The strong seller’s market continued throughout the summer in Santa Barbara and the surrounding area. According to our Montecito expert Randy Solakian and his team, low inventory and high buyer demand has decreased the number of days on market and driven up prices across the board. Most homes in the Santa Barbara area are selling well above asking price with multiple offers.
The high end market—$5 million and above—is particularly active with 46 closed sales between June 1-August 31, 2021, compared to 31 closed sales for the same period in 2020.
In Santa Barbara proper, there were 161 total sales, as reported by the Solakian Group, which is an increase of 15 compared to the same time period last year. The median sales price just topped the million dollar marker at $1,099,750—a $204,750 year-over-year increase.
Montecito also posted big gains in sales prices, with a $750,000 increase compared to 2020. The new median sales price stands at $3,900,000.
As with most markets, both Santa Barbara and Montecito saw decreases in the average days homes remained on the market. In Santa Barbara, homes lasted just 12 days on average, while Montecito listings stayed on market for 34 days.
For more information, check out the Solakian Group’s full report by clicking here.