November 2022 Santa Barbara Real Estate Market


November 2022 Market Update

The number one indicator of whether we’re in a seller’s market or a buyer’s market has always been the months of inventory: a comparison of the amount of inventory we have to how long it takes to sell that inventory. This usually gives us a pretty good indication of the current relationship between supply and demand. Since July, the months of inventory has hovered around 1.5 months, meaning that if nothing else came on the market, all the inventory would sell in about a month and a half. 

What does all of this mean? Well, it’s certainly still a seller’s market, and as long as inventory remains this low, it will likely continue to be. Inventory dropped to 65 new single-family home listings in October and only 30 new condominiums went on the market. That’s fewer new listings than we’ve seen all year in any given month. 

Yet, as we know, buyer demand has also gone down. Is it lowering at the same rate? Faster? Slower? The fact that months of inventory has remained relatively constant for the last few months indicates that it may be lowering at the same rate. In other words, the ratio of supply to demand hasn’t shifted much. So, while homes are taking longer to sell this year compared to last year (by about 39% overall), they are still selling and still selling at an excellent pace. 

In fact, 92% of the number of homes that went on the market in October sold, which is stronger than September (at 87%) and close to August (at 96%). Additionally, while we have seen more price reductions than we got used to seeing in 2021, prices remain strong. The year-to-date median sales price is still 16% higher than it was a year ago, meaning that home values are higher than they were this time last year. Price reductions do not necessarily mean that home values are depreciating, but just that Sellers are more frequently using this strategy to generate additional short-term interest on their homes. 

We realize that all of this data and information doesn’t necessarily make it easier to make a personal decision to buy or sell a home right now. So many other factors go into that decision. That’s why we believe in using this data, along with on-the-ground experience, to offer you the information you need as you explore your options and make the right decision for your family. Give your Zia Group Realtor Partner a call today to see what this might mean for you and come up with a specific strategic plan to take advantage of the opportunities presented in this market.

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South Santa Barbara County Single Family Homes for November 2022

Including annual change | See definition of terms

65 new listings

41% Decrease

71 sold listings

34% Decrease

211 homes for sale

14% Decrease

$3,032,241 median sales price

3% Decrease

32 avg days on market

39% Increase

1.58 months of inventory

61% Increase

South Santa Barbara County Condos for November 2022

Including annual change | See definition of terms

30 new listings

29% Decrease

22 sold listings

55% Decrease

73 condos for sale

6% Decrease

$1,225,136 median sales price

5% Increase

26 avg days on market

4% Decrease

1.58 months of inventory

61% Increase

Montecito & Hope Ranch for November 2022

Including annual change | See definition of terms

16 new listings

41% Decrease

8 sold listings

64% Decrease

65 homes for sale

17% Decrease

$7,576,727 median sales price

33% Increase

55 avg days on market

175% Increase

2.76 months of inventory

64% Increase

Single Family Home Sales Year-to-date

Including annual change | See definition of terms

$3,367,544 mean sales price

10% Increase

$2,200,000 median sales price

16% Increase

$2,815,266,845 sold volume

27% Decrease

Condo Sales Year-to-date

Including annual change | See definition of terms

$1,226,391 mean sales price

19% Increase

$962,500 median sales price

17% Increase

$385,087,042 sold volume

21% Decrease

Definition of Terms