South Coast Snapshot…
May sales data is directly attributable to the pandemic which shut down the market in mid March. Pending sales began stabilizing in May and June has 54 escrows in the first 11 days. There is strong buyer demand from Los Angeles and San Francisco.
Single Family Homes Sold -52% :: 65 in May 2020 vs. 135 in May 2019
Single Family Median Sales Price -9% :: $1,169,000. in May 2020 vs. $1,288,500. in May 2019
Single Family Average Sales Price +12% :: $2,117,848. in May 2020 vs. $1,886,152. in May 2019
Single Family Year to Date :: Homes Sold -19% :: Median Sales Price -3% :: Average Sales Price -9%
Condos Sold -65% :: 20 in May 2020 vs. 57 in May 2019
Condo Median Sales Price +17% :: $810,000. in May 2020 vs. $695,000. in May 2019
Condo Average Sales Price +20% :: $963,850. in May 2020 vs. $801,982. in May 2019
2 oceanfront condo sales in Montecito at $5,500,000. & $3,450,000. impact condo data
Condo Year to Date :: Condos Sold -42% :: Median Sales Price +8% :: Average Sales Price +10%
Inventory
May marks the 7th consecutive month of very low inventory with 4.29 months of supply. It was 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. It was widely expected that inventory would increase dramatically once showing restrictions were lifted. This has not yet happened.
Pending Sales
There were 134 pending sales in May. There were 65 in April, 107 in March, 144 in February & 131 in January. Pending sales ranged from a low of 114 in December 2019 to a high of 199 in May 2019.
Price Reductions
There were 93 price reductions in May. There were 52 in April, 89 in March, 86 in February, and 106 in January. The majority of 2019 ranged between 100-200 price reductions per month.
Sales Price % to Original List Price
May home and condos sold at 93.5% of original list price. It was 94.75% in April, 96.25% in March, 94.9% in February, and 94.5% in January.
Of the 85 sales of homes and condos in May 46 or 54.1% were above $1,000,000. Those sold below $1,000,000. sell at a much higher percentage to original list than those above $1,000,000.
Days on Market
82 days on market for single family homes :: 62 days on market for condos
Year over Year Price Report for May
Santa Barbara Median Sales Price -13% :: $1,042,500. in May 2020 vs. $1,195,000. in May 2019
Santa Barbara Average Sales Price +5% :: $1,172,076. in May 2020 vs. $1,337,223. in May 2019
Montecito Median Sales Price +8% :: $3,225,000. in May 2020 vs. $2,992,500. in May 2019
Montecito Average Sales Price +19% :: $4,154,750. in May 2020 vs. $3,842,114. in May 2019
Hope Ranch Median Sales Price +85% :: $10,500,000. in May 2020 vs. $5,690,000. in May 2019
Hope Ranch Average Sales Price +410% :: $10,500,000. in May 2020 vs. $6.053,750. in May 2019
There was only 1 sale in Hope Ranch in May 2020
Summerland Median Sales Price N/A :: no sales in May 2020 vs. $1,375,000. in May 2019
Summerland Average Sales Price N/A :: no sales in May 2020 vs. $1,564,289. in May 2019
Carpinteria Median Sales Price +19% :: $685,000. in May 2020 vs. $577,000. in May 2019
Carpinteria Average Sales Price -28% :: $685,000 in May 2020 vs. $735,200. in May 2019
Goleta Median Sales Price +5% :: $869,000. in May 2020 vs. $830,000. in May 2019
Goleta Average Sales Price +37% :: $1,008,917. in May 2020 vs. $966,008. in May 2019
Source: CORT INDATA as of June 11, 2020. This includes both off market and MLS data combined.
