market report february 2023 | haden homes luxury property group / compass | montecito south SANTA BARBARA COUNTY Residential Real Estate Market Report February 2023
2 SOUTH SANTA
COUNTY MARKET REPORT | FEBRUARY 2023
BARBARA
3139 SEA CLIFF BETWEEN THE SNOW CAPPED SANTA YNEZ MOUNTAINS + PACIFIC OCEAN | SANTA BARBARA
Hello Family and Friends -
Despite nationwide residential real estate challenges, the Santa Barbara market remains dynamic and active. The demand to live in our beautiful community remains strong and we still have many well qualified buyers actively looking to purchase. As we move toward the end of the first quarter, it’s still very much all about the inventory. As you can see from the first two charts, the continued lack of available homes for sale (only 201 active listings YTD) is holding prices steady at $2,090,000 median sales price for February. Only 73 properties changed hands during February, primarily due to the lack of available properties. Single family homes priced well are selling quickly with a cumulative days on market of 35 days and sold prices at 96% of the the final list price. Now more than ever with the inventory shortage, we encourage active buyers to reach out for our list of Compass Private Exclusive properties which are off-market homes that we can share directly with our buyers. These property’s details are not disseminated widely and will not appear on public home search websites and are a great way to stay ahead of the market by eliminating competition. We currently have two homes in Montecito in desirable areas, a single level home in Carpinteria and a high end condo in Cathedral Oaks Village.
While inventory remains the biggest struggle for buyers, we still have a diverse range of properties available for sale at all price points. For sellers, the lack of buyer options is keeping sold prices steady and homes are still closing at top dollar when priced realistically. This lack of inventory might make your property stand out which could make this an ideal time to sell and capitalize on any equity you have.
All Cash vs Loans | A total of 24 of the 73 sales during February were “all cash” transactions (33%). Individuals who need a loan are having a more difficult time competing against the extensive number of cash buyers, reducing their chance to get an offer accepted. This makes it more important than ever to work with a well connected broker who can get your offer accepted despite the stiff competition—contact us for a strategy. Since interest rates have been on the rise, affordability has also impacted the amount a buyer can spend. We saw 9 homes close off market (12%) so stay in touch for the inside track.
Read on for the February Market Stats for South Santa Barbara County and then broken down by each city. Plus, check out some property ideas that are currently available that we feel are good values. As always—please reach out with any questions or to discuss your specific real estate goals!
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.
Looking for professional + creative results-oriented representation - Let’s Talk!
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Randy and Molly
- southSANTA BARBARA COUNTY
YTD THROUGH FEBRUARY 2023
Single Family Residences + Condominiums
-40% change over 2022
142
SINGLE FAMILY RESIDENCES YTD
TOTAL SALES
-40% change over 2022
101
AVERAGE SALES PRICE
-6% increase over 2022
$3,182,126
MEDIAN SALES PRICE
-12% increase over 2022 $1,950,000
CONDOMINIUM HOMES YTD
TOTAL SALES
-39% change over 2022
41
AVERAGE SALES PRICE
-6% change over 2022
$1,076,440
MEDIAN SALES PRICE
+6% change over 2022
$925,000
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BANDIT STEALING HEARTS ON VALENTINES DAY
6 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2023
- southSANTA BARBARA COUNTY
FEBRUARY 2023 | In Review
Single Family Residences + Condominiums
-43% change over 2022 73
SINGLE FAMILY RESIDENCES
TOTAL SALES
-44% change over 2022 49
AVERAGE SALES PRICE
-7% increase over 2022
$3,146,770
MEDIAN SALES PRICE
-16% increase over 2022 $2,090,000
CONDOMINIUM HOMES
TOTAL SALES
-40% change over 2022 24
AVERAGE SALES PRICE
-11% change over 2022
$1,119,515
MEDIAN SALES PRICE
+13% change over 2022
$990,000
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8 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2023 Information Deemed Reliable But Not Guaranteed and Provided by Santa Barbara Association of Realtors - southSANTA BARBARA COUNTY - homes | estates | pudsACTIVE LISTINGS/INVENTORY YTD February | 2019-2023 246 201 324 469 510 LIMITED INVENTORY IS KEEPING
9 Information Deemed Reliable But Not Guaranteed and Provided by Fidelity National Title/Santa Barbara. - southSANTA BARBARA COUNTY - homes | estates | pudsSOLD PRICE/MEDIAN+AVERAGE Monthly Comparison $2,090,000 $3,146,770 12% OFF MARKET TRANSACTIONS 9 of the 73 Total Sales 33% ALL CASH TRANSACTIONS 24 of the 73 Total Sales
SOLD PRICES
KEEPING
STEADY
10 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2023 Information Deemed Reliable But Not Guaranteed and Provided by Fidelity National Title/Santa Barbara. - southSANTA BARBARA COUNTY - homes | estates | puds | condosSOLD PRICE/MEDIAN+AVERAGE 20 YEAR COMPARISON | 2003—2022 $1,722,000 $2,275,881
FEATURED PROPERTIES
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CLICK for inventory
12 SOUTH
FEBRUARY
SANTA BARBARA COUNTY MARKET REPORT |
2023
BUTTERFLY BEACH AT DUSK | MONTECITO
MONTECITO
FEBRUARY 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL FEBRUARY SALES
3
AVERAGE SALES PRICE
+68% change from 2022
$9,609,333
MEDIAN SALES PRICE
+30% change from 2022 $5,350,000
HIGHEST SALES PRICE
751 Buena Vista Drive
Montecito CA 93108
$17,500,000
LOWEST SALES PRICE
905 Camino Viejo Road
Montecito CA 93108
$2,600,000
Click for Real Time Market Data
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The House You Look at Today But Decide to Think AboutCould Be the Same House Someone Else Looked at Yesterday and is Making an Offer on Today
14 SOUTH
REPORT | FEBRUARY 2023
SANTA BARBARA COUNTY MARKET
MONTECITO SALES | FEBRUARY
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• DOM = Days on Market Address List Price Sold Price % to List DOM 751 Buena Vista Drive $18,900,000 $17,500,000 93% 45 445 Pimiento Lane $6,395,000 $6,505,000 102% 3 160 Miramar Avenue $5,175,000 $4,823,000 93% 15
16 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2023 RESORT LIKE LIVING | HOPE RANCH
HOPE RANCH
FEBRUARY 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL FEBRUARY SALES
3
AVERAGE SALES PRICE
+16% change from 2022 $7,658,333
MEDIAN SALES PRICE
+10% change from 2022 $7,250,000
HIGHEST SALES PRICE
4680 Via Roblada
Hope Ranch CA 93110
$10,400,000
LOWEST SALES PRICE
965 Via Fruteria
Hope Ranch CA 93110
$5,325,000
Click for Real Time Market Data
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18 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2023
Momentum on Sea Cliff | Plans for Lot Split | Existing Home 3 BD | 3 BA | 3045± SF | 1.46± AC Offered at $7,997,000 Exclusive Offering by Randy
Haden
3139 SEA CLIFF | SANTA BARBARA CA 93109 Undeniable
Haden/Molly
SANTA BARBARA
FEBRUARY 2023 | IN REVIEW
Single Family Residences + Condominiums (combined sales)
TOTAL FEBRUARY SALES
34
AVERAGE SALES PRICE
-9% change from 2022 $1,945,718
MEDIAN SALES PRICE
-5% change from 2022 $1,705,000
HIGHEST SALES PRICE
1320 Mission Ridge Road
Santa Barbara CA 93103
$4,000,000
LOWEST SALES PRICE
4025 State Street, Space 24
Santa Barbara CA 93105
$295,000 Manufactured Home
Click for Real Time Market Data
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20 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2023 SUMMERLAND
| SUMMERLAND
BEACH
SUMMERLAND
FEBRUARY 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL FEBRUARY SALES
3
AVERAGE SALES PRICE +79% change from 2022 $5,733,450
MEDIAN SALES PRICE
+67% change from 2022 $5,350,000
HIGHEST SALES PRICE
2255 Ortega Ranch Road Summerland, CA 93067
$9,321,200
LOWEST SALES PRICE
2435 Golden Gate Avenue
Summerland, CA 93067
$2,529,150
Click for Real Time Market Data
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22 SOUTH
SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2023
THE FARM CART FRESH PRODUCE | CARPINTERIA
CARPINTERIA
FEBRUARY 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL FEBRUARY SALES
8
AVERAGE SALES PRICE
+115% change from 2022
$2,176,250
MEDIAN SALES PRICE
+9% change from 2022 $1,202,000
HIGHEST SALES PRICE
4923 Sandyland Road
Carpinteria CA 93013
$8,100,000
LOWEST SALES PRICE
3950 Via Real Space 90 Carpinteria CA 93013
$315,000
Manufactured Home
Click for Real Time Market Data
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SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2023
SANDPIPER GOLF CLUB | GOLETA
GOLETA
FEBRUARY 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL FEBRUARY SALES
22
AVERAGE SALES PRICE
-12% change from 2022 $1,295,105
MEDIAN SALES PRICE
-8% change from 2022 $1,267,500
HIGHEST SALES PRICE
4414 Meadowlark Lane Goleta CA 93105
$2,775,000
LOWEST SALES PRICE
333 Old Mill Road Space 84 Goleta CA 93117
$425,000
Manufactured Home
Click for Real Time Market Data
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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.
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.
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28 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 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 Agents CHOOSE experience MOLLY HADEN Realtor / Marketing Director DRE 02020380 805.880.6540 molly@hadenhomes.com
CONCIERGE Real Estate Service
EXPERT PERSPECTIVE CONCIERGE SERVICE
Now more than ever you need an expert advisor on your side who can provide comprehensive analysis and exclusive insights into today’s fastpaced 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.
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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THE TALK IS MARKET SHIFTS + INTEREST RATES
- click link for full article -
Gallup Report | In US, Real Estate Still Leads Stocks as Best Investment
C.A.R. Applauds Bill To Raise Capital Gains Exclusion Free Up Housing Inventory
Existing-Home Sales Surged 14.5% in February Ending 12-Month Streak of Declines
Purchasing Power Calculator
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 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.
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