Santa Barbara Real Estate Market Update For May 2021

May 2021 Market Update

Your home may be worth a million dollars more today than just a year ago!

Okay, now that we have your attention: is this really true? Well, it could be. In the month of April, the average sales price in Santa Barbara for single family homes went up to $2,963,643–about $1,300,000 more than it was last year (an 81% increase). If we consider the median sales price, there was a 54% increase in sales price–over $600,000. For context, in January we were excited by an 11% year-over-year increase in average sales price. In the month of March, that number soared to 104%–literally more than double.

Let’s take a closer look at these numbers in Montecito and Hope Ranch. If you thought the numbers were shocking for the overall market, these numbers are absolutely staggering. The average sales price jumped from $3,494,615 to $6,535,182! That’s nearly a $3,000,000 difference and an 87% increase in the average sales price. Of course, even one particularly high sales price can easily disrupt an average–especially in Montecito and Hope Ranch–so we definitely want to consider the median sales price here: last year in April, the median sales price for Hope Ranch and Montecito was $2,825,000. This April? $4,997,500. Still over $2,000,000 more–a 77% increase.

What does all this mean for you? While we cannot guarantee you an additional $1,000,000 in your pocket, we can say with confidence that now is the time to sell–and Zia Group can help you price your home strategically to maximize your sales price and take advantage of this extraordinary sellers’ market. In fact, we recently sold one of our listings for 62% more than the asking price. Can you imagine what that kind of sale could do for you and your family?

Where will the market go from here? We cannot predict with absolute certainty what the market will do next. Historical data and trends can only provide so much insight. What being a “market expert” really means, is that we know how to navigate the market, we know how to respond to it, how to take advantage of it, how to position our buyers and sellers within it. If you are at all curious to know what your home might be worth in today’s market, reach out to your Zia Group agent for a confidential home valuation and consultation.

To all the home buyers out there: in a sellers’ market such as this one, it is even more imperative that you have the best representation possible to get your offer accepted. A Zia Group buyers agent would be happy to discuss your options with you and leverage our proprietary strategies to get your offer accepted in this competitive market. Give us a call today!