Spring is a time of renewal and rejuvenation, and it seems that the real estate market in Santa Barbara is no exception. With the warmer weather and longer days, the market has picked up, and there are some interesting trends emerging.

Let's start with the housing market. As of the end of April, there were 52 homes on the market in Santa Barbara. This is a slight increase in inventory since last month, but it is still very low compared to most Aprils in the last 10 years. For comparison, there were only 17 homes on the market in April of last year, which was at the height of the pandemic.

Despite the low inventory, 35 homes closed escrow in April, which is better than March but still on the low side. The median sale price for April was $2,050,000, which is down from last April. However, it's important to note that homes sold for 1% over the list price compared to 13% over last year, when April was the craziest month for overbidding. Additionally, homes sold within 15 days on the market, which is a strong indication that the market is still in the seller's favor.

Moving on to condos, the story is very similar. As of the end of April, there were only 9 condos on the market in Santa Barbara, which is slightly lower than last month and historically very low. However, 13 condos closed escrow, and they sold within 6 days on the market at 2% over the list price. The median sale price for condos in April was around a million dollars, which is down some from last month but up from last April.

Overall, the trends in the Santa Barbara real estate market indicate that it is still very much a seller's market. With low inventory and strong demand, homes and condos are selling quickly and often for over the list price. However, with interest rates remaining low and the economy slowly recovering from the pandemic, it's possible that we will see more inventory come onto the market in the coming months.

As always, it's important to work with a knowledgeable and experienced real estate agent who can help you navigate the complexities of the market and find the right property for your needs. Whether you're looking to buy or sell in Santa Barbara, now is a great time to make a move.