Santa Barbara Real Estate Statistical Update ~ May 2022
The Market Is Beginning to Shift
Single Family Homes Sold -42% ~ 92 in May 2022 vs. 159 in May 2021
Single Family Median Sales Price -2% ~ $2,225,000. in May 2022 vs. $2,280,000. in May 2021
Single Family Average Sales Price -9% ~ $3,228,543. in May 2022 vs. $3,534,792. in May 2021
Single Family Year to Date ~ Homes Sold -32% ~ Median Sales Price +13% ~ Average Sales Price +11%
Condos Sold -2% ~ 48 in May 2022 vs. 49 in May 2021
Condo Median Sales Price +34% ~ $1,107,500. in May 2022 vs. $825,000. in May 2021
Condo Average Sales Price +7% ~ $1,092,141. in May 2022 vs. $1,023,092. in May 2021
Condo Year to Date ~ Condos Sold -19% ~ Median Sales Price +20% ~ Average Sales Price +13%
Inventory
There was 1.04 months of supply in May There was 0.91 months in April, 0.66 months of supply in March, 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.
Pending Sales
There were 150 pending sales in May. There was 126 pending sales in April, 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 50 price reductions in May. There were 30 in April, 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 140 sales of homes and condos sold in May, 115 or 82.1% were above $1,000,000.
Cash Sales
26% of all sales in May were cash.
Year to date, 31% of all sales were cash.
Days on Market
26 days for single family homes
16 days for condos
Year over Year Price Report for May
Santa Barbara Median Sales Price +32.2% ~ $2,413,000. in May 2022 vs. $1,825,000. in May 2021
Santa Barbara Average Sales Price +29.3% ~ $2,774,847. in May 2022 vs. $2,145,529. in May 2021
Montecito Median Sales Price -11% ~ $5,250,000. in May 2022 vs. $5,900,000. in May 2021
Montecito Average Sales Price -1.2% ~ $6,800,000. in May 2022 vs. $6,888,886. in May 2021
Hope Ranch Median Sales Price -19.6% ~ $3,200,000. in May 2022 vs. $3,983,500. in May 2021
Hope Ranch Average Sales Price -43% ~ $3,200,000. in May 2022 vs. $5,622,500. in May 2021
Summerland Median Sales Price -69.3% ~ $2,300,000. in May 2022 vs. $7,500,000. in May 2021
Summerland Average Sales Price -68.8%~ $2,333,333. in May 2022 vs. $7,500,000. in May 2021
Carpinteria Median Sales Price +26% ~ $2,250,000. in May 2022 vs. $1,785,000. in May 2021
Carpinteria Average Sales Price +52.6% ~ $3,206,496. in May 2022 vs. $2,100,714. in May 2021
Goleta Median Sales Price +40.3% ~ $1,740,000. in May 2022 vs. $1,240,000. in May 2021
Goleta Average Sales Price +33.3% ~ $1,941,704. in May 2022 vs. $1,456,483. in May 2021
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of June 13, 2022. This includes both off market and MLS data combined.
