July 2023 Santa Barbara Real Estate Market

July 2023 Market Update

Discovering the value of your home is vital, even if you’re not planning to sell. Currently, properties are selling for 1% below their asking price, a slight shift from last year when they sold for 1% above asking. The average time on the market for homes is 3-4 weeks, while condos are moving quickly, selling in just 1.5-2 weeks.

In the single-family home market, active price ranges are between $1.3-1.6 million and $2-3.5 million, with the luxury segment witnessing 13 sales over $5 million, taking an average of 5 weeks to sell. The highest priced sale this year was 319 San Ysidro, closing at an impressive $22.5 million.

Year to date, the median sales price has experienced a slight decline compared to the previous year. Pending sales are currently down by approximately 27%, which is almost exactly half of what it was in 2021.

The market’s inventory is presenting a challenge, with 67% fewer homes for sale compared to 2021 and a 22% decrease compared to last year. This shortage of inventory contributes to the decline in sales activity.

As for pricing trends, median home prices have seen a 5% decrease, and average sales prices have gone down by 4% compared to the previous year. However, it’s important to note that home values are still higher than pre-2021 levels, indicating a relatively stable market.

In the condo market, properties have been selling for 100% of the asking price, and the average time on the market is just 1.5-2 weeks. Nevertheless, condo sales year to date are approximately half of those during the peak market in 2023 and 36% fewer than last year.

Despite these fluctuations, the market shows resilience, with single-family homes in the $1-2 million price range still selling quickly in 1-3 weeks. The slowest price range in May was $2.3-3.3 million, specifically the $2.6-2.75 million range, where properties took an average of 8 months to sell.

Moving forward, we anticipate that the market may continue to experience slight price adjustments, but significant shifts are not expected. Home values remain higher than both 2021 and pre-2021 levels, offering favorable conditions for buyers and sellers.

If you have any questions or seek personalized assistance in navigating the Santa Barbara real estate market, our experienced team is here to help. Feel free to contact us to explore real estate opportunities or to understand the value of your home. Trust us to guide you through the ever-changing landscape of Santa Barbara real estate and secure your financial well-being.

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South Santa Barbara County Single Family Homes for July 2023

Including annual change | See definition of terms

118 new listings

3% Decrease

75 sold listings

28% Decrease

257 homes for sale

1% Decrease

$3,330,786 median sales price

8% Increase

22 avg days on market

19% Decrease

2.06 months of inventory

55% Increase

South Santa Barbara County Condos for July 2023

Including annual change | See definition of terms

35 new listings

30% Decrease

26 sold listings

13% Decrease

59 condos for sale

5% Increase

$1,100,842 median sales price

23% Decrease

15 avg days on market

25% Increase

2.06 months of inventory

55% Increase

Montecito & Hope Ranch for July 2023

Including annual change | See definition of terms

33 new listings

32% Increase

15 sold listings

46% Decrease

93 homes for sale

33% Increase

$7,719,450 median sales price

31% Increase

28 avg days on market

12% Increase

5.40 months of inventory

142% Increase

Single Family Home Sales Year-to-date

Including annual change | See definition of terms

$3,282,948 mean sales price

4% Decrease

$2,130,000 median sales price

5% Decrease

$1,214,690,777 sold volume

35% Decrease

Condo Sales Year-to-date

Including annual change | See definition of terms

$1,197,779 mean sales price

3% Decrease

$911,250 median sales price

4% Decrease

$165,293,518 sold volume

35% Decrease

Definition of Terms