South County Santa Barbara Real Estate
Jan - Dec 2019
As 2019 progressed week after week, the market was filled with uncertainty and variability with many examples of surprising sales results for individual properties. That said, looking back on the year, there are a number of things worth mentioning. The first is that while some homes took much longer to sell than expected, we did see more homes sell in 2019 than any year since 2013. Second, the market as a whole did show an increase in both the average and median sales prices - the latter being a more accurate indicator of market
appreciation and growth. With the exception of the big jump in real estate prices in 2012 and 2013, since the bottom of the market we continue to see shallow, but consistent growth in the median home price. Does that mean your home would sell for more today than it would a year ago? Not necessarily. Average market statistics don’t accurately predict the outcome of a sale for a specific property. Call a Zia Group advisor today to understand the true current value of your home and how that value may change in 2020.
Spotlight on Single Family Homes
Jan - Dec 2019
Single family homes saw sales indicators similar to that of the market as a whole. While some homes sold for less in 2019 than they did in previous years, as a whole, the median and average sales prices both went up. One interesting fact is that the number of sales in Santa Barbara proper was essentially equal to all the surrounding communities of Carpinteria, Summerland, Montecito, Hope Ranch, and Goleta combined.
Average Price by Area
Total Sales by Area
Spotlight on Condos & Townhomes
Jan - Dec 2019
The condo and townhome market did not see as much growth as the single family home market. While more condos and townhomes sold in South Santa Barbara county than last year, the average sales price was essentially flat and the median sales price saw less of an increase than the single family home market. This is quite possibly a reflection of developers keeping prices attractive to move new condo and townhome inventory that was recently built. Although Goleta is a smaller community, it is seeing more new condos and townhomes being built than Santa Barbara and other nearby communities. Interested to learn how condo and townhome prices will change in 2020 with much less newly built inventory coming on the market? Call your Zia Group advisor today and hear more of our analysis and recommendations.