South Coast Snapshot…
ANOTHER RECORD BREAKING MONTH
Very Strong Buyer Demand
It is the 11th consecutive month of very low inventory.
If you are thinking of selling, lets talk…
Single Family Homes Sold +42% ~ 201 in Sept 2020 vs. 106 in Sept 2019
Single Family Median Sales Price +41% ~ $1,725,000. in Sept 2020 vs. $1,225,000. in Sept 2019
Single Family Average Sales Price +41% ~ $2,859,868. in Sept 2020 vs. $2,059,354. in Sept 2019
Single Family Year to Date ~ Homes Sold +3% ~ Median Sales Price +17% ~ Average Sales Price +15%
Condos Sold +42% ~ 71 in Sept 2020 vs. 50 in Sept 2019
Condo Median Sales Price +16% ~ $802,500. in Sept 2020 vs. $694,500. in Sept 2019
Condo Average Sales Price +28% ~ $914,654. in Sept 2020 vs. $716,480. in Sept 2019
Condo Year to Date ~ Condos Sold -20% ~ Median Sales Price +6% ~ Average Sales Price +12%
Inventory
September is the 11th consecutive month of very low inventory with 3.45 months of supply. It was 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 261 pending sales in September. There were 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 80 price reductions in September. There were 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
September homes and condos sold at 96.375% of original list price. It was 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 272 sales of homes and condos in September, 180 or 66.5% were above $1,000,000.
Days on Market
80 days for single family homes ~ 73 days for condos
Year over Year Price Report
Santa Barbara Median Sales Price +48.1% ~ $1,500,000. in Sept 2020 vs. $1,012,500. in Sept 2019
Santa Barbara Average Sales Price +56.2% ~ $1,724,379. in Sept 2020 vs. $1,104,031. in Sept 2019
Montecito Median Sales Price +61.9% ~ $4,209,000. in Sept 2020 vs. $2,600,000. in Sept 2019
Montecito Average Sales Price +65.3% ~ $6,005,104. in Sept 2020 vs. $3,633,452. in Sept 2019
Hope Ranch Median Sales Price -28.3% ~ $3,400,000. in Sept 2020 vs. $4,742,500. in Sept 2019
Hope Ranch Average Sales Price -23.9% ~ $3,900,000. in Sept 2020 vs. $5,122,000. in Sept 2019
Summerland Median Sales Price +149.9% ~ $2,505,000. in Sept 2020 vs. $1,002,500. in Sept 2019
Summerland Average Sales Price +149.6% ~ $2,502,500. in Sept 2020 vs. $1,002,500. in Sept 2019
Carpinteria Median Sales Price +56.4% ~ $1,329,000. in Sept 2020 vs. $850,000. in Sept 2019
Carpinteria Average Sales Price +37.5% ~ $3,745,727. in Sept 2020 vs. $2,723,182. in Sept 2019
Goleta Median Sales Price +23.2% ~ $1,012,500. in Sept 2020 vs. $821,750. in Sept 2019
Goleta Average Sales Price +25.4% ~ $1,196,393. in Sept 2020 vs. $954,204. in Sept 2019
Call or text Wendy Gragg at 805.453.3371 for more information.
Source: CORT INDATA as of Sept 22, 2020. This includes both off market and MLS data combined.
