Santa Barbara Real Estate Statistical Update ~ July 2022
The Market Is Slowing
Inventory Remains Very Low
Single Family Homes Sold -50% ~ 66 in July 2022 vs. 133 in July 2021
Single Family Median Sales Price -1% ~ $1,879,000. in July 2022 vs. $1,900,000. in July 2021
Single Family Average Sales Price +5% ~ $3,087,302. in July 2022 vs. $2,940,274. in July 2021
Single Family Year to Date ~ Homes Sold -33% ~ Median Sales Price +15% ~ Average Sales Price +11%
Condos Sold -50% ~ 34 in July 2022 vs. 68 in July 2021
Condo Median Sales Price +17% ~ $944,500. in July 2022 vs. $810,000. in July 2021
Condo Average Sales Price +27% ~ $1,236,706. in July 2022 vs. $892,294. in July 2021
Condo Year to Date ~ Condos Sold -28% ~ Median Sales Price +14% ~ Average Sales Price +19%
Inventory
There was 1.57 months of supply in July. There were 1.33 months in June. Inventory is inching up but remains very low.
Pending Sales
There were 121 pending sales in July. There were 117 in June, 150 in May, 126 in April, 140 in March, 120 in February and 110 pending sales 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 70 price reductions in July. There were 57 price reductions in June. Price reductions are becoming more frequent.
Sales Price % to Original List Price
July homes and condos sold at 99% of original list price. This is the first time in 18 months that sales price was at or over 100%
Of the 100 sales of homes and condos sold in July, 79 or 79% were above $1,000,000.
Cash Sales
32% of all sales in July were cash.
Year to date, 32% of all sales were cash.
Days on Market
27 days for single family homes
15 days for condos
Year over Year Price Report for June
Santa Barbara Median Sales Price +22.5% ~ $2,000,000. in July 2022 vs. $1,632,000. in July 2021
Santa Barbara Average Sales Price +8.2% ~ $2,224,673. in July 2022 vs. $2,054,868. in July 2021
Montecito Median Sales Price +1.6% ~ $5,425,083. in July 2022 vs. $5,338,750. in July 2021
Montecito Average Sales Price -0.9% ~ $6,655,306. in July 2022 vs. $6,717,795 in July 2021
Hope Ranch Median Sales Price +156.5% ~ $18,150,000. in July 2022 vs. $7,075,000. in July 2021
Hope Ranch Average Sales Price +128.5% ~ $16,166,667. in July 2022 vs. $7,075,000. in July 2021
Summerland Median Sales Price -38.6% ~ $1,005,000. in July 2022 vs. $1,644,000. in July 2021
Summerland Average Sales Price -38.6% ~ $1,005,000. in July 2022 vs. $1,644,000. in July 2021
Carpinteria Median Sales Price+36.4% ~ $1,636,575. in July 2022 vs. $1,200,000. in July 2021
Carpinteria Average Sales Price -43% ~ $1,580,355. in July 2022 vs. $2,770,167. in July 2021
Goleta Median Sales Price -4.5% ~ $1,398,850. in July 2022 vs. $1,465,000. in July 2021
Goleta Average Sales Price -20.7% ~ $1,557,555. in July 2022 vs. $1,964,597. in July 2021
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Aug 16, 2022. This includes both off market and MLS data combined.
