Santa Barbara Real Estate Market Update For February 2019

February 2019 Market Update

What a wet beginning to 2019 it has been! Good thing it is “sunny with a chance of clouds” within the real estate market in Santa Barbara. Many areas are seeing positive increases like our median sales price increased 3% over January 2018 and 20% more homes were sold. As always, we’re keeping our eyes on the national market where many communities have experienced shifts from sellers’ to buyers’ markets. While we at Zia Group have not seen this full shift happen yet in the Santa Barbara area, we are seeing early warning signs of a market balance with more equal leverage dynamics between buyers and sellers. As a sign of this, fewer properties went into escrow in January while our inventory has gone up by 30%. Like many of our neighbors, we’re aware that January 2018 was an incredibly unique time in the real estate market and community. Comparing today’s market is a bit of a challenge considering the natural disasters encountered. We continue to monitor these trends and keep our community up to date.