Santa Barbara Real Estate Market Update For December 2021

December 2021 Market Update

This time last year, we were astounded as we watched the market continue to pick up pace right through the holiday season. And this year? As we stated last month, the market has slowed down, quite remarkably. Last year, in November 2020, 137 single-family homes were sold. This November, only 94 were sold–a 31% decrease in sales activity.

Most notably, only 92 single-family homes were newly listed for sale this November. All of this means that our current months of inventory remains below one month–at 0.94 months. In other words, inventory is at a record low. With prices remaining high, however, it is obvious that buyer demand is still strong. The median sales price for November 2021 (single-family homes) is $1,942,750–right on par with past months, and even slightly higher than the year-to-date median price: $1,900,000.

Indeed, with the possibility for interest rates to rise, buyers are eager to find homes now rather than in a few months when, even if prices remain steady, they will pay more. This consistent demand from buyers to find homes now keeps prices strong.

If you’re at all curious about your home’s current market value, reach out to your trusted Zia Group advisor, or go here to receive your free Santa Barbara home value analysis today.