been under 2 months for nearly 3 years.
Pending Sales
There were 98 pending sales in July It was 113 in June, 114 in May, 108 in April, 100 in March, 105 pending in February and 74 in January.
Price Reductions
There were 71 price reductions in July. A bug jump from 42 in June, 51 in May, 36 in April, 41 in March, 38 price reductions in February and 27 in January.
Sales Price % to Original List Price
July homes and condos sold at 98.6% of original list price.
Of the 98 sales of homes and condos sold in July, 77 or 78.6% were above $1,000,000.
Cash Sales
49% of all sales in July were cash.
Year to date, 40% of all sales were cash.
Days on Market
30 days for single family homes
24 days for condos
Year over Year Price Report for July
Santa Barbara Median Sales Price +7.5% ~ $2,150,000. in July 2023 vs. $2,000,000. in July 2022
Santa Barbara Average Sales Price +5.6% ~ $2,348,217. in July 2023 vs. $2,224,673. in June 2022
Montecito Median Sales Price -1.6% ~ $5,337,500. in July 2023 vs. $5,425,083. in July 2022
Montecito Average Sales Price -3.6% ~ $6,414,1ly00. in July 2022 vs. $6,655,306. in July 2022
Hope Ranch Median Sales Price -72.8% ~ $4,930,000. in July 2023 vs. $18,150,000. in July 2022
Hope Ranch Average Sales Price -69.5% ~ $4,930,000. in July 2023 vs. $16,166,667. in July 2022
Summerland Median Sales Price N/A ~ no sales in July 2023 vs. $1,005,000. in July 2022
Summerland Average Sales Price N/A ~ no sales in July 2023 vs. $1,005,000. in July 2022
Carpinteria Median Sales Price -6.6% ~ $1,529,000. in July 2023 vs. $1,636,575. in July 2022
Carpinteria Average Sales Price +13.9% ~ $1,800,000. in July 2023 vs. $1,580,355. in July 2022
Goleta Median Sales Price +19.7% ~ $1,675,000. in July 2023 vs. $1,398,850. in July 2022
Goleta Average Sales Price +24.8% ~ $1,957,144. in July 2023 vs. $1,557,555. in July 2022
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Aug 11, 2023. This includes both off market and MLS data combined.
