Santa Barbara Real Estate Statistical Update ~ May 2021
Shockingly Low Inventory ~ Demand is Staggering
Single Family Homes Sold +145% ~ 159 in May 2021 vs. 65 in May 2020
Single Family Median Sales Price +95% ~ $2,280,000. in May 2021 vs. $1,169,000. in May 2020
Single Family Average Sales Price +67% ~ $3,534,792. in May 2021 vs. $2,117,848. in May 2020
Single Family Year to Date ~ Homes Sold +54% ~ Median Sales Price +51% ~ Average Sales Price +89%
Condos Sold +145% ~ 49 in May 2021 vs. 20 in May 2021
Condo Median Sales Price +2% ~ $825,000. in May 2021 vs. $810,000. in May 2020
Condo Average Sales Price +6% ~ $1,023,092. in May 2021 vs. $963,850. in May 2020
Condo Year to Date ~ Condos Sold +66% ~ Median Sales Price +10% ~ Average Sales Price +22%
Inventory
May had 1.2 months of supply. It marks the 5th consecutive month of shockingly low inventory. April had 1.05 months of supply, March had 1.8 months, February had 1.4 months and January had 1.44 months of supply. Lack of supply is driving multiple offers.
Pending Sales
There were 176 pending sales in May. There were 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 42 price reductions in May. There were 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
May homes and condos sold at 100.5% of original list price due to several multiple offers resulting in selling prices above asking.
Of the 208 sales of homes and condos sold in May, 164 or 78.7% were above $1,000,000.
Days on Market
62 days for single family homes ~ 52 days for condos
Year over Year Price Report
Santa Barbara Median Sales Price +72.3% ~ $1,825,000. in May 2021 vs. $1,058,750. in May 2020
Santa Barbara Average Sales Price +76.3% ~ $2,145,529. in May 2021 vs. $1,216,933. in May 2020
Montecito Median Sales Price +70.5% ~ $5,900,000. in May 2021 vs. $3,460,000. in May 2020
Montecito Average Sales Price +51% ~ $6,888,886. in May 2021 vs. $4,560,467. in May 2020
Hope Ranch Median Sales Price -62% ~ $3,985,500. in May 2021 vs. $10,500,000. in May 2020
Hope Ranch Average Sales Price -46% ~ $5,622,500. in May 2021 vs. $10,500,000. in May 2020
Summerland Median Sales Price n/a ~ $7,500,000. in May 2021 vs. no sales in May 2020
Summerland Average Sales Price n/a ~ $7,500,000. in May 2021 vs. no sales in May 2020
Carpinteria Median Sales Price +92.9% ~ $1,785,000. in May 2021 vs. $925,000. in May 2020
Carpinteria Average Sales Price +127.1% ~ $2,100,714. in May 2021 vs. $925,000. in May 2020
Goleta Median Sales Price +25.3% ~ $1,240,500. in May 2021 vs. $989,500. in May 2020
Goleta Average Sales Price +27% ~ $1,456,483. in May 2021 vs. $1,184,450. in May 2020
Call or text Wendy Gragg at 805.453.3371 for more information.
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Source: CORT INDATA as of June 14, 2021. This includes both off market and MLS data combined.
