Santa Barbara Real Estate Market Update For February 2022

February 2022 Market Update

This month we are examining the Santa Barbara and Montecito real estate markets for the last 30 days, covering activity in January 2022. We see activity that is very much in alignment with the last several months. Inventory remains low, though slightly higher than it was in the month of December. Home prices remain high. In fact, the median home sales price is 11% higher than it was in January 2021.

When we take a look specifically at the luxury markets in Montecito and Hope Ranch, the numbers are even more staggering. With a slightly higher absorption rate than the rest of the area (1.37 months), the median sales price is still up 45% compared to January 2021. When we consider the previous 6 months or so, we see the same trend. When the overall Santa Barbara median home prices were up by a significant percentage, the luxury market tripled or quadrupled that percentage (in many cases). Additionally, whereas we typically see luxury homes stay on the market for several months before taking an accepted offer, these homes have been selling faster and faster, most recently with just 32 average days on market.

What does this mean? Well, it certainly indicates that the luxury market is moving like never before, even with incredibly low inventory. Take a look at our comprehensive annual market report covering the data from 2021 to learn more.