February 2022 Santa Barbara Real Estate Market

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.

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South Santa Barbara County Single Family Homes for February 2022

Including annual change | See definition of terms

94 new listings

3% Decreased

73 sold listings

21% Decreased

180 homes for sale

33% Decreased

$3,358,812 median sales price

18% Increased

21 avg days on market

55% Decreased

0.81 months of inventory

44% Decreased

South Santa Barbara County Condos for February 2022

Including annual change | See definition of terms

29 new listings

36% Decreased

24 sold listings

37% Decreased

45 condos for sale

36% Increased

$979,000 median sales price

5% Increased

24 avg days on market

49% Decreased

0.81 months of inventory

44% Decreased

Montecito & Hope Ranch for February 2022

Including annual change | See definition of terms

27 new listings

33% Decreased

18 sold listings

36% Decreased

75 homes for sale

45% Decreased

$7,056,666 median sales price

24% Increased

32 avg days on market

63% Decreased

1.37 months of inventory

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Single Family Home Sales Year-to-date

Including annual change | See definition of terms

$3,358,812 mean sales price

18% Increased

$1,950,000 median sales price

11% Increased

$245,193,300 sold volume

6% Decreased

Condo Sales Year-to-date

Including annual change | See definition of terms

$979,000 mean sales price

5% Increased

$853,500 median sales price

12% Increased

$23,496,000 sold volume

34% Decreased

Definition of Terms