South Coast Snapshot…
ANOTHER RECORD BREAKING MONTH
October Marks a Full Consecutive Year of Very Low Inventory
RECORD HIGH SALES IN OCTOBER
$63,250,000. ~ Rancho San Carlos in Montecito
$49,000,000. ~ Celebrity Estate in Montecito
$29,000,000. ~ Montecito Estate that Sold Twice this Year!
Single Family Homes Sold +68% ~ 183 in Oct 2020 vs. 109 in Oct 2019
Single Family Median Sales Price +37% ~ $1,750,000. in Oct 2020 vs. $1,280,000. in Oct 2019
Single Family Average Sales Price +47% ~ $3,193,891. in Oct 2020 vs. $2,178,073. in Oct 2019
Single Family Year to Date ~ Homes Sold +10% ~ Median Sales Price +20% ~ Average Sales Price +21%
Condos Sold +83% ~ 84 in Oct 2020 vs. 46 in Oct 2019
Condo Median Sales Price +18% ~ $786,000. in Oct 2020 vs. $665,000. in Oct 2019
Condo Average Sales Price +18% ~ $925,714. in Oct 2020 vs. $786,402. in Oct 2019
Condo Year to Date ~ Condos Sold -11% ~ Median Sales Price +7% ~ Average Sales Price +14%
Inventory
October marks a full consecutive year of very low inventory with 2.54 months of supply. There was 3.45 months of supply in September, 3.62 months in August, 4.03 months in July, 4.31 months in June, 4.29 months in May, 3.81 months in April, 3.22 months in March, 3.58 months in February, 3.23 months in January, 3.19 months in December and 3.77 months in November.
Pending Sales
There were 216 pending sales in October. There were 261 in September, 286 in August, 266 in July, 222 in June, 134 in May, 65 in April, 107 in March, 144 in February & 131 in January. Pending sales in 2019 ranged from a low of 114 in December to a high of 199 in May.
Price Reductions
There were 78 price reductions in October. There were 80 in September, 102 in August, 127 in July, 100 in June, 93 in May, 52 in April, 89 in March, 86 in February and 106 in January. 2019 ranged between 100-200 price reductions per month.
Sales Price % to Original List Price
October homes and condos sold at 97.75% of original list price. It was 96.375% in September, 96.25% in August, 96% in July, 95.2% in June, 93.5% in May, 94.75% in April, 96.25% in March, 94.9% in February and 94.5% in January.
Of the 267 sales of homes and condos in September, 173 or 64.7% were above $1,000,000.
Days on Market
79 days for single family homes ~ 71 days for condos
Year over Year Price Report
Santa Barbara Median Sales Price +30.3% ~ $1,538,000. in Oct 2020 vs. $1,180,000. in Oct 2019
Santa Barbara Average Sales Price +56.5% ~ $1,957,713. in Oct 2020 vs. $1,250,960. in Oct 2019
Montecito Median Sales Price –0.8% ~ $3,175,000. in Oct 2020 vs. $3,202,000. in Oct 2019
Montecito Average Sales Price +50.8% ~ $6,948,565. in Oct 2020 vs. $4,607,286. in Oct 2019
Hope Ranch Median Sales Price -44.9% ~ $4,375,000. in Oct 2020 vs. $7,946,000. in Oct 2019
Hope Ranch Average Sales Price -46.4% ~ $4,254,667. in Oct 2020 vs. $7,946,000. in Oct 2019
Summerland Median Sales Price -6.4% ~ $2,480,000. in Oct 2020 vs. $2,650,000. in Oct 2019
Summerland Average Sales Price +43.2% ~ $3,795,000. in Oct 2020 vs. $2,650,000. in Oct 2019
Carpinteria Median Sales Price +47.6% ~ $1,076,000. in Oct 2020 vs. $729,000. in Oct 2019
Carpinteria Average Sales Price +132.1% ~ $1,535,500. in Oct 2020 vs. $661,385. in Oct 2019
Goleta Median Sales Price +21.3% ~ $1,015,000. in Oct 2020 vs. $837,000. in Oct 2019
Goleta Average Sales Price +38.3% ~ $1,266,372. in Oct 2020 vs. $915,125. in Oct 2019
Call or text Wendy Gragg at 805.453.3371 for more information.
Source: CORT INDATA as of Nov 16, 2020. This includes both off market and MLS data combined.