Price Reductions are Up
Pending Sales Are Down
Well Priced Property Sell At Or Over Asking
Single Family Homes Sold – flat ~ 68 in July 2024 vs. 68 in July 2023
Single Family Median Sales Price -5% ~ $2,000,000. in July 2024 vs. $2,100,000. in July 2023
Single Family Average Sales Price +32% ~ $3,740,100. in July 2024 vs. $2,829,947. in July 2023
Year to Date Single Family
Homes Sold +12%
Median Sales +4%
Average Sales Price +15%
Condos Sold -20% ~ 24 in July 2024 vs. 30 in July 2023
Condo Median Sales Price +6% ~ $954,750. in July 2024 vs. $904,500. in July 2023
Condo Average Sales Price +11% ~ 1,314,313. in July 2024 vs. $1,179,517. in July 2023
Year to Date Condos
Condos Sold +3%
Median Sales Price +6%
Average Price -2%
Inventory
There was 3.13 months of supply in July. There was 3.03 months in June. Otherwise it was at or below the 2 month range for almost 4 years!
Pending Sales
Pending sales are decreasing. There were 98 pending sales in July. There was 110 in June, 136 in May and 118 in April. It has held the 118 range for all of 2023 and 2024.
Price Reductions
Price reductions are increasing. There were 78 price reductions in July. There were 73 price in June, 74 in May, 63 in April, 50 in March, 38 price in February. Otherwise, price reductions have held the 50 range for the last 7 months.
Sales Price % to Original List Price
July homes and condos sold at 97.2% of original list price.
Of the 92 sales of homes and condos sold in July, 76 or 82.6% were above $1,000,000.
Cash Sales
41% of all sales in July were cash.
Year to date 43% of all sales were cash.
Days on Market
34 days for single family homes
29 days for condos
Year over Year Price Report for July
Santa Barbara Median Sales Price -3.2% ~ $2,080,750. in July 2024 vs. $2,150,000. in July 2023
Santa Barbara Average Sales Price -4.5% ~ $2,243,095. in July 2024 vs. $2,348,180. in July 2023
Montecito Median Sales Price +9.6% ~ $5,850,000. in July 2024 vs. $5,337,500. in July 2023
Montecito Average Sales Price +31.3% ~ $8,428,125. in July 2022 vs. $6,414,100. in July 2023
Hope Ranch Median Sales Price +168.7% ~ $13,250,000. in July 2024 vs. $4,930,000. in July 2023
Hope Ranch Average Sales Price +168.7% ~ $13,250,000. in July 2024 vs. $4,930,000. in July 2023
Summerland Median Sales Price N/A ~ $2,841,500. in July 2024 vs. no sales in July 2023
Summerland Average Sales Price N/A ~ $2,841,500. in July 2024 vs. no sales in July 2023
Carpinteria Median Sales Price +25% ~ $1,912,500. in July 2024 vs. $1,529,000. in July 2023
Carpinteria Average Sales Price +500.2% ~ $10,803,475. in July 2024 vs. $1,800,000. in July 2023
Goleta Median Sales Price -4.8% ~ $1,595,000. in July 2024 vs. $1,675,000. in July 2023
Goleta Average Sales Price -10.4% ~ $1,753,970. in July 2024 vs. $1,957,144. in July 2023
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Aug 9, 2024. This includes both off market and MLS data combined.