happy january

from Residential Real Estate Market Report | South Santa Barbara County | January 2023

CONCIERGE Real Estate Service

Hello Family and Friends -

January is behind us and we can confidently say “It’s All About The Inventory” for the foreseeable future. Despite nationwide residential real estate challenges, the Santa Barbara market remains dynamic and active since the demand to live in our beautiful community remains strong. There are still many well qualified buyers actively looking to purchase homes in the Santa Barbara area. We saw only 69 properties change hands during January primarily due to the lack of active listings. That said, we know of several exciting new properties that will be coming available shortly so stay in touch!

While inventory remains the biggest struggle for buyers (see graph pg 6), we still have a diverse range of properties available for sale at all price points. For sellers, the lack of buyer options is keeping sold prices steady and homes are still closing at top dollar when priced realistically. This lack of inventory might make your property stand out which could make this an ideal time to sell and capitalize on any equity you have.

Activity Overview | January started out slow, perhaps due to the unprecedented rain combined with uncertainty in the stock market and economy, causing buyers to take a pause on their home purchase decisions. Towards the end of January, we noticed more activity and several well priced homes in desirable locations received multiple offers during the first few days on market. Properties that are priced correctly or slightly below market value are still getting premium priced offers. The shortage of homes on the market is not only keeping prices steady but discouraging sellers from lowering their list price.

All Cash vs Loans | A total of 19 of the 69 sales during January were “all cash” transaction (37%). Individuals who need a loan are having a more difficult time competing against the extensive number of cash buyers, reducing their chance to get an offer accepted. This makes it more important than ever to work with a well connected broker who can get your offer accepted despite the stiff competition—contact us for a strategy. Since interest rates have been on the rise, affordability has also impacted the amount a buyer can spend (see graph on page 8). We saw 6 homes close off market (9%).

Read on for the January Market Stats for South Santa Barbara County and then broken down by each city. We also published the 2022 Year End Stats graphs for those who missed them last month. Plus, check out some property ideas that are currently available that we feel are good values. As always—please reach out with any questions or to discuss your specific real estate goals!

In this highly competitive market—experience matters. We offer concierge level professional service to our clients with world-class marketing, a proven track record of success, the skills necessary to put complicated deals together and negotiate the price and terms that will get your offer accepted amongst multiple offers. Our goal is to get you the best price for your existing home and find you the right replacement property with minimal stress. Let’s explore your property’s current valuation and discuss a strategy.

Looking for professional + creative results-oriented representation - Let’s Talk!

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