Santa Barbara Real Estate Market

Housing Market Data For June 2020

A guide to the Santa Barbara real estate market for the month of June 2020

 

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.

All data supplied from CORT, Santa Barbara Association of Realtors, and Multiple Listing Service

Single Family Homes for June 2020

Including year over year change

137

New Listings

24% Decrease
56

Sold Listings

50% Decrease
473

Homes for sale

22% Decrease
$1,147,000

Median Sales Price

2% Decrease
4.29

Months of Inventory

15% Decrease
52

Avg Days on market

2% Increase

Condos for June 2020

Including year over year change

59

New Listings

31% Increase
16

Sold Listings

63% Decrease
151

Condos for sale

11% Decrease
$675,000

Median Sales Price

4% Increase
4.29

Months of Inventory

15% Decrease
67

Avg Days on market

37% Increase

Past Reports

Historical Data for Santa Barbara Housing Market

Did you know?

3 of 5 homes are underinsured by an average of 20 percent

These homeowners don't have enough coverage to protect them if their home is impacted by a fire or another disaster. Worse still, they won’t know it until it’s too late! Call Weiser Agency today to discover if you are underinsured.

Schedule a Consultation

Thinking of buying or selling a home in Santa Barbara? The first step is to meet with a Zia Group agent for your complimentary consultation where we will answer any questions you have.

  • We'll listen to your unique goals for your home
  • We'll answer your questions and provide resources
  • We'll provide a clear roadmap for success