Santa Barbara Real Estate Statistical Update ~ August 2022
44% of August Sales Were Cash Amid Higher Interest Rates
Inventory Remains Very Low
Single Family Homes Sold -37% ~ 98 in Aug 2022 vs. 155 in Aug 2021
Single Family Median Sales Price +32% ~ $2,243,500. in Aug 2022 vs. $1,700,000. in Aug 2021
Single Family Average Sales Price +6% ~ $3,341,949. in Aug 2022 vs. $3,156,748. in Aug 2021
Single Family Year to Date ~ Homes Sold -33% ~ Median Sales Price +17% ~ Average Sales Price +11%
Condos Sold -49% ~ 36 in Aug 2022 vs. 70 in Aug 2021
Condo Median Sales Price +17% ~ $1,015,000. in Aug 2022 vs. $865,000. in Aug 2021
Condo Average Sales Price +6% ~ $1,185,667. in Aug 2022 vs. $1,121,709. in Aug 2021
Condo Year to Date ~ Condos Sold -31% ~ Median Sales Price +14% ~ Average Sales Price +17%
Inventory
There was 1.53 months of supply in August, 1.57 months in July, 1.33 month in June and 1.04 in May. Inventory is inching up but remains very low.
Pending Sales
There were 146 pending sales in August. There were 121 in July, 117 in June, 150 in May.
Price Reductions
There were 79 price reductions in August. There were 70 in July, 57 in June and 50 in May. Price reductions are becoming more frequent.
Sales Price % to Original List Price
August homes and condos sold at 98% of original list price.
Of the 77 sales of homes and condos sold in August, 52 or 67% were above $1,000,000.
Cash Sales
44% of all sales in August were cash.
Year to date, 33% of all sales were cash.
Days on Market
26 days for single family homes
16 days for condos
Year over Year Price Report for August
Santa Barbara Median Sales Price +31.25% ~ $2,100,000. in Aug 2022 vs. $1,600,000. in Aug 2021
Santa Barbara Average Sales Price +15% ~ $2,189,321. in Aug 2022 vs. $1,903,184. in Aug 2021
Montecito Median Sales Price +15.7% ~ $5,000,000. in Aug 2022 vs. $4,320,000. in Aug 2021
Montecito Average Sales Price +13.2% ~ $7,778,004. in Aug 2022 vs. $6,865,411 in Aug 2021
Hope Ranch Median Sales Price -16.1% ~ $4,195,000. in Aug 2022 vs. $5,000,000. in Aug 2021
Hope Ranch Average Sales Price -47.5% ~ $4,195,000. in Aug 2022 vs. $7,991,143. in Aug 2021
Summerland Median Sales Price -35% ~ $3,250,000. in Aug 2022 vs. $5,000,000. in Aug 2021
Summerland Average Sales Price -35% ~ $3,250,000. in Aug 2022 vs. $5,000,000. in Aug 2021
Carpinteria Median Sales Price +64.7% ~ $2,100,000. in Aug 2022 vs. $1,275,000. in Aug 2021
Carpinteria Average Sales Price +555.8% ~ $9,229,000. in Aug 2022 vs. $1,407,308. in Aug 2021
Goleta Median Sales Price +5.5% ~ $1,420,000. in Aug 2022 vs. $1,345,000. in Aug 2021
Goleta Average Sales Price +8.5% ~ $1,651,824. in Aug 2022 vs. $1,522,149. in Aug 2021
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Sept 15, 2022. This includes both off market and MLS data combined.