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.
Click “Read More” below for graphs, charts, and video.
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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 International Film Festival
The Santa Barbara International Film Festival announced on January 18, 2023, the highly anticipated line-up for the 38th Festival which will run from February 8, 2023, through to February 18. The Film Festival will showcase 52 World Premiers and 78 US premieres from 43 countries along with tributes featuring the year’s top talent, panel discussions, and free education and community outreach programs. Click Read More below for more information.
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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.
Navigating a Changing Market
As we head into 2023 the housing market finds itself at a turning point, hindered by a dramatic spike in mortgage rates that chilled the market. A storm was brewing as sellers came to terms with the fact that volatile mortgage rates were rising and pushing some buyers to the sidelines dampening demand for their homes. Yet supply is still tight and home prices went up faster throughout the year than many American incomes. The cooling housing market also leveled the playing field for all types of brokerages as change became the new normal.
Market Trends & some good reasons for Optimism
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)
The Funk Zone
The colorful and always-changing Funk Zone in Santa Barbara is a unique neighborhood found between Highway 101 and the Beach off lower State Street. The Funk Zone proudly reflects its roots in art and industry with an eclectic mix of artisan shops, art galleries, studios, eateries, wine-tasting rooms, and microbreweries – some of which have popped up in the area’s converted warehouses and packing plants, all just steps from the beach!
Tourists and locals love to explore the Funk Zone’s artsy soul through the Arts Fund Community Gallery’s monthly exhibitions. From the Zone’s gourmet grab-and-go breakfast and lunch spots to its urban sit-down restaurants, the Zone shines a spotlight on locally sourced ingredients and plentiful outdoor patios. The Lark housed in a creatively repurposed historic fish market serves up tasty shareable plates. Next door, the Lucky Penny offers wood-fired pizzas, freshly baked pastries, sandwiches, and salads. Lastly, check out the Santa Barbara Urban Wine Trail. Taste wines from each of Santa Barbara County’s five AVAs at the Valley Project while ogling the stunning floor-to-ceiling map of the region.
Click “Read More” below for Funk Zone in Santa Barbara, California YouTube Video
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3112 State Street, Santa Barbara, California 93105
Mark Lomas BRE 00898298
Kirsten Wolfe BRE 01309570