Santa Barbara Real Estate Statistical Update ~ March 2022
Inventory Below 1 Month of Supply for 6 Consecutive Months
Extreme Buyer Demand
Interest Rates Spike Above 5%
Escrow Fall Out More Frequent
Single Family Homes Sold -28% ~ 112 in Mar 2022 vs. 156 in Mar 2021
Single Family Median Sales Price +12% ~ $2,300,000. in Mar 2022 vs. $2,052,500. in Mar 2021
Single Family Average Sales Price +11% ~ $3,954,966. in Mar 2022 vs. $3,576,920. in Mar 2021
Single Family Year to Date ~ Homes Sold -27% ~ Median Sales Price +17% ~ Average Sales Price +17%
Condos Sold -27% ~ 61 in Mar 2022 vs. 84 in Mar 2021
Condo Median Sales Price +1% ~ $910,000. in Mar 2022 vs. $827,750. in Mar 2021
Condo Average Sales Price +21% ~ $1,234,488. in Mar 2022 vs. $1,022,238. in Mar 2021
Condo Year to Date ~ Condos Sold -16% ~ Median Sales Price +11% ~ Average Sales Price +19%
Inventory
There was 0.66 months of supply in March. It 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. We have now had less than 1 month of supply for half of a year! Buyer demand is extreme.
Pending Sales
There were 140 pending sales in March. There were 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 19 price reductions in March. There were 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 103.75% of original list price. Multiple offers are resulting in the highest sales prices neighborhoods have ever seen.
Of the 173 sales of homes and condos sold in March, 129 or 74.6% were above $1,000,000.
Cash Sales
38% of all sales in March were cash.
Year to date, 36% of all sales were cash.
Days on Market
31 days for single family homes
16 days for condos
Year over Year Price Report for March
Santa Barbara Median Sales Price +25.3% ~ $2,210,000. in Mar 2022 vs. $1,763,500. in Mar 2021
Santa Barbara Average Sales Price +27.9% ~ $2,772,485. in Mar 2022 vs. $2,167,516. in Mar 2021
Montecito Median Sales Price +31.4% ~ $6,350,000. in Mar 2022 vs. $4,832,500. in Mar 2021
Montecito Average Sales Price +32.6% ~ $9,207,140. in Mar 2022 vs. $6,941,750. in Mar 2021
Hope Ranch Median Sales Price +16.3% ~ $5,462,500. in Mar 2022 vs. $4,695,500. in Mar 2021
Hope Ranch Average Sales Price +36.6% ~ $5,462,500. in Mar 2022 vs. $3,999,300. in Mar 2021
Summerland Median Sales Price N/A ~ no sales in Mar 2022 vs. $5,575,000. in Mar 2021
Summerland Average Sales Price N/A ~ no sales in Mar 2022 vs. $5,575,000. in Mar 2021
Carpinteria Median Sales Price +33.9% ~ $1,607,500. in Mar 2022 vs. $1,200,000. in Mar 2021
Carpinteria Average Sales Price -63.8% ~ $1,624,787. in Mar 2022 vs. $4,491,429. in Mar 2021
Goleta Median Sales Price +17% ~ $1,472,500. in Mar 2022 vs. $1,257,500. in Mar 2021
Goleta Average Sales Price +9.3% ~ $1,648,787. in Mar 2022 vs. $1,507,500. in Mar 2021
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of April 12, 2022. This includes both off market and MLS data combined.
