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.
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.