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The median price for a home in south Santa Barbara County rose 17% last year to $1.2 million. In January and February, the median home price rose 34% compared to the same period last year, pointing to accelerating price increases. Check out HomeLight’s Quarterly Top Agent Insights report, a national survey of over 500 top real estate agents.
Historically the lowest 30-year mortgage interest rate since 1970 was recorded in February 2021 at 2.65%, which was matched again in July 2021. The highest historical conforming mortgage rate was recorded in 1981 @ 18.63%. As a comparison, a mortgage payment for a $647,200 mortgage in 1981 would have been $10,087/month, the payment in February 2021 would have been $2,608/month, and as of December 10th, the payment would be $4,038/month. According to the Mortgage Bankers Association, mortgage applications have dramatically decreased due to a lack of owners refinancing their properties. Increased mortgage rates have dissuaded many potential buyers from searching for a new home and discouraged some sellers from moving due the low mortgage payments they have locked in on their present home. Home buyers in the North County are facing the same obstacles, which is why the median prices are acting accordingly.
Price Range
While rehabbing in the Santa Barbara real estate market can still result in attractive profits, several trends suggest long-term real estate investing strategies are more viable than their short-term counterparts. The market has already seen a steep decline in mortgage applications, so it’s only a matter of time until competition comes more in line with historical rates. When demand subsides, the market may start to correct itself and drive prices lower. At the regional level, all five regions recorded a decline in sales on a year-over-year basis in October, with three regions dropping by double-digits.
Recently the number of sales in our upper-end market has dropped significantly, especially in Hope Ranch, which indicates a movement from a Seller’s market to more of a balanced market or to a Buyer’s market. Focusing on the supply in any market is a good way to anticipate where the markets are heading. Along the South Coast of Santa Barbara County as of December 1st, there were 130 active House/PUD listings and 41 active Condominium listings available . Compare these current low totals to the inventory levels from 2007 to 2011 when the total number of active listings fluctuated between 734 and 1,026.
Schools in Santa Barbara County
While the statewide median sales-price-to-list-price ratio remained above 100 percent in October, it was the lowest level in eight months. Nearly two-thirds of homes (60.2 percent) still sold above asking price in the latest monthly report, but it was at the lowest level since February 2021. It’s a seller’s market on the Central Coast and across the country, as median home prices soar above last year’s averages and home owners armed with cash and low interest rates consider jumping into the mix. As of May, the average rate on a 30-year fixed-rate loan was 5.1%, according to Freddie Mac. As a result, borrowing costs have brought down acquisition costs for those looking to add to their passive income portfolio.
It is adjusted to account for seasonal factors that typically influence home sales. There are 280 homes for sale in Santa Barbara and Goleta, down 25 percent from last year, he said. Half of all sales are paid in cash, and about 25 percent of all sales are going for over asking price — about 7 percent over, Wood added. February’s median home price was $930,000, compared to $830,000 in January, Woods said. Work with a top Santa Barbara real estate agent to figure out the best selling strategy and start bidding wars on your home. Find a top agent with a proven track record of selling homes faster than their peers or who can help you find your dream home, no matter how quickly their market moves.
Compare Median Rent in Markets
Almost 1,500 homes were sold in the Santa Barbara area in that's a 14% jump from 2019. Fewer short sales and foreclosures have helped improve the median, as well as the shortage of homes for sale, he said. In Santa Barbara and Goleta, the median home price is up 15 percent from a year ago, according to Gary Woods, a statistician for the Santa Barbara Association of Realtors.
Find out by comparing median home prices in Santa Barbara over the past three years with our interactive graph, or get a weekly glance with the table view. View Santa Barbara median home price data from the past 6 months, 1 year, or 3 years by using the toggle buttons in the top-right corner of the graph. According to USA Today, the national average for all-cash real estate sales was 31.4%. On the South Coast in November 2022, 40% of the sales were cash sales, up from 38% in October. Review the attached list of the 85 properties sold on the South Coast of Santa Barbara County in November 2022 and/or contact me for information on specific sales. The Federal Reserve had maintained a near-zero rate since early 2020 due to the negative effects on the world economy due to pandemic and supply chain issues.
Wildfires continued to have a negative impact on market conditions in the Far North as sales in the region dropped 23.4 percent from a year ago. The decline will likely continue as the recovery process from wildfires could take months if not years. The Central Coast had the next biggest sales drop, with all counties within the region falling at least 13.8 percent from the prior year.
These inventory statistics indicate that Goleta remains in a heated Seller’s market. Carpinteria/Summerland and Montecito have crossed over into a more balanced market. With a combined total of 47 House/PUD pending sales and 130 active listings on the South Coast of Santa Barbara County, there is only a 2.8-month supply (up from 2.2 in October) of House/PUD listings from which Buyers can choose. The South Coast market as a whole still remains entrenched in a variety of Seller’s Markets, except for Hope Ranch which is in a Buyer’s Market. As the market is in transition, listings are staying on the market longer with fewer multiple offers, but multiple offers still happen.
Rental properties appear more suited for today’s market and can help offset the city’s exorbitantly high prices. Additionally, the Coronavirus has tilted many of today’s most important market indicators in favor of passive income holdings, and investors are in the beginning stages of reaping years of rewards. Almost all California counties experienced year-over-year price growth, as 49 out of 51 counties tracked by C.A.R. showed a gain in their median prices from last year. Eight counties set new record high median prices in October, as compared to seven counties the prior month.
Heat risk estimates how much climate change might increase the typical number of hot days in a year and the likelihood of extreme heat and heatwaves. The latest migration analysis is based on a sample of about two million Redfin.com users who searched for homes across more than 100 metro areas. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a three month period. The 30-year, fixed-mortgage interest rate averaged 3.07 percent in October, up from 2.83 percent in October 2020, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.54 percent, compared to 2.89 percent in October 2020.
While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Fire risk estimates the risk of wildfires, based on the likelihood of burning in the future and the potential size and severity of a fire. The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
In Carpinteria, there were a total of 11 residential sales in November 2022, up from 8 in October. In November 2022 the median price of the 6 House/PUD sales was $1,425,000 and the average price was $1,526,333. In November 2022 the median price of the 5 Condominium sales was $760,000 and the average price was $861,500. The lowest-priced Carpinteria sale in November 2022 was a Condominium on Birch Street @ $575,000 and the highest was a House on Serena Avenue @ $2,100,000. "With their median price being 30 percent less than that of a single-family home, condominiums and townhomes have been selling particularly well as they are a more affordable option to buyers with a smaller budget." Historically the highest Year-to-Date median sales price recorded on the Santa Barbara South Coast was recorded in 2007 at $1,031,500.
Real estate data shows the median home price of 97 sales in Santa Maria in January was $220,000, a 13.11 percent boost from January 2012. Santa Barbara is one of the fastest appreciating markets in one of the most expensive states. In fact, the city’s latest run-up has turned the local real estate market into a destination primarily driven by luxury home sales throughout the pandemic. The overwhelming majority of Santa Barbara’s distressed inventory is merely at risk of falling into foreclosure. Consequently, 81 homeowners (23.1% of the city’s distressed property) have missed a payment and are currently at risk of losing their homes to the bank.
The average sale price of a home in Santa Barbara was $1.74M last month, up 2.2% since last year. The average sale price per square foot in Santa Barbara is $1.19K, up 18.3% since last year. The median price of sales in Montecito in January and February rose over 60% from one year ago, proving that the high-end market is particularly vigorous.
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