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
May 2019 192 1499492 3.7 $1,067,500 5.5%
May 2020 86 1812488 20.9 $1,038,750 -2.7%
May 2021 224 2766614 52.6 $1,600,000 54%
May 2022 151 2232040 19.3 $1,600,000 0%
South Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jan-May 2019 785 1488191 4.2 $1,025,000 4.1%
Jan-May 2020 597 1460780 1.8 $1,058,500 3.3%
Jan-May 2021 1057 2374087 62.5 $1,406,500 32.9%
Jan-May 2022 745 2593896 9.3 $1,660,000 18%
Jan-May 2023 95 NA NA $ NA NA%
North Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
May 2019 3645 448648 1.5 $377,000 0.5%
May 2020 5415 626435 39.6 $465,000 23.3%
May 2021 3660 631117 0.7 $515,000 10.8%
May 2022 3150 712548 12.9 $565,000 9.7%
North Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jan-May 2019 966 466212 2.7 $388,250 0.8%
Jan-May 2020 2202 538831 15.6 $425,000 9.5%
Jan-May 2021 1128 606542 12.6 $490,000 15.3%
Jan-May 2022 1069 693025 14.3 $565,000 15.3%
Jan-May 2023 141 NA NA $ NA NA%