market report december 2022 | haden homes luxury property group / compass | montecito south SANTA BARBARA COUNTY Residential Real Estate Market Report December 2022 YEAR END REPORT and
happy 2023 YEAR END REPORT
2 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022
Hello Family and Friends -
It’s a Wrap - The 2022 Real Estate Market is in the books and it was an interesting year to say the least.
Let’s start with what is remarkable—2022 brought record setting transactions with two eye-popping sales above $50M. One an oceanside compound in the enclave of Padaro Lane in Carpinteria and the second a noteworthy estate on Picacho Lane in Montecito. Additionally, a home on Hot Springs Road in Montecito traded for $36M and five more homes traded above $20M. I think we can confidently say that demand to live in our exclusive piece of the breathtaking Central Coast is high on the list for many accomplished, affluent individuals. Read on for trends, detailed year end stats, graphs and properties that are currently available that we feel are good values—and reach out for more details.
Simultaneously to the extraordinary sales, we have seen some significant price reductions in the Luxury Market—often due to over ambitious original list prices. Regardless, Montecito and Hope Ranch are still defying national trends and continue to increase in value. We ended the year with 210 sales in Montecito which is in line with 2019/2018 when we had a more “normalized” market. Of the 15 December sales, 8/53% sold off market. In the much smaller (but equally desirable) community of Hope Ranch, we saw 28 sales during 2022. More local 2022 Trends/Highlights on the next page.
Overall in Santa Barbara, the first quarter of 2022 started out on a robust pace with homes still receiving multiple over-ask offers and the median sales price reaching the highest level in 15 years. There was a shift during the remainder of 2022 with slowing number of sales and low inventory, while prices remained steady. We all saw what happened starting in May when the Federal Reserve stepped in and interest rates climbed. The market slowed noticeably and buyers who need a loan watched their buying power diminish (as illustrated in the graph below that clearly shows how higher rates lead to a big drop in transactions locally). Comparatively, the stock markets unpredictability has also impacted many cash buyers who are watching their investment portfolio decline. Nevertheless, 38% of total transactions were “All Cash,” in Montecito 48% and Hope Ranch 46%.
National headlines are reporting that the real estate market is correcting/declining, but that’s not necessarily the case in the Montecito/Santa Barbara area. We often remind our clients that real estate is hyper-localized and we personally have several qualified buyers actively looking to purchase. What’s happening in other areas of the country does not always correlate to the neighborhood you may own in or be looking for a home in. Inventory may be in short supply, but the Santa Barbara Coast remains highly desirable and there are more buyers who want to purchase than properties available for sale so prices remain stable.
After roughly two years of a pandemic fueled market frenzy all across the country that brought prices to all time record heights, it felt like the housing market escalation would never stop. Could 2023 bring some normality to the real estate market? Let us know your predictions!
Looking for professional + creative results-oriented representation? In this competitive market, who you work with matters - Let’s Talk!
3 Randy
Molly
and
2022 TRENDS/HIGHLIGHTS
ONE | Demand continues and well qualified buyers are moving here at a pace we have not previously seen but we only have a limited amount of available homes for sale. With this historically low inventory, there were 40% fewer transactions in the fourth quarter of 2022 compared to 2021.
TWO | Despite low inventory, prices remain steady. The median sales price continued to rise in 2022 to an all time high of $2,104,000 overall, $5,450,000 in Montecito and $5,625,000 in Hope Ranch.
THREE | “All Cash” transactions were 34% overall, 48% in Montecito and 46% in Hope Ranch. Off Market transactions were 14% overall, 18% in Montecito and 7% in Hope Ranch. In comparison, the previous Off Market normal was around ±4%.
FOUR | The disparity between median price and demand, mixed with uncertain market conditions, may keep some buyers on the sidelines. Many are looking for a market correction or more certain economic indicators to improve their confidence.
FIVE | Sellers are adjusting to the new normal of not receiving multiple offers on the first day or first week. While the selling environment is not as favorable to homeowners as it has been over the last two years, it’s still a great time to sell and take advantage of historically high sold prices, elevated home equity and potentially a phenomenal return on your home investment. The limited inventory for buyers to choose from may make your property stand out.
4 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022
- southSANTA BARBARA COUNTY
YEAR END REPORT 2022 | In Review
Single Family Residences + Condominiums
-35% change over 2021
1443
SINGLE FAMILY RESIDENCES
TOTAL YTD SALES
-34% change over 2021
1015
AVERAGE SALES PRICE
+12% change over 2021
$3,370,912
MEDIAN SALES PRICE
+12% change over 2021 $2,104,000
CONDOMINIUM HOMES
TOTAL YTD SALES
-37% change over 2020
428
AVERAGE SALES PRICE
+15% change over 2021
$1,196,194
MEDIAN SALES PRICE
+14% change over 2021
$958,000
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6 SOUTH
| DECEMBER 2022
SANTA BARBARA COUNTY MARKET REPORT
BANDIT MADE THE “NICE LIST” AGAIN THIS YEAR | MONTECITO COUNTRY MART
- southSANTA BARBARA COUNTY
DECEMBER 2022 | In Review
Single Family Residences + Condominiums
-45% change over 2021 76
SINGLE FAMILY RESIDENCES
TOTAL SALES
-36% change over 2021
58
AVERAGE SALES PRICE
+79% increase over 2021 $4,932,964
MEDIAN SALES PRICE
+20% increase over 2021 $ 2,102,500
CONDOMINIUM HOMES
TOTAL SALES
-62% change over 2020 18
AVERAGE SALES PRICE
+20% change over 2021 $1,130,235
MEDIAN SALES PRICE
+13% change over 2021
$952,500
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FEATURED PROPERTIES
8 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022
CLICK for inventory
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10 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022 Information Deemed Reliable But Not Guaranteed and Provided by Fidelity National Title/Santa Barbara. - southSANTA BARBARA COUNTY - homes | estates | puds | condosSALES VOLUME/INTEREST RATE ANALYSIS 20 YEAR | 2003-2022
11 Information Deemed Reliable But Not Guaranteed and Provided by Fidelity National Title/Santa Barbara. - southSANTA BARBARA COUNTY - homes | estates | puds | condosSOLD PRICE/MEDIAN+AVERAGE COMPARISON 20 YEAR | 2003—2022
12 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022 - southSANTA BARBARA COUNTY - homes | estates | puds | condosSANTA BARBARA COUNTY SALES VOLUME Information Deemed Reliable But Not Guaranteed / Provided by Fidelity National Title/Santa Barbara. SALES BY PRICE RANGE | 2022 TOTAL SALES VOLUME | 6 YEAR 14% OFF MARKET TRANSACTIONS 199 of the 1443V Total Sales 34% ALL CASH TRANSACTIONS 497 of the 1443 Total Sales 1443 2218 2118 1936 1800 1813 1443 Sales/In Millions
13 - southSANTA BARBARA COUNTY - homes | estates | puds | condosQUARTERLY SALE VOLUME COMPARISON 6 YEAR | 2017—2022 Information Deemed Reliable But Not Guaranteed and Provided by Fidelity National Title/Santa Barbara.
14 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022 SINGLE FAMILY RESIDENCES TOTAL YTD SALES 177 AVERAGE SALES PRICE $7,179,783 MEDIAN SALES PRICE $5,450,000 CONDOMINIUM HOMES TOTAL YTD SALES 33 AVERAGE SALES PRICE $2,836,576 MEDIAN SALES PRICE $3,050,000
END
| In Review Single Family Residences + Condominiums (separated sales) TOTAL YTD 2022 SALES 210 MONTECITO
YEAR
REPORT 2022
MONTECITO
DECEMBER 2022 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL DECEMBER SALES
15
AVERAGE SALES PRICE
+14% change from 2021 $ 7,338,800
MEDIAN SALES PRICE
+42% change from 2021 $5,825,000
HIGHEST SALES PRICE
1616 East Mountain Drive Montecito CA 93108
$17,500,000
LOWEST SALES PRICE
41 Ridgeview Road Montecito CA 93108
$1,700,000
Click for Real Time Market Data
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Real estate is thought to be the best long-term investment option among all major demographic groups, with the exception of lower-income Americans, who are divided about evenly between real estate, stocks and gold.
- Gallup/Click For Full Report
16 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022
MONTECITO SALES | DECEMBER
• 805 Ayala Lane was previously offered at $23,500,000 for 191 days on market. Off Market sale of $15,400,000 is 66% of original list price.
• DOM = Days on Market
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Address List Price Sold Price % to List DOM 1616 East Mountain Drive Off Market $17,500,000 100% 1 805 Ayala Lane * Off Market $15,400,000 100% 1 985 Park Lane Off Market $11,000,000 100% 1 1010 Cima Linda Lane $10,750,000 $9,750,000 91% 40 2030 Birnam Wood Drive $7,750,000 $8,287,000 107% 1 427 Lanai Road Off Market $7,500,000 100% 1 840 Ivy Lane $7,600,000 $6,400,000 84% 203 502 Picacho Lane $7,750,000 $5,825,000 75% 154 620 Stone Meadow Lane $5,300,000 $5,800,000 109% 7 500 Meadow Wood Lane Off Market $5,545,000 100% 1 2165 Alisos Drive Off Market $4,700,000 100% 1 2233 Camino Del Rosario Off Market $4,200,000 100% 1 1295 Spring Road $3,595,000 $3,500,000 97% 72 487 Hot Springs Road $2,900,000 $3,075,000 106% 1 41 Ridgeview Road Off Market $1,600,000 100% 1
18 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022 - homes | estates | puds | condosMONTECITO SALES VOLUME Information Deemed Reliable But Not Guaranteed / Provided by Fidelity National Title/Santa Barbara. SALES BY PRICE RANGE | 2022 TOTAL SALES VOLUME | 6 YEAR 18% OFF MARKET TRANSACTIONS 41 of the 229 Total Sales 48% ALL CASH TRANSACTIONS 111 of the 229 Total Sales 210 383 384 221 164 219 210 Sales/In Millions
19 - homes | estates | puds | condosMONTECITO SOLD PRICE MEDIAN+AVERAGE COMPARISON 6 YEAR PRICE TREND | 2017—2022 Information Deemed Reliable But Not Guaranteed / Provided by Fidelity National Title/Santa Barbara.
HOPE RANCH
YEAR END REPORT 2022 | In Review
Single Family Residences + Condominiums (separated sales)
TOTAL YTD 2022 SALES
28
SINGLE FAMILY RESIDENCES
TOTAL YTD SALES
28
AVERAGE SALES PRICE
$7,964,873
MEDIAN SALES PRICE
$5,625,000
CONDOMINIUM HOMES
TOTAL YTD SALES n/a
AVERAGE SALES PRICE n/a
MEDIAN SALES PRICE n/a
20 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022
HOPE RANCH
DECEMBER 2022 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL DECEMBER SALES
0
AVERAGE SALES PRICE
0% change from 2021 n/a
MEDIAN SALES PRICE
0% change from 2021 n/a
HIGHEST SALES PRICE n/a
LOWEST SALES PRICE n/a
Click for Real Time Market Data
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22 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022 - homes | estates | puds | condosHOPE RANCH SALES VOLUME Information Deemed Reliable But Not Guaranteed / Provided by Fidelity National Title/Santa Barbara. SALES BY PRICE RANGE | 2022 TOTAL SALES VOLUME | 6 YEAR 7% OFF MARKET TRANSACTIONS 2 of the 28 Total Sales 46% ALL CASH TRANSACTIONS 13 of the 28 Total Sales 28 65 45 35 38 28 Sales/In Millions
23 - homes | estates | puds | condosHOPE RANCH SOLD PRICE MEDIAN+AVERAGE COMPARISON 6 YEAR PRICE TREND | 2017—2022 Information Deemed Reliable But Not Guaranteed / Provided by Fidelity National Title/Santa Barbara.
SANTA BARBARA
24 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022
FAMILY RESIDENCES
YTD SALES
AVERAGE SALES PRICE
MEDIAN SALES PRICE
HOMES TOTAL YTD SALES 176 AVERAGE SALES PRICE
SALES PRICE
In Review
sales)
SINGLE
TOTAL
456
$2,444,205
$2,120,000 CONDOMINIUM
$1,253,026 MEDIAN
$1,045,000 YEAR END REPORT 2022 |
Single Family Residences + Condominiums (separated
SALES
TOTAL YTD 2022
632
SANTA BARBARA
Single Family Residences + Condominiums (combined sales)
TOTAL DECEMBER SALES
30
AVERAGE SALES PRICE
+24% change from 2021 $2,024,115
MEDIAN SALES PRICE
+4% change from 2021 $1,530,000
HIGHEST SALES PRICE
2001 Las Tunas Road Santa Barbara CA 93103
$6,300,000
LOWEST SALES PRICE
129 East Micheltorena Street, #7 Santa Barbara CA 93101
$644,000
Condominium Home
Click for Real Time
Market Data
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DECEMBER 2022 | IN REVIEW
26 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022 SINGLE FAMILY RESIDENCES TOTAL YTD SALES 16 AVERAGE SALES PRICE $2,850,473 MEDIAN SALES PRICE $2,475,000 CONDOMINIUM HOMES TOTAL YTD SALES 3 AVERAGE SALES PRICE $1,306,667 MEDIAN SALES PRICE $1,075,000 YEAR END REPORT 2022 | In Review Single Family Residences + Condominiums (separated sales) TOTAL YTD 2022 SALES 19 SUMMERLAND
SUMMERLAND
DECEMBER 2022 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL DECEMBER SALES
2
AVERAGE SALES PRICE
0% change from 2021
$2,768,785
MEDIAN SALES PRICE
0% change from 2021
$2,768,785
HIGHEST SALES PRICE
2540 Whitney Avenue
Summerland, CA 93067
$3,225,000
LOWEST SALES PRICE
2540 Varley Street
Summerland, CA 93067
$2,312,570
Click for Real Time Market Data
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28 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022 SINGLE FAMILY RESIDENCES TOTAL YTD SALES 70 AVERAGE SALES PRICE $4,503,375 MEDIAN SALES PRICE $1,885,000 CONDOMINIUM HOMES TOTAL YTD SALES 68 AVERAGE SALES PRICE $870,316 MEDIAN SALES PRICE $807,000 YEAR END REPORT 2022 | In Review Single Family Residences + Condominiums (separated sales) TOTAL YTD 2022 SALES 138 CARPINTERIA
CARPINTERIA DECEMBER 2022 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL DECEMBER SALES
8
AVERAGE SALES PRICE
+1193% change from 2021
$11,784,222
MEDIAN SALES PRICE
+84% change from 2021 $1,304,000
HIGHEST SALES PRICE
2781 Padaro Lane
Carpinteria CA 93013
$69,947,000
LOWEST SALES PRICE
1006 Palmetto Way, Unit D Carpinteria CA 93013
$761,000 Condominium Home
Click for Real Time Market Data
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30 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022
FAMILY RESIDENCES
YTD SALES
AVERAGE SALES PRICE
SALES PRICE
HOMES
YTD SALES
AVERAGE SALES PRICE
SALES PRICE
In Review
SINGLE
TOTAL
268
$1,687,450 MEDIAN
$1,557,500 CONDOMINIUM
TOTAL
148
$910,338 MEDIAN
$835,000 YEAR END REPORT 2022 |
Single Family Residences + Condominiums (separated sales)
SALES
TOTAL YTD 2022
338 GOLETA
GOLETA
DECEMBER 2022 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL DECEMBER SALES 21
AVERAGE SALES PRICE
-8% change from 2021
$1,241,869
MEDIAN SALES PRICE
-9% change from 2021
$1,100,000
HIGHEST SALES PRICE
935 North Kellogg Goleta CA 93111
$1,850,000
LOWEST SALES PRICE
520 Pine Avenue, Space 44 Goleta CA 93117
$287,000
Manufactured Home
Click for Real Time Market Data
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FEATURED PROPERTIES
32 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022
AL FRESCO EVERY DAY | THIS IS HOW WE DO IT HERE IN SANTA BARBARA
CLICK for inventory
33 763 AVENIDA PEQUENA | SANTA BARBARA CA 93111 Cathedral Oaks Village | Resort Like Living | Pool/Tennis/Orchards 2 BD | 2 BA | 1611± SF | Condo/Townhome Offered at $1,350,000 Exclusive Offering by Randy Haden/Molly Haden Virtually Staged
34 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022 1990 TULAROSA ROAD | LOMPOC CA 93436 Santa Ynez Valley AVA | Sweeping Mountain Views 40± Acres | Zoned RR-10 1529± SF Home | 5,000± SF Warehouse Offered at 1,997,000 Exclusive Offering by Randy Haden/Molly Haden
SANTA YNEZ VALLEY
YEAR END REPORT 2022 | In Review
Single Family Residences + Condominiums (separated sales)
TOTAL YTD 2022 SALES
221
SINGLE
FAMILY RESIDENCES
TOTAL YTD SALES
195 AVERAGE SALES PRICE
+25% change from 2021
$2,015,041 MEDIAN SALES PRICE +21% change from 2021 $1,500,000
CONDOMINIUM HOMES
TOTAL YTD SALES
26 AVERAGE SALES PRICE
+15% change from 2021
$658,779
MEDIAN SALES PRICE
+12% change from 2021 $670,000
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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.
36 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022
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.
38 SOUTH SANTA BARBARA COUNTY MARKET REPORT | DECEMBER 2022 RANDY HADEN Broker Associate / Realtor DRE 01988499 805.880.6530 randy@hadenhomes.com LET’S CONNECT www.hadenhomes.com @hadenhomesrealtors 1% Top 1% of 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.
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Biggest Surprise in the 2022 Housing Market
The Housing Slowdown Is Wreaking Havoc on the Short-Term Rental Market
CAR Applauds Bill to Raise Capital Gains Exclusion and Free Up Housing Inventory
THE TALK IS MARKET SHIFTS + INTEREST RATES
- click link for full articleGallup Report | In US, Real Estate Still Leads Stocks as Best Investment CAR December Home Sales and Price Report
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 December 2022.
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.
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