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 May 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

$2,200,000

$1,307/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$260,546(+13.4%)

Key Takeaway

Homes in Santa Barbara have sold for 13.4% more than they did a year ago.

Summary: The median home sold price in Santa Barbara was $2,200,000 in May 2024, up 13.4% from last year, and the median price per square foot was $1,307.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $786K$828.4K
+5.4%
2 $1.3M$1.3M
-0.8%
3 $1.9M$2.1M
+13.5%
4 $2.5M$2.9M
+12.4%
5+ $4.9M$4.4M
-9.9%

Summary: Santa Barbara housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.4%, 2 bedroom homes decreased by 0.8%, 3 bedroom homes increased by 13.5%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes decreased by 9.9%.

Median Sold Price Compared To Nearby Cities

Santa Barbara
+13.4%
Goleta
+2.2%

Housing Supply in Santa Barbara, CA

How many homes are available in Santa Barbara, CA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
352371+5.4%

Summary: The Santa Barbara real estate market had 371 homes for sale in May 2024, a 5.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 910
+11.1%
2 5561
+10.9%
3 126125
-0.8%
4 101113
+11.9%
5+ 6162
+1.6%

Summary: The Santa Barbara housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 10.9%, 3 bedroom homes decreased by 0.8%, 4 bedroom homes increased by 11.9%, and 5+ bedroom homes increased by 1.6%.

Number of Homes Sold

Apr 2024May 2024CHANGE
9486-8.5%

Asking Price vs. Sold Price

43 Homes Were Sold
Under Asking

13 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. 50% of homes here sold below asking price last month.

Summary: A total of 86 homes were sold or pending in Santa Barbara in May 2024, down by 8.5% month-over-month. Of the 86 sold homes, 50% were sold under asking, 15% were sold at asking, and 35% 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

May 2023May 2024CHANGE
36 Days44 Days+20.6%

Summary: Homes in Santa Barbara had an average of 44 days on market in May 2024, up by 20.6% compared to last year.

Breakdown of Home Sale Times

55 Homes Were Sold
Under 30 Days

19 Homes Were Sold
In 30 - 90 Days

12 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 May 2024, 86 homes were sold in Santa Barbara; 64% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 14% 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 18 Days Ago

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