46% of All Sales Were Cash Amid High Interest Rates
Single Family Homes Sold -7% ~ 53 in Nov 2023 vs. 57 in Nov 2022
Single Family Median Sales Price +10% ~ $1,900,000. in Nov 2023 vs. $1,725,000. in Nov 2022
Single Family Average Sales Price +36% ~ $3,115,957. in Nov 2023 vs. $2,293,720. in Nov 2022
Single Family – Year to Date
Homes Sold -25%
Median Sales flat
Average Sales Price -1%
Condos Sold -7% ~ 26 in Nov 2023 vs. 28 in Nov 2022
Condo Median Sales Price -2% ~ $1,032,500. in Nov 2023 vs. $1,055,000. in Nov 2022
Condo Average Sales Price +36% ~ $1,364,969. in Nov 2023 vs. $1,282,286. in Nov 2022
Condo – Year to Date
Condos Sold -25%
Median Sales Price -1%
Average Price +4%
Inventory
There was 2.22 months of inventory in November. It has held the 2 month range over the last 5 months. Prior to that, inventory had been under 2 months for nearly 3 years.
Pending Sales
There were 91 pending sales in November. It has held steady in this range for all of 2023.
Price Reductions
There were 67 price reductions in November. There were 75 in October, 75 in September, 54 in August, 71 in July, 42 in June, 51 in May, 36 in April, 41 in March, 38 price reductions in February and 27 in January.
Sales Price % to Original List Price
November homes and condos sold at 96.7% of original list price.
Of the 79 sales of homes and condos sold in November, 65 or 82.2% were above $1,000,000.
Cash Sales
46% of all sales in November were cash.
Year to date, 41% of all sales were cash.
Days on Market
30 days for single family homes
24 days for condos
Year over Year Price Report for November
Santa Barbara Median Sales Price flat ~ $1,875,000. in Nov 2023 vs. $1,880,000. in Nov 2022
Santa Barbara Average Sales Price -1.3% ~ $2,270,698. in Nov 2023 vs. $2,301,227. in Nov 2022
Montecito Median Sales Price -1.3% ~ $5,380,000. in Nov 2023 vs. $5,450,000. in Nov 2022
Montecito Average Sales Price -23.5% ~ $5,640,208. in Nov 2022 vs. $7,373,333. in Nov 2022
Hope Ranch Median Sales Price N/A ~ $4,615,000 in Nov 2023 vs. no sales in Nov 2022
Hope Ranch Average Sales Price N/A ~ $4,615,000 in Nov 2023 vs. no sales in Nov 2022
Summerland Median Sales Price +206% ~ $13,000,000 in Nov 2023 vs. $4,250,000. in Nov 2022
Summerland Average Sales Price +206% ~ $13,000,000 in Nov 2023 vs. $4,250,000. in Nov 2022
Carpinteria Median Sales Price +16.7% ~ $1,662,500. in Nov 2023 vs. $1,425,000. in Nov 2022
Carpinteria Average Sales Price +8.9% ~ $1,662,500. in Nov 2023 vs. $1,526,333. in Nov 2022
Goleta Median Sales Price +29% ~ $1,494,500. in Nov 2023 vs. $1,158,750. in Nov 2022
Goleta Average Sales Price +33.9% ~ $1,645,750. in Nov 2023 vs. $1,654,044. in Nov 2022
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Dec 15, 2023. This includes both off market and MLS data combined.
