Brought to you by Joe, Avi, and Garrett at The Santa Barbara Group
Some Neighborhoods Don't Cool Off
There's been chatter that this red-hot market is bound to cool off sooner or later. After all, pent-up demand, surging prices, and bidding wars have been relentless since the end of 2020. We can't continue an endless streak of rapid, exponential growth.
Yet, while the Santa Barbara market has taken a mild breather in the last month, we are still seeing multiple offers on highly desired homes, which inevitably drives sales prices up.
One of our recent listings in San Roque, a neighborhood on upper State Street, had over 100 people buzzing through the open house with 11 offers submitted. Cases like this indicate that while certain pockets of the market are cooling off, others will continue to surge.
It's rarely a bad time to be considering real estate in Santa Barbara County. Got a price point in mind? A favorite neighborhood? Let's see what we might be able to find you.
State of the Market in a Couple Sentences (or Less)
Here's exactly what Joe, Avi, and Garrett think about the Santa Barbara market as we barrel toward the end of summer.
Joe: "I’ve noticed things have slowed down a touch but not as much as I had expected earlier in the year looking forward. Inventory is still very low and demand still very high, but some of the completely insane offers seem to have died down. One thing I’m noticing, rents are skyrocketing.”
Avi: "As inventory starts to come back, we are seeing no signs of transactions slowing down. Buyers are still going above asking because oftentimes they have missed out on other homes for sale."
Garrett:"The market is running at a fast pace with most sellers experiencing multiple offers. This will likely continue as we head into the fall/winter months. I do not foresee any notable changes in the immediate future. Sellers can continue to expect a lot of action, while buyers should anticipate strong competition when vying for the property they desire."
Pay For College With an Investment Property
Our entire team is made up of Gauchos! Joe, Garrett, and Avi all attended UC Santa Barbara for college and firmly rooted themselves here in the American Riviera.
Tuition at UCSB can cost a pretty penny these days! But, it's possible to strategically pay for college along the way with an investment property. Watch Joe's video and learn how.
Market Holds Steady from June to July
Graphic from Fidelity SB and Chicago Title SB.
Exactly 133 single-family homes sold in June and exactly 133 single-family homes sold in July. Similarly, 65 condos sold in June and 68 condos sold in July. That's an on-the-dot kind of steady market if we've ever seen one.
In June, the average sales price for a single-family home was $2.65 million. This has held relatively consistent for July, coming in at $2.9 million.
Condo sales prices saw a sharper dropoff, coming down from $1.05m in June to $892k in July, a difference of over $150k.
Sorry, Did We Miss Anything?
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Have a great rest of your day, week, and month We'll see you right here next month.