Santa Barbara Real Estate Market Report | November 2024
November 2024 Market Report: Strong Performance as the Year Wraps Up
The South Santa Barbara County real estate market continues to demonstrate resilience and steady growth as we approach the end of 2024. Year-to-date (YTD) through November, the average sales price has climbed to $2,941,655, marking an 11% increase over the same period in 2023. The median sales price also saw growth, rising 4% to $1,795,000.
Breaking Down the Numbers
Single-Family Homes: Average price: $3,566,383 (+10% YTD) | Median price: $2,200,000 (+5% YTD)
Condos: Average price: $1,289,730 (+3% YTD) | Median price: $998,500 (+5% YTD)
Despite higher financing costs compared to the last decade, buyers continue to prioritize homeownership, with 41% of YTD transactions closing as all-cash purchases. Total sales volume also saw a healthy uptick, rising 11% to reach 1,137 units sold this year.
Inventory & Market Trends
November inventory tightened slightly, with the months of supply (MOS) dipping to 2.58 months, down from 3.14 months in October. This signals a continued competitive market, where well-priced, turn-key properties in desirable locations remain in high demand, often selling quickly and above asking price. Conversely, homes requiring significant updates or priced too ambitiously are seeing longer days on market.
Key Takeaway
As we close out the year, strategic pricing and exceptional property presentation remain critical for achieving strong results in this dynamic market.
If you’re curious about your home’s current value or considering a move in 2025, Knight Real Estate Group is here to guide you with expertise and proven results. Reach out to discuss how we can position you for success in today’s real estate landscape.
Disclaimer: This report is based on available data and market trends as of 11/1/24. Actual market conditions may vary, and individuals are encouraged to consult with real estate professionals for personalized advice.
Santa Barbara Real Estate Market Report | October 2024
Knight Real Estate Group is pleased to present the October 2024 Market Report for South Santa Barbara County. As we approach the holiday season, the local real estate market continues to exhibit strong growth in both sales volume and price appreciation. Year-to-date (YTD) through October, the average sales price has risen to $2,912,384, a 10% increase compared to 2023, while the median sales price climbed 5% to $1,795,000.
Single-family homes remain the driving force behind this appreciation, with the average sales price reaching $3,551,718 (+9%) and the median sales price climbing to $2,209,000 (+5%) compared to last year. Condominiums have also experienced upward trends, with the average sales price rising 2% to $1,263,693 and the median sales price increasing 5% to $998,500. These figures highlight a strong and sustained demand across the market, even as buyers adapt to higher financing costs.
Interestingly, 41% of transactions this year have been all-cash purchases, reflecting a shift in buyer behavior amid elevated interest rates. October’s months of supply stood at 3.14 months, signaling a consistent inventory level over the past five months. Turn-key properties in desirable neighborhoods continue to command a premium, with 21% of October listings selling above asking price. In contrast, overpriced homes or those requiring substantial updates often remain on the market longer.
In today’s competitive environment, strategic pricing and impeccable presentation are essential for a successful sale. We encourage you to explore our recent sales and blog posts on our website. As always, our team is here to provide expert guidance tailored to your real estate needs and to help you navigate Santa Barbara’s dynamic market.
Disclaimer: This report is based on available data and market trends as of 10/1/24. Actual market conditions may vary, and individuals are encouraged to consult with real estate professionals for personalized advice.
Santa Barbara Real Estate Market Report | 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.