March 2024 Market Trends & Insights
This post addresses current market market trends and sold Santa Barbara homes data for March. The southern Santa Barbara real estate market remains vibrant with increased sales activity even as mortgage rates rise. Despite the increase of inventory compared to last year it still doesn’t meet the current demand. The market may be in transition if the inventory continues to increase and the supply is gradually aligning with the demand.
Market Trends/Sold Homes for southern Santa Barbara from 2018 to March 2024
Here are some insights into the southern Santa Barbara real estate market:
In March 2024 there were:
106 New Listings up 26% compared to March 2023
144 Active Listings up 38% compared to March 2023
90 Sold Listings Single Family Homes and Condominiums
The median number of days, 11, to sell is down 16% compared to March 2023
The median Sale Price of $2,100,000 is down 8% compared to March 2023
89 Pending Listings up 34% compared to March 2023
Sold Price compared to Asking Price down 4% compared to March 2023
43% of sales were All Cash
The inventory of homes for sale in South Santa Barbara County increased by 26.8% in the first quarter of 2024 compared to the same time period in 2023.
Home values in California rose by 40.6% in the last 5 years. Home sales increased by 8.6% in January 2024 year over year and the mortgage rate climbed to 7.28%! So, California’s housing market remains resilient and in demand. Even if mortgage rates continue to increase alarmingly, home sales will not falter. So, if you want to, now is the right time to list your property.
Buying and Selling Your Home in Santa Barbara
March Home Sales and Trends for California
If you’re thinking of buying or selling feel free to text, call, or email us today!
805.845.2888 * HomesOfSantaBarbara@gmail.com
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