The real estate market in Santa Barbara and its surrounding areas has shown dynamic shifts in 2024, revealing valuable opportunities for buyers and sellers. Here’s an in-depth look at the latest data, including year-over-year changes in median home prices, days on the market, and overall activity across districts.

Market Highlights by Area

Santa Barbara (East of State) | This sought-after area experienced a 7% decline in active listings, dropping from 83 in 2023 to 77 in 2024. However, the average sale price for condos climbed by 11%, reaching $1,359,330. Median sale prices for single-family homes increased by 4% to $2,643,899. The area continues to thrive, despite fewer properties under contract, indicating sustained desirability.

Santa Barbara (West of State) | Active listings remained stable, but the average sale price for condos dipped by 9% to $1,193,954, presenting an appealing opportunity for buyers. Conversely, single-family homes saw an 11% rise in median sale prices, now at $2,502,497, highlighting the district's resilience.

Montecito | Montecito continues to shine as a luxury hotspot. The average sale price rose by 4% to $3,438,529, with single-family homes showcasing an impressive 18% growth in median sale price, reaching $8,264,958. The number of days on the market reflects ongoing demand and limited inventory.

Carpinteria-Summerland | This vibrant district saw a 20% increase in active listings, boosting opportunities for buyers. Median sale prices for single-family homes soared by 50% to $5,713,163, while condos increased by 10% to $1,029,736.

Santa Ynez | Santa Ynez has become an emerging favorite, with a 30% uptick in properties sold and a 15% rise in average sale price. Single-family homes saw a 6% increase in median prices, while condos surged by 15%, making this an attractive option for those seeking space and tranquility.

Key Market Trends

Overall Sold Volume Growth: Santa Barbara’s real estate market experienced a 15% increase in sold volume year-over-year, underscoring its enduring appeal despite broader economic fluctuations.

Median Price Variability: While some districts, such as Carpinteria-Summerland, saw exponential growth, others, like Ventura, displayed slight corrections, with single-family homes dipping by 13%. This diversity in market trends highlights the importance of tailored buying and selling strategies.

Condos vs. Single-Family Homes: Condos in areas like Ventura (+26%) and Goleta South (+18%) showed strong performance, while others, such as Santa Maria (-39%), saw a decrease. Single-family homes demonstrated steadier appreciation, particularly in high-demand regions like Montecito and Carpinteria-Summerland.

Median Home Prices Across Districts 

Here’s a snapshot of median sale price changes from January to October for 2023 vs. 2024:

Santa Barbara (East of State): Single-Family +4%, Condos +11%

Santa Barbara (West of State): Single-Family +11%, Condos -9%

Montecito: Single-Family +18%, Condos +4%

Carpinteria-Summerland: Single-Family +50%, Condos +10%

Santa Ynez: Single-Family +6%, Condos +15%

Goleta South: Single-Family +13%, Condos +18%

Goleta North: Single-Family +9%, Condos -1%

Lompoc: Single-Family +5%, Condos -1%

Santa Maria: Single-Family +8%, Condos -39%

Ventura: Single-Family -13%, Condos +26%

Looking Ahead

The Santa Barbara market continues to evolve, offering unique opportunities across its districts. Whether you’re considering purchasing your dream home or selling in this competitive environment, understanding the nuances of each area is crucial.

As your trusted real estate advisor, I’m here to provide personalized insights and strategies tailored to your goals. Let’s work together to make the most of this dynamic market. Contact me today to explore your options or request a detailed breakdown of any district.