Santa Barbara, CA housing market

In Santa Barbara, the gap between what sellers ask and what homes are actually worth tells the story this month. The median list price sits at about $2.45 million, while the typical home value is closer to $1.9 million, up roughly 3 percent over the past year. That half million dollar spread, paired with homes taking about 50 days to sell, points to a market where sellers are still aiming high and buyers are in no rush to chase. Inventory is thin, with only about 235 homes for sale and 106 new listings coming on, so a well priced home does still move. But only about 15 percent of listings have cut price, which suggests many sellers would rather wait than adjust. If you are thinking of selling, the takeaway is straightforward. Buyers here will pay strong money for the right home, but they will not overpay. Price close to real value, and plan on several weeks on market rather than a bidding war.