2022 Mid Year Real Estate Market Update – Santa Barbara
SB Monthly Market Moves - July 2022
The Santa Barbara Group's Take on The 2022 End of June Real Estate Market.
There are a number of changes to the current real estate market. Interest increases are just one we'd like to talk with you about today. Let us know if you have any questions we can answer.
Joe: "We are seeing a slow buildup of inventory, but it's still really low. The only buyers who are still really aggressive are the ones looking for a home to live in and the rest are showing a lot of hesitation.
Cash buyers may want to sit and watch how things play out unless something special comes along that they love because I feel prices will still be creeping up throughout the rest of the year."
Avi: "Is the market taking a solid (and much-needed downshift)? Yes. Is our hyperlocal market crashing or do we see prices drastically decreasing? Absolutely not. Our recent closed property at 2521 Borton showed that there is still a considerable demand for hot neighborhoods like The Mesa. That house didn't receive 10+ offers but those who competed were very serious.
If you are thinking of buying, make sure to understand all your options from a great local lender, and be aware there are still a lot of off-market inventory/pocket listings. Those thinking of selling need to be realistic on pricing and marketing strategy because there are far more price reductions every week than in months past. Buyers understand what is valuable and what is not, and you don't want to be overlooked and then find your home sitting and becoming stale."
Garrett: "If you are currently following the national news, chances are you may have some concerns about the general economic environment at the moment. There appears to be a lot of information coming out regarding different market dynamics in various parts of the country, however, locally we appear to be hanging in there fairly well.
In Santa Barbara, the average number of days on market (DOM) for the month of June 2022 was at 27 days. This is up from the same time last year when the average number of days on the market was 18 days (June 2021). Although the average days on market are starting to rise, home prices are still continuing to rise with the median sold price up 18% year over year.
As mentioned in the months prior, we are definitely seeing a noticeable shift that is beginning to take shape, but it’s not to the same tune as what the general news is indicating. The fact of the matter is we are still seeing a considerable number of the new listings that come onto the market go under contract within 7-10 days, with multiple buyers competing for the same property."
Mid Year 2022 Real Estate Report
Last Month's Real Estate Market Stats
Are buyers pumping the brakes? Should you be pumping the brakes?
With higher interest rates, inflation, and fewer buyers lining up to compete for properties, we're seeing a much-needed downshift in the market.
If you're looking for a primary residence in Santa Barbara, we advise you to keep on the hunt and be ready to pounce on your dream home. If you're looking for a second home or investment property, now might be the time to slow down, be more selective, and monitor prices and interest rates.
Let's take a look at the month-over-month statistics.
SB's housing market stayed steady with 140 total sales in May compared to 147 total sales in June.
Even with a handful of properties showing price reductions, the average price for a single-family home was still up 19% from the same time last year hitting $3.1M last month compared to $2.6M in June of 2021.
Cash offers still reign king as 35% of all sales were completed through all cash offers in June.
As summer comes to a close, we'll keep our ears to the ground and our eyes on the market and report back to you right here next month.
Featured Listings From
The Santa Barbara Group
Look out for a stunning new listing on Eucalyptus Hill coming soon!
Placeholder photo by Photo by OC Gonzalez on unsplash.com.
Located off of a quiet cul-de-sac in the Upper Riviera, this stunning 3 Bed/ 3.5 Bath Mediterranean home features high-end quality finishes throughout and mesmerizing mountain views. The great room features brilliant craftsmanship throughout hickory flooring, vaulted wood-beamed ceilings, a stone fireplace, and an expansive terrace.
The gourmet kitchen is a dream – with a Wolf range, enormous island with bar seating and wine storage, farm sink, and beautiful finishes that run seamlessly from custom cabinetry to top of the line appliances. The luxurious master suite goes beyond words – with a romantic fireplace, large walk-in closet and ensuite bathroom with dual vanity and beautiful mural.....
Thanks for joining us for our Mid-Year 2022 Santa Barbara Real Estate Market Report. If you have any questions, toss us an email or give us a call. We are here for YOU!
Joe Parker, Garrett McCaw, Avi Becker
The Santa Barbara Group at Berkshire Hathaway HomeServices California Properties
3868 State Street Santa Barbara, CA 93105
(805) 886-5735
https://TheSantaBarbaraGroup.com
Cal BRE #01314939
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