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In November 2022 there were 57 House/PUD sales (down 42% from 2021) with a median sales price of $1,725,000 (down 18% from 2021) and an average sales price of $2,293,720 (down 20% from 2021). In November 2022 there were 28 Condominium sales, (down 50% from 2021) with a median sales price of $1,055,000 (up 25% from 2021) and an average sales price of $1,070,190 (up 20% from 2021). Year to date, there were a total of 1,367 residential sales in 2022 (down 34% from 2021), with a median sales price of $1,722,000 (up 15% from 2021) and an average sales price of $2,653,249 (up 9% from 2021). The median home price in Santa Barbara County was up year-over-year by more than 30 percent in January, according to real estate data. Market competitiveness remained elevated in October but was less heated than a few months ago.
With only two weeks of supply, there’s too much competition over the few homes that are actually for sale. With sellers receiving more offers in the wake of lower interest rates, competition has driven up the price of homes more than anyone expected. Last year, the median home value in the Santa Barbara housing market sat somewhere around $1.4 million. However, having benefited from an impressive appreciation rate, the median home value in the Santa Barbara real estate market has reached $1,751,365; that’s an increase of 31.1%. To put the last year into perspective, the median home value in the United States is now $337,560 after appreciating by as much as 20.6% in one year.
Price Range
While rehabbing in the Santa Barbara real estate market can still result in attractive profits, several trends suggest long-term real estate investing strategies are more viable than their short-term counterparts. The market has already seen a steep decline in mortgage applications, so it’s only a matter of time until competition comes more in line with historical rates. When demand subsides, the market may start to correct itself and drive prices lower. At the regional level, all five regions recorded a decline in sales on a year-over-year basis in October, with three regions dropping by double-digits.
Bartley said home sellers are getting “multiple, multiple” offers, and even pledging full price doesn’t necessarily cut it. D’Ann Bartley of Prudential Realty said there are a mere 89 listings in Santa Maria and Orcutt, compared to 175 at this time last year. For a simple, stress-free transaction, consider selling to pre-approved iBuyers ready to make offers on your home. Get cash offers with HomeLight Simple Sale, the fastest way to sell your home.
Schools in Santa Barbara County
While the statewide median sales-price-to-list-price ratio remained above 100 percent in October, it was the lowest level in eight months. Nearly two-thirds of homes (60.2 percent) still sold above asking price in the latest monthly report, but it was at the lowest level since February 2021. It’s a seller’s market on the Central Coast and across the country, as median home prices soar above last year’s averages and home owners armed with cash and low interest rates consider jumping into the mix. As of May, the average rate on a 30-year fixed-rate loan was 5.1%, according to Freddie Mac. As a result, borrowing costs have brought down acquisition costs for those looking to add to their passive income portfolio.
It is adjusted to account for seasonal factors that typically influence home sales. There are 280 homes for sale in Santa Barbara and Goleta, down 25 percent from last year, he said. Half of all sales are paid in cash, and about 25 percent of all sales are going for over asking price — about 7 percent over, Wood added. February’s median home price was $930,000, compared to $830,000 in January, Woods said. Work with a top Santa Barbara real estate agent to figure out the best selling strategy and start bidding wars on your home. Find a top agent with a proven track record of selling homes faster than their peers or who can help you find your dream home, no matter how quickly their market moves.
Compare Median Rent in Markets
The statewide average price per square foot for an existing single-family home remained elevated. October's price per square foot was $389, up from $326 in October a year ago. She’s hopeful more sellers will feel comfortable putting their homes on the market once vaccinations become widespread and life starts returning to normal. Courtesy PhotoThe median price for a home in south Santa Barbara County rose 17% last year to $1.2 million. Patricia Griffin of Village Properties in Montecito cautioned against putting too much stock in the median price because it fluctuates easily and doesn’t reflect depreciation.
Find out by comparing median home prices in Santa Barbara over the past three years with our interactive graph, or get a weekly glance with the table view. View Santa Barbara median home price data from the past 6 months, 1 year, or 3 years by using the toggle buttons in the top-right corner of the graph. According to USA Today, the national average for all-cash real estate sales was 31.4%. On the South Coast in November 2022, 40% of the sales were cash sales, up from 38% in October. Review the attached list of the 85 properties sold on the South Coast of Santa Barbara County in November 2022 and/or contact me for information on specific sales. The Federal Reserve had maintained a near-zero rate since early 2020 due to the negative effects on the world economy due to pandemic and supply chain issues.
Sales in Southern California also dipped by double-digits in October, with Orange, Riverside, and San Bernardino counties each dropping 10 percent or more. Central Valley (-9.1 percent) and San Francisco Bay Area (-7.3 percent) also posted sales declines from last year, but the declines were relatively small when compared to other regions. Many properties were sold off-market, which means they weren’t listed on a real-estate platform.
These inventory statistics indicate that Goleta remains in a heated Seller’s market. Carpinteria/Summerland and Montecito have crossed over into a more balanced market. With a combined total of 47 House/PUD pending sales and 130 active listings on the South Coast of Santa Barbara County, there is only a 2.8-month supply (up from 2.2 in October) of House/PUD listings from which Buyers can choose. The South Coast market as a whole still remains entrenched in a variety of Seller’s Markets, except for Hope Ranch which is in a Buyer’s Market. As the market is in transition, listings are staying on the market longer with fewer multiple offers, but multiple offers still happen.
Rental properties appear more suited for today’s market and can help offset the city’s exorbitantly high prices. Additionally, the Coronavirus has tilted many of today’s most important market indicators in favor of passive income holdings, and investors are in the beginning stages of reaping years of rewards. Almost all California counties experienced year-over-year price growth, as 49 out of 51 counties tracked by C.A.R. showed a gain in their median prices from last year. Eight counties set new record high median prices in October, as compared to seven counties the prior month.
Blake DeVine is a multimedia journalist and sports anchor at News Channel 3-12. Village Properties has shifted a large part of its operations online, including hosting open houses virtually instead of in person, but that hasn’t allayed everyone’s fears. SANTA BARBARA, Calif. — The country is still battling the COVID-19 pandemic, but that hasn’t stopped people from buying homes, particularly in the Santa Barbara area. She said she was glad to see the number of Montecito home sales in 2012, which nearly matched those of 2000. HomeLight is committed to making our website accessible and user friendly to all. While we are constantly working to improve, we welcome your feedback and accommodation requests.
While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Fire risk estimates the risk of wildfires, based on the likelihood of burning in the future and the potential size and severity of a fire. The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
In Carpinteria, there were a total of 11 residential sales in November 2022, up from 8 in October. In November 2022 the median price of the 6 House/PUD sales was $1,425,000 and the average price was $1,526,333. In November 2022 the median price of the 5 Condominium sales was $760,000 and the average price was $861,500. The lowest-priced Carpinteria sale in November 2022 was a Condominium on Birch Street @ $575,000 and the highest was a House on Serena Avenue @ $2,100,000. "With their median price being 30 percent less than that of a single-family home, condominiums and townhomes have been selling particularly well as they are a more affordable option to buyers with a smaller budget." Historically the highest Year-to-Date median sales price recorded on the Santa Barbara South Coast was recorded in 2007 at $1,031,500.
Real estate data shows the median home price of 97 sales in Santa Maria in January was $220,000, a 13.11 percent boost from January 2012. Santa Barbara is one of the fastest appreciating markets in one of the most expensive states. In fact, the city’s latest run-up has turned the local real estate market into a destination primarily driven by luxury home sales throughout the pandemic. The overwhelming majority of Santa Barbara’s distressed inventory is merely at risk of falling into foreclosure. Consequently, 81 homeowners (23.1% of the city’s distressed property) have missed a payment and are currently at risk of losing their homes to the bank.
The average sale price of a home in Santa Barbara was $1.74M last month, up 2.2% since last year. The average sale price per square foot in Santa Barbara is $1.19K, up 18.3% since last year. The median price of sales in Montecito in January and February rose over 60% from one year ago, proving that the high-end market is particularly vigorous.
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