Santa Barbara Real Estate Market Report | April 2023
As May brings its grey skies and Summer looms ahead, Santa Barbara County continues to face a severe shortage of available inventory. Sales volume in the South County was down by 38% compared to the previous year. In April, Santa Barbara City recorded only 50 sales, and both the average and median sale prices experienced a decline of 10% and 12% respectively, reaching $1,935,000 and $1,767,000. Although this may appear significant, the current market still heavily favors sellers, as demand continues to exceed supply. According to Fidelity National Title, there was only 1.44 months of available supply at the end of April, which is a slight improvement from 2022’s supply of sub 1-month, but is significantly lower than the supply of around 5 months recorded in 2019.
These market conditions indicate that it is a good time for sellers to list their properties. However, buyers may encounter some challenges due to the limited inventory and high interest rates. As we approach the Summer season, it will be interesting to see how the market dynamics evolve and whether inventory levels will increase to meet the growing demand.
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.
Santa Barbara Real Estate Market Report | March 2023
Knight Real Estate Group is proud to present the March 2023 Market Report by Village Properties for South Santa Barbara County. The month of March showed a -43% decrease in total sales YOY over March 2022, with the median sales price of a single-family home down -10% YTD for Q1. While these numbers could signal a softening in the market, buying activity is still very strong with cash sales representing 42% of all transactions in March, and inventory sitting at a mere 1.22 month supply. We believe the dip in the median price is due, in part, to the smaller sales data pool that can dramatically skew results.
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.
Santa Barbara Real Estate Market Report | February 2023
Knight Real Estate Group is proud to present the February 2023 Market Report by Village Properties for South Santa Barbara County. As we near the end of Q1 2023, we continue to see an active real estate market due to the extremely low housing inventory. That said, February 2023 marks the first time that both the average and median sales price have declined on a YOY basis.
Total sales volume for the month of February was down -40% over 2022 with the average sales price for single-family homes down -6% to $3,182,126. The median sales price is down -12% from 2022 sitting at $1,950,000. The median sales price of condominiums, however, increased 6% over 2022, settling at $925,000.
Two factors driving down housing prices are (1) the dramatic increase in interest rates, and (2) the cost of inflation. In our opinion, these factors have stopped and/or slightly reversed the rapid price appreciation seen during the Pandemic. It will be interesting to see how values trade during the year.
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 ever-changing housing market, please reach out anytime.
Santa Barbara Real Estate Market Report | January 2023
As we close out the first month of 2023, we are seeing renewed energy in the real estate market. While January 2023 posted a decline in both the average and median sales price for the first time in years, that is a reflection of sluggish sales during Q4 of 2022 caused by high interest rates, inflationary concerns and buyer uncertainty. Now that rates have stabilized for the time being, buyers are cautiously re-entering the market and well-positioned properties are again receiving multiple purchase offers.
Total sales for the month of January were down -36% over 2022 due to an extreme lack of inventory on the South Coast, while the average sales price for single family homes in the Santa Barbara area fell 6% from the same time last year to $3,215,442. The median sales price is down 9% from 2022, sitting at $1,781,469. In contrast, the median sales price of a condominium is up 3% YTD over 2022.
View the full report with market insights more accurate than any other real estate report thanks to Village Properties and Fidelity National Title. If you would like to have a more in-depth conversation on this data and how it may affect your real estate needs, please reach out anytime. Knight Real Estate Group is looking forward to another year of helping you achieve your real estate goals!