Price Reductions Increased Over the Last 3 Months
Inventory Remains Low
Single Family Homes Sold +24% ~ 87 in Oct 2024 vs. 70 in Oct 2023
Single Family Median Sales Price flat ~ $2,120,000. in Oct 2024 vs. $2,110,000. in Oct 2023
Single Family Average Sales Price -12% ~ $2,887,671. in Oct 2024 vs. $3,286,204. in Oct 2023
Year to Date Single Family
Homes Sold +13%
Median Sales +5%
Average Sales Price +9%
Condos Sold +30% ~ 26 in Oct 2024 vs. 20 in Oct 2023
Condo Median Sales Price +36% ~ $1,230,000. in Oct 2024 vs. $902,500. in Oct 2023
Condo Average Sales Price +28% ~ 1,572,885. in Oct 2024 vs. $1,225,100. in Oct 2023
Year to Date Condos
Condos Sold +4%
Median Sales Price +5%
Average Price +2%
Inventory
There was 3.14 months of supply in October. This is the 5th month in a row with inventory in the 3 month range. Otherwise it was at or below the 2 month range for almost 4 years!
Pending Sales
There were 121 pending sales in October. This is in the range it has held for all of 2023 and most of 2024.
Price Reductions
Price reductions have increased over the last 3 months. There were 96 price reductions in October, 98 in September and 97 in August. This is a jump from 78 in July, 73 in June, 74 in May, 63 in April, 50 in March, 38 in February and 53 in January.
Sales Price % to Original List Price
October homes and condos sold at 95.1% of original list price.
Of the 113 sales of homes and condos sold in October, 99 or 87.6% were above $1,000,000.
Cash Sales
36% of all sales in October were cash.
Year to date 41% of all sales were cash.
Days on Market
36 days for single family homes
30 days for condos
Year over Year Price Report for October
Santa Barbara Median Sales Price +6.4% ~ $2,052,500. in Oct 2024 vs. $1,929,000. in Oct 2023
Santa Barbara Average Sales Price +22.5% ~ $2,660,917. in Oct 2024 vs. $2,170,846. in Oct 2023
Montecito Median Sales Price -21.8% ~ $5,477,683. in Oct 2024 vs. $7,000,415. in Oct 2023
Montecito Average Sales Price -23.8% ~ $6,011,437. in Oct 2022 vs. $7,885,852. in Oct 2023
Hope Ranch Median Sales Price -24.3% ~ $4,947,500. in Oct 2024 vs. $6,535,500. in Oct 2023
Hope Ranch Average Sales Price -24.3% ~ $4,947,500. in Oct 2024 vs. $6,535,500. in Oct 2023
Summerland Median Sales Price +138.4% ~ $4,291,000. in Oct 2024 vs. $1,800,000 in Oct 2023
Summerland Average Sales Price +138% ~ $4,280,333. in Oct 2024 vs. $1,800,000 in Oct 2023
Carpinteria Median Sales Price flat ~ $1,974,000. in Oct 2024 vs. $1,977,978. in Oct 2023
Carpinteria Average Sales Price +1.8% ~ $2,235,000. in Oct 2024 vs. $2,195,239. in Oct 2023
Goleta Median Sales Price +6.7% ~ $1,597,500. in Oct 2024 vs. $1,497,500. in Oct 2023
Goleta Average Sales Price -12% ~ $1,968,876. in Oct 2024 vs. $2,235,781. in Oct 2023
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Nov 13, 2024. This includes both off market and MLS data combined.
