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Santa Barbara Market Trends and More!
Market Trends Santa Barbara Real Estate
Historically, the California real estate market has been known for its high prices and strong demand, driven in part by the state’s strong job market and desirable location. In recent years, the market has continued to be competitive, with low inventory and high demand leading to bidding wars and rapid price appreciation.
Overall, the California real estate market remains a dynamic and competitive environment, with strong demand, high prices, and tight inventory continuing to be major factors.
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Santa Barbara Real Estate Market Trends
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.
Santa Barbara Real Estate Market Trends for 2022
It’s important to keep up with real estate trends if you’re looking to buy or sell. January’s housing market is likely to mimic December’s, which is good for sellers but not great for buyers. This post features Santa Barbara’s real estate market trends for December 2022, year-to-date statistics for the year, plus market trends for the last decade.
Market Trends for Santa Barbara Home Sales in May 2020
Home Prices and Market Trends
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.
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Santa Barbara Real Estate Trends
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.
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Market Update – A Closer Look
The real estate market in Santa Barbara continues to remain vibrant even with high interest rates and low inventory. As the year progresses our unique coastal community continues to attract interest and investment in Santa Barbara real estate.
Year to date the market is up 14% on the total number of homes sold since this time last year. Property values continue to climb with the average price up 6%. The average time for a home to be on the market is around 30 days.
Nationally internal and external forces are accelerating change in today’s real estate market. The market continues to be strong and is not crashing. Prices are rising as the economy continues to expand.
Real concerns are affordability as homeownership shrinks and rates are expected to remain elevated. Another concern is the real estate industry is changing since the Department of Justice’s lawsuit against the National Association of Realtors prevailed and realtors are trying to navigate the new landscape for real estate sales. Consumers need real estate agents but it may be a little early to see how this will play out.
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Market Overview Locally and Nationally
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.
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