Is Santa Barbara, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Santa Barbara is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Santa Barbara has remained a Seller's Market.

Key Takeaway

Santa Barbara is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Santa Barbara, CA

How much do homes in Santa Barbara, CA cost?

Median Sold Price

$2,161,108

$1,284/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$211,179(+10.8%)

Key Takeaway

Homes in Santa Barbara have sold for 10.8% more than they did a year ago.

Summary: The median home sold price in Santa Barbara was $2,161,108 in March 2024, up 10.8% from last year, and the median price per square foot was $1,284.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $825K$815K
-1.2%
2 $1.3M$1.3M
0.4%
3 $1.9M$2.1M
+12.8%
4 $2.5M$2.8M
+12.9%
5+ $4.9M$4.8M
-2.4%

Summary: Santa Barbara housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.2%, 2 bedroom homes increased by 0.4%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes decreased by 2.4%.

Median Sold Price Compared To Nearby Cities

Santa Barbara
+10.8%
Goleta
+2.0%

Housing Supply in Santa Barbara, CA

How many homes are available in Santa Barbara, CA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
290305+5.2%

Summary: The Santa Barbara real estate market had 305 homes for sale in March 2024, a 5.2% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 48
+100.0%
2 5147
-7.8%
3 104108
+3.8%
4 7084
+20.0%
5+ 6158
-4.9%

Summary: The Santa Barbara housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 7.8%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 4.9%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
7282+13.9%

Asking Price vs. Sold Price

35 Homes Were Sold
Under Asking

17 Homes Were Sold
At Asking

30 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Santa Barbara, you may be able to get a good deal. 42.7% of homes here sold below asking price last month.

Summary: A total of 82 homes were sold or pending in Santa Barbara in March 2024, up by 13.9% month-over-month. Of the 82 sold homes, 43% were sold under asking, 21% were sold at asking, and 37% were sold over asking.

Days on Market for Santa Barbara, CA

How long does it take to sell a home in Santa Barbara, CA?

Average Sale Time

Mar 2023Mar 2024CHANGE
33 Days42 Days+27.7%

Summary: Homes in Santa Barbara had an average of 42 days on market in Mar 2024, up by 27.7% compared to last year.

Breakdown of Home Sale Times

57 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

13 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Santa Barbara are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 82 homes were sold in Santa Barbara; 70% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 24 Days Ago

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