JANUARY 2021 | SANTA BARBARA REAL ESTATE UPDATE
First, we simply need to thank you for supporting our business, we are always grateful!
And now the wrap-up of 2020.
The Unexpected Year!
As we all can attest, 2020 was a year like no other.
From a real estate perspective, the first two months started off strong. Sales activity was lively and the price of real estate was pushing even a little higher.
Then COVID made the market stop, life change, and definitely caused many to self examine what they were doing. The vast majority of us expected this would put a damper on the 8-year improving real estate market that we had been a part of.
After six to eight weeks, the vast majority found out we were wrong.
COVID did not hurt our real estate market, it simply brought many more buyers to our area. This created an incredible sellers market, like one of which we have never been a part of.
Though we have no way to gauge the increase in the total amount of buyers, it felt like it easily doubled. We experienced an increase of out of the area buyers. Multiple offers on properties were no longer the exception, for the last seven months of 2020, they became the norm.
With significant increased demand our median single family home price increased by a little over 20%.
Though incredible for sellers, this market, which we are still in the midst of, created two challenges for buyers.
First, being on the hunt for a new home can be frustrating. Competing with, multiple buyers is not enjoyable. Then trying to determine what price it would take to buy a home with limited data to draw from and aggressive buyers, makes it more challenging. How do you successfully put the home you want under contract? What price assures you the home you want?
Second, though selling your house right now could be extremely alluring, if you are planning on staying in Santa Barbara, you join the ranks of other buyers to compete to buy your new home. Not always an attractive idea at the moment. Due to this, it has limited the amount of new listings on the market.
For more of the stats, our record sales volume, and crazy activity in our high-end, see the more in-depth section below…
THE HIGH & LOW
December 2020 Highest Sale | 2845 Sycamore Canyon Rd, Montecito | Sold for $32,250,000
December 2020 Lowest Home Sale | 1314 Punta Gorda St, Santa Barbara | Sold for $840,775
2020 | YTD
- Total Sales – 2,118 in ’20 vs. 1,936 in ’19 – UP 9%
- Total Home Sales – 1,494 in ’20 vs. 1,305 in ’19 – UP 14%
- Total Condo Sales – 624 in ’20 vs. 634 in ’19 – DOWN 2%
- Median Home Sales Price – $1,517,500 in ‘20 vs. $1,258,000 in ’19 – UP 21%
- Median Condo Sales Price – $760,000 in ’20 vs. $702,250 in ’19 – UP 8%
- Sales Above $5M – 106 in ’20 vs. 69 in ’19 – UP 54%
- Total Sales – 231 in ’20 vs. 176 in ’19 – UP 31%
- Total Pending Sales – 146 in ’20 vs. 107 in ’19 – UP 36%
- Total Off Market Sales – 45 Sales or 19%
- Total Cash Sales – 67 Sales or 29%
- Avg. 30 Year Fixed Rate Mortgage – 2.87% as of 1/15/21
*All data is pulled from the MLS & public records