41% of All Sales in May Were Cash
Single Family Homes Sold -27% ~ 67 in May 2023 vs. 92 in May 2022
Single Family Median Sales Price +9% ~ $2,435,050. in May 2023 vs. $2,225,000. in May 2022
Single Family Average Sales Price +3% ~ $3,327,434. in May 2023 vs. $3,228,534. in May 2022
Single Family – Year to Date
Homes Sold -35%
Median Sales -7%
Average Sales Price -8%
Condos Sold -23% ~ 37 in May 2023 vs. 48 in May 2022
Condo Median Sales Price -14% ~ $950,000. in May 2023 vs. $1,107,500. in May 2022
Condo Average Sales Price +20% ~ $1,309,854. in May 2023 vs. $1,092,141. in May 2022
Condo – Year to Date
Condos Sold -38%
Median Sales Price +3%
Average Price +1%
Inventory
There was 1.81 months of supply in May.
Pending Sales
There were 114 pending sales in May. There were 108 in April, 100 in March, 105 pending in February and 74 in January.
Price Reductions
There were 51 price reductions in May. There were 36 in April, 41 in March, 38 price reductions in February and 27 in January.
Sales Price % to Original List Price
May homes and condos sold at 98.7% of original list price.
Of the 104 sales of homes and condos sold in May, 82 or 78.8% were above $1,000,000.
Cash Sales
41% of all sales in May were cash.
Year to date, 37% of all sales were cash.
Days on Market
30 days for single family homes
24 days for condos
Year over Year Price Report for May
Santa Barbara Median Sales Price -12.5% ~ $2,112,500. in May 2023 vs. $2,413,000. in May 2022
Santa Barbara Average Sales Price -20% ~ $2,217,413. in May 2023 vs. $2,774,874. in May 2022
Montecito Median Sales Price -4.8% ~ $4,997,500. in May 2023 vs. $5,250,000. in May 2022
Montecito Average Sales Price -13.9% ~ $5,854,159. in May 2022 vs. $6,800,000. in May 2022
Hope Ranch Median Sales Price N/A ~ no sales in May 2023 vs. $3,200,000. in May 2022
Hope Ranch Average Sales Price N/A~ no sales in May 2023 vs. $3,200,000. in May 2022
Summerland Median Sales Price +52.1% ~ $3,500,000. in May 2023 vs. $2,300,000. in May 2022
Summerland Average Sales Price +50%~ $3,500,000. in May 2023 vs. $2,333,333. in May 2022
Carpinteria Median Sales Price-19.8% ~ $1,805,000. in May 2023 vs. $2,250,000. in May 2022
Carpinteria Average Sales Price -40.1% ~ $1,918,333. in May 2023 vs. $3,206,496. in May 2022
Goleta Median Sales Price -10.3% ~ $1,560,000. in May 2023 vs. $1,740,000. in May 2022
Goleta Average Sales Price -9.7% ~ $1,754,154. in May 2023 vs. $1,941,704. in May 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.