March 2019 Santa Barbara Real Estate Market

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

Across the nation and state, we have seen an overall market softening since November 2018. Interest rates have been ranging from high 3’s to mid to high 4’s. Locally, inventory levels continue to rise, allowing more opportunity for buyers with a greater selection of homes available and more of equal leverage in negotiation between buyers and sellers. The rise in the median price point the last years has made the reality of purchasing a home more difficult for first time home buyers. With the median home price drop in 2018, some buyers are excited to be able to potentially get into the Santa Barbara market at a lower price. There is still some optimism and activity in the market and well-priced homes are still selling quickly. A market shift is happening. It’s uncertain whether this shift will match historical patterns or, with a variety of economic factors nationally, if we will see a new kind of shift.

Local Home Values Are Up 25%

See Your Home Value

South Santa Barbara County Single Family Homes for March 2019

Including year over year change | See definition of terms

256 New Listings

1.2% Increase

79 Sold Listings

5% Decrease

337 Homes for sale

30% Increase

$1,300,000 Avg Sales Price

1.6% Increase

63 Avg Days on market

21%

4.19 Months of Inventory

-

South Santa Barbara County Condos for March 2019

Including year over year change | See definition of terms

92 New Listings

21% Decrease

37 Sold Listings

32% Decrease

102 Condos for sale

6% Decrease

$600,000 Avg Sales Price

8% Decrease

76 Avg Days on market

49% Increase

4.19 Months of Inventory

-

Definition of Terms