Buyers Are Very Price Sensitive
Over Priced Properties Are Seeing Big Discounts
Single Family Homes Sold -1% ~ 81 in June 2024 vs. 82 in June 2023
Single Family Median Sales Price -16% ~ $1,995,000. in June 2024 vs. $2,372,500. in June 2023
Single Family Average Sales Price +42% ~ $4,884,338. in June 2024 vs. $3,437,169. in June 2023
Year to Date Single Family
Homes Sold +15%
Median Sales +7%
Average Sales Price +14%
Condos Sold +15% ~ 39 in June 2024 vs. 34 in June 2023
Condo Median Sales Price +18% ~ $1,085,000. in June 2024 vs. $920,000. in June 2023
Condo Average Sales Price +11% ~ 1,277,624. in June 2024 vs. $1,146,794. in June 2023
Year to Date Condos
Condos Sold +7%
Median Sales Price +5%
Average Price -8%
Inventory
There was 3.03 months of supply in June. This is the first time it is above the 2 month range in almost 4 years!
Pending Sales
There were 110 pending sales in June. There were 136 in May. There were 118 in April. It has held the 118 range for all of 2023 and 2024.
Price Reductions
Price reductions are increasing. There were 73 price reductions in June. There were 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
June homes and condos sold at 97.4% of original list price.
Of the 120 sales of homes and condos sold in June, 103 or 85.8% were above $1,000,000.
Cash Sales
42% of all sales in June were cash.
Year to date 43% of all sales were cash.
Days on Market
32 days for single family homes
23 days for condos
Year over Year Price Report for June
Santa Barbara Median Sales Price -4.2% ~ $2,060,000. in June 2024 vs. $2,150,000. in June 2023
Santa Barbara Average Sales Price +4.1% ~ $2,622,773. in June 2024 vs. $2,520,217. in June 2023
Montecito Median Sales Price +46% ~ $8,900,000. in June 2024 vs. $6,100,000. in June 2023
Montecito Average Sales Price +61.2% ~ $11,016,312. in June 2022 vs. $6,831,882. in June 2023
Hope Ranch Median Sales Price +3.3% ~ $4,724,063. in June 2024 vs. $4,575,000. in June 2023
Hope Ranch Average Sales Price +3.3% ~ $4,724,063. in June 2024 vs. $4,575,000. in June 2023
Summerland Median Sales Price N/A ~ $2,572,000. in June 2024 vs. no sales in June 2023
Summerland Average Sales Price N/A ~ $2,572,000. in June 2024 vs. no sales in June 2023
Carpinteria Median Sales Price +48.8% ~ $2,400,000. in June 2024 vs. $1,612,500. in June 2023
Carpinteria Average Sales Price +1030% ~ $21,179,000. in June 2024 vs. $1,874,333. in June 2023
Goleta Median Sales Price -3.4% ~ $1,625,000. in June 2024 vs. $1,682,900. in June 2023
Goleta Average Sales Price -20.6% ~ $1,777,870. in June 2024 vs. $2,241,584. in June 2023
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of July 12, 2024. This includes both off market and MLS data combined.