Unlocking July’s Real Estate Insights: Your Santa Barbara Market Recap
Santa Barbara’s housing market remains healthy, with an increasing number of properties available for sale.
The Santa Barbara housing market continues to show signs of dynamic movement - marked by increased activity, shifting strategies, and new opportunities. Whether you’re actively navigating the market or simply staying informed, here’s a concise look at how July unfolded - and what it could mean for your real estate goals.
1. More Sales, More Contracts - Momentum Is Building
In July, we saw 81 closed sales, a 29% increase compared to the same time last year. Even more telling, 95 properties went under contract, representing a 34% year-over-year increase. Buyers are clearly engaging - especially when properties are priced and presented well.
2. Inventory Grows, Yet the Market Stays Competitive
There were 117 new listings, which is 9% fewer than last July, but overall inventory is up 17% year-over-year. This expanded selection is giving buyers more options, yet strategically priced homes continue to attract multiple offers. At the same time, we’re noticing a rise in price reductions and escrows falling through, signaling that buyer confidence is more selective.
3. Pricing Trends Reflect High-End Sales
The median sales price in July was $2,362,500, up 22% from last year, reflecting an increase in higher-end transactions. Meanwhile, homes are still moving swiftly, with a median of 15 days on market, down 17% year-over-year.
4. What This Means for You
We’re experiencing what many are calling a “tale of two markets” - some homes fly off the shelf, others sit. The difference? Strategy, preparation, and understanding today’s nuanced trends. Fire insurance remains a hot topic, and buyers are increasingly cautious - underscoring the importance of clear guidance and local expertise. Whether you're considering a move now or just planning ahead, having a tailored approach matters more than ever. There’s no one-size-fits-all strategy in this market.
