How’s the Market?

Is the residential real estate market in central California showing a rebound this year?  Sales are up strongly month to month, although far from levels 12 months ago.

The latest housing stats from CAR shows single-family house prices dropped 2.1% despite a rise in sales of 17.6% in February.

February’s statewide median home price fell almost $16,000 on average (-2.2%) to $735,480, which was down 4.8% vs February 2022 and down 18.3% from May 2022, its recent peak of $900,170). It was the 6th straight month of price declines.

C.A.R suggests that the drop in year-over-year sales may be due in part to the effects of the atmospheric river event which is continuing. Difficult in finding buyers and getting sales done would likely contribute to lower prices. The median number of days it took to sell a California single-family home tripled to 28 days in February from 9 days one year ago.

2023 1ST QUARTER STATISTICS

MARKET TRENDS (MONTHLY HOME SALES) 2013 TO MARCH 2023

March 2023  Sold Single Family Detached Homes

The average price for 61 properties sold is $3,302,557

Highest Price sale: $14,230,000 for 377 Santa Rosa Lane

Median Price: $2,255,000

Lowest Price sale: $330,000 for 15 Fremont Lane

The average Market Time is 32 days – Average Continuous Market Time is 41 days

March 2023 Sold Condominiums – Townhomes – and PUDs

The average price for 28 properties sold: $1,314,196

Highest Price sale: $3,395,000  for 47 Seaview Drive

Median Price: $1,227,500

Lowest Price sale: $578,000  for 5510 Armitos Avenue #19

The average Market Time is 43 days – Continuous Market Time is 46 days

(Source: Santa Barbara Association of Realtors)