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.

## Warning: Removed 96 row(s) containing missing values (geom_path).


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
Feb 2021 168 $2,143,280 51.4% $1,290,000 21.9%
Feb 2020 141 $1,415,883 -3.1% $1,058,500 7.2%
Feb 2019 134 $1,461,519 -2.9% $ 987,500 -1.2%
Feb 2018 116 $1,505,578 10.5% $ 999,500 3.3%
Feb 2017 114 $1,362,509 -20.1% $ 967,250 3.6%
South Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jan-Feb 2021 338 $2,063,757 48.5% $1,282,500 21.6%
Jan-Feb 2020 277 $1,389,509 -15.3% $1,055,000 3.2%
Jan-Feb 2019 254 $1,641,193 14% $1,022,500 10.2%
Jan-Feb 2018 210 $1,439,512 11.9% $ 927,500 6.7%
Jan-Feb 2017 250 $1,285,974 -22.3% $ 869,000 -8.5%
North Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Feb 2021 165 $650,091 45.9% $480,000 19.6%
Feb 2020 170 $445,426 -8.6% $401,500 6.4%
Feb 2019 163 $487,485 14.5% $377,500 0.7%
Feb 2018 147 $425,935 1.9% $375,000 8.5%
Feb 2017 177 $417,833 -3.7% $345,500 -0.6%
North Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jan-Feb 2021 344 $612,254 35.1% $475,000 17.3%
Jan-Feb 2020 381 $453,050 -4.6% $405,000 6.9%
Jan-Feb 2019 305 $474,820 8.2% $379,000 2.4%
Jan-Feb 2018 329 $438,761 3.6% $370,000 6%
Jan-Feb 2017 354 $423,613 0.8% $349,000 1.2%