2 Real Estate

2.1 Zillow Home Value Index

One of the hallmarks of the Great Recession was its profound effect on housing markets nationwide. Since then the health of these markets have garnered significant attention and has been used as an indicator of potential future downturns. Since the downturn, most housing markets in the Western United States have, in fact, recovered. Colorado has seen exceptional growth and is now 60% higher than its pre-recession peak.

The recovery of the California housing market is reflected across much of the state. Overall, Californian homes are worth $547,400, roughly 1% above their pre-recession peaks. Over the metropolitan areas shown below, Los Angeles, San Francisco, and San Diego have seen the largest recovery.

Within Santa Barbara County, Santa Barbara City and Montecito have both more than recovered from the Great Recession. Many of the others, however, remain below.

The slowdown in growth of the California housing market has also been felt by Santa Barbara County’s cities. Save for recent trends in Goleta, many other cities have seen a slow decline in the growth of home values.


2.2 Santa Barbara County Recorder’s Data

South Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Dec 2022 87 $3,405,023 73.5% $1,500,000 8.7%
Dec 2021 151 $1,962,858 3.4% $1,380,000 18.7%
Dec 2020 241 $1,897,460 21.7% $1,162,500 8.5%
Dec 2019 184 $1,559,247 12.2% $1,071,500 7.1%
Dec 2018 147 $1,389,969 -2.7% $1,000,000 3.2%
South Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jan-Dec 2022 1572 $2,509,851 NA% $1,581,000 NA%
Jan-Dec 2021 2378 $ NA NA% $ NA NA%
Jan-Dec 2020 2225 $1,837,820 23.4% $1,152,000 15.2%
Jan-Dec 2019 2013 $1,488,894 9% $1,000,000 5.2%
Jan-Dec 2018 1896 $1,365,503 0.7% $ 950,750 2.8%
North Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Dec 2022 119 $922,034 47.8% $527,000 -1%
Dec 2021 234 $623,925 2.3% $532,500 9.2%
Dec 2020 244 $609,672 25.3% $487,750 20.7%
Dec 2019 233 $486,742 14.2% $404,000 9.8%
Dec 2018 154 $426,065 -1.3% $368,000 -3.8%
North Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jan-Dec 2022 2181 $704,444 NA% $565,000 NA%
Jan-Dec 2021 2788 $ NA NA% $ NA NA%
Jan-Dec 2020 2585 $548,193 15.8% $445,000 11.2%
Jan-Dec 2019 2565 $473,272 3.2% $400,000 3.4%
Jan-Dec 2018 2563 $458,576 3.6% $387,000 4%