SEPTEMBER 2021 | SANTA BARBARA REAL ESTATE UPDATE
How’s the Real Estate Market? The news in our real estate market continues to revolve around the supply of homes. As you read the local and national news the topic of a housing shortage continues to be a recurring theme.
With our low inventory levels, we are still seeing a surprisingly high amount of sales. August marks one notable change, compared to August of 2020, last month recorded fewer sales. Not significantly less, just four fewer sales. This trend is likely to continue in the coming months as inventory continues to remain extremely low.
Not to be missed, 225 sales in the month of August is well above historic norms. It is the second-highest sales volume in August in nine years.
What is remarkable is that we continue to record such high sales volume when our active inventory sits remarkably low. As of September 27, between Carpinteria to Goleta, we had:
- 148 Homes & Condos Under Contract
- 154 Active Homes & Condos
The low inventory has two notable effects. With a lack of supply and more buyers than homes available, it puts upward pressure on price. The second effect is that it is tiring and discouraging for buyers.
As we head into the fall, overall it seems that the market should continue in the same direction. Us real estate agents are on the hunt for more homes for our buyers. At the same time, every now and then around the water cooler, there is talk that the buyer activity for a specific property is lighter than anticipated.
We will see what is ahead.
THE HIGH & LOW
August 2021 Highest Sale | 699 San Ysidro Rd, Montecito | Sold for $28,000,000
August 2021 Lowest Home Sale | 909 E Carrillo Rd, Santa Barbara | Sold for $795,000
2021 | Year-To-Date
- Total Sales: 1580 in ’21 vs 1,144 in ’20 | UP 38%
- Total Home Sales: 1,111 in ’21 vs 818 in ’20 | UP 36%
- Total Condo Sales: 469 in ’21 vs 326 in ’20 | UP 44%
- Median Home Price: $1,900,000 in ’21 vs $1,400,000 in ’20 | UP 36%
- Median Condo Price: $832,500 in ’21 vs $800,000 in ’20 | UP 4%
- Sales Above $5M: 147 in ’21 vs 51 in ’20 | UP 188%
- Total Sales: 225 in ’21 vs 229 in ’20 | UP 2%
- Pending Sales: 173 in ’21 vs 255 in ’20 | DOWN 32%
- Total Off-Market Sales: 32 Sales | 14%
- Total Cash Sales: 92 Sales | 41%
- Average 30-Year Fixed Rate Mortgage: 3.16% as of Sept. 28, ’21