The market is a unique real estate environment. National and County-wide news sources are slow and do not accurately represent what is happening in Santa Barbara. Our Santa Barbara real estate market statistics are updated every month to keep you up to date. Santa Barbara real estate sales reached 79 in the month of January (that is an 11% increase from the 71 sales at this time last year). The average Santa Barbara sales price is also up $82,000 YTD in January.
Median Sales price for Santa Barbara homes for sale has also increased YTD in January, up from $810,000 to $822,000. Median sales have shown a remarkable upward trend over the past few months as well, steadily increasing from $750,000 in September 2012 to our current numbers (an increase of $72,000). Pending listings in the Santa Barbara real estate market remain at nearly 100 in January 2013, similar to numbers in January 2012 and remaining much higher than over the past five years YTD.
New listings for Santa Barbara homes in January have fallen to 164 in the month of January. Interestingly, total days on market (DOM) for these listings is averaging only 50 days. With DOM continuing to drop, coupled with higher sales prices for Santa Barbara homes, it may be a great time to consider entering the market.
Median list price of current Santa Barbara homes for sale is up over $300,000 YTD in January, from $998,750 in 2012 to $1,299,000 in 2013. Prices are rising due to increased demand for homes in the Santa Barbara area. Under the guidance of a professional and knowledgeable sales team, sellers can position themselves well in the current market.