Homes Priced $10 Million and Above Saw a 29.4% Increase in New Listings in October
Single Family Homes Sold flat ~ 70 in Oct 2023 vs. 70 in Oct 2022
Single Family Median Sales Price +4% ~ $2,110,000. in Oct 2023 vs. $2,024,500. in Oct 2022
Single Family Average Sales Price +13% ~ $3,286,204. in Oct 2023 vs. $2,904,049. in Oct 2022
Single Family – Year to Date
Homes Sold -26%
Median Sales -3%
Average Sales Price -3%
Condos Sold -29% ~ 20 in Oct 2023 vs. 28 in Oct 2022
Condo Median Sales Price -10% ~ $902,500. in Oct 2023 vs. $1.007,500. in Oct 2022
Condo Average Sales Price +5% ~ $1,225,100. in Oct 2023 vs. $1,164,364. in Oct 2022
Condo – Year to Date
Condos Sold -27%
Median Sales Price -1%
Average Price +4%
Inventory
There was 2.49 months of supply in October. There was 2.49 months in September, 2.19 months of inventory in August and 2.2 months in July. Inventory has been under 2 months for nearly 3 years.
Pending Sales
There were 103 pending sales in October. There were 107 in September, 128 in August, 98 in July, 113 in June, 114 in May, 108 in April, 100 in March, 105 pending in February and 74 in January.
Price Reductions
There were 75 price reductions in October. There were 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
October homes and condos sold at 96.5% of original list price.
Of the 90 sales of homes and condos sold in October, 76 or 84.4% were above $1,000,000.
Cash Sales
39% of all sales in October 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 October
Santa Barbara Median Sales Price -4.7% ~ $1,929,000. in Oct 2023 vs. $2,024,500. in Oct 2022
Santa Barbara Average Sales Price -8.4% ~ $2,170,846. in Oct 2023 vs. $2,368,896. in Oct 2022
Montecito Median Sales Price +122.3% ~ $7,000,415. in Oct 2023 vs. $3,148,820. in Oct 2022
Montecito Average Sales Price +68% ~ $7,885,852. in Oct 2022 vs. $4,694,831. in Oct 2022
Hope Ranch Median Sales Price N/A ~ $6,535,500. in Oct 2023 vs. no sales in Oct 2022
Hope Ranch Average Sales Price N/A ~ $6,535,500. in Oct 2023 vs. no sales in Oct 2022
Summerland Median Sales Price +18.8% ~ $1,800,000. in Oct 2023 vs. $1,515,000. in Oct 2022
Summerland Average Sales Price +18.8% ~ $1,800,000. in Oct 2023 vs. $1,515,000. in Oct 2022
Carpinteria Median Sales Price –635% ~ $1,977,978. in Oct 2023 vs. $14,500,000. in Oct 2022
Carpinteria Average Sales Price -630% ~ $2,195,1239. in Oct 2023 vs. $13,208,333. in Oct 2022
Goleta Median Sales Price -3.4% ~ $1,497,500. in Oct 2023 vs. $1,550,000. in Oct 2022
Goleta Average Sales Price +33.9% ~ $2,235,781. in Oct 2023 vs. $1,669,882. in Oct 2022
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Oct 13, 2023. This includes both off market and MLS data combined.
