How’s the Market?  Our greater Santa Barbara real estate market remains very active with one notable change, our sales volume has seemed to peak and is trending to more historic numbers.

So it begs the question, is our market changing because our sales volume is trending down a little?

Currently, it does not appear that our market has changed.  What seems to be slowing is not a lack of buyers, but simply not enough homes.  The demand is still here.

Supporting this is our inventory of homes for sale, the number of properties available for purchase remains very low. On August 30th only 159 homes and condos were available and not yet under contract across all price points.  With 201 sales in July, 156 homes represent less than a month’s worth of inventory.

In addition, the number of homes and condos currently in escrow is 157 as of August 30th; and at what appears to be record paces.  Of the 157 properties under contract, 65% were on the market for only two weeks or less and 75% were under 3 weeks.

Demand remains high and buyers continue to want to own their own piece of Santa Barbara!

THE HIGH & LOW

July 2021 Highest Sale  | 945 Lilac Dr, Montecito |  Sold for $17,082,282

July 2021 Lowest Home Sale  | 515 W. Anapamu St, Santa Barbara |  Sold for $806,000

July Statistics

2021 | Year-To-Date

• Total Sales:   1355 in ’21 vs 915 in ’20  |  UP 48%
• Total Home Sales:   956 in ’21 vs 659 in ’20  |  UP 45%
• Total Condo Sales:   399 in ’21 vs 256 in ’20  |  UP 56%
• Median Home Price:  $1,927,500 in ’21 vs $1,375,000 in ’20  |  UP 40%
• Median Condo Price:   $820,000 in ’21 vs $741,500 in ’20  |  UP 11%
• Sales Above $5M:   125 in ’21 vs 41 in ’20  |  UP 205%

July 2021

• Total Sales:   201 in ’21 vs 190 in ’20  |  UP 6%
• Pending Sales:   199 in ’21 vs 242 in ’20  |  DOWN 18%
• Total Off-Market Sales:   28 Sales  |  14%
• Total Cash Sales:   57 Sales  |  28% 
• Average 30-Year Fixed Rate Mortgage:   2.91% as of August 30, 2021