Market Report Year End Review | South Santa Barbara County | December 2021

Happy New Year! The real estate market was on a wild ride this past year and here are the highlights! Below is a 2021 YEAR END review of our Santa Barbara South County Real Estate Market which often brought frustration to buyers and opportunity to sellers. Read on for the numbers or zoom ahead for the stats and some properties that are currently available that we feel are good long term values.

Nationwide, home sales in 2021 reached the highest level in 15 years with an estimated 6 million homes changing hands. Homeowners/sellers saw average home prices skyrocket nearly 20% over 2020 according to the Federal Housing Finance Agency. The largest annual home price increase in the history of the agency’s House Price Index. And, in some hot markets, the price increase was DOUBLE that. That brings us back to our white hot market here in Santa Barbara/Montecito where we experienced an unprecedented level of home and condo sales last year. The lack of inventory combined with enthusiastic buyers created a frenzy that drove prices UP UP UP. Worth noting is the Median Sold price climbed to a remarkable $1,900,000 this year - 23% over 2020 and more than double from 10 years ago. The Average Sold price climbed 32% to $3,046,060 and the total dollar volume ended up at $4.4± billion in homes sold. This number is 43% higher than 2020. We are delighted to say that Compass contributed approximately 30% to that final number and we are personally grateful to all of you who have trusted us with this very important decision.

Other 2021 Trends + Highlights:

• Inventory of properties shrank while demand increased

• Lack of inventory could not keep up with demand and prices rose even higher

• Multiple offers were expected with many properties getting 10 or more offers

• Record number of properties sold over the asking price

• 58 homes sold for over $10 million which topped the current 2020 record of 28 sales, Normally, we see fewer than 10 properties selling for over $10 million

• Buyers were pulling out all the stops by offering a quick close, shortened or no contingencies, free rent backs and more to beat out their competition

• Mortgages rates were historically low (but predicted to rise this year)

• Inflation hit a 40 year-high

So what’s next . . . there are many predictions out there but so far we can tell you that if the current low inventory continues, home prices will keep rising and sellers will be able to continue to demand premium prices. This does not mean you buyers should sit this one out - buyers who like to “watch and wait” will miss out on these historically low interest rates. Not listing means you won’t sell at these historic prices and not making an offer means you won’t get the house! Some of our buyers say they don’t want to get in a bidding war. Well that makes sense if you want to buy a house that nobody else wants!

As we wait to see what 2022 brings - email us back and let us know what your predictions are!

Choose Experience . . .

JANUARY OUTDOOR LIVING | SANTA BARBARA STYLE

— Robert Reffkin, Compass Founder/CEO

BOATING OFF THE SANTA BARBARA COAST | SANTA BARBARA

We all know that Home Values have risen a HUGE amount during this time. But I believe that the VALUE of our home in our lives has risen even MORE .

BUTTERFLY BEACH / CHANNEL DRIVE | MONTECITO

MONTECITO SALES | DECEMBER

Address List Price Sold Price % to List DOM

1453 Bonnymede Drive $28,000,000 $26,500,000 95% 9 370 Ortega Ridge Road $16,750,000 $16,000,000 95% 46 1188 East Mountain Drive $13,995,000 $11,800,000 84% 494 1460 Bonnymede Drive $10,695,000 $11,000,000 103% 1

1780 Glen Oaks Drive $6,295,000 $6,200,000 98% 62 1097 Golf Road $6,100,000 $5,800,000 95% 183 2150 10Acre Road $3,950,000 $4,200,000 106% 1 1177 Mesa Road $4,600,000 $4,140,000 90% 8 94 Humphrey Road $3,595,000 $4,125,000 115% 16 780 Ladera Lane $3,595,000 $4,100,000 114% 5 223 Rametto Road Off Market $4,050,000 100% 1 350 San Ysidro Road $3,775,000 $3,775,000 100% 1

792 Chelham Way $3,499,000 $2,900,000 83% 86 2795 East Valley Road $2,750,000 $2,750,000 100% 11 186 Coronada Circle $2,490,000 $2,750,000 110% 9 2775 East Valley Road $2,550,000 $2,550,000 100% 1 1370 Plaza De Sonadores Off Market $1,800,000 100% 1 1018 Fairway Road $1,519,000 $1,750,000 115% 5

* DOM = Days on Market

ONE OF THE FEW PROPERTIES WITH STEPS TO THE SAND | HOPE RANCH

CLIFF TOP PROPERTY | HOPE RANCH

SUMMERLAND BEACH | DRIFTWOOD ABUNDANCE | SUMMERLAND

SUMMERLAND BEACH | SUMMERLAND

THE WORLD’S SAFEST BEACH | CARPINTERIA

THE SPOT | BEST BURGERS + ONION RINGS | CARPINTERIA

MONARCH BUTTERFLY HABITAT | GOLETA

SANTA BARBARA SHORES COUNTY PARK | GOLETA

DISCRETION

Privacy is the Ultimate Commodity andthe 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

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VALUE

Get the Best Offer Testing The Market Privately to Gather Insights Without Your Listing Getting Stale Overexposed.

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. 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.

CONCIERGE SERVICE

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.

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 November 2021.

Properties featured are courtesy of the Santa Barbara MLS and are available for sale at time of publication. They are listed by Compass with Haden Homes Luxury Property Group. Contact us for details or to set up a private showing at 805.880.6530.