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Santa Barbara |
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Real Estate 2020 Insights |
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2020 came and went, and it proved to be one of the busiest and most productive years in recent memory in Santa Barbara real estate.
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The below quote embodies our housing market the second half of 2020:
"...closing tomorrow, 2 bed 2.5 bath List price $1,695,000 Purchase price $2,110,000. This was the 10 offer home with one of the competing offers having no escalation cap." ~ recently shared by an agent in our office. Not everything was selling at 19% over the list price, but the fact that it continues to happen often is telling.
Sales and prices finished the year up after falling off dramatically beginning in March. The second half of the year with more demand than supply, we witnessed price increases and multiple offer situations regularly.
" U.S. Home Price Index up 9.2% in December from a year earlier, largest annual gain in more than six years fueled by low inventory and attractive low-interest rates. Accelerating home prices could lead to affordability challenges in 2021" ~ CoreLogic
It's a great time to sell Santa Barbara if you know where you want to be next.
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December 2020 South County Sales .......................................... |
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Total December Sales: 231 Homes & Condos
December 2019: 176 Sales
Up 31% Year Over Year
Single Family Median Sale Price: $1,563,000
Condominium Median Sale Price: $788,500
19% of the Sales were Off-market
29% were All-Cash
*Average 30-Year Fixed Rate Mortgage as of 02/12/2021: 2.86% |
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2020 South County Total Sales |
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2020 finished the year with 2118 total single family home and condo sales. The last time we saw more than 2000 sales in a single year was 2012 with, ironically, 2118 single family home and condo sales. Year's 2003, 2004, and 2005 all had total sales over 2000.
For the forseeable future, there is nothing obvious to change the course we're on...it may be like this for a while. |
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---------------------------- Recently Sold
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3012 Tiana Drive Santa Ynez
3 Bed | 2.5 Bath 1962 SF $864,500 |
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____________________As always, thank you for allowing me to work for you. It's truly an honor and a blessing!____________________ ------------------------------------------------------- -------------------------------------------------- |
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The Luxury Market |
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Montecito sales activity was very active the last six months of 2020 - December was no exception. There was simply not enough inventory to satisfy all the Buyers looking for homes in Montecito. The lack of inventory is putting upward pressure on prices.
December 2020:
Sold Properties: 42
December 2019 Sales: 25 15 of the December 2020 sales were in excess of $5M.
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2020 not only saw a fresh high in the number of total sales in Montecito at 384, but sales activity in the upper tiers of the luxury market were very busy.
71 sales between $4M and $6M 40 sales between $6M and $10M 24 sales were over $10M |
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Highest December Sale:
2845 Sycamore Canyon Road
$32,250,000
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North County Santa Barbara 2020 |
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December sales were up 71% with only 1.9 month's of inventory supply at year end. North County home and condo sales finished the year up 11% with the median single family home sales price jumping by 21%. ................................................................................................. |
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Life is short. Play hard, stay safe and be prepared to leave. Blessings! ~ Kirk |
