March 2019 Market Update
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.
South Santa Barbara County Single Family Homes for March 2019
Including annual change | See definition of terms