One of the state’s consistent luxury markets lost some footing in November, per the California Association of Realtors.
According to its latest monthly report, Santa Barbara’s median sold price last month fell 28.3 percent, falling from $1,115,000 to $800,000. In an area with such a large inventory of high-ticket listings, this decline can easily be attributed to a slow sales month of just a handful of homes remaining on the market, but it’s significant nonetheless.
In terms of existing-home sales, Santa Barbara County saw sales decline 5.2 percent month-over-month. Compared to November 2021, sales were down 29.5 percent.
Elsewhere in the Central Coast, sales in San Luis Obsipo fell 14.8 percent, while the median sold price actually rose 9.2 percent. As of November 2022, the median sold price hit $890,000.
In Santa Cruz, sales fell 14 percent month-over-month while the median sold price dropped 8.6 percent to $1,245,000.