YEAR IN REVIEW 2021 | SANTA BARBARA REAL ESTATE UPDATE

First, we simply need to say THANK YOU for supporting our business, we are always grateful!

We like the numbers and enjoy analyzing them and digging into the data. As 2021 came to a close, we hope you don’t mind as we geek out a little on the stats. Our hope is that following the trends is helpful to our clients.

2020 was the unexpected year, as we entered 2021 we were hopeful it would continue. We experienced that this market has endurance and because of our desirability, we even picked up some steam as evidenced by our record prices.

2021 Highlights

  • Record Sales Volume: 2,216 homes and condos\ sold.  This represents a 21% increase over our more typical years (2015-2019 average sales volume was 1,826 sales)
  • Record Prices: Our median Sales Price just keep rising.  At the end of 2019, our median home price was $1,258,000.  At the end of 2021, our median home price increased by 49% to $1,875,000.
  • Record Low Inventory:  With so few properties available, towards the last few months of 2021, our total average number of homes and condos available for sale ranged between approximately 100 – 130 properties.  In short, we only have a few weeks of inventory.  Historically, it is around 3 times this amount.

As we wrap up 2021 and enter 2022, many buyers are still looking for property and our inventory is low.

We are optimistic that inventory will grow and hopefully, we can find a healthy balance in our market. At the same time, with fewer homes to sell the trend is currently looking like our sales volume will drop back to more historic levels.

We are looking forward to the year ahead!


THE HIGH & LOW

December 2021 Highest Sale  | 1453 Bonnymede Dr, Montecito |  Sold for $26,500,000

December 2021 Lowest Home Sale  | 530 N Quarantina St, Santa Barbara |  Sold for $825,000


December Statistics

2021 | Year-To-Date

  • Total Sales:   2,216 in ’21 vs 2,118 in ’20  |  UP 5%
  • Total Home Sales:   1,541 in ’21 vs 1,494 in ’20  |  UP 13%
  • Total Condo Sales:   675 in ’21 vs 624 in ’20  |  UP 8%
  • Median Home Price:  $1,875,000 in ’21 vs $1,517,500 in ’20  |  UP 24%
  • Median Condo Price:   $840,000 in ’21 vs $760,000 in ’20  |  UP 11%
  • Sales Above $5M:   214 in ’21 vs 118 in ’20  |  UP 81%

December 2021

  • Total Sales:   138 in ’21 vs 231 in ’20  |  DOWN 40%
  • Pending Sales:   104 in ’21 vs 146 in ’20  |  DOWN 29%
  • Total Off-Market Sales:   18 Sales  |  13%
  • Total Cash Sales:   37 Sales  |  27% 
  • Average 30-Year Fixed Rate Mortgage:   3.65% as of Jan. 14, ’22

 

0 669
Jon-Ryan Schlobohm

Leave a Reply