Santa Barbara Real Estate Statistical Update ~ November 2022
Number of Sales Continue to Decline
40% of All Sales Are Cash
Inventory Remains Very Low
Single Family Homes Sold -42% ~ 57 in Nov 2022 vs. 99 in Nov 2021
Single Family Median Sales Price -18% ~ $1,725,000. in Nov 2022 vs. $2,100,000. in Nov 2021
Single Family Average Sales Price -20% ~ $2,293,720. in Nov 2022 vs. $2,880,279. in Nov 2021
Single Family Year to Date ~ Homes Sold -34% ~ Median Sales Price +11% ~ Average Sales Price +8%
Condos Sold -50% ~ 28 in Nov 2022 vs. 56 in Nov 2021
Condo Median Sales Price +25% ~ $1,055,000. in Nov 2022 vs. $842,500. in Nov 2021
Condo Average Sales Price +20% ~ $1,282,286. in Nov 2022 vs. $1,070,190. in Nov 2021
Condo Year to Date ~ Condos Sold -35% ~ Median Sales Price +14% ~ Average Sales Price +15%
Inventory
There was 1.4 months of supply in November. We have had less than 2 months of supply for 25 consecutive months.
Pending Sales
There were 82 pending sales in November. This is the lowest number of pending sales since January 2022.
Price Reductions
There were 54 price reductions in November. This is down from 89 price reductions in October, which was the highest number of price reductions since August 2020.
Sales Price % to Original List Price
November homes and condos sold at 95% of original list price.
Of the 85 sales of homes and condos sold in November, 70 or 82.4% were above $1,000,000.
Cash Sales
40% of all sales in November were cash.
Year to date, 34% of all sales were cash.
Days on Market
27 days for single family homes
15 days for condos
Year over Year Price Report for November
Santa Barbara Median Sales Price +0% ~ $1,880,000. in Nov 2022 vs. $1,882,000. in Nov 2021
Santa Barbara Average Sales Price +9.5% ~ $2,301,227. in Nov 2022 vs. $2,101,279. in Nov 2021
Montecito Median Sales Price +31.3% ~ $5,450,000. in Nov 2022 vs. $4,150,000. in Nov 2021
Montecito Average Sales Price +30.6% ~ $7,373,333. in Nov 2022 vs. $5,644,485. in Nov 2021
Hope Ranch Median Sales Price N/A ~ No sales in Nov 2022 vs. $4,762,500. in Nov 2021
Hope Ranch Average Sales Price N/A ~ No sales in Nov 2022 vs. $5,582,500. in Nov 2021
Summerland Median Sales Price +46.5% ~ $4,250,000. in Nov 2022 vs. $2,900,000. in Nov 2021
Summerland Average Sales Price +46.5% ~ $4,250,000. in Nov 2022 vs. $2,900,000. in Nov 2021
Carpinteria Median Sales Price -1.7% ~ $1,425,000. in Nov 2022 vs. $1,450,000. in Nov 2021
Carpinteria Average Sales Price -11.5% ~ $1,526,333. in Nov 2022 vs. $1,611,333. in Nov 2021
Goleta Median Sales Price -11.6% ~ $1,158,750. in Nov 2022 vs. $1,312,000. in Nov 2021
Goleta Average Sales Price +4.4% ~ $1,654,044. in Nov 2022 vs. $1,584,094. in Nov 2021
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Dec 13, 2022. This includes both off market and MLS data combined.
