MARCH 2021 | SANTA BARBARA REAL ESTATE UPDATE
Over this last season, most of us have spent more time thinking about our homes, considering likes or dislike. People dreamed, desired change, and realized that time is short. A lot of people are on the move and this is being seen across the country.
Nationally, the real estate market is very active, so many markets are experiencing rising prices and above-average sales volume.
Our greater Santa Barbara market remains very active with many buyers on the hunt, but our sales volume has been losing momentum. In February, total sales were 137, only a 7% increase compared to February of 2020.
So why is our sales volume not higher, when we continue to see an extremely high amount of homes receiving multiple offers?
One fact is that as of March 31, we only had 144 active listings (homes and condos) in our multiple listing service between Carpinteria to Goleta. 144 active listing is very low and represents less than one average month of supply. Currently, we have more homes under contract (188 homes) than we have available to purchase. We simply lack supply.
One fact though that can’t be ignored, is that over the last few months, prices have pushed up noticeably and interest rates have also risen. Today, finding your home is more expensive.
THE HIGH & LOW
February 2021 Highest Sale | 1630 E. Mountain Dr, Montecito | Sold for $19,375,000
February 2021 Lowest Home Sale | 1035 Coyote Rd, Montecito | Sold for $669,000