Santa Barbara Real Estate Update

Santa Barbara’s real estate market is humming with activity this summer, but it’s not the frenzied tune of years past. Instead, we’re seeing a more deliberate rhythm—one that rewards preparation, presentation, and strategic timing.

Key Stats at a Glance

Segment	Median Sales Price	Avg. Days on Market	Inventory	YoY Change
Single-Family Homes	$2.2M	32 days	398 listings	+12% price, +36% inventory
Condos	$987K	38 days	112 listings	-11% price, +65% inventory
Montecito & Hope Ranch	$7.04M	93 days	150 listings	+48% price, +55% inventory

Market Mood: Balanced with a Seller’s Lean

• Inventory is up—a 20–65% increase across segments—but demand is keeping pace.
• Median prices are rising, especially in luxury pockets like Montecito, where the median has jumped nearly 50%.
• Homes are selling at 97–99% of list price, with 31.6% selling above asking.
• Cash offers and multiple bids are still common, especially for well-presented homes.

What This Means For Buyers

• You’ve got more options than last year, but competition remains strong.
• Focus on homes with longer days on market or recent price reductions for negotiation leverage.
• Pre-approval is essential—fully underwritten loans are nearly as competitive as cash.

What This Means For Sellers

• Presentation is everything. Homes that are staged, landscaped, and priced right are commanding top dollar.
• The market rewards realism: overpriced listings are expiring, while well-positioned homes are attracting multiple offers.
• Consider shortening contingency periods or offering flexible closing dates to entice buyers.

Looking Ahead

As interest rates begin to ease, expect a late summer surge in buyer activity. The market remains resilient, especially in mid-tier and lifestyle-driven segments. Whether you’re buying or selling, now is the time to act with intention, not impulse.

JUNE 2025 STATISTICS and 2ND QUARTER YTD STATISTICS