Santa Barbara Real Estate Market Report | February 2023
Knight Real Estate Group is proud to present the February 2023 Market Report by Village Properties for South Santa Barbara County. As we near the end of Q1 2023, we continue to see an active real estate market due to the extremely low housing inventory. That said, February 2023 marks the first time that both the average and median sales price have declined on a YOY basis.
Total sales volume for the month of February was down -40% over 2022 with the average sales price for single-family homes down -6% to $3,182,126. The median sales price is down -12% from 2022 sitting at $1,950,000. The median sales price of condominiums, however, increased 6% over 2022, settling at $925,000.
Two factors driving down housing prices are (1) the dramatic increase in interest rates, and (2) the cost of inflation. In our opinion, these factors have stopped and/or slightly reversed the rapid price appreciation seen during the Pandemic. It will be interesting to see how values trade during the year.
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 ever-changing housing market, please reach out anytime.
Santa Barbara Real Estate Market Report | January 2023
As we close out the first month of 2023, we are seeing renewed energy in the real estate market. While January 2023 posted a decline in both the average and median sales price for the first time in years, that is a reflection of sluggish sales during Q4 of 2022 caused by high interest rates, inflationary concerns and buyer uncertainty. Now that rates have stabilized for the time being, buyers are cautiously re-entering the market and well-positioned properties are again receiving multiple purchase offers.
Total sales for the month of January were down -36% over 2022 due to an extreme lack of inventory on the South Coast, while the average sales price for single family homes in the Santa Barbara area fell 6% from the same time last year to $3,215,442. The median sales price is down 9% from 2022, sitting at $1,781,469. In contrast, the median sales price of a condominium is up 3% YTD over 2022.
View the full report with market insights more accurate than any other real estate report thanks to Village Properties and Fidelity National Title. If you would like to have a more in-depth conversation on this data and how it may affect your real estate needs, please reach out anytime. Knight Real Estate Group is looking forward to another year of helping you achieve your real estate goals!
Santa Barbara Real Estate Market Report | December 2022
Knight Real Estate Group is pleased to present the December 2022 Year-End Market Report for South Santa Barbara County. The headline is that 2022 sales volume was down 35% YOY, but the median price continued to climb 12% YOY, sitting at $2,104,000 as of December.
View the full report with market insights more accurate than any other real estate report thanks to Village Properties and Fidelity National Title. We are sure you will find value in the publication. If you would like to have a more in-depth conversation on this data and how it may affect your real estate needs, please reach out anytime.
Santa Barbara Real Estate Market Report | November 2022
Knight Real Estate Group is proud to present the November 2022 Market Report by Village Properties for South Santa Barbara County. The month of November showed a -34% decrease in total sales YTD over 2021, while the median sales price of a single-family home is up 11% YTD.
Low inventory is still driving the South Coast real estate market. Specifically, 29 transactions closed during the month of November, which is down significantly from 46 closings in October and 38 closings in November 2021. Only 56 homes were offered for sale in November across all price ranges, which is significantly less than the 100+ offerings that we’re used to seeing in a normal market. Year-to-date, 438 SFR have sold in 2022, a 34% decline compared to last year. Homes are selling within 29 days and closing just 4% off the list price on average.
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.