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.
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.