This market is rewarding homes that are priced with intention and punishing the ones that aren’t. Homes sold for an average of 94% of their list price, and 15% of listings still sold over asking- proof that buyers will compete when value is clear, but won’t chase wishful pricing.
With inventory just over three months and a steady cash presence, this is a market that favors strategy over optimism.
Here’s what happened.
Highs and Lows of the Month’s Sales
Highest Sale:
109 Rametto Road in Montecito closed at $12,788,125
Lowest Sale:
6075 Jacaranda Way D closed(off-market) at $500,000
Sales Trends and Cash Transactions
Total Sales: 90 closings (down 8% YoY)
Single Family Homes: 64 sold (down 9%)
Condos/PUDs: 26 sold (down 7%)
Cash Sales: 39% of all transactions
Cash continues to stabilize the market. Buyers in our market aren’t as rate-sensitive but that doesn't mean they'll buy anything. Today‘s buyers are value-sensitive.
Average Days on Market – January
Single Family: 42 days
Condos/PUDs: 56 days
Inventory
3.04 months of supply
Still well under the six-month mark that would indicate a true buyer’s market.
Pricing Snapshot
Single Family Homes:
-
Average Price: $3,078,168 (down 36% YoY)
-
Median Price: $2,300,716 (down 20% YoY)
Condos/PUDs:
-
Average Price: $1,118,481 (down 29% YoY)
-
Median Price: $862,500 (down 14% YoY)
Here’s the nuance:
The average dipped because fewer trophy properties closed compared to last January. The median softened but held, meaning everyday demand is still strong.
Market Stability & What’s Ahead
More homes are coming to market and staying active longer, but inventory is still tight relative to demand. Buyers now have leverage, not to lowball, but to be selective.
Cash will always be king, especially at the top end of the market.
For sellers:
Pricing, prep, and presentation matter more than ever. The threshold for fixers is shrinking, and tenant-occupied homes are getting harder to sell. 15% of homes still sold over their asking price. If something sits, it’s usually a price or condition issue, not a lack of interested buyers.
For buyers:
The good homes still go fast. Strategy begins with your search. Off-markets, pre-markets and precise outreach are where the real deals are happening.
