May 2026 Market Update

Happy May! We’ve been fortunate to not have too much May Gray, but we are getting some!
 
In the real estate world, the roller coaster continues. We are seeing prices coming down just a bit in most areas – dependent on whether you look at the median sales price or the average. The median tends to be swayed by how many high-end sales there are and how many total sales. Hope Ranch and Montecito tend to be impacted by this more than most areas. It makes it difficult for a homeowner to understand how to price their home for sale. Interestingly, Montecito and Hope Ranch have more months of inventory (4-6 months) than most of the other areas (1.3-2.8 months), so one would expect to see prices coming down there.
 
Sales for April were about the same as in March at 123 and 122 respectively. Pending sales in April were at 127, exactly the same as March, so we anticipate about the same number of closings next month.
 
The longer the war goes on, the more it will start to impact the real estate market. Fortunately for us and for now, consumers are still buying homes in Santa Barbara. Our climate and amenities (a “Destination”) tend to insulate us a bit.
 
On the non-profit front, the Presidio Orchard Party is coming up soon on June 6. I am on the planning committee for this event. You can get your tickets here: https://www.sbthp.org/pop If you haven’t been to the Presidio Chapel and Orchard, it is well worth it to go. Such a beautiful space that many people aren’t even aware of.
 
And most of you know that my heart is in the Santa Barbara Humane Organization (not Society, which is all political.) I am the chair of the Gala again this year, which is on September 19. We are looking for sponsorships now, which you can access here: https://sbhumane.org/gala2026/ Individual tickets will be available on July 1, 2026. I am doubling up my sponsorship level this year because I really believe in the great work they are doing there. If you aren’t familiar with them, let me know so we can arrange a tour!
 
Hope your spring/summer is off to a great start! I know mine is!

Ruth Ann