The first quarter of 2023 has been an eventful time for Santa Barbara's real estate market.

Based on the data, the median sale price for houses was $2,132,000, which is down by 8% from the previous year. There were also almost 38% fewer sales and an 11% reduction in active listings. Homes sold right around the list price this year, compared to 7% over the list price last year.

On the other hand, condo/PUD prices have increased by 35% from last year. Active listings decreased by 12%, and there were 37% fewer sales. Condos are also selling right at the list price compared to 7% over last year.

To sum it up, the real estate market in Santa Barbara this quarter is marked by a decline in house prices, an increase in condo prices, a decrease in inventory and closings across the board, and properties selling closer to list instead of far over. Stay tuned for more updates on Montecito and Hope Ranch next week.