The Santa Barbara housing market has continued to show strength and stability in the first quarter of 2023. According to the latest data from the Santa Barbara Association of Realtors, the median home price for the region decreased to reach $1,630,000 in Q1 2023. The average days on the market for homes in Santa Barbara increased to 30 days, indicating a strong demand for homes in the area.

Despite the overall strength of the market, there has been a slight decrease in the number of homes sold in the first quarter of 2023. The number of closed sales decreased year-over-year, with a total of 191 homes sold in the first quarter. This decrease in sales may be due in part to the limited inventory of homes available for sale in the area.

The inventory of homes for sale in Santa Barbara has continued to remain low, with only 1.5 months of supply available in Q1 2023. This is significantly lower than the national average of 4.2 months of supply. The lack of inventory has led to increased competition among buyers, with many homes receiving multiple offers and selling above asking price.

The luxury market in Santa Barbara has also shown strength in the first quarter of 2023. According to the Santa Barbara Association of Realtors, the luxury market (homes priced at $5 million or more) saw an increase in sales volume year-over-year. This indicates continued interest from high-net-worth buyers in the Santa Barbara area.

Overall, the Santa Barbara housing market has continued to show strength and stability in the first quarter of 2023. The limited inventory of homes for sale, combined with strong demand, has led to increased competition among buyers and higher prices for homes. The luxury market has also shown strength, indicating continued interest from high-net-worth buyers in the area.