June 2020 Santa Barbara Real Estate Market

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

Contents

    A guide to the Santa Barbara real estate market for 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.

    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 Avg 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 Avg Sales Price

    4% Increase

    4.29 Months of Inventory

    15% Decrease

    67 Avg Days on market

    37% Increase

    Definition of Terms

    Historical Santa Barbara Housing Reports

    Free Home Valuation