Sales Are Slowing
Inventory and Price Reductions Are Elevated
Single Family Homes Sold +1% ~ 86 in May 2025 vs. 85 in May 2024
Single Family Median Sales Price -12%~ $2,281,250. in May 2025 vs. $2,600,000. in May 2024
Single Family Average Sales Price -9% ~ $3,131,325. in May 2025 vs. $3,427,655. in May 2024
Year to Date Single Family
Homes Sold +12%
Median Sales Price +15%
Average Sales Price +9%
Condos Sold +11% ~ 39 in May 2025 vs. 35 in May 2024
Condo Median Sales Price +24% ~ $1,152,000. in May 2025 vs. $929,000. in May 2024
Condo Average Sales Price +16% ~ $1,347,891. in May 2025 vs. $1,162,614. in May 2024
Year to Date Condos
Condos Sold +13%
Median Sales Price +26%
Average Sales Price +31%
Inventory
Inventory has increased every month this year. There was 3.49 months of supply in May. 3.38 months in April, 2.95 months in March, 2.68 months in February and 2.62 months in January.
Pending Sales
There were 136 pending sales in May. There were 130 pending sales in April and March. This is slightly above the 120 range it has held for all of 2023 and most of 2024.
Price Reductions
Price reductions are at the high end of the range. There were 100 price reductions in May, 115 in April, 90 in March, 65 in February and 61 in January. Price reductions in 2024 ranged from a low of 38 in February 2024 to a high of 98 in October 2024.
Sales Price % to Original List Price
May homes and condos sold at 97% of original list price.
Of the 125 sales of homes and condos sold in May, 109 or 87.2% were above $1,000,000.
Cash Sales
40% of all sales in May were cash.
Year to date, 39% were cash.
Days on Market
39 days for single family homes
31 days for condos
Year over Year Price Report for May
Santa Barbara Median Sales Price +1.3% ~ $2,600,000. in May 2025 vs. $2,567,500. in May 2024
Santa Barbara Average Sales Price -5% ~ $2,603,617. in May 2025 vs. $2,728,924. in May 2024
Montecito Median Sales Price +35.4% ~ $7,041,586. in May 2025 vs. $5,197,500. in May 2024
Montecito Average Sales Price -4.7% ~ $6,681,931. in May 2025 vs. $7,009,589. in May 2024
Hope Ranch Median Sales Price +29% ~ $7,800,000. in May 2025 vs $6,053,000. in May 2024
Hope Ranch Average Sales Price +39.4% ~ $8,666,667. in May 2025 vs. $6,216,000. in May 2024
Summerland Median Sales Price N/A ~ $1,495,000. in May 2025 vs. no sales in May 2024
Summerland Average Sales Price N/A ~ $1,495,000. in May 2025 vs. no sales in May 2024
Carpinteria Median Sales Price -42.5% ~ $1,395,000 in May 2025 vs. $2,425,000. in May 2024
Carpinteria Average Sales Price -75% ~ $1,762,500. in May 2025 vs. $6,992,000. in May 2024
Goleta Median Sales Price +4.6% ~ $1,700,000. in May 2025 vs. $1,625,000. in May 2024
Goleta Average Sales Price -12.3% ~ $1,692,011. in May 2025 vs. $1,929,391. in May 2024
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of June 12, 2025. This includes both off market and MLS data combined.
