The Luxury Report | April Residential Real Estate Market | Montecito/Hope Ranch/Santa Barbara

APRIL 20 24

Hello Everyone -

The South Santa Barbara County Real Estate market is proving to be resilient through April 2024 with continued demand to live in our beautiful coastal community. Although we are seeing slightly more inventory and many more price reductions, homes that are priced correctly are still receiving multiple offers. The low inventory still favors sellers with several enthusiastic buyers vying for good properties, especially in the highly desirable areas of Montecito, Hope Ranch and the Upper Riviera.

Many experts rely on previous market performance as indicators of what’s to come so we will dive into market statistics. While we also like to peek in the rearview mirror with stats—we are always looking ahead to combine the past insights with current local market performance to ensure our clients have the best information to make a solid real estate investment decision.

As we continue on into the busy selling season of 2024, we are still seeking our ”new normal” as evidenced by many key indicators. Let’s see what happened!

Sold Price | We continue to be amazed how the median sales price has climbed dramatically in 2021 then remained relatively level through April 2024. We watch it bumping against the top, now at $2,227,000 (SFH) YTD for the entire area, $5,057,500 for Montecito and $6,618,000 for Hope Ranch. Strong buyer demand for the limited available properties is keeping asking prices ambitious and closing prices at a premium—evidenced by the “sold to original list price” at 96%.

Inventory | The persistent lack of inventory makes for far fewer sales compared to the 2021 pandemic peak, but strong demand has resulted in keeping sold prices elevated, as noted above. We saw a marked improvement YTD of 37% more homes (452) to choose from compared to 2023 (331) showing sellers are more willing to put their properties on the market. As we move in the right direction, inventory is still 23% lower than the more “normalized” 2020 market (585). See Active/Sold Listings graph.

Transactions | The number of sales YTD 2024 has improved with a total of 385 properties trading hands which is 14% more homes selling than 2023 (337). While encouraging, this is still far below YTD 2020 sales of 479 (-20%). April experienced a year high of 111 total transactions, but again, still far below the 150-200+ sales we previously enjoyed in the "Pre-2021" market.

Luxury Market | Montecito had a total of 17 transactions in April and 58 YTD, a 35% increase over the 43 sales YTD 2023 with the median sold price holding steady at around $5M since 2022. Read on for our Luxury Market Report including Hope Ranch.

Numbers don‘t tell the entire story—we remain optimistic with many qualified and enthusiastic buyers looking for quality homes who are ready to make a buying decision. If you are thinking of selling in the near future, we have never seen a better time to capitalize on the potential equity in your property. Although we are seeing that the “panic buying” during the pandemic is over, homes at all price points that are priced correctly and marketed professionally are still receiving multiple offers and often at or over the asking price. Reach out to discuss what this means for your property in this market.

In this highly competitive market—experience matters. We offer extensive market knowledge, worldclass marketing and concierge level professional service with complete confidentiality to our clients. Our proven track record of success includes skills necessary to put complicated deals together and negotiate the price and terms that will get your home sold for a premium price and offer accepted on your replacement property—even amongst multiple offers.

Some Agents Know The Market

Good Agents Understand The Market

Exceptional

Agents

Can Explain The

Market

- read on . . .

- south -

SANTA BARBARA COUNTY

YTD / APRIL 2024 | In Review

Single Family Homes + Condominiums +15% change over 2023

385

SINGLE FAMILY HOMES

TOTAL YTD SALES

+17% change over 2023

280

AVERAGE SALES PRICE

+7% increase over 2023

$3,163,842

MEDIAN SALES PRICE

+11% increase over 2023

$2,227,000

CONDOMINIUM HOMES

TOTAL YTD SALES

+8% change over 2023

108

AVERAGE SALES PRICE -5% change over 2023

$1,073,065

MEDIAN SALES PRICE 0% change over 2023

$925,000

- southSANTA BARBARA COUNTY

APRIL 2024 | In Review

Single Family Homes + Condominiums

+16% change over 2023

111

SINGLE FAMILY HOMES

TOTAL SALES

+21% change over 2023

87

AVERAGE SALES PRICE -11% increase over 2023

$3,673,446

MEDIAN SALES PRICE

+12% increase over 2023

$2,255,000

TOTAL AVERAGE DAY ON MARKET

38 SOLD TO ORIGINAL LIST PRICE 96%

CONDOMINIUM HOMES

TOTAL SALES 0% change over 2023

24

AVERAGE SALES PRICE +18% change over 2023

$1,131,021

MEDIAN SALES PRICE

+12% change over 2023

$1,081,000

TOTAL AVERAGE DAY ON MARKET

32 SOLD TO ORIGINAL LIST PRICE

100%

- south -

SANTA BARBARA COUNTY

- homes | estates | puds (excludes condos) -

PRICE | MEDIAN+AVERAGE ANALYSIS

Month over Month Comparison

$3,673,446

$2,255,000

- south -

SANTA BARBARA COUNTY

- homes | estates | puds | condos -

22 Year Trend | 2003— April 2024

$2,811,812

$1,743,136

The Current Limited Inventory Is Keeping Sold Prices Elevated

If you have been thinking of selling in the near future, we have never seen a better time to capitalize on the potential equity you may have in your home.

-

SANTA BARBARA COUNTY

- homes | estates | puds | condos -

22 Year Trend | 2003— April 2024

-

southSANTA BARBARA COUNTY

- homes | estates | puds (excludes condos)INVENTORY | SOLD+ACTIVE BY QUARTER

YTD Totals | 2018-2024

INSIGHT | 2023 Total SFH Sales of 857 is the Lowest Reported and at the Same Level as 2008

NATIONAL REAL ESTATE INSIGHTS

May 2024

Prices, Inventory & Sales Continue to Rise Moving Deeper into Spring. Inflation and Interest Rates Fall; Stock Markets Hit New Highs

• Year over year, the median single-family-home sales price in April 2024 was up 5.6%. The median condo/co-op price rose 5.4% to hit a new alltime high. Median home sales prices usually peak for the calendar year in late spring.

• The number of new listings in April 2024 was up 12% year-over-year, hitting its highest monthly quantity since mid-2022. The number of homes for sale increased 16% year-over-year to its highest count since autumn 2022, and should continue to rise in coming months.

• Monthly home sales jumped 11% from March, and rose 7% from April 2023. As a percentage of sales, listings selling for $1,000,000+ continued to climb, as sales below $100,000 declined.

• In April, approximately 68% of sales went into contract in less than 1 month, 27% closed over list price, and 28% were purchased all-cash. 82% of buyers purchased in suburban, small town, rural or resort areas. Only 2% of transactions were distressed-property sales (i.e. foreclosure or short sales). The median days on market to acceptance of offer declined to 26 days, and the average number of offers received for listings which sold increased to 3.2.

Virtually all the economic indicators that weakened in April turned around again in May (as of 5/21/24): The latest monthly inflation reading declined, stock markets rebounded vigorously to hit new highs, and interest rates dropped back down to where they were before their April jump.

AVAILABLE PROPERTIES

Check out our carefully curated Compass Collection which includes properties we consider to be exceptional, excellent investments and/or good values - call/text/email for details or a private showing at 805.880.6530.

These properties are available at time of publication, but the market is still moving fast due to historically low inventory. Stay ahead of the market by getting in touch for a list of the most up to inventory—including Compass Private Exclusives (off market) and Coming Soon homes that are not available below or on public search sites.

MONTECITO

THE LUXURY MARKET REMAINS

UNAPOLOGETICALLY RESILIENT. . .

Luxury buyers remain undeterred by interest rates, evidenced by 58% of homes in Montecito trading for all cash YTD 2024 and 60% in 2023, Through April 2024, Montecito had 58 transactions, a 35% increase over the 43 sales for the same time in 2023. While this is 63% lower than the height of 2021, it is only around 6-10%± lower than the pre-pandemic "normal average" moving in the direction of a more balanced market.

Median Sales Price/Dollar Volume YTD | The median sales price for Montecito has been $5M± since 2022 and holding steady at this level while the YTD dollar volume is almost half a billion at $453,028,070 YTD through April 2024—an eyepopping 138% higher than the same time in 2023 ($190,708,200). Hope Ranch, with only around 700 properties, has $31,426,200 in YTD sales volume.

Notable Sales | Two properties traded over $20 but we did have 11 properties trading for $5.1M or less in April in Montecito and Hope Ranch.

High April sales include:

595 Picacho Lane / $30,242,500 / 83% of List Price

1581 S Jameson Lane / $21,010,000 / 96% of List Price

Off-Market Deals | Still thriving amid inventory scarcity but we network extensively with other top agents so have been successful in putting many deals together privately. Maximum exposure is still the best way to attract the most qualified buyers along with the highest possible price. Homes in Montecito are still selling at premium prices when priced correctly and marketed publicly.

Please reach out for a confidential conversation and strategic marketing plan. We have many qualified affluent clients looking for their own slice of paradise in our beautiful coastal community -

APRIL 2024 | In Review

Single Family Homes + Condominiums (combined sales)

595 Picacho Lane

Montecito CA 93108

$30.242,500

$1,700,000

MONTECITO APRIL 2024 | 17

MONTECITO

- homes | estates | puds | condosSOLD VOLUME | YTD THROUGH APRIL

10 Year Trend | YTD 2015—2024

INSIGHT | April Sales of 58 properties is 35% increase over April 2023. This is 63% lower than the height of 2021 but only around 6-10%± lower than the prepandemic "normal average."

$7,979,073

$5,057,500

SOLD

We were delighted to negotiate the Ultra Premium Price of $4,600,000 for our Seller—Despite Numerous Issues with the Existing Home and Multiple MUCH Lower Offers, We Succeeded in Selling the Vision and Value of the Opportunity. Our Commitment to Maximizing the Value of your Property Results in the Absolute Best Possible Terms and Price.

Let's Discuss How We Can Do The Same For You—Experience Matters!

HOPE RANCH

APRIL 2024 | In Review Residential Real Estate Update

VIEW OF LAGUNA BLANCA FROM LA CUMBRE COUNTRY CLUB | HOPE RANCH

HOPE RANCH

APRIL

2024 | In Review

Single Family Homes (no condos in hope ranch)

2

AVERAGE SALES PRICE

-49% change from 2023

$6,468,750

MEDIAN SALES PRICE

-49% change from 2023

$6,468,750

HIGHEST SALES PRICE

4040 Marina Drive Hope Ranch CA 93110

$8,000,000

LOWEST SALES PRICE

3953 Laguna Blanca Drive Hope Ranch CA 93110

$4,937,500

TOTAL AVERAGE DAY ON MARKET

153 SOLD TO ORIGINAL LIST PRICE 93%

HOPE RANCH YTD 2024 | 5

- homes | estates | pudsYTD 2024 TOTAL SALES Distributed by Price Range

5 sales

YTD 2024 TOTAL SALES

5 Total Transactions Total YTD Dollar Volume $31,426,200

20 Year Trend | 2005—April 2024

$6,285,240$6,618,000

SANTA BARBARA

2024 |

BARBARA

SANTA BARBARA HARBOR

SANTA BARBARA

SANTA BARBARA

APRIL 2024 | IN REVIEW

Single Family Homes + Condominiums (combined sales)

AVERAGE SALES PRICE

+1% change from 2023

$2,187,204

MEDIAN SALES PRICE

-3% change from 2023

$1,900,000

HIGHEST SALES PRICE

3455 Marina Drive Santa Barbara CA 93103

$8,275,000

LOWEST SALES PRICE

211 West Gutierrez Street, #12 Santa Barbara CA 93101

$380,000 Condominium Home

SUMMERLAND

APRIL 2024 | IN REVIEW

Single Family Homes + Condominiums (combined sales)

AVERAGE SALES PRICE

0% change from 2023

$2,187,204

MEDIAN SALES PRICE

0% change from 2023

$2,187,204

HIGHEST SALES PRICE

2393 Emerson Street Summerland CA 93067

$2,700,000

LOWEST SALES PRICE

2393 Emerson Street Summerland CA 93067

$2,700,000

CARPINTERIA

SANTA BARBARA POLO & RACQUET CLUB | CARPINTERIA

CARPINTERIA

APRIL 2024 | IN REVIEW

Single Family Homes + Condominiums (combined sales)

AVERAGE SALES PRICE

+18% change from 2023

$1,269,188

MEDIAN SALES PRICE

+13% change from 2023

$1,214,250

HIGHEST SALES PRICE

924 Walnut Avenue

Carpinteria CA 93013

$2,050,000

LOWEST SALES PRICE

3375 Foothill Road, #632 Carpinteria CA 93013

$740,000 Condominium Home

GOLETA

APRIL 2024 | In Review

APRIL 2024 | IN REVIEW

Single Family Homes + Condominiums (combined sales)

AVERAGE SALES PRICE

+27% change from 2023

$1,913,231

MEDIAN SALES PRICE

+16% change from 2023

$1,487,500

HIGHEST SALES PRICE

4581 Via Maria Goleta CA 93117

$4,050,000

LOWEST SALES PRICE

5053 Rhoads Avenue A Goleta CA 93117

$1,129,000 Condominium Home

SANTA YNEZ VALLEY

VALLEY

BREATHTAKING SANTA YNEZ VALLEY

SANTA YNEZ

SANTA YNEZ VALLEY

APRIL 2024 | In Review

Single Family Homes + Condominiums (combined sales)

11

SINGLE FAMILY HOMES

TOTAL SALES

8

AVERAGE SALES PRICE

$2,343,750

MEDIAN SALES PRICE

CONDOMINIUM HOMES

TOTAL SALES

3

AVERAGE SALES PRICE

$784,667

MEDIAN SALES PRICE

$1,320,000 REAL TIME MARKET DATA - click -

$615,000

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.

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.

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.

THE TALK IS AL FRESCO LIVING, STAGING + RENTAL NIGHTMARES

DATA SOURCES | LISTING DISCLOSURE

All information provided is deemed reliable but has not been verified. We do not guarantee it and recommend buyers make their own inquiries. Data source Fidelity National Title of Santa Barbara, CORT and Santa Barbara MLS. INdata Real Estate Market Reporting through April 2024.

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 Luxury Property Group. Contact us for details or to set up a private showing at 805.880.6530.

CHICAGO TITLE FIDELITY NATIONAL TITLE

SANTA BARBARA MLS