Spring Buying Season is in full swing! March 2014 Real Estate Market Statistics for South Santa Barbara County* marked an uptick in both new listings and inventory… a slight relief for buyers who have found it difficult to find and ultimately “land” the home they’ve been seeking. As expected, the number of homes sold have declined year-over-year. However, sales have increased from the prior month and average “days on market” have declined. Median sales price is also higher year-over-year. 

The number of new listings rose 20% over February and overall inventory rose 12%. Average days on market dropped 30% to 40 days, reflecting that demand remains intact. In fact, approximately 28% of home sales and 16% of condo sales sold for prices above their asking price (approximately 3% above asking for homes, and 2% for condos).

Lower overall inventory year-over-year is reflected in lower sales figures. According to CORT, sales declined 28% in South Santa Barbara County* from the prior year. In Montecito, sales declined 36% from 2013.

The chart below reflects historic sales trends in South Santa Barbara county according to CORT. More market data is available here courtesy of Chicago Title Santa Barbara, including sales recaps for Santa Barbara, Montecito, Goleta, Carpinteria, and Summerland.

In South Santa Barbara County overall, the majority of the buying activity remains in the sub-$1MM price point; in Montecito, sub-$2MM price point, though there has been a slight uptick in properties priced at $5MM and above.

We are encouraged by the recent increase in new listings and our own experience with clients. This past month, 2 out of our 4 of new listings have gone into escrow within only a few weeks time on the market. If you are considering whether or not to list your home for sale, please give us a call or shoot us an email as now could be a very good time !

* South Santa Barbara County includes: Santa Barbara (City and Unincorporated), Montecito, Goleta, Carpinteria, and Summerland