Number of Cash Sales Increase Amid Higher Interest Rates
Single Family Homes Sold -40% ~ 67 in March 2023 vs. 112 in March 2022
Single Family Median Sales Price -2% ~ $2,255,000. in March 2023 vs. $2,300,000. in March 2022
Single Family Average Sales Price -18% ~ $3,248,239. in March 2023 vs. $3,954,966. in March 2022
Single Family – Year to Date
Homes Sold -40%
Median Sales -10%
Average Sales Price -11%
Condos Sold -48% ~ 32 in March 2023 vs. 61 in March 2022
Condo Median Sales Price +31% ~ $1,227,500. in March 2023 vs. $910,000. in March 2022
Condo Average Sales Price +9% ~ $1,340,625. in March 2023 vs. $1,234,488. in March 2022
Condo – Year to Date
Condos Sold -43%
Median Sales Price +10%
Average Price Flat
Inventory
There was 1.2 months of supply in March.
Pending Sales
There were 100 pending sales in March. There were 105 pending in February and 74 in January.
Price Reductions
There were 41 price reductions in March. There 38 price reductions in February and 27 in January.
Sales Price % to Original List Price
March homes and condos sold at 97% of original list price.
Of the 99 sales of homes and condos sold in March, 83 or 83.8% were above $1,000,000.
Cash Sales
42% of all sales in March were cash.
Year to date, 35% of all sales were cash.
Days on Market
28 days for single family homes
21 days for condos
Year over Year Price Report for March
Santa Barbara Median Sales Price -8.5% ~ $2,020,000. in March 2023 vs. $2,210,000. in March 2022
Santa Barbara Average Sales Price -11.1% ~ $2,463,897. in March 2023 vs. $2,772,485. in March 2022
Montecito Median Sales Price -19% ~ $5,100,000. in March 2023 vs. $6,350,000. in March 2022
Montecito Average Sales Price -26.3% ~ $6,777,455. in March 2022 vs. $9,207,140. in March 2022
Hope Ranch Median Sales Price +13.7% ~ $6,215,000. in March 2023 vs. $5,462,500. in March 2022
Hope Ranch Average Sales Price +13.7%~ $6,215,000. in March 2023 vs. $5,462,500. in March 2022
Summerland Median Sales Price N/A ~ $11,550,000. in March 2023 vs. no sales in March 2022
Summerland Average Sales Price N/A~ $11,550,000. in March 2023 vs. no sales in March 2022
Carpinteria Median Sales Price +61% ~ $2,587,500. in March 2023 vs. $1,607,500. in March 2022
Carpinteria Average Sales Price +15.4% ~ $1,875,000. in March 2023 vs. $1,624,375. in March 2022
Goleta Median Sales Price -4.9% ~ $1,400,000. in March 2023 vs. $1,472,500. in March 2022
Goleta Average Sales Price -2.5% ~ $1,606,684. in March 2023 vs. $1,648,787. in March 2022
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of April 10, 2023. This includes both off market and MLS data combined.