April 2021 Market Update
The real estate market in Santa Barbara in the first quarter of 2021 has proven to be like nothing we’ve seen before. Let’s take a closer look at the final month of the quarter: March. When we consider the year over year data for the month of March, we see an increase in activity pretty much across the board. More units closed this March than last, more homes were listed on the market this March, homes sold more quickly this March than a year ago, and the average sales price is up from last year. But, of course, this is to be expected: a year ago, the world shut down, real estate sales all but stopped, and we all paused, sheltered at home as we processed the first news of the Coronavirus.
So, we have to consider different numbers in order to understand what is happening in the Santa Barbara real estate market right now. Last month, we talked about months of inventory, a statistic which helps us understand how long it would take for all of the current homes on the market to sell–essentially, how long until there is no more supply? Once again, this particular statistic proves incredibly important. In the month of January, months of inventory was 1.44. In February, it evened out at 1.4 months. Now, at the end of the first quarter, it has dropped to 1.18. For context, last March, the Santa Barbara market as a whole had 3.22 months of inventory (which was on par with the previous months).
So, yes, inventory continues to be low. And it isn’t just Santa Barbara: markets across the nation have seen inventory hit record lows, leaving many buyers anxious to see their offer accepted. What does this mean for you, a buyer looking to purchase a home but feeling unable to compete in this intense market? What does this mean for you, a homeowner who is perhaps curious about the financial gains from selling your home today, but worried about where you will go next?
We have good news for you today: as the team representing more buyers and sellers than any other team in Santa Barbara, we have solutions to these questions. Our proprietary negotiating tactics will help you get an accepted offer, and we can offer you exclusive access to a home trade in program and cash offer program that will make your offer more attractive and compelling–even meaning that homeowners don’t need to sell first before they buy! We would love to meet with you and provide a free consultation to help you understand all your options and make the best decision for you and your family today. Call us now to schedule an appointment!
South Santa Barbara County Single Family Homes for April 2021
Including annual change | See definition of terms