Well Priced Property Sells At or Over Asking
Over Priced Property Gets Big Price Reductions
Single Family Homes Sold +27% ~ 85 in May 2024 vs. 67 in May 2023
Single Family Median Sales Price +7% ~ $2,600,000. in May 2024 vs. $2,435,000. in May 2023
Single Family Average Sales Price +3% ~ $3,427,655. in May 2024 vs. $3,327,434. in May 2023
Year to Date Single Family
Homes Sold +19%
Median Sales +8%
Average Sales Price +6%
Condos Sold -5% ~ 35 in May 2024 vs. 37 in May 2023
Condo Median Sales Price -2% ~ $929,000. in May 2024 vs. $950,000. in May 2023
Condo Average Sales Price -11% ~ 1,162,614. in May 2024 vs. $1.309,854. in May 2023
Year to Date Condos
Condos Sold +4%
Median Sales Price -1%
Average Price -8%
Inventory
There was 2.63 months of supply in May. It’s creeping up very slightly. It has been in or below the 2 month range for nearly 4 years!
Pending Sales
There were 136 pending sale in May. It is up slightly from 118 pending sales in April. It has held the 118 range for all of 2023 and 2024.
Price Reductions
Price reductions are increasing. There were 74 price reductions in May. There were 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
May homes and condos sold at 97.2% of original list price.
Of the 120 sales of homes and condos sold in May, 97 or 80.8% were above $1,000,000.
Cash Sales
39% of all sales in May were cash.
Year to date 44% of all sales were cash.
Days on Market
32 days for single family homes
23 days for condos
Year over Year Price Report for May
Santa Barbara Median Sales Price +21.5% ~ $2,567,500. in May 2024 vs. $2,112,500. in May 2023
Santa Barbara Average Sales Price +23% ~ $2,728,924. in May 2024 vs. $2,217,413. in May 2023
Montecito Median Sales Price +4% ~ $5,197,500. in May 2024 vs. $4,997,500. in May 2023
Montecito Average Sales Price +19.7% ~ $7,009,589. in May 2022 vs. $5,854,159. in May 2023
Hope Ranch Median Sales Price N/A ~ $6,053,000. in May 2024 vs. no sales in May 2023
Hope Ranch Average Sales Price -49% ~ $6,216,000. in May 2024 vs. no sales in May 2023
Summerland Median Sales Price N/A ~ no sales in May 2024 vs. $3,500,000. in May 2023
Summerland Average Sales Price N/A ~ no sales in May 2024 vs. $3,500,000. in May 2023
Carpinteria Median Sales Price +34.3% ~ $2,425,000. in May 2024 vs. $1,805,000. in May 2023
Carpinteria Average Sales Price +264.4% ~ $6,992,000. in May 2024 vs. $1,918,333. in May 2023
Goleta Median Sales Price +4.2% ~ $1,625,000. in May 2024 vs. $1,560,000. in May 2023
Goleta Average Sales Price +10% ~ $1,926,391. in May 2024 vs. $1,754,154. in May 2023
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of June 14, 2024. This includes both off market and MLS data combined.