The real estate market in Santa Barbara is currently in a state of flux. After experiencing a period of rapid growth in 2020 and 2021, prices have begun to cool in recent months. The median sales price for a home in Santa Barbara was $1.8 million in April 2023, down 15% from the same time last year. The number of homes on the market has also increased, which is giving buyers more options.
There are a number of factors contributing to the slowdown in the Santa Barbara real estate market. Rising interest rates are making it more expensive to buy a home, and the supply of homes for sale has increased. Additionally, some buyers are being priced out of the market, as prices have reached record highs.
Despite the slowdown, the Santa Barbara real estate market remains competitive. Homes typically receive multiple offers, and buyers often have to waive contingencies in order to make an offer. Buyers who are considering a move to Santa Barbara should be prepared to act quickly and be willing to pay a premium for a home.
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