January 2021 Santa Barbara Real Estate Market

January 2021 Market Update

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.

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South Santa Barbara County Single Family Homes for January 2021

Including annual change | See definition of terms

100 new listings

72% Increase

131 sold listings

7% Increase

306 homes for sale

29% Decrease

$1,275,000 median sales price

11% Increase

44 avg days on market

34% Decrease

1.61 months of inventory

50% Decrease

South Santa Barbara County Condos for January 2021

Including annual change | See definition of terms

20 new listings

20% Decrease

60 sold listings

62% Increase

64 condos for sale

43% Decrease

$695,000 median sales price

6% Increase

35 avg days on market

26% Decrease

1.61 months of inventory

50% Decrease

Definition of Terms