Year-Over-Year Market Comparison, Santa Barbara South County
December 13, 2023
In summary, inventory remains low. In a snapshot of current inventory levels, 145 homes are available from Carpinteria through Goleta, and 38 condos are available in that area. To put this in perspective, pre-COVID, we typically had 500-The Federal Reserve announced that they are leaving their benchmark lending rate unchanged. This has increased buyer sentiment making them hopeful that interest rates will decline in 2024.
We have broken down the data further, and by market segments, but still in an easy-to-read format. New listings are down anywhere from 10% to 40% depending on the market segment.
Looking at the various sub-markets….
Montecito has 46 homes available (50 properties available including condos), and if we limit this to the school districts of Montecito Union School and Cold Spring School, there are 37 available properties including condos. This ranges from $2,075,000 for a 3-bedroom condo, to an estate offered at $59M with 7 bedrooms / 14 bathrooms on 10 acres.
If we look at Santa Barbara, there are 47 homes available from $979,000 to $14,900,000. If we include condos, there are 63 properties available.
In Carpinteria/Summerland, there are 19 homes available from $1,495,000 to $109M, and 28 properties available if we include condos.
Hope Ranch has 10 listings at the moment, ranging from $6,299,000 to $19.9M.
Goleta has 32 listings including condos, ranging from $565,000 to $25M near Refugio State Beeach. There are 23 listings without condos.
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Comparing Year over Year
(1/1/23 – 12/8/23, compared with 1/1/22 – 12/8/22. Areas defined as Carpinteria,
Summerland, Montecito, Santa Barbara, Hope Ranch, and Goleta)
Homes/Estates, Carpinteria/Summerland:
Active Listings: Up 9.5%
New Listings: Down 10.5%
Under Contract: Down 34.5%
Number of Properties Sold: Down 28%
Average Sales Price: Up 1%
Condos, Carpinteria/Summerland:
Active Listings: Down 15.5%
New Listings: Down 40%
Under Contract: Down 58%
Number of Properties Sold: Down 73%
Average Sales Price: Up 9%
Homes/Estates, Montecito:
Active Listings: Up 35%
New Listings: Up 18%
Under Contract: Down 2%
Number of Properties Sold: Down 16%
Average Sales Price: Down 5%
Condos, Montecito:
Active Listings: Up/Down 0%
New Listings: Down 17%
Under Contract: Down 42%
Number of Properties Sold: Down 47%
Average Sales Price: Up 13%
Homes/Estates, Santa Barbara:
Active Listings: Down 1%
New Listings: Down 15%
Under Contract: Down 25%
Number of Properties Sold: Down 24%
Average Sales Price: Down 6%
Condos, Santa Barbara:
Active Listings: Down 2%
New Listings: Down 14%
Under Contract: Down 21%
Number of Properties Sold: Down 21%
Average Sales Price: Up 4%
Homes/Estates, Hope Ranch:
Active Listings: Up/Down 0%
New Listings: Down 26%
Under Contract: Down 53%
Number of Properties Sold: Down 35%
Average Sales Price: Down 15%
Homes/Estates, Goleta:
Active Listings: Down 23%
New Listings: Down 37%
Under Contract: Down 50%
Number of Properties Sold: Down 55%
Average Sales Price: Up 1%
Condos, Goleta:
Active Listings: Down 15%
New Listings: Down 27%
Under Contract: Down 37%
Number of Properties Sold: Down 43%
Average Sales Price: Up 2%
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.
