Santa Barbara Real Estate Market Update For September 2021

September 2021 Market Update

In August 2020, we saw months of inventory drop below 4 months for the first time in a very long time–an indicator that our seller’s market was gaining momentum. As of August 2021, that number has stayed below 1.61 for a total of 8 consecutive months! Meanwhile, home values have continued to appreciate. Year-to-date, the median sales price for a single-family home in Santa Barbara is up 31% from only a year ago.

And sales prices will likely remain high so long as inventory remains so low. Inventory in August 2021 was just about half of what it had been in August 2020. And the number of sales in August 2021 struggled to keep pace with the sales of August 2020: In single-family home sales, condo sales, and the luxury market, the same or slightly fewer homes sold this year in the month of August compared to last year. What does this mean? Half as many homes are for sale, and buyers are buying nearly every last one of them.

If you are at all curious to know what all these numbers mean for you and your real estate goals, let us know! We’d love to talk with you, whether you are interested in purchasing a home now or in the future, about how you can plan ahead and make strategic decisions to prepare for your home purchase. Or, if you’re a homeowner curious about your home’s current value, or truly considering selling your home, give us a call! We’re here to be your guides, offering the most updated information and proprietary strategies to help you achieve your goals.