• All real estate markets are local. Santa Barbara’s real estate scene reflects what’s happening in southern Santa Barbara.
• Overall, homes elsewhere 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. 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.

Artist: Morgana Welch’s contact information can be found at the bottom of this post

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