March 2019 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 March 2019

    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.

    Single Family Homes for March 2019

    Including year over year change

    256 New Listings

    1.2% Increase

    79 Sold Listings

    5% Decrease

    337 Homes for sale

    30% Increase

    $1,300,000 Avg Sales Price

    5% Decrease

    4.19 Months of Inventory

    -

    63 Avg Days on market

    30% Increase

    Condos for March 2019

    Including year over year change

    92 New Listings

    21% Decrease

    37 Sold Listings

    -

    102 Condos for sale

    1.6% Increase

    $600,000 Avg Sales Price

    21%

    4.19 Months of Inventory

    -

    76 Avg Days on market

    49% Increase

    Definition of Terms

    Historical Santa Barbara Housing Reports

    Free Home Valuation