If you’ve been waiting for a window to open in the Santa Barbara real estate market, this might just be it — and it’s not a drafty one. With interest rates dipping to their lowest level since early April and inventory on the rise, buyers are finally seeing some breathing room.
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If you’ve been wondering whether the Southern Santa Barbara real estate market is cooling off or just catching its breath—spoiler alert—it’s the latter. As we cruise through mid-2025, the region continues to defy broader market trends with a cocktail of rising inventory, resilient demand, and a dash of Hollywood sparkle.
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Southern Santa Barbara, stretching from Carpinteria to Gaviota, offers a unique blend of coastal charm and competitive real estate dynamics. As we move through March 2025, the region’s housing market reflects both opportunities and challenges for buyers, sellers, and investors.
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Nearly a hundred thousand Los Angeles County residents are still under evacuation orders as of Monday, January 13, and with more than 10,000 homes, schools, or other structures completely destroyed by fires from Pacific Palisades to Altadena to Sylmar, many are seeking refuge just up the coast in Santa Barbara.
Personal accounts posted on social media show frantic families packing their cherished belongings into cars and looking for anywhere safe. As evacuation centers in Los Angeles began to rapidly fill up, some jumped on Highway 101 northbound to find shelter on the Central Coast.
By the weekend, Santa Barbara hotels were filling up with people affected by the Los Angeles wildfires. On Saturday, Visit Santa Barbara announced a special lodging rate for evacuees at 25 different locations, with some offering 25-30 percent discounts or rooms for prices as low as $129 per night.
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In this post we will address some of the pros and cons of Rent Control and how reforming Proposition 13 could help California’s current housing crisis. Proposition 33 aimed to repeal the Costa-Hawkins Rental Housing Act which currently limits the scope of rent control in California. On November 5, 2024 Californian voters voted 60% to 40% against the passing of Proposition 33.
Home prices in Santa Barbara continue to fluctuate, presenting a mixed picture for buyers and sellers. While the median listing home price currently averages around $2.6 million, data from Zillow indicates that home values have increased overall by 7.2% over the past year. This rise, however, comes with neighborhood variations in values. Prime neighborhoods with homes in excellent condition, priced realistically, are moving. Homebuyers taking part in this market should brace themselves for possible bidding wars, particularly in the better neighborhoods. August sales in 2024 were up from the same time in 2023.
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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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Looking back at the last six months the south coast of Santa Barbara, spanning from Goleta to Carpinteria, we’ve not...
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