2020 Real Estate Market Report for South County Santa Barbara
With the books closed on 2020, the Santa Barbara real estate market has yet again proven its resiliency and durability against a wide variety of market forces. In this 2020 South County Santa Barbara real estate market report, we'll explore the housing data behind this wild year. For a professional analysis of the data, see the video commentary from Zia Group founder, Daniel Zia. Finally, scroll to the bottom of this page to request of complementary home value analysis from a Zia Group Realtor Partner. We look forward to helping you achieve your real estate goals this year.
Yearly price trend for Santa Barbara
Santa Barbara average home sale prices increased by 25% to $1,995,876 in 2020. Likewise, Santa Barbara median home sale prices grew by 17% to $1,200,000. These new average prices set an all-time high record for Santa Barbara, outpacing the previous record in 2006.
Yearly home sales for Santa Barbara
2,118 homes sold in Santa Barbara in 2020, a 9% increase from 2019. This total is comprised of 1,494 single-family homes and 624 condominiums. Single-family homes claimed the majority of growth in Santa Barbara, with a 14% increase over 2019. In contrast, condo sales were actually down by 2% from 2019.
2020 home sales by month for Santa Barbara
As Covid-19 swept across the world, Santa Barbara home buyers and sellers were forced into a holding pattern during April and May of 2020. This dramatic event, in combination with urban flight powered by remote employment, led to a massive boost in demand for homes in Santa Barbara. From June through October, homes sales skyrocketed, creating one of the strongest seller markets on record for Santa Barbara.
2020 home sales by area for Santa Barbara
While home sales increased in all areas of Santa Barbara, it was Montecito that claimed the most significant growth in 2020 over 2019. In 2020, Montecito accounted for 18% (374 sales) of all local home sales, as compared to a mere 11% (221 sales) in 2019. For a more detailed look at the luxury market, including Montecito and Hope Ranch, scroll down to the Luxury Report below.
2020 average price by area for Santa Barbara
As discussed above, average home prices are up by 25% in Santa Barbara. Now we'll take a closer look at average home prices by area. It's no surprise that Montecito claimed the top spot, with an average home price of $5,009,599. Hope Ranch was the second highest priced region with an average home price of $4,200,263. In total, home prices are up across every region in the Santa Barbara real estate market.
2020 Luxury Real Estate Market Report for Montecito & Hope Ranch
The Santa Barbara luxury housing markets, including Montecito and Hope Ranch, experienced a sharp increase in average home prices in 2020. Many luxury home buyers relocated from major cities to Santa Barbara this year, and in so doing, drove prices to all time record highs. Scroll down to explore our 2020 Luxury Real Estate Market Report.
Yearly median home prices for Montecito & Hope Ranch
As the chart depicts, Montecito and Hope Ranch have experienced very different price trends over the last 5 years. In 2018, Montecito home prices temporarily drooped as a consequence of the Thomas Fire and the subsequent mud slides. During that time, much of the demand for luxury homes shifted to Hope Ranch, which is geographically sheltered from fires.
Yearly home sales for Montecito & Hope Ranch
Montecito and Hope Ranch saw 419 total home sales with 374 in Montecito and 45 in Hope Ranch. Together, this represents a 64% annual increase over 2019. The luxury market was red hot in 2020 and benefitted from luxury buyers with ample liquidity.
2020 average price trend by month for Montecito & Hope Ranch
In 2020, Montecito homes sold for an average price of $5,009,599, and Hope Ranch homes sold for an average price of $4,200,263. However, Hope Ranch has significantly fewer home sales per year. Therefore, any one single high-value home sale can dramatically impact Hope Ranch's average price point, which is what we saw in May with the $10,500,000 sale of 4225 Cresta Avenue.
2020 median price trend by month for Montecito & Hope Ranch
In 2020, Montecito homes sold for a median price of $3,112,500, and Hope Ranch homes sold for a median price of $3,400,000. Again, do to the low volume of homes sold in Hope Ranch, we see a large range of values from month to month. In contrast, Montecito boasts more sales per year which effectively levels out the median price point.
2020 home sales by area for Montecito & Hope Ranch
In 2020, Montecito claimed 89% of the luxury real estate market, which 374 homes sold. Hope Ranch accounted for the remaining 11% of the luxury market, with 45 homes sold. Both regions have seen a major influx of out-of-town buyers as a consequence of urban flight from major cities like San Francisco, Los Angeles, and New York.
2020 home sales by month for Montecito & Hope Ranch
As we see from the chart, the luxury market did not experience a slow-down during March, April, and May. In fact, the luxury market actually benefited from the unique events of 2020. This is most clearly seen in the record breaking sales volume during June and October.
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