Santa Barbara Real Estate Market Report | March 2024
Knight Real Estate Group is proud to present the March 2024 Market Report by Village Properties for South Santa Barbara County. Sales volume saw a significant increase of 14% compared to the previous year, totaling 274 sales. Concurrently, the average sale price of single-family homes experienced a moderate 5% rise reaching $3,369,000, while the median sale price increased by a notable 10% to $2,200,000. However, condo sales prices showed a slight decline, with the average sale price decreasing by 11% to $1,055,000, and the median sale price down by 8% to $910,000.
Looking forward, the real estate market is displaying indications of returning to balance. While newly built or remodeled homes still command premium prices, properties in general are experiencing slightly longer time on the market. On average, properties are selling at 96% of their list price, reflecting a 1% decrease compared to last year. The current average sold price per square foot for single-family homes in Santa Barbara stands at $1,166.
Anticipated for Q2 and Q3 is an increase in inventory levels as the market continues to stabilize and consumer confidence in reentering the marketplace grows. Despite challenges such as insurance constraints and associated costs, the market remains buoyed by lifestyle-driven buyers seeking Santa Barbara as a second home or retirement destination, underscoring the enduring appeal of the region. Knight Real Estate Group remains committed to navigating these market dynamics while providing exceptional service to our clients.
For a comprehensive understanding, 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.
Santa Barbara Real Estate Market Report | February 2024
Knight Real Estate Group is pleased to present the February 2024 Market Report by Village Properties for South Santa Barbara County. February ushered in a robust period for real estate activity in Santa Barbara. The year commenced with a notable surge in demand from buyers, largely driven by reductions in interest rates. This heightened demand translated into an increase in sales volume across South Santa Barbara County, with total sales rising by an impressive 23% to 174 units compared to the same period in 2023. Specifically, single-family home sales experienced a notable uptick of 15%, totaling 116 units, while condominium sales surged by 41% to reach 58 sales.
In parallel with the heightened sales activity, both average and median prices for single-family homes experienced substantial increases, rising by 16% to $3,704,584 and 18% to $2,300,000, respectively. Conversely, condominium prices exhibited a different trend, with average sales prices declining by 8% to $990,621, and median sale prices decreasing by 2% to $902,500. These metrics reflect an evolving landscape within the Santa Barbara real estate market and suggest an exciting trajectory for the year ahead.
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 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 | January 2024
Knight Real Estate Group is pleased to present the December 2023 Year-End Market Report by Village Properties for South Santa Barbara County. In reflecting on the dynamic real estate landscape of 2023, we observed a stabilization in property prices, juxtaposed with a decline in sales volume. The year-end figures for single-family homes in South Santa Barbara County came in slightly below 2022, revealing an average year-to-date (YTD) sales price of $3,196,512. Meanwhile, the median sales price remained steady at $2,100,000, marking a resilient performance. However, the total sales volume witnessed a notable 23% decrease from the previous year, totaling 1,105 units.
Condominiums, on the other hand, experienced minimal fluctuations in price. YTD, the average sale price for condos in South Santa Barbara County saw a modest uptick of 3%, reaching $1,237,909. The median price, while dipping slightly by -1%, stood at $945,000.
To make sense of the seemingly contradictory trends of reduced sales volume and price stability, two prominent themes emerged: low supply and robust demand from cash buyers. The statistics shed light on these dynamics:
• Inventory Months of Supply (MOS) commenced the year at 1.20 MOS, peaked at 2.48 MOS in October, and concluded the year at 1.90 MOS
• Cash Sales constituted 41% of all transactions in December 2023 YTD
The scarcity of new listings, coupled with sustained demand from cash buyers, acted as a stabilizing force on prices. It's essential to note that these trends are generalized across the entire market; a granular analysis at the neighborhood level reveals varied experiences, with some areas witnessing price appreciation and others facing declines.
As we embark on the new year, mortgage rates have commenced a downward trajectory, and experts anticipate further reductions. The local real estate market has responded to these rate adjustments with optimism, evident in recent listings garnering multiple offers. Knight Real Estate Group anticipates a favorable year for both buying and selling.
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.
Disclaimer: This report is based on available data and market trends as of 12/31/23. Actual market conditions may vary, and individuals are encouraged to consult with real estate professionals for personalized advice.
Santa Barbara Real Estate Market Report | December 2023
Knight Real Estate Group is pleased to present the December 2023 Year-End Market Report by Village Properties for South Santa Barbara County. In reflecting on the dynamic real estate landscape of 2023, we observed a stabilization in property prices, juxtaposed with a decline in sales volume. The year-end figures for single-family homes in South Santa Barbara County came in slightly below 2022, revealing an average year-to-date (YTD) sales price of $3,196,512. Meanwhile, the median sales price remained steady at $2,100,000, marking a resilient performance. However, the total sales volume witnessed a notable 23% decrease from the previous year, totaling 1,105 units.
Condominiums, on the other hand, experienced minimal fluctuations in price. YTD, the average sale price for condos in South Santa Barbara County saw a modest uptick of 3%, reaching $1,237,909. The median price, while dipping slightly by -1%, stood at $945,000.
To make sense of the seemingly contradictory trends of reduced sales volume and price stability, two prominent themes emerged: low supply and robust demand from cash buyers. The statistics shed light on these dynamics:
• Inventory Months of Supply (MOS) commenced the year at 1.20 MOS, peaked at 2.48 MOS in October, and concluded the year at 1.90 MOS
• Cash Sales constituted 41% of all transactions in December 2023 YTD
The scarcity of new listings, coupled with sustained demand from cash buyers, acted as a stabilizing force on prices. It's essential to note that these trends are generalized across the entire market; a granular analysis at the neighborhood level reveals varied experiences, with some areas witnessing price appreciation and others facing declines.
As we embark on the new year, mortgage rates have commenced a downward trajectory, and experts anticipate further reductions. The local real estate market has responded to these rate adjustments with optimism, evident in recent listings garnering multiple offers. Knight Real Estate Group anticipates a favorable year for both buying and selling.
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.
Disclaimer: This report is based on available data and market trends as of 12/31/23. Actual market conditions may vary, and individuals are encouraged to consult with real estate professionals for personalized advice.