Market Report | South Santa Barbara County | February 2022

2022

GAVIOTA VISTA VIEWPOINT | NORTH OF SANTA BARBARA

Hello Family and Friends -

BIG NEWS | Compass is officially the largest brokerage in the United States in terms of closed sales volume—and we did it in less than 10 years. In fact, Compass was started only 8 years ago. (Real Trends 3/16/22). We are so thrilled to be part of Compass, now the largest brokerage in the country, and surrounded by an inspiring group of collaborative staff/agents and extraordinary high performing individuals at all levels. Our association with Compass allows us to provide our clients with an even higher level of service and powerful technology that empowers us to deliver the best possible results to every buyer or seller.

MARKET STATS / ECON 101 | The story continues . . .

Increased Demand + Decreased Inventory = Higher Prices ↑ ↑ ↑. Looking at Total Sold Volume during February of 2021 and 2022, they are almost equal at $266M± BUT there were fewer homes sold in 2022 at 80 (11 over $5M) versus 97 in 2021. Clearly prices have increased and the Median Sold Price has skyrocketed to $2,650,000. We continue to see SUPER LOW inventory with the number of available homes being equal to the pending sales—meaning homes are selling almost immediately.

KEY TAKEAWAYS

• Since early 2021, homes priced correctly across South Santa Barbara County have been consistently selling in less than a month either at or above list price.

• While inventory is expected to increase, competition will likely remain very high.

• Mortgage rates are predicted to continue to rise.

• Spring sellers should expect their home to sell quickly for a high value.

• Spring buyers should expect high competition, be prepared to move fast and ready with a fully underwritten loan approval.

BUYER / SELLER BOTTOM LINE

When deciding IF you should buy a home, the non-financial benefits of homeownership are important. When asking WHEN to buy, the financial benefits make it clear that doing so now is much more advantageous than waiting if the current market trends continue in terms of escalating home prices and increased mortgage rates. Two simple questions to consider:

• Where will home prices be a year from now?

• Where will mortgage rates be a year from now? When deciding to sell, we simply have never seen a better time to benefit from the best and highest price. Let’s explore your properties current valuation and discuss a strategy.

Overall, short monthly samples are compelling but not ideal since they do not predict what will ultimately happen but the housing market is one of the brightest spots of the US economy. With the lack of inventory and competitive nature of the market right now, it is more important than ever to work with professionals who know the business and can help you make a good long term investment.

Looking for professional + creative results orientated representation - Let’s Talk!

Randy and Molly

SUNSET ON BUTTERFLY BEACH | MONTECITO

SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2022

BANDIT | FRANCESCHI PARK HIKE | SANTA BARBARA

SANTA BARBARA

SAN YSIDRO RANCH | MONTECITO

BIG NEWS | Compass is officially the largest brokerage in the United States in terms of closed sales volume! In less than 10 years, we went from nothing — not existing — to #1. This amazing milestone is a testament to the hard work of our 26,000+ agents and 4,000+ employees and the vision that guides us every day at Compass.

— Robert Reffkin, Compass Founder & CEO

MONTECITO SALES | FEBRUARY

Address List Price Sold Price % to List DOM 848 Hot Springs Road $21,500,000 $20,950,000 97% 682 1395 Oak Creek Canyon $21,500,000 $18,000,000 84% 328 140 Middle Road Off Market $14,900,000 100% 1 866 Knapp Drive Off Market $9,125,000 100% 1 2084 East Valley Road Off Market $8,600,000 100% 1 1141 Glenview Road $6,250,000 $5,995,000 96% 25 1533 Sinaloa Drive $5,250,000 $5,675,000 108% 14 232 Miramar Avenue $6,375,000 $5,640,000 88% 44 1839 East Mountain Drive $5,500,000 $5,500,000 100% 6 1520 Lingate Lane $4,950,000 $5,250,000 106% 5 865 Ashley Road $4,750,000 $4,750,000 100% 1 141 Hixon Road Off Market $4,365,000 100% 1 928 Aleeda Lane $4,300,000 $4,300,000 100% 58 104 La Vereda Road $4,195,000 $4,100,000 98% 23 250 Rametto Road $3,450,000 $3,986,600 116% 9 3 Seaview Drive $4,800,000 $3,870,000 81% 475 1040 Ladera Lane $3,850,000 $3,700,000 96% 147 1200 Toro Canyon $4,500,000 $3,551,200 79% 91 242 Ortega Ridge Road $3,995,000 $3,150,000 79% 91 1356-1358 Plaza Pacifica $3,495,000 $3,100,000 89% 26 1779 San Leandro $2,875,000 $2,875,000 100% 16 56 Olive Mill Road $2,250,000 $2,875,000 128% 8 2825 Hidden Valley Lane $3,495,000 $2,650,000 76% 69 525 Alston Road $2,595,000 $2,400,000 92% 48

* DOM = Days on Market

SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2022

VIEW FROM CLIFF DRIVE | SANTA BARBARA

SANTA BARBARA

HOPE RANCH BEACH LIFEGUARD STAND | HOPE RANCH

SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2022

SUMMERLAND BEACH | SUMMERLAND

CARPINTERIA LIFESTYLE | CARPINTERIA

SANTA BARBARA SHORES COUNTY PARK | GOLETA

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.

Listing

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 February 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.