market report Q1 + april 2023 | haden homes luxury property group / compass | montecito south SANTA BARBARA COUNTY Residential Real Estate Market Report April 2023
2 SOUTH SANTA BARBARA COUNTY MARKET REPORT | APRIL 2023
Read On For April 2023 For South Santa Barbara County Market Stats
SPRING HAS SPRUNG AT SUMMERLAND BEACH FROM LOOKOUT PARK
Hello Family and Friends -
Even though there are many positives about the current real estate market—the headlines, and perhaps our own speculations, focus on the not so good news. I think we could all agree that it’s quite challenging to find optimistic outlooks about the near term prospects for real estate across the country. So let’s put the bad news aside and see what’s really going on in the Santa Barbara/Montecito area.
First of all, we like to remind everyone that all real estate is hyper-local so areas/regions are impacted differently. Despite nationwide residential real estate challenges, our market seems to be operating without brakes. Demand to live in our beautiful community remains strong and we have many well qualified buyers actively looking to purchase—both of which are ideal for sellers. With the low inventory available, the median home price remains strong at $2,000,000 YTD for single family homes. We have been on an unprecedented 15 year upward trajectory and have never seen a better time to sell. If you’ve thought about selling in the next few years, let’s talk about why this might be the logical time to do so.
For buyers, there are still good values out there if you are prepared to act quickly. We have the experience and market knowledge necessary to help you navigate the inventory and advise you on making a good decision. Many experts are saying that real estate still tops the list as the best long-term investment. Suze Orman put it this way “Owning a home is a keystone of wealth. . .for both financial affluence and emotional security.”
In contrast to media reports, Fannie Mae released its recent Home Purchase Sentiment Index®, proving that real estate consumers are more positive than reported (article linked below).
• “Fannie Mae’s Home Purchase Sentiment Index® (HPSI) jumped 5.5 points to 66.8 in April, marking the highest monthly gain in two years,”
• Fannie Mae also found optimism about the housing market from those who will actually be involved in it. A recent press release suggests that 62% of those surveyed said it is a good time to sell. This represents an increase of “…5 percentage points month over month” Who would’ve thought?
Locally, we can confidently say that people who can afford to live anywhere - CHOOSE Montecito and Santa Barbara. Our community offers many of the things people are looking for, low population density, near-perfect temperatures, indoor-outdoor lifestyle, excellent medical facilities, incredible views and open spaces with proximity to major cities. Location has historically withstood the ups and downs and we have a good one on the central coast.
In this highly competitive market—experience matters. We offer concierge level professional service to our clients with world-class marketing, a proven track record of success, the skills necessary to put complicated deals together and negotiate the price and terms that will get your offer accepted amongst multiple offers. Our goal is to get you the best price for your existing home and find you the right replacement property with minimal stress. Let’s explore your property’s current valuation and discuss a strategy. As always—please reach out with any questions or to discuss your specific real estate goals!
Looking for professional + creative results-oriented representation - Let’s Talk!
3 Randy and Molly
4 SOUTH SANTA BARBARA COUNTY MARKET REPORT | APRIL 2023 Check Out Some Currently Available Property Ideas That We Feel Are Good Values. Click For Featured Properties
- southSANTA BARBARA COUNTY
YTD THROUGH APRIL 2023
Single Family Residences + Condominiums
-38% change over 2022
337
SINGLE FAMILY RESIDENCES
TOTAL YTD SALES
-37% change over 2022
240
AVERAGE SALES PRICE
-11% change over 2022
$3,208,492
MEDIAN SALES PRICE
-10% change over 2022
$2,000,000
CONDOMINIUM HOMES
TOTAL YTD SALES
-42% change over 2022
97
AVERAGE SALES PRICE 0% change over 2022
$1,192,247
MEDIAN SALES PRICE
+10% change over 2022
$900,000
5
6 SOUTH SANTA BARBARA COUNTY MARKET REPORT | APRIL 2023
BANDIT TAKES IN A GORGEOUS DAY IN THE SANTA YNEZ VALLEY
- southSANTA BARBARA COUNTY
APRIL 2023 | In Review
Single Family Residences + Condominiums
-29% change over April 2021
96
SINGLE FAMILY RESIDENCES
TOTAL SALES
-27% change over 2022
72
AVERAGE SALES PRICE
-11% increase over 2022
$3,307,654
MEDIAN SALES PRICE
-17% increase over 2022
$2,008,396
AVERAGE DAYS ON MARKET
28
CONDOMINIUM HOMES
TOTAL SALES
-37% change over 2022
24
AVERAGE SALES PRICE
-20% change over 2022
$957,646
MEDIAN SALES PRICE
-5% change over 2022
$849,500
AVERAGE DAYS ON MARKET
21
7
8 SOUTH SANTA BARBARA COUNTY MARKET REPORT | APRIL 2023 THE CURRENT LIMITED INVENTORY - southSANTA BARBARA COUNTY - homes | estates | puds (excludes condos)YTD Through April | 2019-2023 Information Deemed Reliable But Not Guaranteed and Provided by Santa Barbara Association of Realtors TRANSACTIONS TOTAL UNITS SOLD 321 288 475 353 228 INVENTORY ACTIVE LISTINGS 789 331 456 604 585
9 Information Deemed Reliable But Not Guaranteed and Provided by Fidelity National Title/Santa Barbara.
southSANTA BARBARA COUNTY
-
Monthly Comparison $2,008,396
$2,425,000High
-
- homes | estates | puds (excludes condos)
SOLD PRICE/MEDIAN+AVERAGE
$3,307,654
8% APRIL OFF MARKET TRANSACTIONS
7 of the 99 Total Sales 36% APRIL ALL CASH TRANSACTIONS
INVENTORY IS KEEPING SOLD PRICES STEADY
35 of the 96 Total Sales
10 SOUTH SANTA BARBARA COUNTY MARKET REPORT | APRIL 2023 756 HOT SPRINGS ROAD | MONTECITO CA 93108 Golden Opportunity in the Quadrangle | Mid-Century Remodel | 1+ AC 4034± SF | 4 BD | 3 BA | 1.08± AC | Gorgeous Guest Cottage Offered at $4,997,000 Exclusive Offering by Randy Haden/Molly Haden
MONTECITO
APRIL 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL APRIL SALES
10
AVERAGE SALES PRICE +34% change from 2022 $8,048,250
MEDIAN SALES PRICE
+2% change from 2022 $5,326,250
HIGHEST SALES PRICE
1850 Jelinda Drive Montecito CA 93108
$18,000,000
LOWEST SALES PRICE
41 Ridge View Road Montecito CA 93108
$2,200,000
Click for Real Time Market Data
11
MONTECITO SALES | APRIL
12 SOUTH
MARKET REPORT | APRIL 2023
SANTA BARBARA COUNTY
• DOM = Days on Market Address List Price Sold Price % to List DOM Month 1850 Jelinda Drive $22,750,000 $18,000,000 79% 158 April 900 Park Lane $16,900,000 $15,790,000 93% 36 April 692 Sycamore Canyon Rd $15,500,000 $14,350,000 93% 60 April 1930 Jelinda Drive $10,000,000 $10,375,000 104% 30 April 935 Arcady Road $6,275,000 $6,262,500 100% 20 April 740 Santecito Drive $4,679,000 $4,390,000 94% 18 April 750 Hot Springs Road $3,400,000 $3,400,00 100% 1 April 231 Rametto Road $2,950,000 $3,315,000 112% 13 April 909 Chelham Way $2,650,000 $2,400,000 91% 40 April 41 Ridge View Road $2,200,000 $2,200,000 100% 1 April ROSEWOOD MIRAMAR BEACH | PHOTO CREDIT VISIT SANTA BARBARA Information Deemed Reliable But Not Guaranteed / Provided by Fidelity National Title/Santa Barbara. 10% APRIL OFF MARKET TRANSACTIONS 1 of the 10 Total Sales 30% APRIL ALL CASH TRANSACTIONS 3 of the 10 Total Sales
13
14 SOUTH SANTA
REPORT | APRIL 2023
BARBARA COUNTY MARKET
CLIFF SIDE BLUFFS OVERLOOKING PACIFIC OCEAN | HOPE RANCH
HOPE RANCH
APRIL 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL APRIL SALES
3
AVERAGE SALES PRICE
+9% change from 2022 $12,686,353
MEDIAN SALES PRICE
+7% change from 2022 $12,800,000
HIGHEST SALES PRICE
4689 Via Roblada
Hope Ranch CA 93110
$13,495,000
LOWEST SALES PRICE
695 Via Hierba
Hope Ranch CA 93110
$11,764,060
Click for Real Time Market Data
15
HOPE RANCH SALES | Q1 2023
2 of the 3 Total Sales
66% APRIL ALL CASH TRANSACTIONS
0% APRIL OFF MARKET TRANSACTIONS
16 SOUTH
APRIL
SANTA BARBARA COUNTY MARKET REPORT |
2023
• DOM = Days on Market Address List Price Sold Price % to List DOM Month 4689 Via Roblada $14,500,000 $13,495,000 93% 136 April 4630 Via Huerto $12,750,000 $12,800,000 100% 9 April 695 Via Hierba $12,000,000 $11,764,060 98% 23 April
LA CUMBRE COUNTRY CLUB | HOPE RANCH
0 of the 3 Total Sales
Information Deemed Reliable But Not Guaranteed / Provided by Fidelity National Title/Santa Barbara.
17
18 SOUTH SANTA BARBARA COUNTY MARKET REPORT | APRIL 2023 3139 SEA
| SANTA BARBARA
93109 Undeniable Momentum on Sea Cliff | Plans for Lot Split | Existing Home 3 BD | 3 BA | 3045± SF | 1.46± AC Newly Offered at $7,497,000 / ↓ New Price ↓ Exclusive Offering by Randy Haden/Molly Haden
CLIFF
CA
SANTA BARBARA
APRIL
Single Family Residences + Condominiums (combined sales)
TOTAL APRIL SALES
50
AVERAGE SALES PRICE
-10% change from 2022 $1,935,148
MEDIAN SALES PRICE
-12% change from 2022 $1,767,600
HIGHEST SALES PRICE 20 Camino Verde Santa Barbara CA 93103
$8,500,000
LOWEST SALES PRICE
864 Highland Drive 5 Santa Barbara CA 93109
$685,000
Condominium Home
Click for Real Time Market Data
19
2023 | IN REVIEW
20 SOUTH
APRIL
SANTA BARBARA COUNTY MARKET REPORT |
2023
SUMMERLAND BEACH | DRIFTWOOD ABUNDANCE | SUMMERLAND
Single Family Residences + Condominiums (combined sales)
TOTAL APRIL SALES 0
AVERAGE SALES PRICE
n/a% change from 2022 n/a
MEDIAN SALES PRICE
n/a% change from 2022 n/a
HIGHEST SALES PRICE n/a
LOWEST SALES PRICE n/a Click
21
| In
SUMMERLAND APRIL 2023
Review
for Real Time Market Data
22 SOUTH
SANTA BARBARA COUNTY MARKET REPORT | APRIL 2023
FARMERS MARKET | CARPINTERIA
CARPINTERIA
Single Family Residences + Condominiums (combined sales)
TOTAL APRIL SALES
9
AVERAGE SALES PRICE -42% change from 2022 $1,079,903
HIGHEST SALES PRICE 6845 Shepard Mesa Road Carpinteria CA 93013
$1,760,000
MEDIAN SALES PRICE +30% change from 2022 $1,075,000
LOWEST SALES PRICE
4950 Sandyland Road #226 Carpinteria CA 93013
$410,000
Condominium Home
Click for Real Time Market Data
23
APRIL 2023 | In Review
24 SOUTH
SANTA BARBARA COUNTY MARKET REPORT | APRIL 2023
SANDPIPER GOLF CLUB | GOLETA
GOLETA
APRIL 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL APRIL SALES 24
AVERAGE SALES PRICE -6% change from 2022 $1,504.854
MEDIAN SALES PRICE
-15% change from 2022 $1,287,500
HIGHEST SALES PRICE
1150 N Fairview Avenue Goleta CA 93117
$4,350,000
LOWEST SALES PRICE
330 Moreton Bay Lane, #1 Goleta CA 93117
$569,000
Condominium Home
Click for Real Time Market Data
25
DISCRETION
Privacy is the Ultimate Commodity And the Decision to Sell Your Home Is a Personal One.
FLEXIBILITY
Decide When to Share Details About Your Home - Including PriceMore Expansively On Your Own Timing.
QUALITY
Exclusive Exposure To Compass Agents, Including Premium Placements On Agent Facing Platform.
VALUE
Get the Best Offer by Testing The Market
Privately to Gather Key Insights Without Your Listing Getting Stale or Overexposed.
26 SOUTH SANTA BARBARA COUNTY MARKET REPORT | APRIL 2023
COMPASS PRIVATE EXCLUSIVE LISTINGS
Ask Us About Our Exciting Private Exclusive Listings | Contact Us Live For details!
A Compass Private Exclusive listing is an off-market home that can be shared by a Compass agent directly with their colleagues and their buyers. Property details are not disseminated widely and won’t appear on public home search websites.
Listing your home as a private exclusive allows you to control what information is shared about you and your home while still getting exposure to top agents at Compass.
28 SOUTH SANTA BARBARA COUNTY MARKET REPORT | APRIL 2023 RANDY HADEN Broker Associate / Realtor DRE 01988499 805.880.6530 randy@hadenhomes.com LET’S CONNECT www.hadenhomes.com @hadenhomesrealtors 1% Top 1% of Local Agents CHOOSE experience MOLLY HADEN Realtor / Marketing Director DRE 02020380 805.880.6540 molly@hadenhomes.com
CONCIERGE Real Estate Service
EXPERT PERSPECTIVE
Now more than ever you need an expert advisor on your side who can provide comprehensive analysis and exclusive insights into today’s fast-paced housing market. We see every luxury property available and know the market. Our commitment to staying educated on what’s happening with economic news, the real estate market, local sales and listings is essential to your success when buying or selling properties.
CONCIERGE SERVICE
We strive to deliver a high level of personalized service—personally! We provide our clients with cutting-edge strategies that produce ideal results. Our exceptional service is driven by efficient communication, understanding your needs and having expansive industry resources— combined with expert knowledge of the extensive contracts and required forms to protect your best interests. The process comes together as a result of our years of successful negotiating which leads to a winning deal. We listen carefully, anticipate your needs, execute the deal and handle all the details. The hard work starts when a contract is in place so you will be happy you chose representation experienced in closing the deal smoothly.
COMMUNITY INVESTMENT
Sell a Home | Build a Home initiative. We are deeply connected and committed to the communities in which we live and work. Haden Homes Luxury Property Group has made a pledge to help individuals with housing needs by partnering with Habitat for Humanity. For every home that our clients buy or sell, Haden Homes makes a donation to Santa Barbara’s Habitat for Humanity.
29
THE TALK IS MARKET SHIFTS + INTEREST RATES
Confidence in Housing Market Reaches Highest Level in a Year
Lack of New Home Listings in the U.S. Is Keeping Prices From Dropping More and Making Them Sell Faster
That’s Gotta Hurt! LA Millionaires Are Set to Lose up to $8.5 MILLION After Missing New ‘Mansion Tax’ Deadline - As Over 400 Owners Face Losing Big
CAR April 2023 Home Sales and Price Report Just For Fun! Inside America’s Most Expensive Trailer Park - Where Mobile Homes Sell for Millions
Home Prices Posted Largest Annual Drop in More Than 11 Years in April
- click link for full article -
CHICAGO TITLE
FIDELITY NATIONAL TITLE SANTA BARBARA MLS
DATA SOURCES | LISTING DISCLOSURE
All information provided is deemed reliable but has not been verified and we do not guarantee it. We recommend that buyers make their own inquiries. Data source Fidelity National Title, Chicago Title and Santa Barbara MLS. INdata Real Estate Market Reporting through April 2023.
Properties featured are courtesy of the Santa Barbara MLS and are available for sale at time of publication. They may be listed by brokers and/or agents other than Compass or Haden Homes Group. Contact us for details or to set up a private showing at 805.880.6530.
31
