MAY 2021 | SANTA BARBARA REAL ESTATE UPDATE
Real estate in Santa Barbara remains highly sought after. We have remarkably few homes and condos on the market. On May 28th, only 150 homes & condos were listed for sale from Carpinteria to Goleta. In April, 219 properties sold even amidst limited inventory. In theory, if no new homes came on the market for 30 days, we should be sold out. Needless to say, the market remains a seller’s market.
With such demand, prices have continued to rise. Our median home price in 2021 has risen to $1,900,000 (yes, you read that correctly) after the first four months of 2021. At the end of 2019, our median home price had increased to $1,258,000 an all-time high. Then at the end of 2020, the median single-family home price increased dramatically to $1,517,500.
The median price has been our best attempt to ascertain our value increases. It is not a perfect gauge as so much depends on what type of property sells in our diverse real estate market. Overall values have increased significantly, but they have been skewed by one very active segment of the market.
Our high-end market has seen a huge surge which accounts for some of the price increase. In 2020, our total sales volume increased by 9%. Montecito and Hope Ranch, which represents the majority of our high-end sales for this same time frame, increased by 70%. For 2021, Montecito and Hope Ranch are continuing on that record pace, and in the first four months, 180 homes have already sold. If the trend continues all year, total sales for the high-end could be even higher than in 2020.
Prices are way up in 2021, but the best way to understand your home’s value increase is to look specifically at your neighborhood. We are always happy to answer any questions and provide you with market information.
One thing to note as we enter June of 2021, restrictions are being lifted, life seems to be returning more and more to normal. We are curious if this brings any change to the current real estate market?
Thanks for reading…
THE HIGH & LOW
April 2021 Highest Sale | 880 Picacho Lane, Montecito | Sold for $20,000,000
April 2021 Lowest Home Sale | 210 S Voluntario St, Santa Barbara | Sold for $800,000
2021 | Year-To-Date
- Total Sales: 753 in ’21 vs 479 in ’20 | UP 57%
- Total Home Sales: 535 in ’21 vs 348 in ’20 | UP 54%
- Total Condo Sales: 218 in ’21 vs 131 in ’20 | UP 66%
- Median Home Price: $1,900,000 in ’21 vs $1,225,000 in ’20 | UP 51%
- Median Condo Price: $819,250 in ’21 vs $745,000 in ’20 | UP 10%
- Sales Above $5M: 66 in ’21 vs 15 in ’20 | UP 340%
- Total Sales: 219 in ’21 vs 94 in ’20 | UP 133%
- Pending Sales: 197 in ’21 vs 66 in ’20 | UP 198%
- Total Off-Market Sales: 36 Sales | 16%
- Total Cash Sales: 64 Sales | 29%
- Average 30-Year Fixed Rate Mortgage: 3.12% as of May 28, 2021