To our friends and neighbors affected by the recent devastating fires in Los Angeles, Santa Barbara extends a warm and heartfelt welcome to you. We understand the challenges you’re facing and want you to know that you are not alone.
Click Read More below for information on rentals and hotels in Santa Barbara and Montecito.
In this post we will address some of the pros and cons of Rent Control and how reforming Proposition 13 could help California’s current housing crisis. Proposition 33 aimed to repeal the Costa-Hawkins Rental Housing Act which currently limits the scope of rent control in California. On November 5, 2024 Californian voters voted 60% to 40% against the passing of Proposition 33.
Home prices in Santa Barbara continue to fluctuate, presenting a mixed picture for buyers and sellers. While the median listing home price currently averages around $2.6 million, data from Zillow indicates that home values have increased overall by 7.2% over the past year. This rise, however, comes with neighborhood variations in values. Prime neighborhoods with homes in excellent condition, priced realistically, are moving. Homebuyers taking part in this market should brace themselves for possible bidding wars, particularly in the better neighborhoods. August sales in 2024 were up from the same time in 2023.
For more detailed information click Read More below.
The recent changes to real estate commission rules, which took effect on August 17, 2024, significantly alter how commissions are structured in real estate transactions. Historically, home sellers were required to pay commissions for both their listing agents and the buyer’s agents, typically resulting in total commission rates of around 5-6%. However, due to a recent settlement involving the National Association of Realtors (NAR), this requirement has been removed, allowing for more flexibility and competition in commission negotiations.
Click Read More below for Key Changes with the new law and Video to help better explain the potential impact.
The Santa Barbara real estate market trends for 2024 have been admirable. In the first half of the year, there were 625 sales, a 12% increase compared to last year. While single-family detached homes accounted for 446 homes sold, reflecting a 15% increase over the same period as last year, condominiums and townhomes accounted for 179 homes sold, a 7% increase.
The average sales price for single-family detached homes rose by 14% to $3,714,928 while the median price rose by 7% to $2,250,000.
The average sales price for condominiums decreased by 3% to $1,135,143 and the median price rose 5% to $975,000.
In the second quarter of this year, all cash sales made up 42% of all sales, a 2% increase from the same period last year.
Inventory supply has picked up. The inventory supply has climbed to its highest level since 2020. Sitting at just over 3 months. Source: Fidelity National Title Company.
Click Read More below for charts, graphs, and video
Santa Barbara’s rich heritage comes alive during the first week in August with the music, dance, and pageantry of Old...
Looking back at the last six months the south coast of Santa Barbara, spanning from Goleta to Carpinteria, we’ve not...
In May 2024, California’s housing market faced significant challenges due to the highest mortgage rates since late 2023. These elevated rates significantly dampened home sales on both a monthly and annual basis. Despite this, the statewide median home price exceeded $900,000 for the second consecutive month, setting yet another record high, as reported by the California Association of REALTORS®.
C.A.R. President Melanie Barker noted, “California home sales stalled in May as mortgage rates reached the highest level in five months and may have contributed to the slowdown in market activity.” However, she also pointed out that recent moderation in interest rates and improvements in housing inventory could present opportunities for motivated buyers to reenter the market before the peak homebuying season.
Click Continue Reading below for more information,
Are Home Prices Rising? The real estate market here in Santa Barbara continues to remain buoyant even with high interest rates. As the year progresses our unique coastal community continues to attract interest and investment in Santa Barbara real estate.
Keep in mind that all real estate is local. What may be happening somewhere else in California could be completely different from what you’re experiencing.
Click Read More Below for the whole post.
May 20, 2024 – Mortgage rates moderated further last week before inching up in the past couple of days, as the latest economic reports suggest that consumer inflation resumed its downward trend, while retail spending cooled more than expected. It will take more than just a couple of reports to justify rate cuts for the Fed, but the new numbers offer hope that the central bank could still lower rates in their upcoming July or September meeting.
The California housing market, meanwhile, kicked off the spring homebuying season with an encouraging start. April home sales at the state level improved moderately from last month and were up from the same month of last year, while the statewide median price soared to the highest level on record. Housing supply continued to improve, with new active listings surging by double-digits from a year ago for the fourth consecutive month. Source: California Association of Realtors.
Click Read more for Santa Barbara real estate market trends, statistics, and video.
This website is not the official website of Sun Coast Real Estate. Sun Coast Real Estate does not make any representation or warranty regarding any information, including without limitation its accuracy or completeness, contained on this website. Real Agents affiliated with Sun Coast Real Estate are independent contractors and not employees.
3112 State Street, Santa Barbara, California 93105
Mark Lomas BRE 00898298
Kirsten Wolfe BRE 01309570
© 2025 · Your Website. Theme by HB-Themes.