Market Activity is Uneven
Some Sell Over Asking ~ Others Sell at Big Discounts
Single Family Homes Sold +15% ~ 77 in Mar 2024 vs. 67 in Mar 2023
Single Family Median Sales Price -7% ~ $2,100,000. in Mar 2024 vs. $2,255,000. in Mar 2023
Single Family Average Sales Price -12% ~ $2,864,342. in Mar 2024 vs. $3,248,238. in Mar 2023
Year to Date Single Family
Homes Sold +15%
Median Sales +10%
Average Sales Price +5%
Condos Sold -28% ~ 23 in Mar 2024 vs. 32 in Mar 2023
Condo Median Sales Price -15% ~ $1,039,000. in Mar 2024 vs. $1,227,500. in Mar 2023
Condo Average Sales Price -9% ~ $1.220,491. in Mar 2024 vs. $1,340,825. in Mar 2023
Year to Date Condos
Condos Sold +11%
Median Sales Price -8%
Average Price -11%
Inventory
There was 2.19 months of inventory in March. We have been in or below 2 month range for nearly 4 years!
Pending Sales
There were 118 pending sales in March. It has held steady in this range for all of 2023 and 2024.
Price Reductions
There were 50 price reductions in March. There were 38 price reductions in February. Otherwise, price reductions have held the 50 range for the last 7 months.
Sales Price % to Original List Price
March homes and condos sold at 97.4% of original list price.
Of the 100 sales of homes and condos sold in March, 87 or 87% were above $1,000,000.
Cash Sales
43% of all sales in March were cash.
Year to date 44% 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 +3.7% ~ $2,093,750. in Mar 2024 vs. $2,020,000. in Mar 2023
Santa Barbara Average Sales Price -2.8% ~ $2,393,044. in Mar 2024 vs. $2,463,897. in Mar 2023
Montecito Median Sales Price +21% ~ $6,170,000. in Mar 2024 vs. $5,100,000. in Mar 2023
Montecito Average Sales Price +7% ~ $7,248,500. in Mar 2022 vs. $6,777,455. in Mar 2023
Hope Ranch Median Sales Price +6.5% ~ $6,618,000. in Mar 2024 vs. $6,215,000. in Mar 2023
Hope Ranch Average Sales Price +6.5% ~ $6,618,000. in Mar 2024 vs. $6,215,000. in Mar 2023
Summerland Median Sales Price N/A ~ no sales in Mar 2024 vs. $11,500,000. in Mar 2023
Summerland Average Sales Price N/A ~ no sales in Mar 2024 vs. $11,500,000. in Mar 2023
Carpinteria Median Sales Price -50% ~ $1,289,588. in Mar 2024 vs. $2,587,500. in Mar 2023
Carpinteria Average Sales Price -30.3% ~ $1,306,794. in Mar 2024 vs. $1,875,000. in Mar 2023
Goleta Median Sales Price +14% ~ $1,595,000. in Mar 2024 vs. $1,400,000. in Mar 2023
Goleta Average Sales Price +13% ~ $1,814,733. in Mar 2024 vs. $1,606,684. in Mar 2023
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of April 24, 2024. This includes both off market and MLS data combined.