Santa Barbara Real Estate Market Report | June 2024
Knight Real Estate Group is proud to present the June 2024 Market Report by Village Properties for South Santa Barbara County. Our local real estate market has shown impressive strength during the first half of 2024. In Q1 and Q2, there were a total of 625 sales, marking a 12% increase compared to the same period last year. Breaking it down, single-family sales accounted for 446 units sold, a 15% increase over 2023, while condominiums saw 179 units sold, a 7% increase over 2023.
The average and median sale prices for single-family homes have also risen. Year to date (YTD), the average sale price has increased by 14% to $3,714,928, and the median sale price has risen by 7% to $2,250,000. Condominium sales, however, presented a mixed picture. The average sale price decreased by 3% to $1,135,143, whereas the median sale price increased by 5% to $975,000.
In the second quarter, cash transactions made up 42% of all transactions, representing a 2% increase compared to the same period last year. Additionally, the inventory months of supply has climbed to its highest level since 2020, currently sitting at just over 3 months. We encourage you to review the full report, which offers insights more precise than any other Santa Barbara market analysis courtesy of our colleagues at Fidelity National Title. We trust you will find value in this publication, and we invite you to explore recent sales and blog posts on our website. Should you have any inquiries about the market or your property’s value, we are here to assist.
Click here to view the full report »
Disclaimer: This report is based on available data and market trends as of 6/1/24. Actual market conditions may vary, and individuals are encouraged to consult with real estate professionals for personalized advice.
Santa Barbara Real Estate Market Report | May 2024
Knight Real Estate Group is pleased to present the May 2024 Market Report by Village Properties for South Santa Barbara County. Year-over-year total sales volume increased by 14% to 504 units sold. This growth includes a 19% rise in single-family home sales, and a 4% increase in condo sales. Single-family home prices also saw an upward trend. The average sale price rose by 6% to $3,455,415, while the median sale price increased by 8% to $2,265,000. Condominium prices continue to decline compared to last year, however, presumably due to affordability challenges. The average sale price fell by 9% to $1,093,981, and the median sale price decreased by 1% to $925,000. Finally, 39% of May’s transactions were cash deals, while 35% of transactions closed above the asking price.
As inventory levels continue to rise, we see certain neighborhoods experiencing softening demand and pricing. In this evolving market, choosing the right Realtor to guide you can make a significant difference. We encourage you to review the full report, which offers insights more precise than any other Santa Barbara market analysis courtesy of our colleagues at Fidelity National Title. We trust you will find value in this publication, and we invite you to explore recent sales and blog posts on our website. Should you have any inquiries about the market or your property’s value, we are here to assist.
Click here to view the full report »
Disclaimer: This report is based on available data and market trends as of 5/1/24. Actual market conditions may vary, and individuals are encouraged to consult with real estate professionals for personalized advice.
Santa Barbara Real Estate Market Report | April 2024
Knight Real Estate Group is proud to present the April 2024 Market Report by Village Properties for South Santa Barbara County. In April 2024, the total sales volume in Santa Barbara surged by 15% compared to the previous year, reaching 385 units. Single family home sales showed a robust 17% increase, totaling 280 units. The average price for a single family homes rose by 7% to $3,463,842, while the median price jumped 11% to $2,227,000. Condominium sales also saw sales volume growth, with an 8% increase to 108 units. However, the average price for condos decreased by 5% to $1,073,065, and the median price remained steady at $925,000.
Overall, our local market has demonstrated consistent growth. Yet, it’s insightful to examine different price segments within the market. By comparing the ratio of active listings to pending sales from Carpinteria to Goleta across three price ranges, we observed the following:
- Under $3MM: 108 active listings and 91 pending listings
- $3MM – $6MM: 54 active listings and 14 pending listings
- Over $6MM: 73 active listings and 10 pending listings
View the full report with insights more accurate than any other Santa Barbara market report, thanks to our friends at Fidelity National Title. We hope you find value in the publication and be sure to view recent sales and blog posts when visiting our website. If you have questions about the market, please reach out anytime.
Click here to view the full report »
Disclaimer: This report is based on available data and market trends as of 4/1/24. Actual market conditions may vary, and individuals are encouraged to consult with real estate professionals for personalized advice.
Santa Barbara Real Estate Market Report | March 2024
Knight Real Estate Group is proud to present the March 2024 Market Report by Village Properties for South Santa Barbara County. Sales volume saw a significant increase of 14% compared to the previous year, totaling 274 sales. Concurrently, the average sale price of single-family homes experienced a moderate 5% rise reaching $3,369,000, while the median sale price increased by a notable 10% to $2,200,000. However, condo sales prices showed a slight decline, with the average sale price decreasing by 11% to $1,055,000, and the median sale price down by 8% to $910,000.
Looking forward, the real estate market is displaying indications of returning to balance. While newly built or remodeled homes still command premium prices, properties in general are experiencing slightly longer time on the market. On average, properties are selling at 96% of their list price, reflecting a 1% decrease compared to last year. The current average sold price per square foot for single-family homes in Santa Barbara stands at $1,166.
Anticipated for Q2 and Q3 is an increase in inventory levels as the market continues to stabilize and consumer confidence in reentering the marketplace grows. Despite challenges such as insurance constraints and associated costs, the market remains buoyed by lifestyle-driven buyers seeking Santa Barbara as a second home or retirement destination, underscoring the enduring appeal of the region. Knight Real Estate Group remains committed to navigating these market dynamics while providing exceptional service to our clients.
For a comprehensive understanding, we encourage you to review the full report, which offers insights more precise than any other Santa Barbara market analysis courtesy of our colleagues at Fidelity National Title. We trust you will find value in this publication, and we invite you to explore recent sales and blog posts on our website. Should you have any inquiries about the market or your property’s value, we are here to assist.