What’s Selling & What’s Sitting?
The Santa Barbara real estate market is always shifting! This week, we’re taking a closer look at what’s moving quickly - and what’s staying on the market longer. Let's take a look:
🏡 Homes That Are Selling Fast:
- Well-Priced Listings: Homes that are competitively priced from the beginning are attracting multiple offers and selling within days. Buyers are savvy and recognize value quickly (or they have great realtors!)
- Move-In Ready Homes: Properties with updated kitchens, modern finishes, and minimal needed repairs are going fast - buyers are willing to pay a premium for turnkey homes.
- Hot Price Points: Many homes in the $1.4M - $4M list price range sold within the first 30 days.
⏳ What’s Sitting on the Market?
- Luxury listings ($5M+) tend to have longer days in market due to a smaller buyer pool, making pricing in the luxury real estate market even more crucial
- Overpricing at Listing – Many homes with high days on market see price reductions, as initial pricing may have been too aggressive
- Unique Features or Location Challenges – Some listings have buyer hesitations, such as being in high-fire-risk areas or needing renovations💡 Takeaways for Buyers & Sellers
- For Sellers: Pricing correctly from the start is key to avoiding prolonged days on market and in the end, leading to a price reduction
- For Buyers: Properties with higher days on the market can present negotiation opportunities, and sellers maybe be more open to a lower offer
For buyers take a look at a few properties with high days on market….
3050 Serena Road, Santa Barbara – 126 days on market, listed at $1,995,000
3211 Beach Club Road, Carpinteria – 179 days on market, originally listed at $5,500,000
3091 Hidden Valley Lane, Montecito – 260 days on market, listed at $10,495,000 .
Don't hesitate to reach out with any questions! Talk Soon! :)
