October 2023 Santa Barbara Real Estate Market

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October 2023 Market Update

Hello, Santa Barbara and Montecito! I’m Daniel Zia, CEO of Zia Group at eXp Realty, and here’s your data-driven October real estate market update:

Market Trends

  • In this seller’s market, cash-based offers are dominating the market due to high interest rates.
  • Despite being a seller’s market, property prices are relatively stable.
  • 2023 has marked the lowest number of sales in 17 years, even less than during the challenging years of 2008-2010.
  • Limited inventory doesn’t deter the luxury market, with notable sales exceeding $5 million.

Inventory

  • Housing inventory is in short supply, with roughly 2.5 months’ worth available. The luxury property segment faces an even tighter market, with about 4.5 months of inventory.

Pricing

  • The median house price is $2,350,000, and condos average around $1,375,000.
  • Condo prices show mixed trends, with some indicators pointing to a 2% year-over-year increase in values while others suggest slight declines.

Sales Activity

  • The $1.8 to $2.5 million range is buzzing, with an average sale time of about two weeks.
  • Condos are in demand, selling on average for 2% above their asking price and hitting the market for two weeks only.
  • Despite limited inventory, the luxury market remains robust, with several sales exceeding $5 million. In the past month, there were 13 such high-end transactions.
  • The highest sale was a jaw-dropping $47 million for an off-market Oceanfront property.

Looking Ahead

  • The Santa Barbara and Montecito real estate market continues to favor sellers. However, with the right strategies in place, both buyers and sellers can harness opportunities.
  • The market remains dynamic, tight inventory and robust luxury real estate activity are key definitive factors of the current real estate landscape.

For those considering real estate transactions in this region, expert guidance is crucial. Whether you’re looking to buy or sell, consulting with professionals who understand the intricacies of this market can make all the difference. Reach out to Daniel Zia and the Zia Group to ensure you navigate the path to your dream home in Santa Barbara and Montecito with confidence.

 

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South Santa Barbara County Single Family Homes for October 2023

Including annual change | See definition of terms

84 new listings

1% Decrease

64 sold listings

20% Decrease

251 homes for sale

2% Decrease

$4,078,709 median sales price

20% Increase

30 avg days on market

20% Increase

2.49 months of inventory

74% Increase

South Santa Barbara County Condos for October 2023

Including annual change | See definition of terms

29 new listings

25% Decrease

24 sold listings

11% Decrease

60 condos for sale

12% Decrease

$1,420,262 median sales price

21% Increase

10 avg days on market

50% Decrease

2.49 months of inventory

74% Increase

Montecito & Hope Ranch for October 2023

Including annual change | See definition of terms

22 new listings

10% Increase

27 sold listings

29% Increase

91 homes for sale

25% Increase

$7,083,681 median sales price

7.6% Decrease

56 avg days on market

180% Increase

4.52 months of inventory

74% Increase

Single Family Home Sales Year-to-date

Including annual change | See definition of terms

$3,267,521 mean sales price

4% Decrease

$2,100,000 median sales price

5% Decrease

$1,865,755,051 sold volume

28.2% Decrease

Condo Sales Year-to-date

Including annual change | See definition of terms

$1,251,842 mean sales price

2% Increase

$921,500 median sales price

3.8% Decrease

$262,886,829 sold volume

26.6% Decrease

Definition of Terms