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Single family home median sales price increased.
Condo median sales price steadied.
Properties priced properly sold quickly.
Four out of ten sales were all cash.
Regular reports of multiple offers on homes.
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Not only did January sales increase year over year, but they were higher than December 2023. Historically, December sales are higher than January.
Is market volume turning?
Are sellers coming back into the market?
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The above article appeared in the Wall Street Journal a couple weeks ago. This may put additional pressure on our inventory, which should help to sustain prices. Great news for sellers but may continue to widen the affordability gap for a lot of would-be buyers.
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Median Sales Price combined: $1,707,000 +6%
Median Sales Price House: $2,425,000 +36%
Median Sales Price Condo: $884,250 -2%
Median Days On Market: 19
Average Sold to List Price Ratio: 95%
Inventory Supply: 2.03 months
***The above graph and data include MLS and Off-Market sales.
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SANTA BARBARA SALES HISTORY
I took a look at thirty years of South County Santa Barbara residential sales history from inside our Multiple Listing Service (MLS). Some of the highlights are below.
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1993 Median Sales Price: $275,000 - 1427 sales
1998 Median Sales Price: $344,000 - 1896 sales
2005 Median Sales Price: $1,015,000 - 1528 sales
2012 Median Sales Price: $680,000 - 1800 sales
2019 Median Sales Price: $1,100,000 - 1612 sales
2023 Median Sales Price: $1,760,000 - 1011 sales
*The South County median sales price
increased 60% from 2019 to 2023.
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Median Sales Price: $4,587,500
Median Days on Market: 53
Average Sold Price to List Price: 92%
January sales were up significantly year over year. It looks like February sales are going to be up as well. However, available inventory seems to be dropping off. There are currently only 35 homes for sale in Montecito priced from $2M - $44M and an additional 7 condos priced from $1.9M - $5.9M - not a lot to pick from.
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Hope Ranch, also in the higher end of our housing market but a relatively small market with only 700 properties, had two sales in January - one off market at $4,370,000 and one in the MLS for $7,500,700.
For all of 2023 Hope Ranch experienced 19 sales and no sales in the month of December.
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Thank you for your continued trust and referrals!
...........................................................................
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Maximize the value of your home with Compass Concierge.
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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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