Santa Barbara Real Estate Market Report | August 2023
Knight Real Estate Group is pleased to present the August 2023 Market Report by Village Properties for South Santa Barbara County. While we saw renewed buyer interest early in the month, overall the market has cooled. The average price for a single-family home dipped below the $3M mark, coming in at $2.725M. The average price for a condo sat at $1.478M. Only 106 transactions closed during the month — down 20% from this time last year — with the total number of single-family home sales down 25% YOY. Cash sales continue to be favored, with 43% of all transactions closing without financing.
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 | July 2023
Knight Real Estate Group is pleased to present the July 2023 Market Report by Village Properties for South Santa Barbara County. As we enter the second half of Summer, we are seeing renewed interest from buyers. Sales activity is still well-below years past, but headwinds from increased interest rates, high inflation, and economic uncertainty are beginning to ease. In July, total sales were down -30%; the average price of a single family home was down -6% to $3,226,258; and the average price of condominiums was down -2% to $1,176,054. Cash transactions made up 49% of all sales in July.
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 | June 2023
Knight Real Estate Group is pleased to present the June 2023 Market Report by Village Properties for South Santa Barbara County. Good news about the economy has pushed interest rates to their highest point so far this year, exacerbating the standoff between potential sellers who are reluctant to give up their low rates, and buyers who are reluctant to buy at 7%. The result is that both median price sold and average price per square foot dipped a bit in June, with the average sales price for a SFR falling 8% to $3,269,000 and the median price dipping 6% to $2,112,000. During the second quarter, 40% of all transactions were cash sales; that is up from 28% from 2022.
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 | May 2023
Knight Real Estate Group is pleased to present the May 2023 Market Report by Village Properties for South Santa Barbara County. Total sales in South Santa Barbara County were down -36% over 2022. The average sale price also softened by -8% to $3,257,706 and the median sale price declined -7% to $2,090,000.
May’s numbers reflect the broader economic uncertainty that existed at the time: The government debt ceiling debate created a pause in the financial markets, and inflation concerns remained top-of-mind for investors and buyers alike. Now that the debt ceiling debate has been settled and inflation numbers are improving, we are seeing a heated real estate market in June.
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.