Santa Barbara Real Estate Statistical Update ~ February 2022
Number of Cash Sales Increase Amid Higher Interest Rates
Single Family Homes Sold -18% ~ 90 in Feb 2022 vs. 110 in Feb 2021
Single Family Median Sales Price +30% ~ $2,484,259. in Feb 2022 vs. $1,914,000. in Feb 2021
Single Family Average Sales Price +19% ~ $3,363,718. in Feb 2022 vs. $2,831,259. in Feb 2021
Single Family Year to Date ~ Homes Sold -25% ~ Median Sales Price +24% ~ Average Sales Price +22%
Condos Sold +48% ~ 40 in Feb 2022 vs. 27 in Feb 2021
Condo Median Sales Price +1% ~ $873,000. in Feb 2022 vs. $865,000. in Feb 2021
Condo Average Sales Price +13% ~ $1,255,990. in Feb 2022 vs. $1,107,652. in Feb 2021
Condo Year to Date ~ Condos Sold -1% ~ Median Sales Price +15% ~ Average Sales Price +18%
Inventory
There was 0.78 months of supply in February. This is the 5th consecutive month of less than 1 month of supply. Last February had 1.4 months – almost double the inventory!
Pending Sales
There were 120 pending sales in February. There was 178 pending sales in February 2021. Pending sales ranged from a high of 220 in July 2021 to a low of 98 in December 2021.
Price Reductions
There were 18 price reductions in February. There were 25 last February. 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
February homes and condos sold at 102.5% of original list price. There are still multiple offers, mostly at the lower range of the market. Some high end properties are reducing price.
Of the 130 sales of homes and condos sold in February, 99 or 76.1% were above $1,000,000.
Cash Sales
38% of all sales in February were cash.
30% of all sales in January were cash.
Days on Market
32 days for single family homes
19 days for condos
Year over Year Price Report for February
Santa Barbara Median Sales Price +24.4% ~ $2,230,000. in Feb 2022 vs. $1,792,500. in Feb 2021
Santa Barbara Average Sales Price +31% ~ $2,661,904. in Feb 2022 vs. $2,032,267. in Feb 2021
Montecito Median Sales Price +9.2% ~ $4,557,500. in Feb 2022 vs. $4,175,000. in Feb 2021
Montecito Average Sales Price +22.1% ~ $6,406,264. in Feb 2022 vs. $5,244,750. in Feb 2021
Hope Ranch Median Sales Price +46.1% ~ $6,575,000. in Feb 2022 vs. $4,500,000. in Feb 2021
Hope Ranch Average Sales Price -17.6% ~ $6,575,000. in Feb 2022 vs. $4,264,286. in Feb 2021
Summerland Median Sales Price +73% ~ $3,200,000 in Feb 2022 vs. $1,850,000. in Feb 2021
Summerland Average Sales Price+73% ~$3,200,000 in Feb 2022 vs. $1,850,000. in Feb 2021
Carpinteria Median Sales Price -47.1% ~ $1,150,000. in Feb 2022 vs. $2,175,000. in Feb 2021
Carpinteria Average Sales Price -69.3% ~ $1,146,333. in Feb 2022 vs. $3,732,500. in Feb 2021
Goleta Median Sales Price +50% ~ $1,565,000. in Feb 2022 vs. $1,043,500. in Feb 2021
Goleta Average Sales Price +45.6% ~ $1,719,169. in Feb 2022 vs. $1,181,120. in Feb 2021
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of March 9, 2022. This includes both off market and MLS data combined.
