Elings Park
Santa Barbara
Housing Market Insights
December 2023
Market Overview
Let's keep this brief and get on with Christmas.
November sales were light.
Inventory YOY is up.
Prices are flat.
Interest rates dramatically dropped last week.
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Today's 30 yr. fixed mortgage rate
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Pricing Matters...
Price it right and possible multiple offers.
Overprice it, and one may still be on the market months later.
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Local Pace of Sales
November sales were again below 100. Twelve of the last seventeen months have recorded 100 or fewer sales.
2023 is going to be one of the lowest annual total sales on record.
Inventory YOY has been higher this Fall - up 24% this month, but we don't have enough inventory for the largest portion of the buyer market (<$3M), and we have even less for our entry level (<$1.5M) buyers.
Of 133 single family homes for sale this week, 86 of them are priced in excess of $3M.
If a property comes to market priced right under the $3M level, there are buyers waiting...
e.g. A property in our office hit the market Thursday at $1.2M - on Monday, they had twelve offers. Another property in our office priced at $3M hit the market Thursday and had five offers by Monday. Both properties are pending over list price.
417 Donze hit the market Thursday.
70 people, agents and buyers, saw it Thursday. There were 3 showings Saturday, 1 showing Sunday, 3 more showings Monday, and it was under contract Monday afternoon.
November 2023 Sales Stats
NOVEMBER 2023
YOY
Total Sales: 79 -19%
Median Sales Price combined: $1,785,000 +19%
Median Sales Price House: $1,900,000 +10%
Median Sales Price Condo: $1,032,000 -2%
Median Days On Market: 13
Average Sold to List Price Ratio: 97%
Cash Sales: 46%
Off Market Sales: 11
Sales over $8M: 5
Inventory Supply: 2.2 months
*November sales are down 29% from 2019 levels.
2019
*Median sales Price combined: $1,160,000
*Median Days on Market: 75
*Average Sold to List Price Ration: 94%
(*2019 pre-pandemic levels)
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Montecito
November 2023
There are currently 47 properties for sale in Montecito. Twenty-one of those are priced in excess of $8M - their median days on market is 79. The pace of sales at the higher end has moderated.
Montecito Sales - November
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Total Sales: 15
Homes: 13
Condos: 2
Median Sales Price: $5,025,000
Median Days on Market: 10
Average Sold Price to List Price: 94%
Off Market Sales: 2
All Cash: 8
Sales Over $8M: 3
High Sale for November - 605 Cowles Rd.
*Last sold in May 2021 unfinished
See below:
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Merry Christmas!
&
Happy Holidays!
With Love!
Family Hodson
​​​​​​​​​​​​​​
Kirk G. Hodson
REALTOR® | DRE# 01908650
​​​​​​​M: 805.886.6527
[email protected]
kirkhodson.com
© Compass 2023 ¦ All Rights Reserved by Compass ¦ Made in NYC
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 presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
