Our September 2021 Newsletter

September, 2021

SB Monthly Market Moves

Brought to you by Joe, Avi, and Garrett at The Santa Barbara Group

Someone told us that we just passed 100 days left in the calendar year. That feels equal parts nerve-wracking and motivating.

Here’s to making those last 100 memorable!

State of the Market in a Couple of Sentences (or Less)

After a rocking summer in Santa Barbara’s housing market, Joe, Avi, and Garrett have some interesting thoughts and insights as we take our first steps into fall. Get your quick expert analysis right here.

Joe: “We seem to be in a time where traditional patterns of how things used to be are changing across the board and through all aspects of life, including the way the housing market has performed historically…going up, coming down, and then up again with a general trend over time in an upward direction. I do not see us going down again anytime soon. There is just too much demand, not enough supply, and unfathomable amounts of generational wealth being passed down from the oldest generations.”

Avi: “As we move into fall, we are still watching the entry-level homes (if priced right) get hammered with multiple offers. Buyers need to strike quickly on hot properties, although sellers who are overzealous are sitting and eventually reducing their prices. It seems the housing correction that many buyers are waiting for is still nowhere to be found.”

Garrett: “The market is continuing to see a lot of closings from an active summer with a decent amount of inventory going into Escrow fairly quickly. It will be interesting to see if this trend continues going forward into the fall months.”

Want to see the best homes in SB?

43% Jump in YoY Average Sales Price

Graphic from Fidelity SB and Chicago Title SB.

This August, cash was king.

Back in July, 28% of all transactions were cash. In August, cash sales rose to 41%, equalling nearly half of all transactions.

Being able to pay cash is not something most buyers can do, but if you’re able to do it at your price point, you can distinguish yourself in a cluttered market where buyers are fighting tooth-and-nail over low inventory and desirable properties.

But there’s one statistic that nearly tossed us off our chairs, and that’s the average sales price for a single-family home year-over-year.

In August of 2020, the average sales price of a single-family home was $2.2 million, which isn’t cheap by any means. But this August, the average price exploded to $3.1 million. A 43% increase.

Will the market see a correction soon? Only time will tell. Right now, it doesn’t seem likely. Joe’s got more detailed insight on Santa Barbara’s expanding housing bubble and if he thinks a big POP is on the horizon.

Watch the video below!

When do Bubbles Pop?

This bubble has got to burst, right?

What if there isn’t a bubble at all?

Tune in for Joe’s stripped-down opinion as someone who has both grown up in Santa Barbara and as a professional practicing real estate here for many years.

In this short video, Joe breaks down the impact of low inventory, high demand, the influence of wealthy newcomers, and many other factors.

Sorry, Did We Miss Anything?

Is there something specific about the Santa Barbara real estate market that you’d like to learn more about? Hit reply to this email and let us know. This market update was designed and written to best serve you.

Have a great rest of your day, week, and month. We’ll see you right here next month.

With gratitude,
Joe, Avi, and Garrett

How can we help?

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BHHS: DRE#01317331
Joe Parker: DRE#01314939
Garrett Mccaw: DRE#01457796
Avi Becker: DRE#02076584

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Our September 2021 Newsletter