The median sale price for a house in the City of Santa Barbara increased by nearly $1 million in the past year, jumping from $1.663 million in March 2021 to $2.602 in March 2022. For the South Coast as a whole, the jump was from $1.53 million to $2.18 million. These numbers come courtesy of a monthly economic dashboard prepared by South Coast Chamber of Commerce.
According to the commentary accompanying the raw stats, the inventory of residential real estate for sale is historically low while interest rates — at least for the time being — remain quite low.
As a result, the average sale price was 5 percent over list price, and the average listing stayed on the market only six days. In the same time, the average median income inched up only slightly: from $87,000 a year ago in Carpinteria to $88,194 this year, from $106,434 last year in Goleta to $109,361 this year, and from $86,620 in Santa Barbara a year ago to $88,294 now.