July 2021 Market Update
A year ago in the month of June, we saw the market heat up very quickly after a lull caused by the uncertainty and health/safety concerns of the beginning of the pandemic. Since then the average and median sales prices have been climbing week after week, with months of inventory dropping steadily.
If you saw our market update last month, you know that the average sales price for single-family homes was significantly higher in May than it was in the month of June–a million dollars higher. While this does cause us to pause and wonder if the market is slowing down or shifting when we consider the months of inventory we can’t confidently say that this is the case. Months of inventory is still incredibly low at 1.24. Ultimately, when we look at the year-to-date data, we still see a very strong sellers’ market and high sales prices. Homes are still selling faster and for more money than ever before.
While it would appear that the market’s growth has slowed somewhat from last month, it’s hard to tell if this is the beginning of a shift. It may be that many buyers went on long-awaited family vacations as the world began opening up. Or it may be that outlier sales have impacted the numbers. Either way, Zia Group is tracking the market week after week and month after month, to keep tabs on all of these changes so we can better advise you on all of your real estate plans.
We encourage you to reach out to your Zia Group real estate advisor to discuss what the current market means for you, your family, and your real estate goals–whether you plan to purchase or sell in the coming months or years. It’s never too early to begin planning.
South Santa Barbara County Single Family Homes for July 2021
Including annual change | See definition of terms