September 2020 Santa Barbara Real Estate Market

Welcome to our Santa Barbara real estate market update contrasting August 2020 with August 2019. As we have discussed before, the real estate market continues to soar despite the elections and pandemic. At the time of this writing, we are only 41 days away from the Presidential election, and the market shows no sign of slowing. In fact, we are amidst of one of the greatest seller’s markets in recent history.

As an example, last month gained a 41% increase in single-family homes sold as compared with 2019. Even more astounding, condo sales exceeded last year by a 110% margin! These extraordinary sales figures are in contrast to a 26% decrease in inventory for single-family homes and a 10% decrease in condo supply. As you can see, this is only accentuating our shortage of inventory in Santa Barbara and Montecito.

One thing 2020 has taught us is that the future is uncertain. However, one thing is for sure… this is a spectacular time to be a seller. The overwhelming majority of Zia Group listings are attracting back-to-back showing requests and multiple offers. Even if you are not yet ready to sell, please reach out to your preferred Zia Group Realtor Partner to learn about this unique opportunity for homeowners.