August 2020 Market Update
Summer is in full swing here in Santa Barbara. The weather is warm, and the real estate market is hot! We have even heard various real estate teams across the country describe this as one of the best real estate markets of all time. While that is an extraordinary claim, we can confirm that Santa Barbara is enjoying a very strong seller’s market. At Zia Group, our sellers have been very pleased with the sales results we have delivered during this last month.
Last month, we discussed the migration into Santa Barbara from San Francisco. This trend shows no signs of slowing. We are now seeing a large influx of Los Angeles residents migrating north. In fact, this month over 40% of our showing requests have come from Los Angeles residents looking to buy in Santa Barbara.
This month, Santa Barbara has gained 222 new listings. 162 of these listings were single family homes, representing a 5% increase over this month last year. More dramatically, we saw a 16% boost in sold listings during this same timeframe! Thus, it’s no surprise that our median sales price has risen by 1% over the last 12 months.
Despite these strong market conditions, we are still suffering from a shortage of inventory. If we haven’t made it crystal clear, this is a very good time to sell a house. If you are having thoughts of selling and are interested in capturing top dollar for your home, I strongly recommend that you reach out to a Zia Group agent right away.
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South Santa Barbara County Single Family Homes for August 2020
Including annual change | See definition of terms