December 2020 Market Update
The market in Santa Barbara has remained steady and hot as we move into the winter months. Despite COVID’s recent upswing, real estate is still moving quickly with very few new listings and immense buyer need. The median sales price for the month of November was $1,700,000, a slight decrease as compared to October’s $1,750,000 however, this figure is still much higher than last year’s MSP of $1,272,700. With only 180 active listings this November as compared to 343 in 2019 and an average of 40 days on market, it’s clear that things are moving fast and demand far outweighs supply.
Home offices, gardens and outdoor spaces remain top priorities for buyers and Santa Barbara is seeing an influx of new residents from out-of-town who are now able to work from home. With the ever present movement towards staying home, coupled with the strong influx of new, out-of-town residents, I am confident that we will continue to see a fast, strong market moving into the early months of 2021. Typically we see more units hit the market at the beginning of the year, and that’s what we are hoping for in January. Happy Holidays, stay safe and feel free to reach out if you have any questions!
I am truly grateful to be in a business where I get to help with big ownership or sale goals. If you have any questions on market conditions or activity, I would love to talk with you.