The Santa Barbara real estate market so far this year has displayed an encouraging increase in activity over the fourth quarter of 2024, however overall, the numbers are very consistent with what we experienced throughout most of last year. In fact, the tallies from the first quarter were almost identical to those in the same period last year in the Riviera/Eucalyptus Hill/El Cielito neighborhoods with a total of 21 sales and a median price of $3,095,000.
A closer look at the price categories shows an uncanny similarity to the first quarter of 2024 with 10 sales in both the $1 to $3 million range and the $3 to $6 million range. The only difference was in the luxury segment of the market, above $6 million, which had a total of 2 sales as opposed to 1 the previous year. We are still experiencing the interesting market dynamic of approximately one third of the listings selling very quickly and in some cases getting bid up in price, while the majority of the sales are homes that have lingered on the market for several months and finally find a buyer after multiple price reductions.
Now that we have entered the Spring season the market is showing its usual level of activity during this busy time of year. In fact, the majority of pending and closed sales so far this month are properties that found a buyer within a few weeks. I witnessed this firsthand, as one of my Riviera listings that is currently in escrow generated two strong offers a few weeks ago right after coming on the market. Even with the recent stock market fluctuations the Santa Barbara real estate market remains strong, especially for the properties that are positioned for success and marketed professionally. Feel free to contact me for a consultation with any of your real estate needs or questions.