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.
South Santa Barbara County Single Family Homes for June 2020
Including annual change | See definition of terms