Year-Over-Year Market Comparison, Santa Barbara South County
November 20, 2022
In summary, inventory remains low. In a snapshot of current inventory levels, there are 146 homes available from Carpinteria through Goleta, and 42 condos available in that same area. To put this in perspective, we typically had 500-600 available homes across the market compared to the 146 homes available now.
Inventory continues to be at an all-time low; the true story of our market at the moment. The media may cause the general public to feel as though the market is drastically changing, and interest rates certainly have changed, but real estate is local. For the moment, our market remains strong and our largest hurdle is a lack of available properties. The number of closed and pending sales are down year-to-date, again due to the lack of inventory. Year over year, prices have increased.
Looking at the various sub-markets….
Montecito has 34 homes available (39 properties available including condos), and if we limit this to the school districts of Montecito Union School and Cold Spring School, there are 30 available properties including condos. This ranges from $1,895,000 for a 2-bedroom condo, to an estate offered at $68M with 7 bedrooms / 14 bathrooms on 10.5 acres.
If we look at Santa Barbara, there are 56 homes available from $898,000 to $13,840,000. If we include condos, there are 72 properties available.
In Carpinteria/Summerland, there are 23 homes available from $1,195,000 to $109M, and 33 properties available if we include condos.
Hope Ranch has 12 listings at the moment, ranging from $3,995,000 to $22.5M for a property that just fell out of escrow and came back on the market.
Goleta has 32 listings including condos, ranging from $589,000 to $11.5M at Hollister Ranch. If we exclude Hollister Ranch, Goleta’s current asking prices top out at $3,799,000. There are 21 listings without condos.
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Comparing Year over Year….
(1/1/22 – 11/19/22, compared with 1/1/21 – 11/19/21. Areas defined as Carpinteria, Summerland, Montecito, Santa Barbara, Hope Ranch, and Goleta)
Homes/Estates, Carpinteria through Goleta:
Active Listings: Down 26%
New Listings: Down 23%
Under Contract: Down 33%
Number of Properties Sold: Down 33%
Average Sales Price: Up 8%
Sold Price to List Price Percentage: Remaining at 103% of Asking Price, 0% Change
Condos, Carpinteria through Goleta:
Active Listings: Down 28%
New Listings: Down 27%
Under Contract: Down 35%
Number of Properties Sold: Down 35%
Average Sales Price: Up 16%
Sold Price to List Price Percentage: Up 2% to 104% of Asking Price
Homes/Estates, Montecito:
Active Listings: Down 43%
New Listings: Down 40%
Under Contract: Down 47%
Number of Properties Sold: Down 47%
Average Sales Price: Up 15%
Sold Price to List Price Percentage: Remaining at 100% of Asking Price, 0% Change
Condos, Montecito:
Active Listings: Down 24%
New Listings: Down 20%
Under Contract: Down 32%
Number of Properties Sold: Down 37%
Average Sales Price: Up 24%
Sold Price to List Price Percentage: Up 3% to 103% of Asking Price
Homes/Estates, Santa Barbara:
Active Listings: Down 25%
New Listings: Down 22%
Under Contract: Down 36%
Number of Properties Sold: Down 29%
Average Sales Price: Up 26%
Sold Price to List Price Percentage: Remaining at 104% of Asking Price, 0% Change
Homes/Estates, Hope Ranch:
Active Listings: Down 37%
New Listings: Down 30%
Under Contract: Down 51%
Number of Properties Sold: Down 50%
Average Sales Price: Up 32%
Sold Price to List Price Percentage: Up 2% to 102% of Asking Price
Homes/Estates, Carpinteria:
Active Listings: Up 6%
New Listings: Up 11%
Under Contract: Down 14%
Number of Properties Sold: Down 22%
Average Sales Price: Up 3%
Sold Price to List Price Percentage: Down 2%, from 102% of Asking Price to 100% of Asking Price
Please contact us regarding your real estate thoughts and plans. You need a trusted advisor in this competitive market and we are here to fulfill that role. We are a dedicated team of full-time professionals and passionate about what we do. All calls are confidential.
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