Santa Barbara Real Estate Market Analysis for September 2016 

The real estate market for Single Family Residences on the South Coast of Santa Barbara has cooled over the past few months. September saw 100 total homes sold compared to 114 in August. The list to sold price ratio fell slightly to 92.13% and total days on market (CDOM) increased to 70 from 60 month over month. Comparing these numbers to September 2015 when homes sold on average in 35 days at 96.13% of list price and it clearly shows the market is digesting the price appreciation we experienced these past few years.

New listings continue to add supply and demand seems to be keeping pace although modestly. If the market absorbs the increase in supply in less than 70 days in October it will show buyers are still finding value. Year over year the median list price is up 4%, median sales prices is up 6% but the number of sold properties has fallen 7.3% . Here’s what the September 2016 numbers look like at a glance:

With buyer’s having more homes to choose from accompanied by higher prices the bias remains modestly in the buyer’s court. Our October Open House reports buyers actively looking and well-priced homes are selling.

The luxury market remains challenging although there were six sales recorded over $5,000,000, the highest being $6,367,500. There were two in August. September had 14 sales above $2,000,000 compared to 20 in August.

The largest buyer pool is in the $750,000 to $800,000 price range as expected.