Santa Barbara Real Estate Market Report | October 2023
Knight Real Estate Group is pleased to present the October 2023 Market Report by Village Properties for South Santa Barbara County. Despite the ongoing activity in the local residential real estate market, it remains characterized by its dynamic nature. Year To Date (YTD) sales in South Santa Barbara County have experienced a decline of -26%, with the average and median sale prices down by just -3%, settling at $3,245,456 and $2,100,000, respectively. In contrast, the YTD average sale price for condominiums has seen a positive uptick of +4%, reaching $1,238,352.
The market has been influenced by low inventory levels and robust demand, particularly from cash buyers, who constitute 41% of all transactions YTD. This dynamic has effectively maintained prices throughout the year. However, it’s noteworthy that the months of inventory (supply) have seen a gradual increase. Beginning the year with 1.20 months of inventory, we currently stand at 2.48 months. While this figure indicates that we are still in a Sellers Market, the growing supply is impacting the marketability of properties that may be overpriced or underprepared for the market. This situation is creating favorable opportunities for Buyers.
For a comprehensive understanding of the market dynamics, we encourage you to review the full report, which boasts insights more precise than any other Santa Barbara market report, courtesy of our associates at Fidelity National Title. We trust you will find significant value in this publication, and we invite you to explore recent sales and blog posts on our website. Should you have any questions on market trends, please feel free to reach out any time.
Santa Barbara Real Estate Market Report | September 2023
Knight Real Estate Group is pleased to present the September 2023 Market Report by Village Properties for South Santa Barbara County. Total sales for the year are down -27% in Santa Barbara’s South County through the end of September. The average sales price for the month was down -4% to $3,240,694, while the median price was also down -4% to $2,100,000. Condominium values have held strong with the average price increasing +4% to $1,239,371, while the median price did not change and remains at $950,000.
So far this year the market has shown healthy levels of price appreciation and depreciation on a month-to-month basis. Supply has remained extremely low, which is supporting the historically high prices. Looking ahead, future fluctuations in interest rates, world geopolitical factors, and of course domestic economic conditions, will have the greatest impact on our local housing market.
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 | 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.