This August has seen more expensive homes selling in the Santa Barbara area with a median price of just over $1.1M, however the total sales volume dropped slightly during the month of August when compared to last year. Inventory is also down 11% from a year ago. This June and July saw median prices of $1.065M and $962.5K respectively and the year-to-date median sale price of a Santa Barbara area home now stands at $970K.
Regarding inventory, there are currently only 68 homes available in the under $1M price range compared to 328 available in the over $1M range. Distress sale inventory has pretty much vanished with only three bank owned homes available, one priced under $1M, and two short sale homes available on the market today.
It will be interesting to see what figures the rest of the year brings to the Santa Barbara real estate market as December is historically the area’s biggest closing month. I look forward to keeping you up-to-date with the latest activity and hottest inventory opportunities.