Santa Barbara Real Estate Statistical Update ~ April 2022
Not Every Property Expecting Multiple Offers Are Getting Them
Highly Desirable and Well Priced Get Many – Others Get None
Extreme Demand & Lack of Supply Continues
Single Family Homes Sold -36% ~ 98 in Apr 2022 vs. 154 in Mar 2021
Single Family Median Sales Price +18% ~ $2,425,000. in Apr 2022 vs. $2,050,000. in Apr 2021
Single Family Average Sales Price +18% ~ $3,700,966. in Apr 2022 vs. $3,123,562. in Apr 2021
Single Family Year to Date ~ Homes Sold -29% ~ Median Sales Price +21% ~ Average Sales Price +17%
Condos Sold -42% ~ 38 in Apr 2022 vs. 65 in Mar 2021
Condo Median Sales Price +5% ~ $895,000. in Apr 2022 vs. $850,000. in Apr 2021
Condo Average Sales Price +8% ~ $1,202,237. in Apr 2022 vs. $1,115,585. in Apr 2021
Condo Year to Date ~ Condos Sold -23% ~ Median Sales Price +9% ~ Average Sales Price +15%
Inventory
There was 0.91 months of supply in April. That is ridiculously low, but a bog jump over March which had only 0.66 months of supply in March. There was 0.78 months in February, 0.81 in January, 0.5 months in December, 0.94 months in November and 0.98 months in October. There has been less than 1 month of supply for 7 consecutive months.
Pending Sales
There were 126 pending sales in April. There were 140 in March, 120 in February, and 110 in January. Pending sales ranged from a high of 220 in July 2021 to a low of 98 in December 2021.
Price Reductions
There were 30 price reductions in April. There were 19 in March, 18 in February and 29 in January. Price reductions ranged from a high of 51 in June 2021 to a low of 21 in December 2021.
Sales Price % to Original List Price
March homes and condos sold at 104.75% of original list price. Homes at the lower end of the price point and highly desirable homes are getting multiple offers. Others that were expecting multiple offers received none.
Of the 136 sales of homes and condos sold in April, 109 or 80.4% were above $1,000,000.
Cash Sales
23% of all sales in April were cash.
Year to date, 33% of all sales were cash.
Days on Market
28 days for single family homes
16 days for condos
Year over Year Price Report for April
Santa Barbara Median Sales Price +21.7% ~ $2,100,000. in Apr 2022 vs. $1,725,000. in Apr 2021
Santa Barbara Average Sales Price +23.7% ~ $2,459,461. in Apr 2022 vs. $1,988,796. in Apr 2021
Montecito Median Sales Price +15.7% ~ $5,325,000. in Apr 2022 vs. $4,600,000. in Apr 2021
Montecito Average Sales Price -2.2% ~ $6,433,036. in Apr 2022 vs. $6,576,222. in Apr 2021
Hope Ranch Median Sales Price +126.4% ~ $12,000,000. in Apr 2022 vs. $5,300,000. in Apr 2021
Hope Ranch Average Sales Price +111.5% ~ $11,613,090. in Apr 2022 vs. $5,490,000. in Apr 2021
Summerland Median Sales Price +10% ~ $1,897,000. in Apr 2022 vs. $1,724,500. in Apr 2021
Summerland Average Sales Price +10%~ $1,897,000. in Apr 2022 vs. $1,724,500. in Apr 2021
Carpinteria Median Sales Price -21.1% ~ $1,500,000. in Apr 2022 vs. $1,901,000. in Apr 2021
Carpinteria Average Sales Price +29.8% ~ $3,177,500. in Apr 2022 vs. $2,446,500. in Apr 2021
Goleta Median Sales Price +47.1% ~ $1,950,000. in Apr 2022 vs. $1,325,000. in Apr 2021
Goleta Average Sales Price +14.4% ~ $1,982,701. in Apr 2022 vs. $1,732,959. in Apr 2021
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of May 13, 2022. This includes both off market and MLS data combined.