For the first time since 2011 the median sale price of a home in Santa Barbara has decreased. The 2018 median sale price finished the year at $1,270,000, four percent lower than the 2017 median of $1,324,000. Number of homes sold and total sales volume also decreased eleven and twelve percent respectively when compared to 2017.
There has also been an eight percent increase in number of new listings on the market in Santa Barbara over the past year. With the inventory increase many buyers have been able to find the homes they want at good values. There are currently many homes on the market in Santa Barbara priced below what they sold for fourteen years ago in 2005. This has not been the case in most larger metropolitan areas of California where the income to home price ratios are higher. Many current buyers in Santa Barbara are retired with incomes closely tied to the stock market, the volatility of which has largely increased since 2018.
All data indicates that Santa Barbara, California’s paradise city known as the American Riviera, is a better value now than it was fourteen years ago, and many buyers who have thought about making the move are now seeking to take advantage.
We appreciate your feedback and inquires, and look forward to keeping you up to date on this year’s activities and changes in the market.
Happy New Year!