SANTA BARBARA REAL ESTATE MARKET UPDATE THROUGH MARCH 2020

The update for April (which I will showcase when it is available) will be interesting to see as the market has changed drastically. While sales (active listings, pendings, new listings) are definitely down-around 20 -30%, (I am typing this on April 12th), over April of last year. According to Santa Barbara data the median sale price is exactly the same.

The question I am most often asked is “Have prices dropped?” Based on the last 4 sales I have completed since the quarantine, and according to the MLS data, the answer, so far, is no. The clients buying and selling property right now are qualified and serious. They know what they are doing and are getting deals done and on time. Lenders are still lending. Prices are holding strong with no evidence of strong price concessions being made due to the virus, just the usual repair and credit requests that go along with any transaction.

Going forward as the community begins to open up again, I will be closely monitoring what the market is doing and keep you in the loop.

Santa Barbara
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