Santa Barbara Real Estate Update

For March 2019

A Guide to the Santa Barbara Real Estate Market

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

Median Sales Price

1.6% Increase
4.19

Months of Inventory

-
63

Avg Days on market

21%

Condos for March 2019

Including year over year change

92

New Listings

21% Decrease
37

Sold Listings

32% Decrease
102

Condos for sale

6% Decrease
$600,000

Median Sales Price

8% Decrease
4.19

Months of Inventory

-
76

Avg Days on market

49% Increase

All data supplied from CORT reports and Santa Barbara Association of Realtors Economic Forum

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