Here is the Q2 2023 residential property snapshot for different areas within the Santa Barbara region:

Santa Barbara:
The median sales price for residential properties in Santa Barbara is $1.91 million, representing a 2% decrease compared to Q2 2022. The average days on market have increased to 26 days, indicating a 53% increase compared to the same period last year. The number of closed sales has decreased by 24%, with 249 properties sold. Additionally, there is a decreased inventory with 155 properties available, reflecting an 11% decrease from Q2 2022.

Montecito:
In Montecito, the median sales price for residential properties is $5.15 million, representing a 3% decrease compared to Q2 2022. The average days on market have increased to 36 days, reflecting a 50% increase from the previous year. The number of closed sales has seen an increase of 85%, with 48 properties sold. The inventory has also increased significantly, with 61 properties available, representing a 221% increase compared to Q2 2022.

Hope Ranch:
In Hope Ranch, the median sales price for residential properties is $8.63 million, showing an 11% increase from Q2 2022. The average days on market have increased to 36 days, indicating a 157% increase compared to the same period last year. The number of closed sales has decreased by 40%, with 6 properties sold. However, the inventory has increased slightly, with 12 properties available, reflecting a 9% increase from Q2 2022.

Goleta:
The median sales price for residential properties in Goleta is $1.25 million, demonstrating a 6% decrease from Q2 2022. The average days on market have increased to 20 days, reflecting a 122% increase compared to the same period last year. The number of closed sales has decreased by 41%, with 35 properties sold. The inventory has also declined, with 7 properties available, representing a 61% decrease compared to Q2 2022.

Carpinteria:
In Carpinteria, the median sales price for residential properties stands at $1.2 million, showing a 10% decrease from Q2 2022. The average days on market have extended to 26 days, indicating an 86% increase from the previous year. The number of closed sales has seen a decline of 19%, with 25 properties sold. The inventory has decreased as well, with 17 properties available, representing a 32% decrease compared to Q2 2022.

Throughout the second quarter of 2023, the housing market in Santa Barbara has demonstrated a consistent display of strength and stability. With a scarcity of homes available for sale and robust buyer demand, the market has become increasingly competitive, resulting in elevated home prices. Moreover, the luxury segment has exhibited resilience, affirming the sustained interest of high-net-worth individuals in the Santa Barbara area.