Welcome to our Real Estate Market Update for Santa Barbara! In this month of July, we have seen some interesting movements in the housing and condominium markets that we would like to share with you. So, let's dive in and take a closer look at the numbers.

Houses

At the end of July, there were 79 active listings in the housing market. This is a significant increase from 56 active listings we saw last July and is great news for eager homebuyers looking to enter the market. The inventory is now within the range of what we would expect in a normal market, so it's a more balanced playing field for everyone. Out of the 79 active listings, there were 33 closings, and these homes sold within a median of 8 days on the market- impressive! And not only that, but these homes sold for about 3% over the list price. This is an excellent outcome for sellers who want to get the most out of their properties. The median sale price was also very positive, coming in at $2,150,000, higher than last July by around $150k.

Condos

The condominium market is also showing some encouraging signs. At the end of July, there were 9 active listings- roughly the same as last month and also last July. This figure is good in terms of keeping the market on the low side and helping maintain its exclusivity. There were 11 sales for condominiums, and they managed to sell within a median of 9 days on the market, which is equally impressive! These sales closed for about 1% over the list price, which again is positive news for sellers. The median sale price for condos came in at $1,110,000, just a hair lower than last month and last July.

If you're considering entering the Santa Barbara property market, now may be the perfect time! There is a good balance of inventory for both houses and condos, and properties are selling quickly and for desirable prices. The market is healthy, and given the upward trend in pricing, it's safe to say that the market is hotter than ever before!

We hope you found this month's update informative. Join us next week to explore Goleta's market and discover our latest property listings.