January 2020 Santa Barbara Real Estate Market

Data supplied from CORT, Santa Barbara Association of Realtors, and Multiple Listings Service

Contents

    A guide to the Santa Barbara real estate market for January 2020

    Spring is in the air in beautiful Santa Barbara, and the real estate market is heating up. The residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential buyers are in the market versus the number of homes for sale. With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market. (1) Buyer demand is already extremely strong, and (2) Housing supply is at a remarkably low level.

    Homebuyers were taking advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. Consequently, we’ve seen a 11% annual decrease in homes for sale, and an astounding 38% annual decrease in condos for sale in January alone! Particularly noteworthy is the fact that more homes sold in January than ANY year in the last 15 years with the exception of 2013, which was a banner year for Santa Barbara. To further highlight this point, SIX of our listings have attracted multiple offers since the new year!

    So what does this mean for you? Since there’s a relative shortage of homes for sale, putting your home on the market today could drive an excellent price and give you additional negotiating leverage when selling your house. Reach out to a Zia Group agent today to see if listing your house now is your best move.

    Single Family Homes for January 2020

    Including year over year change

    140 New Listings

    13% Increase

    75 Sold Listings

    15% Increase

    420 Homes for sale

    11% Decrease

    $1,159,000 Avg Sales Price

    15% Increase

    3.23 Months of Inventory

    21% Decrease

    87 Avg Days on market

    11% Decrease

    Condos for January 2020

    Including year over year change

    30 New Listings

    38% Decrease

    21 Sold Listings

    21% Decrease

    104 Condos for sale

    1% Decrease

    $681,692 Avg Sales Price

    24% Increase

    3.23 Months of Inventory

    21% Decrease

    76 Avg Days on market

    25% Increase

    Definition of Terms

    Historical Santa Barbara Housing Reports

    Free Home Valuation