It’s been an interesting first quarter - let’s talk about the facts:

The housing market in Goleta, California has seen some significant changes in the first quarter of 2023. The median sale price in Q1 for Goleta houses was $1,387,500, which represents a decrease of almost 7% from the same period last year. Meanwhile, condos in Goleta fared a little better this quarter with prices approximately the same as last year, around $1,100,000.

The total number of active listings in Goleta was down 32% compared to the first quarter of last year, which suggests a decrease in inventory. Similarly, there were 47% fewer sales in Goleta, which indicates a decline in demand. However, it's worth noting that despite the decrease in demand, homes in Goleta still sold for 2% over the list price compared to 7% last year. Meanwhile, condos sold for 1% over the list price this quarter, compared to 5% over last year.

So, what does this all mean for the housing market in Goleta? The housing market seems to be cooling down slightly, as indicated by the decrease in both median sale price and demand. However, despite the decrease in demand, homes and condos in Goleta are still selling for above the asking price. Although the over-asking price percentage has decreased, this suggests that the market is still somewhat competitive.

Looking ahead, it will be interesting to see how the housing market in Goleta develops over the next quarter. It will be important to pay close attention to the trends in both inventory and sales, as well as changes in sale price and over-asking price percentages.

In the meantime, we can also look forward to hearing about what's happening in neighboring Carpinteria and Summerland. It's always helpful to keep track of the housing market trends in the surrounding areas to get a more comprehensive understanding of what's happening in the broader region.

Overall, while the Goleta housing market is experiencing some changes, it is still a competitive market for both buyers and sellers. As always, it's important to consult with a local real estate agent who has a deep understanding of the local market and can provide expert guidance and advice.