There is a lot of talk of a softening real estate market. How would you describe the real estate market in Santa Barbara?

Asked by Halley S., New York, NY Mon Apr 23, 2007

How long do homes typically sit on the market in this city?

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Andrew Baker, , Santa Barbara, CA
Tue May 19, 2009
This city is extremely location dependent as t\you have an extremely desirable city, with a freeway in the middle, mountains and beach, rich and gangs, in other words, lots and lots of juxtapositions of value. So, when you look at the "less desirable" locations, close to Freeway noise, gangs, etc, soft. But in the exact same zipcode, example mine 93101, you cross to the east side of State St, past the freeway noise and gang issues, values haven't really softened much at all. But then, you move downhill, same distance from freeway and gangs, closer to the beach, you'd think home value would rise, but the smaller lots and high population density takes values the other way, again softening. Really, it's a block by block answer. -AB
1 vote
Daniel Zia &…, Agent, Santa Barbara, CA
Fri May 18, 2007
To update, the average home in April '07 was on the market for 95 days before entering escrow. The market is still going strong in May with buyer demand high and inventory not rising as dramatically as it has in the past two years during the summer months. For more information view my Santa Barbara real estate "current market" page, updated monthly.
1 vote
Daniel Zia &…, Agent, Santa Barbara, CA
Mon Apr 23, 2007
The real estate market definitely corrected in 2006, there is no doubt of that. Since the beginning of 2007 we have seen a drastically different market. Market inventory decreased to normal levels and buyer confidence and demand increased signicantly. At the beginning of the year these signs definitely signaled a changed and very health market and now four months into the year it has been confirmed. Properties are selling every week and prices have firmed up. Nobody expected rapid appreciation this year, but neither to they expect a further decline. We expect single digit appreciation this year and the next.
1 vote
Lars, , Santa Barbara County, CA
Mon May 25, 2009
These real estate agents are understating how much the local Santa Barbara real estate market has declined. Prices haven't dropped as much in in LA yet, but the sales have slowed to a trickle. Eventually folks will have to keep lower their prices. It's just a question of time.

A buyer I know recently had an offer accepted on an awesome home in the Riviera which had an asking price of three million bucks, but the sellers' accepted an offer in the low two's.

Prices have doubled and tripled in Santa Barbara over the last decade. Santa Barbara prices will always be high compared to less desirable places, but you can bet our local market will keep falling for awhile.
0 votes
Kevin Schmid…, Agent, Santa Barbara, CA
Fri Oct 19, 2007
Hello,

I just joined so I am answering a little late...but hope this helps.

Overall we have definitely seen a softening market since late 2005 with a big adjustment staring mid 2006 in my eyes. Most statistics that I have come across seem to suggest that we have dropped about 10-15% for single family homes since our peak and and anywhere from 12-20% on condos. With this said single family homes from about the $3 million price level and up have maintained their values and even seen increases.
The market as of today feels definitely softer/slower when you speak with most people in the industry. We are used to seeing about 30-40 pendings a week on average and we are now around the 17-25 pendings a week level.
There still are many buyers out there even with the lending issues and if a home comes out that is priced "well" there is a lot of attention and they seem to go into escrow. If the seller and their agent misse the price point, you instantly (within a few weeks) get lumped into the inventory and can sit.

Hope this helps...if you have any other questions, please feel free to contact me directly at 805-689-6877.
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