After a second quarter slow down the Santa Barbara area’s mid-year median home price of $1,292,000 came in slightly lower than the year prior. Number of sales also came in lower with a 12% decrease. The trend has continued through July with 14% less sales than last year, and the month’s median home price coming in at $1,250,000. With lower-end home sales prevailing, the year-to-date median home price is now at $1,287,000.
National and California media sources continue to report that low inventory levels are driving the slowdown in home sales and rise in prices. The Santa Barbara area real estate market though has actually seen 2% more new listings this year than last, and a slight median price decrease. Markets trends this year, as in the past, are showing to be very area dependent. In nearby Ventura the median home price has risen 7% to $625,000 this year amidst less new listings. The same has held true in Santa Barbara’s North County Santa Ynez Valley, where the median home price has increased 6% to $855,000 with less new listings available.
How is the real estate market performing in your neighborhood or area of interest? Bahura & Associates appreciates the opportunity to keep you informed of the latest local and surrounding area trends to assist you with your most important real estate decisions and needs.