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.
Santa Barbara Real Estate Market Report | June 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 | May 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 | 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.