SANTA BARBARA REAL ESTATE MARKET UPDATE THROUGH JUNE 2020

I have not been this busy with clients that are serious about buying property since I was about to go into labor with each of my sons. I am not joking. The market is moving at warp speed with multiple offers happening left and right and properties that were not saleable in the past attracting offers that are above where they were priced in the past. The momentum is definitely there…now if there was just more inventory to allow the pent up buyer demand to dissipate…

The new reality of pretty much everyone working from home now has opened our perspectives and broadened our horizons on real estate. Before, the thought of a lengthy commute would prevent many from purchasing outside of the big cities, but now, times have certainly changed. One silver lining of all we are dealing with now is the ability for many to shift into a new work-from-home lifestyle. At this time, many buyers are eager to move out of the cities or want to finally make the move on that second home they’ve been dreaming of. Now is the time to seal the deal on that incredible family home or home away from home that’s always been on people’s wish list.

Here is the synopsis from June 2020 from Village Properties on the Santa Barbara real estate market. In June, there were a total of 725 total sales properties sold (531 single-family residences and 194 condos). The SFR average price was $1,880,655 (median $1,270,000) and for condos the average was $852,327 (median was $725,000).

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