Highs and Lows of June Sales
- The highest sale we had was a beachfront estate on Fernald Point Lane in Montecito. It sold for $23.7 million. Gorgeous property and super rare to get true beachfront in Montecito but it did take a while to sell(and for $10M less than asking).
- On the flip side, the lowest sale was a little 1bed/1bath condo on West Constance that closed for $705,000. That’s one of the very few places you can still get in under $800K in all of South Santa Barbara County.
Sales Trends and Cash Transactions
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Total sales: 113 in June (↓ 6% from June 2024 but up 8% YTD)
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Single-family homes: 84 sales (↑ 4%yoy and ytd)
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Condos: 29 sales (↓ 26%) up 10% YTD
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Cash sales: 40% of all transactions
Inventory is hovering around a 3.7 month supply, still leaning toward sellers but offering more options for buyers.
Price Trends: Median & Average
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Single-Family Homes
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Median: $2,138,830 (↑ 7% from June last yr) YTD it’s $2.43M which is up by 8%
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Condos
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Median: $999,000 (↓ 8% from June last year) YTD is $1.15M which is up by 19%
As affordability remains tight, condos are growing in popularity.
Sale to list price ratio is 96% and over 30% of listings closed over-asking. So we have more homes to choose from. More price drops
Market Behavior and Days on Market
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Average Days on Market:
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Single-family: 32 days
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Condos: 24 days
June had shorter days on market than previous months this year. The overall trend for 2025 is that buyers are taking longer to act, and many homes are receiving offers in the third week instead of the first and may only get 1 offer. Sellers who understand pricing strategy and presentation are still closing with strength.
A Window of Opportunity for Buyers?
Buyers who are holding out for lower mortgage rates may be missing a key opening in the market.
Nationwide, inventory is rising(up 20% in May compared to last year) While Santa Barbara's inventory is still historically tight, this trend is beginning to show locally as well, with more listings hitting the market and staying on the market.
As options increase, so does buyer bargaining power. While prices are still climbing, the pace has slowed considerably, and more price drops are happening…. particularly for homes that launched with outdated pricing.
If you’ve been waiting for a softer moment in the market, this might be it.
The Bigger Picture: Wealth Through Real Estate
Current homeowners continue to be the biggest beneficiaries of the housing market. Real estate net worth remains at record highs, with low delinquency and foreclosure rates signaling overall market strength.
If you’re considering making a move, remember: ownership isn’t just about where you live, it’s how you build long-term financial security.
Looking Ahead
We're watching a market in transition. Inventory is growing. Negotiability is returning. And while rates haven’t budged yet, market conditions are shifting beneath the surface.
If you’re a seller: pricing, timing, and presentation matter more than ever.
If you’re a buyer: now may be your moment of leverage, especially if you're shopping under $3M.
As always, if you’d like to talk strategy for your specific goals, I’m here to help.
