Santa Barbara Real Estate Statistical Update ~ August 2021
Market Remains Strong But Frenzy is Cooling
Single Family Homes Sold -2.5% ~ 155 in Aug 2021 vs. 159 in Aug 2020
Single Family Median Sales Price +5% ~ $1,700,000. in Aug 2021 vs. $1,625,000. in Aug 2020
Single Family Average Sales Price +43% ~ $3,156,748. in Aug 2021 vs. $2,208,267. in Aug 2020
Single Family Year to Date ~ Homes Sold +36% ~ Median Sales Price +36% ~ Average Sales Price +52%
Condos Sold – FLAT ~ 70 in Aug 2021 vs. 70 in Aug 2021
Condo Median Sales Price +29% ~ $865,000. in Aug 2021 vs. $672,000. in Aug 2020
Condo Average Sales Price +31% ~ $1,121,709. in Aug 2021 vs. $859,057. in Aug 2020
Condo Year to Date ~ Condos Sold +44% ~ Median Sales Price +4% ~ Average Sales Price +19%
Inventory
Inventory has been in the 1 month of supply range for 8 consecutive months! August had 1.17 months of supply. 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. Santa Barbara has never experienced this.
Pending Sales
There were 174 pending sales in August. There were 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 40 price reductions in August. There were 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
August homes and condos sold at 101% of original list price. There are still multiple offers on many homes below $3 million and on some well located high end homes. The frenzy on most new listings has started to cool.
Of the 225 sales of homes and condos sold in August, 169 or 75.1% were above $1,000,000.
Cash Sales
41 % of all sales were cash
Days on Market
50 days for single family homes ~ 39 days for condos
Year over Year Price Report
Santa Barbara Median Sales Price +4.6% ~ $1,600,000. in Aug 2021 vs. $1,528,250. in Aug 2020
Santa Barbara Average Sales Price +18.3% ~ $1,903,184. in Aug 2021 vs. $1,607,992. in Aug 2020
Montecito Median Sales Price +39.3% ~ $4,320,000. in Aug 2021 vs. $3,100,000. in Aug 2020
Montecito Average Sales Price +78.7% ~ $6,865,411. in Aug 2021 vs. $3,840,691. in Aug 2020
Hope Ranch Median Sales Price +1.9% ~ $5,000,000. in Aug 2021 vs. $4,906,500. in Aug 2020
Hope Ranch Average Sales Price +46% ~ $7,991,143. in Aug 2021 vs. $5,457,875. in Aug 2020
Summerland Median Sales Price +283% ~ $5,000,000. in Aug 2021 vs. $1,305,500. in Aug 2020
Summerland Average Sales Price +199% ~ $5,000,000. in Aug 2021 vs. $1,673,000. in Aug 2020
Oceanfront sale impacted Summerland data
Carpinteria Median Sales Price +19.7% ~ $1,275,000. in Aug 2021 vs. $1,065,000. in Aug 2020
Carpinteria Average Sales Price +21.7% ~ $1,407,308. in Aug 2021 vs. $1,156,788. in Aug 2020
Goleta Median Sales Price +15.7% ~ $1,345,000. in Aug 2021 vs. $1,162,000. in Aug 2020
Goleta Average Sales Price +11.9% ~ $1,522,149. in Aug 2021 vs. $1,360,125. in Aug 2020
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Aug 16, 2021. This includes both off market and MLS data combined.
