Is the residential real estate market in central California showing a rebound this year? Sales are up strongly month to month, although far from levels 12 months ago.
The latest housing stats from CAR shows single-family house prices dropped 2.1% despite a rise in sales of 17.6% in February.
February’s statewide median home price fell almost $16,000 on average (-2.2%) to $735,480, which was down 4.8% vs February 2022 and down 18.3% from May 2022, its recent peak of $900,170). It was the 6th straight month of price declines.
C.A.R suggests that the drop in year-over-year sales may be due in part to the effects of the atmospheric river event which is continuing. Difficult in finding buyers and getting sales done would likely contribute to lower prices. The median number of days it took to sell a California single-family home tripled to 28 days in February from 9 days one year ago.
2023 1ST QUARTER STATISTICS
MARKET TRENDS (MONTHLY HOME SALES) 2013 TO MARCH 2023
March 2023 Sold Single Family Detached Homes
The average price for 61 properties sold is $3,302,557
Highest Price sale: $14,230,000 for 377 Santa Rosa Lane
Median Price: $2,255,000
Lowest Price sale: $330,000 for 15 Fremont Lane
The average Market Time is 32 days – Average Continuous Market Time is 41 days
March 2023 Sold Condominiums – Townhomes – and PUDs
The average price for 28 properties sold: $1,314,196
Highest Price sale: $3,395,000 for 47 Seaview Drive
Median Price: $1,227,500
Lowest Price sale: $578,000 for 5510 Armitos Avenue #19
The average Market Time is 43 days – Continuous Market Time is 46 days
(Source: Santa Barbara Association of Realtors)
