The most recent data from February shows a strong interest in living along the American Riviera. The latest numbers reveal Santa Barbara’s single-family home sales increased year-over-year in closed and pending sales, while median list prices trended down.
Santa Barbara Single-Family Home Inventory
February 2020 saw 78 sales close, which was 9.8 percent more than February 2019. Pending sales indicate activity to come; 87 homes came under contract.
While the number of new listings increased slightly, by 1.6 percent in February, overall total active inventory remains down by eight percent year-over-year.
Looking at the big picture, the current real estate inventory continues to favor the sellers. When you break down available inventory by price point in Santa Barbara, single-family homes in the lower ranges see high competition, typically resulting in fewer days on the market.
More homes have sold this year to date than the same period in 2019. Combined with the continued historically affordable interest rates, high buyer demand should persist.
Santa Barbara Home Prices
The median sold price declined nearly nine percent compared to February last year, but in the grand scheme, it’s line with activity over the last few months. The median list price was $1.3M with the median sales price fetching $1.179M. The lowest sale price was $541K and the highest sales price was $8.3M.
The average days on market reached 91, with continuous market time at 109.
Home sellers that competitively priced their properties are more likely to see significant interest and possibly generate multiple offers. Even though there is buyer demand, we see overpriced properties sit on the market. A smart pricing strategy is essential to moving your home.
Looking at March Single-Family Home Sales
With COVID-19 restrictions in place and increasing, how will the Santa Barbara single-family home market be impacted?
In the near short-term, we will probably see little impact. The nature of real estate transactions means homes that went under contract in the prior months are still likely to close. As of drafting, March sales activity has been on pace with 2019 numbers and Santa Barbara currently has 49 sales pending.
However, looking several weeks ahead, we could definitely see activity slow down for closed sales, new listings, and pending sales into April and possibly May.
Even if COVID-19 slows down real estate activity, the demand will still be there throughout the year. There is a high level of buyer needs in the Santa Barbara real estate market. Sellers will find themselves listing in a competitive environment. When the sales pace picks back up, you’ll want your real estate agent and marketing strategy ready to respond.