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SANTA BARBARA REAL ESTATE MARKET UPDATE THROUGH MAY 2020

While I have been honored to assist many buyers throughout this time of quarantine, I have also had several clients ask me to hold off on sending them options and want to wait to start looking at properties until things “settle” down a bit in our community.

Now that some time has gone by, there doesn’t seem to be any more “certainty” out there. I am hearing from clients that have been renting and are ready to own their own properties. Several clients who own already, but are ready for a lifestyle change, have used the past few months to get their current houses “show” ready to list for sale. There are lots of reasons to get serious about purchasing properties in Santa Barbara.

However, inventory still remains tight and there is considerable pent up buyer demand. There are many out of town buyers that are purchasing in our community, especially from Los Angeles and other larger cities wanting more space and a smaller community. Interest rates are historically low and loans are still attainable, it not more heavily documented. Multiple offers are common in all price ranges- under $1 million and especially above $6 million!

Here is the synopsis from May 2020 from Village Properties on the Santa Barbara real estate market. In May, there were a total of 564 total sales properties sold (413 single-family residences and 151 condos). The SFR average price was $1,761,953 (median $1,250,000) and for condos the average was $863,970 (median was $760,000).

For the Full Santa Barbara May Update Click Below:
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