South Coast Snapshot…
VERY STRONG DEMAND AND VERY LITTLE INVENTORY
Single Family Homes Sold +76% ~ 148 in Nov 2020 vs. 84 in Nov 2019
Single Family Median Sales Price +27% ~ $1,644,500. in Nov 2020 vs. $1,300,000. in Nov 2019
Single Family Average Sales Price +28% ~ $2,594,402. in Nov 2020 vs. $2,024,833. in Nov 2019
Single Family Year to Date ~ Homes Sold +14% ~ Median Sales Price +21% ~ Average Sales Price +22%
Condos Sold +40% ~ 56 in Nov 2020 vs. 40 in Nov 2019
Condo Median Sales Price +24% ~ $822,250. in Nov 2020 vs. $665,000. in Nov 2019
Condo Average Sales Price +18% ~ $927,384. in Nov 2020 vs. $945,688. in Nov 2019
Condo Year to Date ~ Condos Sold -8% ~ Median Sales Price +8% ~ Average Sales Price +12%
Inventory
November is the 13th consecutive month of very low inventory with only 1.99 months of supply. It was 2.54 months in October, 3.45 months of supply in September, 3.62 months in August, 4.03 months in July, 4.31 months in June, 4.29 months in May, 3.81 months in April, 3.22 months in March, 3.58 months in February, 3.23 months in January, 3.19 months in December and 3.77 months in November.
Pending Sales
There were 183 pending sales in November. There were 216 in October, 261 in September, 286 in August, 266 in July, 222 in June, 134 in May, 65 in April, 107 in March, 144 in February & 131 in January. Pending sales in 2019 ranged from a low of 114 in December to a high of 199 in May.
Price Reductions
There were 54 price reductions in November. There were 78 in October, 80 in September, 102 in August, 127 in July, 100 in June, 93 in May, 52 in April, 89 in March, 86 in February and 106 in January. 2019 ranged between 100-200 price reductions per month.
Sales Price % to Original List Price
November homes and condos sold at 97.5% of original list price. It was 97.75% in October, 96.375% in September, 96.25% in August, 96% in July, 95.2% in June, 93.5% in May, 94.75% in April, 96.25% in March, 94.9% in February and 94.5% in January.
Of the 204 sales of homes and condos in November, 133 or 65.2% were above $1,000,000.
Days on Market
79 days for single family homes ~ 66 days for condos
Year over Year Price Report
Santa Barbara Median Sales Price +16.5% ~ $1,500,000. in Nov 2020 vs. $1,287,500. in Nov 2019
Santa Barbara Average Sales Price +12.6% ~ $1,607,031. in Nov 2020 vs. $1,426,681. in Nov 2019
Montecito Median Sales Price +39.4% ~ $3,895,000. in Nov 2020 vs. $2,795,000. in Nov 2019
Montecito Average Sales Price +72.3% ~ $5,764,095. in Nov 2020 vs. $3,343,458. in Nov 2019
Hope Ranch Median Sales Price +17.3% ~ $2,947,000. in Nov 2020 vs. $2,511,000. in Nov 2019
Hope Ranch Average Sales Price +17.3% ~ $2,947,000. in Nov 2020 vs. $2,511,000. in Nov 2019
Summerland Median Sales Price NA ~ $2,180,000. in Nov 2020 vs. no sales in Nov 2019
Summerland Average Sales Price NA ~ $2,251,143. in Oct 2020 vs. no sales in Nov 2019
Carpinteria Median Sales Price -26.4% ~ $995,000. in Nov 2020 vs. $1,352,000. in Nov 2019
Carpinteria Average Sales Price -78.8% ~ $1,178,591. in Nov 2020 vs. $5,564,000. in Nov 2019
Goleta Median Sales Price +8.05% ~ $1,080,500. in Nov 2020 vs. $1,000,000. in Nov 2019
Goleta Average Sales Price +9.5% ~ $1,280,500. in Nov 2020 vs. $1,169,667. in Nov 2019
Call or text Wendy Gragg at 805.453.3371 for more information.
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Source: CORT INDATA as of December 15, 2020. This includes both off market and MLS data combined.
