The third-quarter Santa Barbara area median home price showed a drop of 5% from last year, down to $1,235,000 from $1,305,000. During the same period inventory rose 14% and number of sales dropped 14%.
The Santa Barbara condo market out performed homes in the third-quarter as the median sale price rose 4%, up to $665,000 from $639,000, with inventory decreasing 3% and number of sales rising 4%.
Rising rents have played a factor in the increase of lower-end property sales, and lower affordability coupled with higher inventory levels have helped to slow higher-end sales.
If you’ve been considering selling or purchasing a property in and around Santa Barbara we appreciate the opportunity to provide you with the most accurate and current data in the area to assist you in making your best informed decision. Our consultations are free and geared toward your success.