Market Update – A Closer Look

The real estate market in Santa Barbara continues to remain vibrant even with high interest rates and low inventory. As the year progresses our unique coastal community continues to attract interest and investment in Santa Barbara real estate. 

Year to date the market is up 14% on the total number of homes sold since this time last year. Property values continue to climb with the average price up 6%. The average time for a home to be on the market is around 30 days.

Nationally internal and external forces are accelerating change in today’s real estate market. The market continues to be strong and is not crashing. Prices are rising as the economy continues to expand. 

Real concerns are affordability as homeownership shrinks and rates are expected to remain elevated. Another concern is the real estate industry is changing since the Department of Justice’s lawsuit against the National Association of Realtors prevailed and realtors are trying to navigate the new landscape for real estate sales. Consumers need real estate agents but it may be a little early to see how this will play out.

Southern Santa Barbara Real Estate Market Trends for Sales from 2018 to May 2024

Data Provided by Fidelity Title Company of Santa Barbara, California