Santa Barbara Real Estate Market

Housing Market Data For May 2020

A guide to the Santa Barbara real estate market for the month of May 2020

Welcome to our Santa Barbara real estate update for May 2020. As you may know, our monthly reports include year-over-year changes. In these unprecedented times, we are actually more interested in monthly and weekly trends as they provide greater context into our current environment.

As we look at weekly trends, we are seeing a sharp increase in new weekly inventory as of this writing. This week alone, we saw 65 new listings enter the market! That number is almost identical to this same week last year. This likely points to a growing optimism in the Santa Barbara real estate market.

This is also 20 listings more than last week, so we are pleased to see the market improve on a granular basis. While these trends are great to see, they are in fact what we would typically expect during the late Spring and early Summer season. In either case, we are happy to see signs of good health in our market.

We are also beginning to see sellers engage in price reductions. While this may seem like bad news, it is actually a sign that the “shock” of the pandemic may be wearing off. During a shock, sellers can become paralyzed by fear. As the shock passes, sellers begin to accept the new environment and proceed with their sale.

As we compare Santa Barbara to markets across the U.S. and Canada, we find that our local real estate market is exceptionally resilient. Ultimately, we are feeling positive about where the Santa Barbara real estate market is headed.

The market is changing on a daily basis. If you are wondering how this market may impact your family, please reach out to a Zia Group agent today.

All data supplied from CORT, Santa Barbara Association of Realtors, and Multiple Listing Service

Single Family Homes for May 2020

Including year over year change

97

New Listings

47% Decrease
53

Sold Listings

44% Decrease
418

Homes for sale

27% Decrease
$1,164,000

Median Sales Price

2% Decrease
3.81

Months of Inventory

26% Decrease
53

Avg Days on market

15% Decrease

Condos for May 2020

Including year over year change

28

New Listings

55% Decrease
12

Sold Listings

67% Decrease
126

Condos for sale

31% Decrease
$670,000

Median Sales Price

3% Increase
3.81

Months of Inventory

26% Decrease
32

Avg Days on market

35% Decrease

Past Reports

Historical Data for Santa Barbara Housing Market

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