Unlocking September’s Real Estate Insights: Your Santa Barbara Market Recap

Your exclusive Santa Barbara housing market update!

As we transition into the fall, the Santa Barbara housing market continues to show strength, driven by improved interest rates that have encouraged more buyers to resume their home searches. In September 2024, 109 new listings were added to the market, reflecting a 23% increase compared to the same time last year. However, active listings have risen to 239, a 34% year-over-year increase, as some homes are staying on the market longer due to overpricing.

A total of 72 homes sold this month, an 11% increase from last year, with a median sale price of $2,505,000. The median list price was $2,590,000, a slight 1% decrease compared to September 2023, showing that home prices remain strong, though sellers need to be strategic. Homes that are priced right continue to sell quickly, with a median of 14 days on the market, a 7% decrease in time compared to last year. The sold-to-list ratio has improved to 97.24%, reflecting strong demand for well-priced properties.

Each week, approximately 40 homes experience price reductions, which underscores the importance of pricing competitively from the start. Sellers who position their homes at the right price are more likely to see faster sales, while overpricing tends to lead to longer market times and eventual reductions.

Looking ahead, the Santa Barbara real estate market offers opportunities for both buyers and sellers. Buyers can take advantage of favorable interest rates and a wider selection of homes, while sellers must focus on strategic pricing to stand out in a competitive market. Whether you’re looking to buy or sell, staying informed and making smart decisions in this evolving market is key to success. Stay tuned for updates—Santa Barbara's market is one to watch!