Santa Barbara's market has seen impressive growth in average sales prices in 2024, rising to $36M, up 72% since 2023. This notable growth has solidified Santa Barbara’s position as the regional leader in market value over the past few years.
Sale prices surged 72% to $36M in 2024, up from $21M in 2023.
Average DOM in 2024 doubles YOY to 330 days, with slower sales fetching an average of just 76.7% of the list price.
Percentage of original list price is lowest of all Northwest Coast and third lowest of all 56 markets, at just 75.6%.
High selling prices in a slow market
Despite seeing a surge in average sales prices, the percentage of original list price achieved decreased substantially YOY by 11%. This is in large part due to the average Days On Market (DOM) for properties in Santa Barbara doubling to 330 days in 2024, up from 151 days in 2023. This suggests original listing prices were aspirationally high leading to properties sitting on the market longer while buyers waited for them to reach market value via price reductions..
In 2024, properties sold for 75.6% of their listing price, the lowest it has been in 10 years. This indicates that properties in Santa Barbara are sold for a lower percentage of their listing price relative to the long-term average. Buyers may have the upper hand.
See if your property qualifies for auction.
Expand your pool of luxury buyers
Get a tailored marketing campaign
Speed up property sales