Santa Barbara Real Estate Trends

The Santa Barbara real estate market trends for 2024 have been admirable. In the first half of the year, there were 625 sales, a 12% increase compared to last year. While single-family detached homes accounted for 446 homes sold, reflecting a 15% increase over the same period as last year, condominiums and townhomes accounted for 179 homes sold, a 7% increase.

The average sales price for single-family detached homes rose by 14% to $3,714,928 while the median price rose by 7% to $2,250,000.

The average sales price for condominiums decreased by 3% to $1,135,143 and the median price rose 5% to $975,000.

In the second quarter of this year, all cash sales made up 42% of all sales, a 2% increase from the same period last year.

Inventory supply has picked up. The inventory supply has climbed to its highest level since 2020. Sitting at just over 3 months. Source: Fidelity National Title Company.