Price Reductions and Days on Market are Elevated
Inventory Remains Low
Single Family Homes Sold +4% ~ 72 in Sep 2024 vs. 69 in Sep 2023
Single Family Median Sales Price +6% ~ $2,494,538. in Sep 2024 vs. $2,350,000. in Sep 2023
Single Family Average Sales Price -4% ~ $3,722,306. in Sep 2024 vs. $3,880,318. in Sep 2023
Year to Date Single Family
Homes Sold +11%
Median Sales +6%
Average Sales Price +12%
Condos Sold +7% ~ 31 in Sep 2024 vs. 29 in Sep 2023
Condo Median Sales Price -15% ~ $1,170,000. in Sep 2024 vs. $1,374,000. in Sep 2023
Condo Average Sales Price +23% ~ 1,726,282. in Sep 2024 vs. $1,399,001. in Sep 2023
Year to Date Condos
Condos Sold +3%
Median Sales Price +4%
Average Price -1%
Inventory
There was 3.21 months of supply in September. This is the 4th 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 119 pending sales in September. This is in the range it has held for all of 2023 and most of 2024.
Price Reductions
Price reductions continue to increase. There were 98 price reductions in September. There were 97 in August, 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
September homes and condos sold at 95.4% of original list price.
Of the 103 sales of homes and condos sold in September, 91 or 88.3% were above $1,000,000.
Cash Sales
44% of all sales in September were cash.
Year to date 42% of all sales were cash.
Days on Market
36 days for single family homes
29 days for condos
Year over Year Price Report for September
Santa Barbara Median Sales Price +24.6% ~ $2,617,500. in Sep 2024 vs. $2,100,000. in Sep 2023
Santa Barbara Average Sales Price +39% ~ $2,962,000. in Sep 2024 vs. $2,130,510. in Sep 2023
Montecito Median Sales Price +36.9% ~ $7,250,000. in Sep 2024 vs. $5,297,000. in Sep 2023
Montecito Average Sales Price +17.6% ~ $7,908,050. in Sep 2022 vs. $6,726,800. in Sep 2023
Hope Ranch Median Sales Price N/A ~ no sales in Sep 2024 vs. $6,712,500. in Sep 2023
Hope Ranch Average Sales Price N/A ~ no sales in Sep 2024 vs. $6,712,500. in Sep 2023
Summerland Median Sales Price +6.5% ~ $4,075,000. in Sep 2024 vs. $3,825,000 in Sep 2023
Summerland Average Sales Price +6.5% ~ $4,075,000. in Sep 2024 vs. $3,825,000 in Sep 2023
Carpinteria Median Sales Price +102% ~ $4,150,000. in Sep 2024 vs. $2,055,000. in Sep 2023
Carpinteria Average Sales Price -7.8% ~ $6,829,167. in Sep 2024 vs. $7,404,139. in Sep 2023
Goleta Median Sales Price +2% ~ $1,690,000. in Sep 2024 vs. $1,655,763. in Sep 2023
Goleta Average Sales Price +27.5% ~ $1,842,327. in Sep 2024 vs. $1,445,240. in Sep 2023
Call or text Wendy Gragg for more information 805.453.3371
Source: CORT INDATA as of Oct 11, 2024. This includes both off market and MLS data combined.
