June 2020 Santa Barbara Real Estate Market

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

June 2020 Market Update

 

Welcome to our Santa Barbara real estate market update for June 2020! The big news is that the real estate market has changed in a big way since last month.

As Santa Barbara begins to open up, we are quickly returning to a strong Seller’s market. This is exemplified by the very low inventory levels with a 24% year-over-year decline. This shortage of inventory is causing fewer total home sales since buyers are facing limited options, and some are choosing to wait for more inventory. However, those sellers who opted to list their homes during quarantine are in fact seeing incredibly strong demand and are often attracting multiple-offer scenarios.

As for buyers, demand is soaring. This buyer demand is largely being driven by a migration of remote employees relocating from San Francisco, Los Angeles and New York into desirable smaller cities like Santa Barbara. Many of these buyers are demanding “move in ready” homes with little to no renovation. Adding to this, those buyers who were forced into a holding pattern during quarantine have now returned to the market.

Whether you are considering buying or selling a home in Santa Barbara, our current market is very exciting. We highly recommend reaching out to a Zia Group Realtor Partner to discuss your goals.

Home Values Are Up

Request a valuation

South Santa Barbara County Single Family Homes for June 2020

Including year over year change | See definition of terms

137 New Listings

24% Decrease

56 Sold Listings

50% Decrease

473 Homes for sale

22% Decrease

$1,147,000 Avg Sales Price

2% Decrease

52 Avg Days on market

2% Increase

4.29 Months of Inventory

15% Decrease

South Santa Barbara County Condos for June 2020

Including year over year change | See definition of terms

59 New Listings

31% Increase

16 Sold Listings

63% Decrease

151 Condos for sale

11% Decrease

$675,000 Avg Sales Price

4% Increase

67 Avg Days on market

37% Increase

4.29 Months of Inventory

15% Decrease

Definition of Terms

Historical Santa Barbara Housing Reports