Santa Barbara Real Estate Market Update

Santa Barbara sunset

Fall sunset in Santa Barbara at the beach

Here is a Santa Barbara real estate market update of the third quarter statistics. For single family homes and PUDs (planned unit developments): There has been a 23% year over year increase in the median sales price for September 2013 over September 2012 and a 29% increase in the number of sales for September 2013 over September 2012. Year to date the median sales price has increased 18% with the number of sales up 3.3% over 2012. The number of sales to date is the largest since 2000(the low was in 2009). Price wise the median is on par with mid to late 2003. 27% of the sales in September 2013 were at prices over asking and just under 50% were over $1,000,000. The condominium market showed a median sales price increase of an astonishing 47% over September 2012 with the # of sales being equal to last September at 34 sales. Year to date the median has increased 27% with an 8% increase in the number of condo sales over last year. Although we are not seeing fixed rates in the 3’s any longer they are currently hovering in the low to mid 4 range so they are still at quite appealing numbers. Although there is still pretty low inventory of homes and condominiums for sale in the Santa Barbara area we do have more on the market now than in the first quarter of this year. Hopefully we will see even more properties hit the market as there are many buyers wanting to own property in Santa Barbara.  Our wonderful climate (majority of days temperatures are in the 70’s and the sun is shining),breathtaking scenery, fantastic restaurants,amazing views, and an abundance of activities including theater, arts, music, sports, and cultural events  are just a few of the many reasons so many want to live in Santa Barbara! Click here to view homes for sale in Santa Barbara.

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