South Coast Snapshot…
There were 222 pending sales in June. This is the highest number of pending sales in 18 months. Buyer demand remains very strong, especially from Los Angeles and San Francisco. Well priced properties are selling immediately, some with multiple offers.
Single Family Homes Sold -5% :: 118 in June 2020 vs. 124 in June 2019
Single Family Median Sales Price +19% :: $1,425,000. in June 2020 vs. $1,195,000. in June 2019
Single Family Average Sales Price +20% :: $2,269,115 in June 2020 vs. $1,917,726 in June 2019
Single Family Year to Date :: Homes Sold -16% :: Median Sales Price flat :: Average Sales Price -3%
Condos Sold -31% :: 43 in June 2020 vs. 62 in June 2019
Condo Median Sales Price -9% :: $650,000. in June 2020 vs. $713,500. in June 2019
Condo Average Sales Price +4% :: $811,442. in June 2020 vs. $781,976. in June 2019
Condo Year to Date :: Condos Sold -39% :: Median Sales Price +3% :: Average Sales Price +9%
Inventory
June is the 8th consecutive month of very low inventory with 4.31 months of supply. It was 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 222 pending sales in June. There were 134 in May, 65 in April, 107 in March, 144 in February and 131 in January. Pending sales in 2019 ranged from a low of 114 in December 2019 to a high of 199 in May 2019.
Price Reductions
There were 100 price reductions in June. There were 93 in May, 52 in April, 89 in March, 86 in February and 106 in January. The majority of 2019 ranged from 100-200 price reductions per month.
Sales Price % to Original List Price
June homes and condos sold at 95.2% of original list price. It was 93.5% in May, 94.75% in April, 96.25% in March, 94.9% in February and 94.5% in January.
Of the 161 sales of homes & condos sold in June, 93 or 57.7% were above $1,000,000. Those sold below $1,000,000.sell at a higher percentage to original list than those above $1,000,000.
Days on Market
82 days for single family homes :: 65 days for condos
Year over Year Price Report for June
Santa Barbara Median Price +40.5% :: $1,475,000. in June 2020 vs. $1,050,000. in June 2019
Santa Barbara Average Price +43% :: $1,617,663. in June 2020 vs. $1,131,313 in June 2019
Montecito Median Price +85.3% :: $3,937,500. in June 2020 vs. $2,125,000. in June 2019
Montecito Average Price +71.6% :: $4,961,273. in June 2020 vs. $2,890,705. in June 2019
Hope Ranch Median Price -11.3% :: $2,572,000. in June 2020 vs. $2,900,000. in June 2019
Hope Ranch Average Price -15.3% :: $2,615,667 in June 2020 vs. $3,086,750. in June 2019
Summerland Median Price +259.4% :: $4,845,200 in June 2020 vs. $1,342,500. in June 2019
Summerland Average Price +280.1% :: $5,103,500. in June 2020 vs. $1,342,000. in June 2019
There were 3 sales between $5-8 million that impact this data.
Carpinteria Median Price +54.8% :: $1,040,000. in June 2020 vs. $671,750 in June 2019
Carpinteria Average Price -46.5% :: $1,769,795. in June 2020 vs. $3,308,607 in June 2019
There were 3 sales over $10 million in June 2019 that impact this data.
Goleta Median Price +12.7% :: $975,000. in June 2020 vs. $865,000. in June 2019
Goleta Average Price -1.4% :: $1,015,118 in June 2020 vs. $1,029,388 in June 2019
For more information, call or text Wendy Gragg at 805.453.3371
Source: CORT INDATA as of July 13, 2020. This includes both off market and MLS data combined