106 Homes sold in August 2023 down from 133 homes sold this time last year. Low inventory continues to drive sales. 40% of homes sold in southern Santa Barbara were “all cash.” Although the market has softened slightly here in September there’s a strong possibility that the market will pick up as we head into October and November.
Click Read More below for more statistics, graphs, charts, and video.
Buyers and sellers’ sentiments remained virtually unchanged in August 2023 as housing market participants waited for more signals on what the Fed’s next move will be.
With the economy looking stronger than what was anticipated six months ago, interest rates will remain elevated. As costs of borrowing continue to rise consumers might be tapped out. It’s possible that the economy will show signs of slowing later this year, and if that happens, the Central Bank will have no choice but to cut rates starting the first quarter of 2024. Mortgage rates might begin declining in the fourth quarter of this year and possibly improve next year.
The decline is expected, and if that occurs, will most likely be gradual.
Click Read More below for some very insightful videos into the current real estate housing market.
The Santa Barbara real estate market has enjoyed a historic run in home values over the course of a decade. As a result, real estate in Santa Barbara has become a luxury commodity. However, despite rapid appreciation, demand remains intact and should catalyze activity moving forward. It appears that today’s high prices aren’t enough to scare away buyers.
Click Read More below for sales statistics provided by Fidelity Title Company and a video about Market Trends nationally by Altos Research to give you a more defined overview of market conditions.
The California real estate market has shown signs of recovery in May, with home sales reaching the highest level in eight months and the median home price surpassing $800,000 for the second consecutive month. The market is demonstrating resilience and stability.
The Santa Barbara real estate market remains strong while interest rates hovers around 7%. On July 16, 2023, the current average interest rate for a 30-year mortgage was 7.14%. Source: Bankrate
All Cash purchases have picked up since last year here in Santa Barbara. All Cash sales for June of 2022 were 28%. This year for June was 40%, which may reflect the dramatic hike in interest rates this year.
Click Read More below for graphs, charts, and video.
The Santa Barbara housing market is very competitive. Homes in Santa Barbara receive 4 offers on average and sell in around 31 days. The median sale price of a home in Santa Barbara was $1.5M last month, down 17.0% since last year. The median sale price per square foot in Santa Barbara is $1.24K, up 5.3% since last year.
Click Read More below for Charts, Graphs, and more Statistical Data
Overall, homes in California are slightly less expensive than they were one year ago — but only very slightly. According to data from the California Association of Realtors (CAR), the median single family home sold for $777,500 in November 2022, compared to $782,480 in November 2021. Today’s significantly higher interest rates make that already-high price feel even less affordable.
This does not hold true across all areas of the state. For example, Fresno, Los Angeles and Orange County saw equally slight increases year-over-year, while the wine-country regions of Napa and Sonoma saw more significant increases.
Homes are also taking longer to sell, CAR reports. In October 2021, homes spent an average of 11 days on the market before selling. A year later, that number had more than doubled to 23 days on the market.
Click “Read More” below for Market Trends Statistics for Santa Barbara and artist information.
RATES HAVE FALLEN ABOUT 1.5% SINCE MID-OCTOBER. That translates to about $100 a month in savings per $100,000 borrowed.
The Housing Market is most definitely Not Frozen source: JVM Blog/ JVM Lending
INVESTORS ARE STILL BUYING: Investors seem to see something much of the homebuying world does not. Agents report that they’re dealing with investors of every type. The low inventory for Investment properties is fairly limited in Santa Barbara right now making good investment properties very desirable especially if they’re priced right.
RATES WILL CONTINUE TO FALL: Rates are expected to fall in the first half of 2023. If that happens we may also see more homes for sale. CoreLogic is predicting appreciation next year.
(For More Information Click Read More Below)
Recent months have seen the median sale price in Santa Barbara Real Estate dip from a record high this spring. The price paid per square foot is up 9% on the year. Looking ahead to next year, we expect an uptick in inventory and a more balanced Santa Barbara real estate market with more options for buyers and sellers.
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