January 2021 Santa Barbara Real Estate Market

As has been the trend recently, we continue to see very strong sales numbers in the Santa Barbara real estate market. Although December 2019 had a red hot real estate market, last month is indeed outperforming last year. One of the contributing factors to our recent seller’s market has been a shortage of inventory (homes for sale). This appears to be opening up ever so slightly. During December, we saw 100 new listings come to the market, which is a dramatic 72% increase over this time last year. However, to bring this into perspective, our total single-family homes inventory is still only 306, which is 29% less than last December’s numbers. So long as we face inventory shortages at this scale, home prices have nowhere to go but up. Our current median sales price for December is $1,275,000, which beats last December by 11%. So, if you are still on the fence about selling your house, it appears the window of opportunity is still open. However, it is very unclear how long this “greatest seller’s market of all time” will last.