Santa Barbara Real Estate Statistical Update ~ July 2021
Data Remains Strong As Bidding Wars Cool Off
Single Family Homes Sold +5% ~ 133 in July 2021 vs. 127 in July 2020
Single Family Median Sales Price +13% ~ $1,900,000. in July 2021 vs. $1,675,000. in July 2020
Single Family Average Sales Price +17% ~ $2,940,274. in July 2021 vs. $2,520,728. in July 2020
Single Family Year to Date ~ Homes Sold +45% ~ Median Sales Price +40% ~ Average Sales Price +55%
Condos Sold +8% ~ 68 in July 2021 vs. 63 in July 2021
Condo Median Sales Price +6% ~ $810,000. in July 2021 vs. $764,000. in July 2020
Condo Average Sales Price -0.2% ~ $892,294. in July 2021 vs. $894,278. in July 2020
Condo Year to Date ~ Condos Sold +56% ~ Median Sales Price +11% ~ Average Sales Price +17%
Inventory
July is the 7th consecutive month of 1 month of inventory with 1.17 months of supply. June had 1.24 months of supply, 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. Supply is far below a balanced market which is 6 months of supply.
Pending Sales
There were 220 pending sales in July. There were 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 45 price reductions in July. There were 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
July homes and condos sold at 102.5% of original list price. This is based on property that went into escrow generally 21-45 days ago. There are still multiple offers on well priced and well located properties although bidding wars on most properties has started to cool.
Of the 201 sales of homes and condos sold in July, 141 or 70.1% were above $1,000,000.
Days on Market
53 days for single family homes ~ 44 days for condos
Year over Year Price Report
Santa Barbara Median Sales Price +6% ~ $1,500,000. in July 2021 vs. $1,415,000. in July 2020
Santa Barbara Average Sales Price +21% ~ $1,800,576. in July 2021 vs. $1,482,979. in July 2020
Montecito Median Sales Price +49% ~ $4,566,250. in July 2021 vs. $3,055,000. in July 2020
Montecito Average Sales Price +53% ~ $6,266,313. in July 2021 vs. $4,099,405. in July 2020
Hope Ranch Median Sales Price +162% ~ $7,075,000. in July 2021 vs. $2,700,000. in July 2020
Hope Ranch Average Sales Price +87% ~ $7,075,000. in July 2021 vs. $3,775,000. in July 2020
Summerland Median Sales Price +43% ~ $3,550,000. in July 2021 vs. $2,482,000. in July 2020
Summerland Average Sales Price +31% ~ $3,550,000. in July 2021 vs. $2,704,833. in July 2020
Carpinteria Median Sales Price -1% ~ $815,000. in July 2021 vs. $822,000. in July 2020
Carpinteria Average Sales Price +45% ~ $1,421,365. in July 2021 vs. $979,719. in July 2020
Goleta Median Sales Price +25% ~ $1,062,000. in July 2021 vs. $847,000. in July 2020
Goleta Average Sales Price +53.8% ~ $1,447,009. in July 2021 vs. $991,990. in July 2020
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of July 13, 2021. This includes both off market and MLS data combined.
