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Housing market information is provided by Altos Research, Inc. based on analysis of all active market properties for sale in the US in the preceding week. All analytics are copyright Altos Research and not affiliated with any MLS. ClimateCheck™ analyzes a property's risk from climate change using the latest modeling and data from climate scientists, universities, and federal agencies. Flood risk data is provided by Risk Factor™, a product of the nonprofit First Street Foundation.
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.
Median list price
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.
Miami Housing Market: Prices, Trends & Forecasts 2022-2023
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.
However, the same price increases that have helped real estate investors in Santa Barbara for 10 consecutive years are now forcing them to rethink their strategies. With about 350 active listings, the Santa Barbara housing market only has a few weeks of inventory on the books. However, it is worth noting that 106 of today’s listings are either at risk of foreclosure or are already in the process of being repossessed; that’s 30.3% of the market’s total inventory. Homes in Santa Barbara receive 3 offers on average and sell in around 30 days.
More Real Estate Resources for Santa Barbara County
At their current rate, mortgage rates will save today’s buyers thousands of dollars, and real estate investors will be able to pad their bottom line. The Santa Barbara real estate investing community has done well for itself since the Great Recession. Rehabbers have grown accustomed to attractive profit margins fed by demand and appreciation.
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.
Southern California
The statewide average price per square foot for an existing single-family home remained elevated. October's price per square foot was $389, up from $326 in October a year ago. She’s hopeful more sellers will feel comfortable putting their homes on the market once vaccinations become widespread and life starts returning to normal. Courtesy PhotoThe median price for a home in south Santa Barbara County rose 17% last year to $1.2 million. Patricia Griffin of Village Properties in Montecito cautioned against putting too much stock in the median price because it fluctuates easily and doesn’t reflect depreciation.
Even with all the negative press, Santa Barbara real estate values have been more resilient to the downward pressures than other parts of the country. The on and off again pandemic has affected our lives and how everyone buys and sells real estate. The historically low mortgage interest rates have risen dramatically since early 2022 when many would-be Sellers locked in on mortgage rates of 3% or less, so there is now a financial consideration to stay in their current homes.
California's Unsold Inventory Index dipped on a month-to-month basis for the first time in four months, as active listings fell 18.3 percent from last year. The index indicates the number of months it would take to sell the supply of homes on the market at the current rate of sales. Since Proposition 19 has taken full effect, 55+ year-old homeowners can transfer their existing real estate tax base to a home anywhere in California, which should encourage some sellers to list their homes. Mortgage interest rates have risen lately and are nowhere near the historic historical lows of the last few years.
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.
The median rent for all bedrooms and all property types in Santa Barbara, CA is $6,100. This data has been compiled from the Santa Barbara Multiple Listing Service and is for single family homes for Santa Barbara's South County. Flood risk in Santa Barbara County is increasing slower than the national average. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities.
