As we move into the final stretch of the year, the Southern Santa Barbara real estate market is showing a remarkable blend of seasonal cooling and underlying structural strength. While the “holiday hum” usually quiets the market, the 2025 data tells a story of stability, precision pricing, and a luxury sector that continues to defy broader economic gravity.
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The Southern Santa Barbara real estate market closed out October 2025 with a significant burst of activity, defying cooler national trends and reinforcing its status as a resilient, high-demand coastal enclave.
Our analysis of the latest statistics reveals a complex, two-speed market: a surge in monthly transactions driven by shifting mortgage rates, coupled with robust, long-term price appreciation across the board year-to-date.
Here is your full market breakdown for Southern Santa Barbara County through October 2025.
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As Q3 wraps and September’s stats roll in, South Santa Barbara County’s residential market tells a tale of recalibration. After years of pandemic-fueled frenzy, 2025 is shaping up as the year the market caught its breath—albeit with a few raised eyebrows and some price tags still flexing their luxury muscles.
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The southern Santa Barbara’s real estate market offers a fascinating glimpse into the dynamic interplay of zip codes, neighborhoods, and trends that shape this coastal gem. Backed by insightful data from Altos Research, this blog post dives into the nuanced details of housing market performance in the region, exploring patterns that define both its charm and investment potential.
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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.
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Despite a recent uptick in mortgage rates, the California’s housing market continued to demonstrate resilience in February, reaching sales levels not seen since September 2022, according to the California Association of Realtors on March 19, 2024.
February’s sales pace jumped 12.8 percent higher from the revised 257,040 homes sold in January and rose 1.3 percent from a year ago, when a revised 286,290 homes were sold on an annualized basis. The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains, but the improvement was mild. The sales pace remained below the 300,000 threshold for the 17th consecutive month. While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4 percent, suggesting a better spring home buying season than that experienced last year.
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Mortgage rates have fallen for nine consecutive weeks and are expected to drop further although many think it’s unlikely that rates will drop below 6%.
The Federal Reserve’s campaign to lower inflation through rate hikes had a significant impact on the housing market. Now that inflation is easing, and interest rates are falling, it’s likely buyers who have been sitting on the sidelines might get back in the game.
The big question for 2024 is will there be a notable increase in inventory? The general consensus among real estate professionals is optimistic as you’ll see in the video included in this post. All expectations are for an increase in inventory. But, truthfully, only time will tell. All indicators at this stage look good without any significant unforeseen disruptions.
Click Read More below for Market Update, last year’s sale’s statistics, and a very timely Altos Research video.
Good news! The Wall Street Journal reported that slowing inflation caused Federal Reserve Chair Jerome Powell to pivot away from raising interest rates and toward planning when rates might be lowered. The U.S. economic outlook has brightened in recent months because inflation and wage growth are slowing. Healed supply chain and an influx of workers to the labor force are curbing wage and price increases without causing broad economic weakness.
Plus! Barbara Corcoran’s takes on the real estate market. Spoiler Alert! When mortgage rates drop to around 6% prices will go up. If you’re waiting for prices to drop that may not be the best strategy. Check out the video and decide for yourself.
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