Inventory, Pending Sales and Price Reductions Drop
Single Family Homes Sold +36% ~ 72 in Nov 2024 vs. 70 in Oct 2023
Single Family Median Sales Price flat ~ $2,120,000. in Oct 2024 vs. $2,110,000. in Oct 2023
Single Family Average Sales Price -12% ~ $2,887,671. in Oct 2024 vs. $3,286,204. in Oct 2023
Year to Date Single Family
Homes Sold +13%
Median Sales +5%
Average Sales Price +9%
Condos Sold +30% ~ 26 in Oct 2024 vs. 20 in Oct 2023
Condo Median Sales Price +36% ~ $1,230,000. in Oct 2024 vs. $902,500. in Oct 2023
Condo Average Sales Price +28% ~ 1,572,885. in Oct 2024 vs. $1,225,100. in Oct 2023
Year to Date Condos
Condos Sold +4%
Median Sales Price +5%
Average Price +2%
Inventory
There was 2.58 months of supply in November. This is a drop from the 5 month run in then the 3 months of supply range.
Pending Sales
There were 98 pending sales in November. This is also a drop from the 120 range it has held for all of 2023 and most of 2024.
Price Reductions
There were 74 price reductions in November. This is also a drop. There were 96 price reductions in October, 98 in September and 97 in August, 78 in July, 73 in June, 74 in May, 63 in April, 50 in March, 38 in February and 53 in January.
Sales Price % to Original List Price
November homes and condos sold at 95.4% of original list price.
Of the 92 sales of homes and condos sold in November, 80 or 87% were above $1,000,000.
Cash Sales
35% of all sales in November were cash.
Year to date 41% of all sales were cash.
Days on Market
38 days for single family homes
30 days for condos
Year over Year Price Report for November
Santa Barbara Median Sales Price -2.4% ~ $1,830,000. in Nov 2024 vs. $1,875,000. in Nov 2023
Santa Barbara Average Sales Price -0.2% ~ $2,266,040. in Nov 2024 vs. $2,270,698. in Nov 2023
Montecito Median Sales Price -7% ~ $5,000,000. in Nov 2024 vs. $5,380,000. in Nov 2023
Montecito Average Sales Price -23.8% ~ $6,080,000. in Nov 2022 vs. $5,640,208. in Nov 2023
Hope Ranch Median Sales Price N/A ~ no sales in Nov 2024 vs. $4,615,500. in Nov 2023
Hope Ranch Average Sales Price N/A ~ no sales in Nov 2024 vs. $4,615,500. in Nov 2023
Summerland Median Sales Price N/A ~ no sales in Nov 2024 vs. $13,000,000. in Oct 2023
Summerland Average Sales Price N/A ~ no sales in Nov 2024 vs. $13,000,000. in Oct 2023
Carpinteria Median Sales Price +16.6% ~ $1,938,500 in Nov 2024 vs. $1,662,500. in Nov 2023
Carpinteria Average Sales Price +701% ~ $13,319,000. in Nov 2024 vs. $1,662,500. in Nov 2023
Goleta Median Sales Price +13.6% ~ $1,697,500. in Nov 2024 vs. $1,494,500. in Nov 2023
Goleta Average Sales Price +9.4% ~ $1,800,742. in Nov 2024 vs. $1,645,750. in Nov 2023
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Dec 13, 2024. This includes both off market and MLS data combined.