November 2023 Santa Barbara Real Estate Market

November 2023 Market Update

Welcome to our November 2023 Market Update, where we bring you a comprehensive snapshot of the current real estate landscape. Let’s dive into the key trends shaping the market:

Market Trends

  • Market dynamics witness a surge in velocity, with properties selling 50% faster and closer to their asking price than the last year.
  • Hope Ranch and Montecito’s luxury market are hot right now, with 11 homes over $5 million sold, recently.
  • Even though condo sales are a bit slower than usual, they’re selling at the prices people are asking for.

Inventory

  • Last month, there were 20% more homes available compared to last year.
  • The luxury market boasts 4.5 months of inventory, with 45 luxury homes and condos for sale, ready for hungry buyers.

Pricing

  • Home prices are on the rise, more than doubling since the lowest point in 2011-2012.
  • Condos prices are holding strong, only changing by 2% to 4%, confirming they are still desirable in today’s current, local market.

Sales Activity

  • 23% fewer overall sales, but with plenty of buyers, excited and ready to purchase.
  • Homes are not only selling faster but also closer to their asking prices, creating a dynamic interplay between sellers and eager buyers.
  • The luxury market covered 11 high-value transactions over $5 million, offering a regal flair to the market’s sales activity.

Looking Ahead

  • The condo market shows resilience and capacity of weathering fluctuations through consistency in pricing and stable sales velocity.
  • The recent vibrancy in the luxury market raises questions about sustained momentum.
  • Keep an eye on future trends as the real estate landscape evolves. Will the recent surge in inventory persist throughout the holiday season? It looks like the answer is yes! As we navigate through these trends, it’s evident that the real estate landscape is dynamic and responsive to various factors, but remains strong in our local communities! Stay tuned for a continued exploration of market trends in the months ahead. Happy Holidays!

Request a valuation

Disclaimer: By entering your information and submitting this form, you agree to our Terms of Use and Privacy Policy and that you may be contacted by Zia Group by phone, text message and email about your real estate interests. Frequency of contact may vary and message and data rates may apply. For assistance call (805) 364-9009 or text STOP to cancel.

South Santa Barbara County Single Family Homes for November 2023

Including annual change | See definition of terms

95 new listings

46% Increase

70 sold listings

1% Decrease

274 homes for sale

30% Increase

$3,374,304 median sales price

11% Increase

33 avg days on market

3% Increase

2.49 months of inventory

58% Increase

South Santa Barbara County Condos for November 2023

Including annual change | See definition of terms

25 new listings

37% Decrease

19 sold listings

14% Decrease

58 condos for sale

21% Decrease

$1,252,473 median sales price

2% Increase

20 avg days on market

23% Decrease

2.49 months of inventory

58% Increase

Montecito & Hope Ranch for November 2023

Including annual change | See definition of terms

26 new listings

63% Increase

17 sold listings

113% Increase

86 homes for sale

32% Increase

$7,061,248 median sales price

7% Decrease

60 avg days on market

9% Increase

5.13 months of inventory

86% Increase

Single Family Home Sales Year-to-date

Including annual change | See definition of terms

$3,276,606 mean sales price

3% Decrease

$2,112,500 median sales price

4% Decrease

$2,103,581,342 sold volume

25% Decrease

Condo Sales Year-to-date

Including annual change | See definition of terms

$1,251,894 mean sales price

2% Increase

$925,000 median sales price

4% Decrease

$286,683,829 sold volume

26% Decrease

Definition of Terms