The Santa Maria, CA metro area housing market in February 2025 presents a complex landscape with notable shifts in pricing and sales dynamics. The Median Sales Price has surged to $1,375,000, marking a significant year-over-year increase of 20.6%. This rise in sales price contrasts sharply with the Median List Price, which has decreased by 8.8% to $1,322,000. Such a disparity suggests a competitive market where buyers are willing to pay more than the initial asking prices, potentially driven by limited inventory and high demand.

In terms of Price Per Square Foot, the median price has escalated by 40.1% to $794.58, while the Median List Price per square foot has also increased by 30.8% to $871.07. These figures indicate a strong appreciation in property values, reflecting the desirability of the area and possibly a shift towards higher-end properties being sold.

Sales activity shows a slight decline, with 184 Homes Sold, representing a 2.1% decrease from the previous year. However, Pending Sales have seen a modest increase of 1.3%, totaling 233. This suggests a steady interest in the market, with potential buyers actively engaging in transactions despite the high prices.

New Listings have risen by 8.9% to 256, contributing to a total inventory increase of 3.4%, reaching 487 homes. The Months of Supply have also grown by 10% to 2.6 months, indicating a slight easing of the previously tight market conditions. However, the Median Days on Market have increased by 14% to 48 days, suggesting that while more homes are available, they are taking longer to sell.

The average sale to list ratio remains high at 99.0%, though it has decreased slightly by 0.2% year-over-year. The percentage of Homes Sold above list price has dropped by 6.7% to 33.2%, indicating a potential cooling in the competitive bidding environment. Additionally, Price Drops have increased by 3.6% to 17.9%, further suggesting that sellers may be adjusting expectations in response to market conditions.

Finally, the percentage of homes going off the market within two weeks has decreased by 4.5% to 43.8%, reflecting a slower pace in the market compared to the previous year. This slowdown could be attributed to the higher prices and increased inventory, giving buyers more options and time to make decisions.

Overall, the Santa Maria housing market in February 2025 is characterized by high prices and a slight cooling in sales activity. While demand remains strong, evidenced by the increase in Pending Sales and New Listings, the market is showing signs of stabilization with longer days on market and more price adjustments.