February 2024 | Residential Real Estate | South Santa Barbara County | No.0224 THE LUXURY REPORT MONTECITO | HOPE RANCH | SANTA BARBARA
February 20 24
Hello Family and Friends -
Has the Market Finally Caught up to What Buyers Will Pay? Let’s explore the market momentum and February statistics for South Santa Barbara County. But first let’s talk clickbait and fear mongering . . .
The real estate market continues to see sensationalist headlines around the National Association of Realtors® (NAR) conversation, the questions of the moment seem to be, “Is the homebuyer better served without a full time professional buyer's agent?” or “Will lower commissions lower home prices for buyers or net higher prices for sellers?” + more!
Smart sellers know that informed well represented buyers with an agent who is truly incentivized is their best hope for a successful sale and that there is much more than price negotiation that go into the sale or purchase of a home. Unrepresented buyers may find the property—but this is just one small step of many. If a buyer does not buy real estate regularly or does not really know what they are doing, there is a solid chance a buyer on their own will not be able to navigate the obstacles, complexities and nuances that arise in most transactions—many unique. Real estate mistakes can be extremely expensive—for both buyer and seller.
We have been absorbing it all and finding that most media is more interested in scary explosive breaking news than substantive reporting with facts, insight and data. We decided to cut through the noise and what we see on semi-scripted reality TV shows designed to entertain or articles written by someone who knows little of the subject (or is too lazy to find out) and break it all down in a future email publication. In the meantime, please reach out anytime with questions!
SANTA BARBARA MARKET | We see that the median home price remains relatively flat—not going up or down but bumping against the top at $2,265,000. One trend we are noticing is sellers and/or their agents are missing the mark on pricing their homes for sale resulting in the “Sold to Original List Price” for SFH at 93% in February, often a result of aspirational sellers trying to push the top of the market. After adjusting, the final “Sold to List Price” ended up at 95%. Overpricing a property lengthens the “Cumulative Days on Market (CDOM)” which is also relatively flat at 44 days (42 CDOM in 2022). Although we are still in a seller's market, we have found that pricing your home correctly will bring you the highest price for your home in the shortest amount of time.
LUXURY MARKET | We saw 13 homes trading in Montecito with the median sold price at $5,950,000, up 11% from the same time 2023, with 62% being all cash buyers and no off market sales. You can see each sale and the breakdown by dollar amount in the charts and graphs below showing three sales above $25M with the high sale at 875/885 Park Lane for $36,800,000 (85% of Original List Price and 99 DOM). Since there are fewer buyers in the Ultra Luxury Market, there can be significantly more negotiations and longer CDOM. February saw the Sold to Original List Price at 89%. and CDOM of 88. We have nothing to report in Hope Ranch since there were no February sales.
In this highly competitive and changing market—experience matters. We offer extensive market knowledge, world-class 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.
Read on for market statistics. In addition to sharing what we see happening in this changing market, we also like to show you with clear visuals by compiling the data into charts and graphs. Enjoy!
Looking for professional + creative results-oriented representation - Let’s Talk!
Randy and Molly
- bioRANDY/MOLLY
Agents Know The
Good Agents Understand The Market Exceptional Agents Can Explain The Market - read on . . . 4 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
Some
Market
SANTA BARBARA COUNTY
YEAR TO DATE 2024 | In Review
Single Family Homes + Condominiums
+23% change over 2023
174
SINGLE FAMILY HOMES
TOTAL YTD SALES
+15% change over 2023
116
AVERAGE SALES PRICE
+16% increase over 2023
$3,704,584
MEDIAN SALES PRICE
+18% increase over 2023
$2,300,000
CONDOMINIUM HOMES
TOTAL YTD SALES
+41% change over 2023
58
AVERAGE SALES PRICE
-8% change over 2023
$990,621
MEDIAN SALES PRICE
-2% change over 2023
$902,500
5
- south -
SHOWING OFF HIS FRISBEE
6 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
BANDIT
SKILLS
SANTA BARBARA COUNTY
FEBRUARY 2024 | In Review
Single Family Homes + Condominiums
+25% change over 2023
89
SINGLE
TOTAL
2023
$4,226,728
MEDIAN SALES PRICE
+8% increase over 2023
$2,265,000
CONDOMINIUM HOMES
TOTAL SALES +53% change over 2023
32 AVERAGE SALES PRICE -9% change over 2023
$1,023,626
MEDIAN SALES PRICE
-3% change over 2023
$962,500
TOTAL
7 - south -
AVERAGE DAY ON MARKET 35 SOLD TO ORIGINAL LIST PRICE 98%
AVERAGE DAY ON MARKET 44 SOLD TO ORIGINAL LIST PRICE 93%
TOTAL
FAMILY HOMES
SALES PRICE
SALES +13% change over 2023 57 AVERAGE
+34% increase over
10%
Information Deemed Reliable But Not Guaranteed. Data Provided by Fidelity National Title/Santa Barbara, CORT or SBAOR. - southSANTA BARBARA COUNTY - homes | estates | puds (excludes condos)SOLD PRICE/MEDIAN+AVERAGE 16 Month Comparison
FEBRUARY SALES OFF MARKET
of the 89 Total Sales
9
SALES ALL CASH
of the 89 Total Sales $2,265,000 $4,226,728 8 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
47% FEBRUARY
42
9 - southSANTA BARBARA COUNTY - homes | estates | puds | condosSOLD PRICE/MEDIAN + AVERAGE 22 Year Trend | 2003—2024 $1,625,000 $2,799,930 Information Deemed Reliable But Not Guaranteed. Data Provided by Fidelity National Title/Santa Barbara, CORT or SBAOR.
- southSANTA BARBARA COUNTY - homes | estates | puds | condosSALES VOLUME/INTEREST RATE ANALYSIS 22 Year Trend | 2003—2024 Information Deemed Reliable But Not Guaranteed. Data Provided by Fidelity National Title/Santa Barbara, CORT or SBAOR. 10 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
- south -
SANTA BARBARA COUNTY
- homes | estates | puds (excludes condos)SOLDS + ACTIVE LISTINGS/INVENTORY FEBRUARY LEVELS | 2019-2024
INSIGHT | 2023 Total SFH Sales of 857 is the Lowest Reported and at the Same Level as 2008
The Current Limited Inventory Is Keeping Sold Prices Elevated
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Information Deemed Reliable But Not Guaranteed. Data Provided by SBAOR.
324 246 252 153 189 153 99 103 201 469
NATIONAL REAL ESTATE INSIGHTS
Market Accelerates Moving into Spring
• Year over year, the median single-family-home sales price in February was up 5.6%, and the median condo/co-op price up 6.7%. Due to seasonal supply and demand dynamics, median sales prices typically climb early in the year to peak in late spring.
• The number of new listings in February 2024 was up 15% from January and up 11% year over year, while active listings were up 10% y-o-y. Listing numbers usually surge in spring. The supply of homes for sale is still down almost 40% compared with typical numbers in 2017-2019.
• February existing-home sales were up 16% from January, and slightly up year-over-year. But the number of houses selling for $1,000,000 soared 37%, as lower-price home sales dropped. Sales in February mostly reflect offers accepted in January.
• Approximately 56% of sales sold in less than 1 month, 20% sold over list price, 21% were purchased as investments or second homes, 26% bought by first-time homebuyers, and 33% sold all-cash (highest monthly % in almost 10 years). The median days-on-market was 38 days.
Economic indicators: In the 6 weeks through March 21st, weekly average interest rates have oscillated between 6.74% and 6.94%: Up from January, but still well down from last fall. The S&P 500 & Nasdaq stock market indices both hit new all-time highs in March, and after a big jump in December-January, consumer confidence has remained steady. Inflation readings have been stable since October, ranging from 3.1% to 3.3%, with a February reading of 3.2%: Still higher than the Fed's 2% goal. And the February unemployment rate, at 3.9%, remains close to historic lows.
We expect to see continued acceleration in market activity through the spring selling season.
click for COMPASS
National Report
12 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
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.
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Properties featured are courtesy of the Santa Barbara MLS. They may be listed by brokers and/or agents other than Compass or Haden Homes Luxury Property Group. FEBRUARY COMPASS COLLECTION
MONTECITO
Residential Real Estate Update
FEBRUARY 2024 | In Review
BUTTERFLY BEACH FROM CHANEL DRIVE | MONTECITO 16 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
MONTECITO
FEBRUARY 2024 | In Review
Single Family Homes + Condominiums (combined sales)
13
AVERAGE SALES PRICE
+19% change from 2023
$11,424,192
MEDIAN SALES PRICE
+11% change from 2023
$5,950,000
TOTAL AVERAGE DAY ON MARKET 88
HIGHEST SALES PRICE
875/885 Park Lane Montecito CA 93108
$36,800,000
LOWEST SALES PRICE
740 Hot springs Road Montecito CA 93108
$4,000,000
SOLD TO ORIGINAL LIST PRICE
89%
REAL TIME MARKET DATA
17
click -
-
MONTECITO FEBRUARY | 16 TRANSACTIONS
• DOM = Days on Market Information Deemed Reliable But Not Guaranteed. Data Provided by Fidelity National Title/Santa Barbara, CORT or SBAOR. Address List Price Sold Price % to List DOM Month 875/885 Park Lane $43,500,000 $36,800,000 85% 99 February 319 San Ysidro Road $39,950,000 $32,000,000 80% 1 February 777 Romero Canyon Road $25,000,000 $25,124,500 100% 48 February 303 Meadowbrook Drive $13,000,000 $9,650,000 74% 455 February 172 Santa Elena Lane $8,495,000 $8,470,000 100% 19 February 865 Romero Canyon Road $7,100,000 $7,100,000 100% 220 February 454 Meadowbrook Drive $5,750,000 $5,950,000 103% 10 February 937 Arcady Road $5,295,000 $5,400,000 102% 27 February 285 Bonnie Lane $5,095,000 $4,900,000 96% 1 February 740 Hot Springs Road $4,000,000 $4,000,000 100% 1 February 3035 Hidden Valley Lane $3,595,000 $3,595,000 100% 1 February 161 Loureyro Road $3,495,000 $3,025,000 87% 100 February 988 Coyote Road $3,499,000 $2,500,000 71% 160 February 18 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
TOTAL SALES FEBRUARY 2024
DISTRIBUTED BY PRICE RANGE
13 sales
TOTAL FEBRUARY SALES
13 Total Transactions Dollars In Millions
62%
19
FEBRUARY SALES OFF MARKET
of the 13 Total Sales
0%
0
FEBRUARY SALES ALL CASH
of the 13 Total Sales MONTECITO - homes | estates | puds | condos -
8
Information Deemed Reliable But Not Guaranteed. Data Provided by Fidelity National Title/Santa Barbara, CORT or SBAOR.
756 HOT SPRINGS ROAD | MONTECITO CA 93108 Golden Opportunity in the Quadrangle | Make it Your Own 4 BD | 3 BA | 4034± SF | 1.08± AC | 860 Lower Extra SF | Guest Cottage Offered at $4,799,000 / Pending/Accepting Backups Exclusive Offering by Randy Haden/Molly Haden 20 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
875/885
21 MONTECITO - homes | estates | puds | condosSOLD PRICE/MEDIAN + AVERAGE 6 Year Trend | 2019—2024
$11,424,192 Information Deemed Reliable But Not Guaranteed. Data Provided by Fidelity National Title/Santa Barbara, CORT or SBAOR.
|
$5,950,000
HIGH SALE
the Average
Price To
for February.
Park Lane trading at $36,800,000 elevated
Sold
$11,424,192
HOPE RANCH
FEBRUARY 2024 | In Review
Residential Real Estate Update
COUNTRY
| HOPE
24 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
LAGUNA BLANCA LAKE FROM LA CUMBRE
CLUB
RANCH
HOPE RANCH
FEBRUARY 2024 | In Review
Single Family Homes
(no condominiums in hope ranch)
TOTAL FEBRUARY SALES 0
AVERAGE SALES PRICE
n/a change from 2023 n/a
MEDIAN SALES PRICE
n/a change from 2023 n/a
HIGHEST SALES PRICE n/a
LOWEST SALES PRICE n/a
REAL TIME MARKET DATA
- click -
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• DOM = Days on Market Information Deemed Reliable But Not Guaranteed. Data Provided by Fidelity National Title/Santa Barbara, CORT or SBAOR. Address List Price Sold Price % to List DOM Month 4161 Creciente Drive $9,750,000 $7,500,700 77% 138 January 4157 Lago Drive $4,370,000 $4,370,000 100% 1 January
26 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
HOPE RANCH YTD 2024 | 2 TRANSACTIONS
- homes | estates | puds -
TOTAL 2024 SALES / No Sales In February
DISTRIBUTED BY PRICE RANGE
2 sales
2024 YTD SALES
2 Total Transactions Dollars In Millions
50%
2024 YTD SALES ALL CASH
1
50%
2024 YTD SALES OFF MARKET
1 of the 12 Total Sales
27
HOPE RANCH
Information Deemed Reliable But Not Guaranteed. Data Provided by Fidelity National Title/Santa Barbara, CORT or SBAOR.
of the 2 Total Sales
28 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
29 HOPE RANCH - homes | estates | puds SOLD PRICE/MEDIAN + AVERAGE 6 Year Trend | 2019—2024 $5,935,000$5,935,000 Information Deemed Reliable But Not Guaranteed. Data Provided by Fidelity National Title/Santa Barbara, CORT or SBAOR.
SANTA BARBARA
FEBRUARY 2024 | In Review
Residential Real Estate Update
BARBARA
PARADISE INVITES YOU IN | SANTA BARBARA 32 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
SANTA BARBARA
FEBRUARY 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
TOTAL FEBRUARY SALES
41
AVERAGE SALES PRICE
+1% change from 2023
$1,961,387
MEDIAN SALES PRICE
-3% change from 2023
$1,657,525
HIGHEST SALES PRICE
2700 Holly Road
Santa Barbara CA 93105
$5,615,000
LOWEST SALES PRICE
1600 Garden Street, Unit 32
Santa Barbara CA 93101
$799,000
Condominium Home
REAL TIME MARKET DATA - click -
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1322 DOVER ROAD | SANTA BARBARA CA 93103 Dramatic Upper Riviera Ocean View Parcel | Plans Available 0.82± Acres Parcel | Double Wide Vacant Lot | Existing Pool Offered at $3,100,000 / Pending Accepting Backups Exclusive Offering by Randy Haden/Molly Haden 34 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
35 3139 SEA CLIFF | SANTA BARBARA CA 93109 Undeniable Momentum on Sea Cliff | Plans for Lot Split | Existing Home 3 BD | 3 BA | 3045± SF | 1.46± AC Offered at $6,000,000 / Pending Accepting Backups Exclusive Offering by Randy Haden/Molly Haden
SUMMERLAND
FEBRUARY 2024 | In Review
Residential Real Estate Update
SUMMERLAND
SUMMERLAND BEACH AWAITS | SUMMERLAND 38 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
SUMMERLAND
FEBRUARY 2024 | In Review
Single Family Homes + Condominiums (combined sales)
TOTAL FEBRUARY SALES 0
AVERAGE SALES PRICE
n/a change from 2023 n/a
MEDIAN SALES PRICE
n/a change from 2023 n/a
HIGHEST SALES PRICE n/a
LOWEST SALES PRICE n/a
REAL TIME
MARKET DATA
- click -
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CARPINTERIA
FEBRUARY 2024 | In Review
Residential Real Estate Update
CART FRESH PRODUCE | CARPINTERIA 42 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
THE FARM
CARPINTERIA
FEBRUARY 2024 | In Review
Single Family Homes + Condominiums (combined sales)
TOTAL FEBRUARY SALES
11
AVERAGE SALES PRICE -60% change from 2023
$867,727
MEDIAN SALES PRICE
-28% change from 2023
$825,000
HIGHEST SALES PRICE
3375 Foothill Road, Unit 221
Carpinteria CA 93013
$1,215,000
LOWEST SALES PRICE
1240 Franciscian Court, Unit 6
Carpinteria CA 93013
$785,000
Condominium Home
REAL TIME
MARKET DATA - click -
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GOLETA
FEBRUARY 2024 | In Review
Residential Real Estate Update
SANDPIPER GOLF CLUB | GOLETA 46 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
GOLETA
FEBRUARY 2024 | In Review
Single Family Homes + Condominiums (combined sales)
TOTAL FEBRUARY SALES 24
AVERAGE SALES PRICE
+13% change from 2023
$1,466,798
MEDIAN SALES PRICE
+7% change from 2023
$1,358,000
HIGHEST SALES PRICE
4720 Boulder Ridge Road Goleta CA 93111
$3,600,000
LOWEST SALES PRICE
5692 Berkeley Road Goleta CA 93117
$550,000
REAL TIME MARKET DATA - click -
47
SANTA YNEZ VALLEY
FEBRUARY 2024 | In Review
Residential Real Estate Update
VALLEY
|
50 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
ROLLING VINEYARDS
SANTA YNEZ VALLEY
SANTA YNEZ VALLEY
FEBRUARY 2024 | In Review
Single Family Homes + Condominiums (combined sales)
TOTAL FEBRUARY SALES
27
SINGLE FAMILY HOMES
TOTAL SALES
+27% change over 2023
19
AVERAGE SALES PRICE
+5% increase over 2023
$2,472,947
MEDIAN SALES PRICE
+1% increase over 2023
$1,550,000
CONDOMINIUM HOMES
TOTAL SALES +400% change over 2023
8
AVERAGE SALES PRICE +11% change over 2023
$623,195
MEDIAN SALES PRICE +22% change over 2023
$682,500
REAL TIME MARKET DATA
- click -
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MOLLY HADEN
Realtor / Marketing Director
DRE 02020380
805.880.6540
molly@hadenhomes.com
RANDY HADEN
Broker Associate / Realtor
DRE 01988499
805.880.6530
randy@hadenhomes.com
LET’S CONNECT www.hadenhomes.com @hadenhomesrealtors
Top 1% of Local Agents CHOOSE experience
1%
52 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
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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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.
54 SOUTH SANTA BARBARA COUNTY MARKET REPORT | FEBRUARY 2024
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.
US Home Price Growth Is Back to Where It Was Pre-Pandemic THE TALK IS LISTING, ZESTIMATES, STAGING + MORE - click link for full articleThe Best Week to Put Your Home on the Market Is Fast Approaching A Wave of Change Is Headed For Montecito Don't Be Fooled By The Inaccuracy Of Zillow Zestimates Is Home Staging Worth the Hype? Santa Barbara Tops WSJ/Realtor.com’s Winter Emerging Housing Markets Index Why Sign A Buyer Representation Agreement | Robert Reffkin
57 REAL TIME DATA ACTIVE STATS AND TRENDS FOR SOUTH SANTA BARBARA COUNTY - Click Below for the Latest Active Stats + TrendsReal Time Data Courtesy of 805 Title MONTECITO SUMMERLAND SANTA BARBARA 93103 CARPINTERIA HOPE RANCH SANTA BARBARA 93105 SANTA BARBARA 93101 SANTA BARBARA 93109 HOW TO READ THIS REPORT
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 February 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
59
RANDY HADEN Broker Associate / Realtor randy@hadenhomes.com 805.880.6530 MOLLY HADEN Realtor / Marketing Director molly@hadenhomes.com 805.880.6540 @hadenhomesrealtors
