Statistics in this report are from Santa Barbara MLS (FlexMLS) data for single-family homes and PUDs on the South Coast (Santa Barbara, Montecito, Goleta, Carpinteria and Summerland). Duplicate MLS records are removed.
Happy May!
I spent the last week driving down the West Coast from Eureka, where my dad has a house he's preparing to sell. What an incredible drive. If you haven't done it, it's absolutely worth experiencing!
Yes, the Market Is Shifting
People keep asking me if the market is shifting. The answer is yes. In one recent week, we saw 39 new house and PUD listings hit the market (compared to our usual 30 or so) and only 19 closings. At the end of April there were 268 homes for sale, or about 3 months of inventory, which still indicates a seller's market but is moving closer to a balanced market. If we continue to see more homes entering the market than selling, we'll see further shifts. Consumer confidence and interest rates will play significant roles in this trend.
Who's Buying in Santa Barbara?
I'm also frequently asked where our buyers are coming from. For the past decade, the majority have consistently been locals: those buying up, downsizing, or investing. There are surprisingly few foreign investors, though we continue to see interest from buyers coming from the LA area. I recently spoke with an investor who mentioned buying a large waterfront home in Maine for $800k. I reminded him, "That's not Santa Barbara!"
March 2025 Market Snapshot
- Most Expensive Home Sold: $23,000,000 (845 Sea Ranch Dr)
- Least Expensive Home Sold: $1,000,000 (430 W Valerio St, Santa Barbara)
- Median Price Home Sold: $2,867,500
- Average Price Home Sold: $4,403,656
- Average Cumulative Days on Market: 65 days
I'm excited for spring and the longer days ahead. Wishing you all health and happiness!
Cheers!
Curtis Swan II
(805) 607-9709
Find my five-star reviews on RateMyAgent.
