August 2023 Santa Barbara Real Estate Market

youtube-video-thumbnail

August 2023 Market Update

Hi, I’m Daniel Zia, the CEO of Zia Group with EXP Realty, and here’s your August update on South Santa Barbara County’s real estate market.

Market Trends

  • Interest rates are up, tempering activity.
  • 49% of July transactions were cash purchases, highlighting strong local capital.
  • The market is stable and slightly favors sellers, similar to last year.

Inventory

  • Current inventory is about half of what it was in 2019.
  • Condos are selling quickly but are also in short supply.

Pricing

  • Monthly data shows a 12% increase in median sales prices compared to last year, but year-to-date comparisons suggest prices are down 5-6%.
  • Luxury homes are selling at about a 7% discount but more quickly than before.

Sales Activity

  • Year-to-date sales are down compared to the record-breaking year of 2021.
  • A scarcity of sellers, not buyers, is the primary constraint.

Looking Ahead

  • Interest rates aren’t expected to drop soon.
  • We predict a stable market for the coming months, with lower inventory and slight leverage for buyers.

Thanks for tuning in. Wishing those with kids a smooth start to the school year. See you next month!

Request a valuation

Disclaimer: By entering your information and submitting this form, you agree to our Terms of Use and Privacy Policy and that you may be contacted by Zia Group by phone, text message and email about your real estate interests. Frequency of contact may vary and message and data rates may apply. For assistance call (805) 364-9009 or text STOP to cancel.

South Santa Barbara County Single Family Homes for August 2023

Including annual change | See definition of terms

98 new listings

22% Decrease

63 sold listings

9% Increase

259 homes for sale

8% Decrease

$3,007,085 median sales price

9% Decrease

21 avg days on market

16% Decrease

2.20 months of inventory

40% Increase

South Santa Barbara County Condos for August 2023

Including annual change | See definition of terms

21 new listings

33% Decrease

26 sold listings

None

45 condos for sale

34% Decrease

$1,236,288 median sales price

5% Increase

16 avg days on market

60% Increase

2.20 months of inventory

40% Increase

Montecito & Hope Ranch for August 2023

Including annual change | See definition of terms

27 new listings

4% Decrease

12 sold listings

14% Decrease

90 homes for sale

25% Increase

$6,755,500 median sales price

14% Decrease

39 avg days on market

32% Decrease

5.05 months of inventory

104% Increase

Single Family Home Sales Year-to-date

Including annual change | See definition of terms

$3,237,816 mean sales price

6% Decrease

$2,130,000 median sales price

4% Decrease

$1,405,212,151 sold volume

32.24% Decrease

Condo Sales Year-to-date

Including annual change | See definition of terms

$1,200,569 mean sales price

2% Decrease

$910,000 median sales price

4.21% Decrease

$198,094,018 sold volume

30.48% Decrease

Definition of Terms