February 2021 Santa Barbara Real Estate Market

The Zia Group continues to track the Santa Barbara real estate market week by week, offering you in-depth analysis and expert insight into what can be expected from our incredibly strong market. Indeed, the market did not disappoint in the beginning of the new year. Compared to January 2020, homes in Santa Barbara are selling nearly twice as fast, and for far more money. With low inventory and the patterns we’ve been tracking over the last year, this hardly comes as a surprise–though how long this will last, no one can predict.

Breaking it down, in January the average number of days a home was on the market added up to 47. Last year, that number was 87, meaning that homes are, on average, selling in half the time they used to only a year ago! And, the median sales price for homes in Santa Barbara is up to $1,441,164, which is 24% higher than January 2020, and up nearly $200,000 from December’s median price of $1,275,000. Condo sales have nearly matched these trends, clearly demonstrated by the fact that there was an 81% increase in condos sold compared to last year, with an accompanying increase in median sales price by 9%.

Why are we seeing homes fly off the shelves? Well, once again inventory remains very low. Even with 97 new homes listed for sale in January, inventory for single family homes is down a whole 36% from last year’s numbers, totaling to 268 homes. Not to mention, 92 homes sold in the month of January, a full 23% more than last year. With fewer homes on the market to begin with, and most homes staying on the market for nearly half the time they would have a year ago, each and every home’s value is steadily increasing.

One final statistic, we think, really illustrates the strength of the Santa Barbara real estate market. In January 2020, 75 homes sold for a total closed volume of $129,587,553. This year, January saw an increase in sales of about 23%, with a soaring 102% increase in total close volume: $261,846,045.

To sum all of this up, if you are considering selling your home in the near future, the numbers are clear: now is the time to sell! If you’re interested in discussing your specific real estate needs with one of our real estate professionals, call us today for a free consultation and a free Santa Barbara home value analysis.