Santa Barbara Real Estate Statistical Update ~ October 2021
Number of Sales Plummet for 2nd Consecutive Month
A Full Year of Shockingly Low Inventory
Single Family Homes Sold -36% ~ 118 in Oct 2021 vs. 183 in Oct 2020
Single Family Median Sales Price +3% ~ $1,803,750. in Oct 2021 vs. $1,750,000. in Oct 2020
Single Family Average Sales Price -7% ~ $2,973.085. in Oct 2021 vs. $3,193,891. in Oct 2020
Single Family Year to Date ~ Homes Sold +12% ~ Median Sales Price +26% ~ Average Sales Price +30%
Condos Sold -36% ~ 54 in Oct 2021 vs. 84 in Oct 2021
Condo Median Sales Price +10% ~ $868,000. in Oct 2021 vs. $786,000. in Oct 2020
Condo Average Sales Price +23% ~ $1,138,119. in Oct 2021 vs. $925,714. in Oct 2020
Condo Year to Date ~ Condos Sold +19% ~ Median Sales Price +13% ~ Average Sales Price +18%
Inventory
There was only 0.98 months of supply in October! This marks an entire year of historically low inventory. September had 1.12 months of supply, August had 1.17 months, July also had 1.17 months, June had 1.24 months, May had 1.2 months, April had 1.05 months, March had 1.8 months, February had 1.4 months and January had 1.44 months of supply. December 2020 had 1.61 months & November 2020 had 1.99 months.
Pending Sales
There were 172 pending sales in October. There were 160 in September, 174 in August, 220 in July, 205 in June, 176 in May, 202 in April, 193 in March, 178 in February and 158 in January. Pending sales ranged from a high of 286 in September to a low of 65 in April 2020.
Price Reductions
There were 25 price reductions in October. There were 41 in September, 40 in August, 45 in July, 51 in June, 42 in May, 39 in April, 29 in March, 25 in February and 29 in January. Price reductions ranged from a high of 127 in July to a low of 52 in April 2020.
Sales Price % to Original List Price
October homes and condos sold at 101.75% of original list price. There are still multiple offers but the frenzy has cooled.
Of the 172 sales of homes and condos sold in September, 125 or 72.6% were above $1,000,000.
Cash Sales
27% of all sales in October were cash. Year to date, 33% of all sales were cash.
Days on Market
41 days for single family homes ~ 28 days for condos
Year over Year Price Report
Santa Barbara Median Sales Price +13.8% ~ $1,750,000. in Oct 2021 vs. $1,538,000. in Oct 2020
Santa Barbara Average Sales Price +16.8% ~ $2,287,023. in Oct 2021 vs. $1,957,713. in Oct 2020
Montecito Median Sales Price +59% ~ $5,051,000. in Oct 2021 vs. $3,175,000. in Oct 2020
Montecito Average Sales Price -18.4% ~ $5,665,250. in Oct 2021 vs. $6,948,565. in Oct 2020
Hope Ranch Median Sales Price +55.4% ~ $6,800,000. in Oct 2021 vs. $4,375,000. in Oct 2020
Hope Ranch Average Sales Price +112.3% ~ $9,033,333. in Oct 2021 vs. $4,254,667. in Oct 2020
Summerland Median Sales Price +20.9% ~ $2,999,000. in Oct 2021 vs. $2,480,000. in Oct 2020
Summerland Average Sales Price +114.3% ~ $8,133,000. in Oct 2021 vs. $3,795,000. in Oct 2020
Carpinteria Median Sales Price +68.4% ~ $1,812,500. in Oct 2021 vs. $1,076,000. in Oct 2020
Carpinteria Average Sales Price +98.3% ~ $3,044,944. in Oct 2021 vs. $1,535,500. in Oct 2020
Goleta Median Sales Price +20.7% ~ $1,225,000. in Oct 2021 vs. $1,015,000. in Oct 2020
Goleta Average Sales Price +20.2% ~ $1,522,933. in Oct 2021 vs. $1,266,372. in Oct 2020
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of November 16, 2021. This includes both off market and MLS data combined.
