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

SegmentMedian Sales PriceAvg. Days on MarketInventoryYoY Change
Single-Family Homes$2.2M32 days398 listings+12% price, +36% inventory
Condos$987K38 days112 listings-11% price, +65% inventory
Montecito & Hope Ranch$7.04M93 days150 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

Mark Danforth Lomas

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