Real Estate Market Update for Santa Barbara - Starting with homes. This week we are covering the year to date stats versus the monthly data to get a little different perspective of what’s going on in the market year over year.

The number of active listings Year to Date is 19% lower than last year. Closings year to date are down by 26% from 2022. The YTD median sale price for homes has shown a slight decrease, going from $2,360,000 in 2022 to $2,300,000 in 2023. The sale price to list price ratio has decreased by 5%, from 105% in 2022 to 100% in 2023, and the median days on the market for homes have increased from 20 days in 2022 to 27 days in 2023. So inventory is still low, prices have mostly stabilized. Homes are taking a week longer to sell and we are seeing less overbidding but sellers as a whole aren’t taking massive haircuts on their price. 

Now, turning our attention to condos. Active listings for condos have also decreased by 19% since last year, Closings are down 24%, and the median sale price for condos has increased by 5%.  Like we saw with houses, the sale price to list price ratio for condos has decreased, going from 106% in 2022 to 100% in 2023, while the median days on the market for condos have increased from 13 days in 2022 to 22 days in 2023. The condo market is holding a little stronger on prices with the YOY increase, but this sector is also seeing a little more time on the market and less aggressive overbidding. Overall both property types in Santa Barbara are still heavily in the sellers favor. 

Come back next week to get the latest on Goleta.