Santa Barbara Real Estate Market Update For November 2020

November 2020 Market Update

If you have been following along with our weekly Santa Barbara real estate update videos, then you know we have been watching the housing market very closely throughout the pandemic. Of particular focus over the last couple months has been the Presidential elections and how those elections may impact the Santa Barbara real estate market. We had been predicting that the real estate market would stay vibrant regardless of the election, and this prediction has held true.

In October 2020, 153 single family homes sold in Santa Barbara, which is a 66% increase over October 2019. Likewise, Santa Barbara condo sales are up 41% over last year – coming in at 55 total sold condos during October. As we have said many times, this is one of the strongest sellers markets we’ve seen in recent history. One dimension to consider is the annual change in median sales prices in Santa Barbara. The median sales price for a single family home in Santa Barbara is now $1,246,425. This price point represents an 8% increase over 2019! Condos values are also up by 4%.

Like many industries, seasonality can have a major impact on real estate. Due to Santa Barbara’s temperate climate, we don’t face the dramatic market swings common in other parts of the country. However, we generally expect the Santa Barbara housing market to dip during these Winter months. Looking forward we are seeing the market slow down in a minor, seasonal manner.

Having thoughts of buying a home in Santa Barbara? Perhaps it is time to sell your home and downsize? Either way, reach out to Zia Group today so we can help answer any questions you may have. We look forward to speaking with you soon.