First Quarter of 2022 Market Update

Langhorne Group | 4/11/2022

It's hard to believe, but we're now in the home stretch of March 2022. Santa Barbara's 2022 first quarter market update shows that the number of sales increased by 24.5% compared to the same period last year, while the median sales price increased by 14.7%. In Montecito, sales increased by 33.3%, and the median sales price rose by 12.5%. Carpinteria saw sales increase by 20%, while the median sales price remained flat. In Goleta, sales increased by 10%, while the median sales price declined by 2.9%. In Hope Ranch, a total of 17 homes sold in the first quarter of 2022, representing a 36% increase from the same period last year. The average sale price in Hope Ranch also rose by 14% to $3,265,000. Summerland reveals that a total of 20 homes sold in the first quarter of 2022. This is a 50% increase over the number of homes sold in the first quarter of 2021, and it indicates that the market is healthy and strong. The average price of a home in Summerland increased by 4% in the first quarter of 2022, to $457,000. This is a testament to the continued demand for housing in the area, as well as the limited supply of available homes. With interest rates remaining low and more people moving to the area, it is likely that the housing market will continue to be robust in Summerland for the foreseeable future.

Overall, it was a very active quarter, with buyers and sellers both taking advantage of current conditions. We expect the market to remain strong throughout the year.

Here’s a Market Snapshot for the Month of March 2022.

South Santa Barbara County Residential Statistics

If you're a homebuyer, now is definitely the time to jump in; prices are still rising, but they aren't increasing as quickly as they have been. For homesellers, meanwhile, it's important to stay ahead of the curve and price your property just right if you want to capitalize on current demand. As for real estate investors and agents alike, well - the sky's the limit!

Thanks for reading and feel free to reach out if you have any questions.