How's the Santa Barbara Real Estate Market? | May 20, 2024

How's the Santa Barbara Real Estate Market? | May 20, 2024

May 13 - 19, 2024 | Carpinteria, Summerland, Montecito, Santa Barbara, Hope Ranch & Goleta | Santa Barbara MLS

We’re finally getting that much anticipated inventory! As expected, and what many buyers have been praying for, the number of homes on the market continues to rise giving homebuyers more options during their search for a home to purchase. In March of 2024, our SB Area market had 154 Active Listings, come April we had 197. As we write this, we have 232 active listings in the Santa Barbara Multiple Listing Service. That’s a fabulous increase helping the market climb out of the inventory crunch we’ve been experiencing the past couple of years. However, we are still nowhere near the inventory we would see in a “normal” or “balanced” market. 

Many see this rise in inventory and rejoice thinking the tables have turned and we’re now in a “Buyer’s Market”. We would caution buyers from getting too over-zealous… a balanced market is usually defined as a market with 3-6 months of inventory giving buyers and sellers an even shot. Buyer’s markets usually tip at 6+ months of inventory (moi). Our Santa Barbara area real estate market was at 1.4 moi in March and 1.8 in April… still solidly in the Seller’s Market camp. 

As for the Santa Barbara Real Estate Market last week from Carpinteria through Goleta… here’s what went on…

38 New Listings CLICK HERE to check them out!

7 under $1 million

14 - $1-2 million

8 - $2.4 million

4 - $4-8 million

5 - $8+ million

Of note.. 4 of these new listings were input and set directly to “Closed" meaning that the most likely sold off market and were input into the system for statistical purposes only. 

26 Properties went into Escrow CLICK HERE to check them out!

3 under $1 million

11 - $1-2 million

6 - $2.4 million

2 - $4-8 million

3 - $8+ million

The highest priced pending listing? 749 Fuera Lane which has been offered for sale for 217 days and was offered for $19,450,000 when it went into escrow.. stay tuned for the closing price.

28 Properties closed Escrow and have happy new owners CLICK HERE to check them out!

4 under $1 million

11 - $1-2 million

5 - $2.4 million

4 - $4-8 million

4 - $8+ million

Highest priced closed sale? Mega Producer James Cameron’s front row property in Hollister Ranch spanning 102+/- acres closing at a whopping $26 million. 

Something interesting to note when looking at the past week’s sales… the high end is hopping! High interest rates haven’t seemed to affect the high end as much as the entry-level segment of the market.. This may be due to the fact that many high-end sales trade in all cash transactions not dependent on a loan or interest rates (last month our market had over 50% cash transactions!) 

We'll see what this week brings! Will the upcoming Memorial Day weekend have home buyers' minds on something other than the housing market? Hint hint - it usually does, but what a great opportunity for home buyers to get in on something with less competition ;) 


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