May 2026 Market Update | South Santa Barbara County
May was all about single family homes! 134 homes sold across South Santa Barbara County, up 7% from last year, and single family sales jumped 16%. Cash buyers had a huge month too. Nearly half of all sales were cash!
Here's the whole picture:
Highs and Lows of the Month's Sales
Highest Sale: 1119 Alston Road in Montecito closed at $15,900,000
Lowest Sale: 5945 Hickory #4 in Carpinteria closed at $605,000
Sales Trends and Cash Transactions
Total Sales: 134 closings (up 7% YoY)
Single Family Homes: 100 sold (up 16%)
Condos/PUDs: 34 sold (down 15%)
Cash Sales: 48% of all transactions
Sold Over Asking: 21% of homes
48% cash is the highest share we've seen this year. Buyers who can pay cash are using it to win the homes they want, especially at the higher end.
Average Days on Market
Single Family: 30 days
Condos/PUDs: 52 days
That's a big flip from April, when condos were the ones moving fast. Single family homes went under contract in about a month, while condos took noticeably longer.
Inventory
3.81 months of supply. A jump from 2.90 in April, and the highest it's been this year so far. Still under the six-month mark that would signal a true buyer's market, but buyers have more to choose from than they did this spring.
Pricing Snapshot
Single Family Homes:
Average Price: $3,360,386 (up 7% YoY)
Median Price: $2,312,500 (up 1% YoY)
Condos/PUDs:
Average Price: $1,300,681 (down 4% YoY)
Median Price: $1,049,500 (down 9% YoY)
Here's the nuance: single family prices held steady, with the median coming in slightly above last year. Santa Barbara led the way with 51 single family sales and a median of $2,160,000. Goleta's median was $1,750,000 and Carpinteria's was $1,850,000. Condos were softer, with fewer sales and a lower median, so if you're a condo buyer, this is a good moment to negotiate.
Year to Date
Through May, 596 homes have sold in South County, up 5% from last year. The year-to-date single family median is $2,155,000 (down 17%), the condo median is $1,049,000 (down 10%), and 41% of sales have been all cash.
Market Stability & What's Ahead
For sellers: Single family homes are in demand right now and moving quickly when they're priced well. Condo sellers may need a little more patience and sharper pricing to stand out with more inventory on the market.
For buyers: More inventory means more options, especially in condos. On the single family side, competition is still real (21% sold over asking), so be ready to move when you find the one.
If you want to talk through what this means for your home or your search, I'm always here to help!
Sources: Fidelity National Title / Chicago Title Santa Barbara INdata reports and Santa Barbara Association of REALTORS® data. Information deemed reliable but not guaranteed.
