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We are in one of the most foundationally strong housing markets of our lifetime because homeowners are going to fight to keep their current mortgage rate and they have a tremendous amount of equity. This is yet another reason things are fundamentally different than in 2008. We may be in one of the strongest Real Estate Markets in a long time. When you look at the numbers today, the one thing that stands out is the strength of this housing market. Here are two fundamentals that prove this point. Click "Read More" below to continue reading.
The Santa Barbara real estate market trends for 2024 have been admirable. In the first half of the year, there were 625 sales, a 12% increase compared to last year. While single-family detached homes accounted for 446 homes sold, reflecting a 15% increase over the same period as last year, condominiums and townhomes accounted for 179 homes sold, a 7% increase. The average sales price for single-family detached homes rose by 14% to $3,714,928 while the median price rose by 7% to $2,250,000. The average sales price for condominiums decreased by 3% to $1,135,143 and the median price rose 5% to $975,000. In the second quarter of this year, all cash sales made up 42% of all sales, a 2% increase from the same period last year. Inventory supply has picked up. The inventory supply has climbed to its highest level since 2020. Sitting at just over 3 months. Source: Fidelity National Title Company. Click Read More below for charts, graphs, and video
Now in its 99th year, Old Spanish Days in Santa Barbara is a beloved Santa Barbara tradition since 1924 dedicated to honoring and preserving the city’s history, spirit, culture, heritage, and traditions. The annual five-day festival, called “Fiesta” by locals, takes place from August 2nd through the 6th, 2023. Click Read More below for Video and more information about this year's poster.
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MARK LOMAS & KIRSTEN WOLFE
805.845.2888
HomesOfSantaBarbara@gmail.com
About Us
"Practicing the Fine Art of Real Estate"
It's who we are and what we do. We have over 30 years of experience facilitating the acquisition and sale of fine homes. Together with Sun Coast Real Estate Services, Santa Barbara’s leading residential brokerage firm, we can provide you with the best real estate services available. Experience you can count on!
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3112 State Street, Santa Barbara, California 93105
Mark Lomas BRE 00898298
Kirsten Wolfe BRE 01309570