Santa Barbara South Coast Mid-Year 2023 Real Estate Market Update
Post-Pandemic Slump or Unfulfilled Demand?
“Sales Down 34 Percent” makes for an attention-grabbing headline, but it only tells half of our local real estate market story this year. As you can see from the chart, the math is correct: 748 houses and condominiums sold in the first half of 2022, and just 508 sold in the first half of this year. However, if there had been more homes available to purchase, most of them would have sold!
Having said that, our market is cooling down slightly, and not all homes are selling right away or attracting multiple offers. Buyers are predominantly seeking well-priced and well-presented homes, and they are willing to compete for them. Sellers of these desirable, value-priced properties might receive three to five offers this year, versus the eight to 10 offers they would have expected in 2021 and 2022. Average days on the market have also started to increase in most neighborhoods, giving buyers a little more time to consider their purchase.
The real headline: Inventory Crisis. The number of homes for sale is down 71 percent from pre-pandemic levels.
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