Santa Barbara Real Estate Statistical Update ~ June 2022
The Market Is Shifting
Single Family Homes Sold -16% ~ 109 in June 2022 vs. 130 in June 2021
Single Family Median Sales Price +22% ~ $2,275,000. in June 2022 vs. $1,868,250. in June 2021
Single Family Average Sales Price +19% ~ $3,177,810. in June 2022 vs. $2,677,592. in June 2021
Single Family Year to Date ~ Homes Sold -30% ~ Median Sales Price +18% ~ Average Sales Price +12%
Condos Sold -41% ~ 38 in June 2022 vs. 64 in June 2021
Condo Median Sales Price +26% ~ $1,063,500. in June 2022 vs. $844,250. in June 2021
Condo Average Sales Price +27% ~ $1,330,174. in June 2022 vs. $1,048,445. in June 2021
Condo Year to Date ~ Condos Sold -24% ~ Median Sales Price +13% ~ Average Sales Price +15%
Inventory
There was 1.33 months of supply in June. While still very low, this is the most inventory we had had in 15 months – since March of 2021 when we had 1.8 months of of supply. Inventory is widely anticipated to increase.
Pending Sales
There were 117 pending sales in June. There were 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. Buyers are reacting to national headlines.
Price Reductions
There were 57 price reductions in June. This is the largest number of price reductions in a full year – since June 2021 when we had 51 price reductions.
Sales Price % to Original List Price
June homes and condos sold at 101.25% of original asking price. While June closings had a handful of high end multiple offers and closings over asking, multiple offers at the high end are becoming far less frequent.
Of the 147 sales of homes and condos sold in June, 125 or 85% were above $1,000,000.
Cash Sales
35% of all sales in June 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 +31.1% ~ $2,200,000. in June 2022 vs. $1,677,500. in June 2021
Santa Barbara Average Sales Price +22.2% ~ $2,429,830. in June 2022 vs. $1,987,874. in June 2021
Montecito Median Sales Price +26.4% ~ $4,800,000. in June 2022 vs. $3,795,000. in June 2021
Montecito Average Sales Price +16% ~ $5,762,603. in June 2022 vs. $4,968,489. in June 2021
Hope Ranch Median Sales Price +23.8% ~ $7,800,000. in June 2022 vs. $6,300,000. in June 2021
Hope Ranch Average Sales Price +41.6% ~ $9,050,200. in June 2022 vs. $6,391,677. in June 2021
Summerland Median Sales Price +234.4% ~ $10,200,000. in June 2022 vs. $3,050,000. in June 2021
Summerland Average Sales Price+234.4%~ $10,200,000. in June 2022 vs. $3,050,000. in June 2021
Carpinteria Median Sales Price +40.6% ~ $1,687,500. in June 2022 vs. $1,200,000. in June 2021
Carpinteria Average Sales Price +75.9% ~ $2,883,750. in June 2022 vs. $1,639,643. in June 2021
Goleta Median Sales Price +18.5% ~ $1,600,000. in June 2022 vs. $1,350,000. in June 2021
Goleta Average Sales Price +15% ~ $1,796,581. in June 2022 vs. $1,561,743. in June 2021
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of July 13, 2022. This includes both off market and MLS data combined.
