The real estate market in Santa Barbara saw strong activity in March 2023. The number of homes sold increased significantly, and the average sales price saw a slight uptick compared to the previous month.
According to the Santa Barbara Association of Realtors, there were 59 homes sold in March, a 17% increase from February's 49 homes sold. The number of new listings remained positive, with 82 new properties listed in March, a slight increase from February's 73 new listings.
The average number of days a property spent on the market before being sold increased to 36 days in March, compared to 30 days in February.
In March, the luxury real estate market in Santa Barbara's $5 million-plus price range also exhibited a robust performance, as 8 properties were sold. The average sales price for these luxury properties sold in March was $9.2 million.
Overall, the Santa Barbara real estate market continues to show strength, with high demand for properties and an increasing inventory. The increase in the number of homes sold and average sales price in March further indicates the market's stability and potential for growth.
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MEDIAN SALES PRICE
$2,400,000
Nearly the same as $2,425,000 in March of 2022
AVERAGE DAYS ON MARKET
36
Up from 29 days in 2022
CLOSED SALES
59
Down 47% from 2022
NEW LISTINGS
82
Down 25% from 2022