Residential Real Estate Market Report | South Santa Barbara County | January 2023

happy january

DOUGLAS PRESERVE FROM ABOVE AFTER UNPRECEDENTED STORMS | SANTA BARBARA

Hello Family and Friends -

January is behind us and we can confidently say “It’s All About The Inventory” for the foreseeable future. Despite nationwide residential real estate challenges, the Santa Barbara market remains dynamic and active since the demand to live in our beautiful community remains strong. There are still many well qualified buyers actively looking to purchase homes in the Santa Barbara area. We saw only 69 properties change hands during January primarily due to the lack of active listings. That said, we know of several exciting new properties that will be coming available shortly so stay in touch!

While inventory remains the biggest struggle for buyers (see graph pg 6), 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.

Activity Overview | January started out slow, perhaps due to the unprecedented rain combined with uncertainty in the stock market and economy, causing buyers to take a pause on their home purchase decisions. Towards the end of January, we noticed more activity and several well priced homes in desirable locations received multiple offers during the first few days on market. Properties that are priced correctly or slightly below market value are still getting premium priced offers. The shortage of homes on the market is not only keeping prices steady but discouraging sellers from lowering their list price.

All Cash vs Loans | A total of 19 of the 69 sales during January were “all cash” transaction (37%). 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 (see graph on page 8). We saw 6 homes close off market (9%).

Read on for the January Market Stats for South Santa Barbara County and then broken down by each city. We also published the 2022 Year End Stats graphs for those who missed them last month. 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!

BANDIT STEALING HEARTS ON VALENTINES DAY

- southSANTA BARBARA COUNTY

JANUARY 2023 | In Review

Single Family Residences + Condominiums -36% change over 2022

69

SINGLE FAMILY RESIDENCES

TOTAL SALES -34% change over 2022

52

AVERAGE SALES PRICE

-6% increase over 2022

$3,215,442

MEDIAN SALES PRICE

-9% increase over 2022

$1,781,469

CONDOMINIUM HOMES

TOTAL SALES

-39% change over 2022

17

AVERAGE SALES PRICE

+2% change over 2022

$1,015,628

MEDIAN SALES PRICE

+3% change over 2022

$900,000

ROSEWOOD MIRAMAR BEACH HOTEL | MONTECITO

MONTECITO

JANUARY 2023 | In Review

Single Family Residences + Condominiums (combined sales)

TOTAL JANUARY SALES

9

AVERAGE SALES PRICE

-16% change from 2022 $6,265,000

MEDIAN SALES PRICE

-30% change from 2022 $4,800,000

HIGHEST SALES PRICE

805 Ayala Lane

Montecito CA 93108

$15,400,000

LOWEST SALES PRICE

438 Seaview Road

Montecito CA 93108

$2,450,000

Click for Real Time Market Data

- Gallup/Click For Full Report

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.

MONTECITO SALES | JANUARY

MONTECITO JANUARY HIGHLIGHTS

• Montecito had 9 total sales - down from 13 in January 2022

• Median Home Price of $4,800,000 ↓ 30% from $6,882,000 in January 2022

• Total of 5 All Cash Transactions - 56% (compared to 37% in all areas)

• Highest sale is in the Highly Desirable Neighborhood of Ennisbrook at 308 Ennisbrook Drive

• Only 1 Propery Traded at a Remarkable Over Ask Price of 111% Percent to List Price at 472 Santa Rosa Lane with a Rumored Nine Offers

HOPE RANCH

JANUARY 2023 | In Review

Single Family Residences + Condominiums (combined sales)

TOTAL JANUARY SALES

2

AVERAGE SALES PRICE

+27% change from 2022 $6,072,500

MEDIAN SALES PRICE

+31% change from 2022 $6,072,500

HIGHEST SALES PRICE

4345 Via Glorieta

Hope Ranch CA 93110

$8,150,000

LOWEST SALES PRICE

713 Via Airosa

Hope Ranch CA 93110

$3,995,000

Click for Real Time Market Data

SNOW ON THE SANTA YNEZ MOUNTAIN TOPS| VIEW FROM SANTA BARBARA

SANTA BARBARA

JANUARY 2023 | IN REVIEW

Single Family Residences + Condominiums (combined sales)

TOTAL JANUARY SALES

33

AVERAGE SALES PRICE

+3% change from 2022 $2,236,174

MEDIAN SALES PRICE

0% change from 2022 $1,620,000

HIGHEST SALES PRICE

1547/1553 Shoreline Drive

Santa Barbara CA 93109

$16,200,000

LOWEST SALES PRICE

3435 Richland Drive, Unit 24

Santa Barbara CA 93105

$547,680 Condominium Home

Click for Real Time Market Data

SUMMERLAND

JANUARY 2023 | In Review

Single Family Residences + Condominiums (combined sales)

TOTAL JANUARY SALES

1

AVERAGE SALES PRICE

0% change from 2022 $1,500,000

MEDIAN SALES PRICE

0% change from 2022 $1,500,000

HIGHEST SALES PRICE

2282 Whitney Avenue

Summerland, CA 93067

$1,500,000

LOWEST SALES PRICE

2282 Whitney Avenue

Summerland, CA 93067

$1,500,000

Click for Real Time Market Data

CARPINTERIA

JANUARY 2023 | In Review

Single Family Residences + Condominiums (combined sales)

TOTAL JANUARY SALES

8

AVERAGE SALES PRICE

+166% change from 2022

$3,188,333

MEDIAN SALES PRICE

-6% change from 2022 $1,125,000

HIGHEST SALES PRICE

4595 Avenue Del Mar

Carpinteria CA 93013

$12,500,000

LOWEST SALES PRICE

5700 Via Real, Space 131

Carpinteria CA 93013

$761,000

Manufactured Home

Click for Real Time Market Data

GOLETA

JANUARY 2023 | In Review

Single Family Residences + Condominiums (combined sales)

TOTAL JANUARY SALES

18

AVERAGE SALES PRICE

-14% change from 2022

$1,195,274

MEDIAN SALES PRICE

-15% change from 2022 $1,052,500

HIGHEST SALES PRICE

1001 Via Bolzano Goleta CA 93117

$1,737,937

LOWEST SALES PRICE

333 Old Mill Road Space 306 Goleta CA 93117

$450,000 Manufactured Home

Click for Real Time Market Data

SANTA YNEZ VALLEY

JANUARY 2023 | In Review

Single Family Residences + Condominiums (separated sales)

TOTAL JANUARY SALES

9

SINGLE FAMILY RESIDENCES

TOTAL YTD SALES

9

AVERAGE SALES PRICE

+3% change from 2022

$2,658,017

MEDIAN SALES PRICE

+2% change from 2022 $1,900,000

CONDOMINIUM HOMES

TOTAL YTD SALES

0

AVERAGE SALES PRICE

0% change from 2022 n/a

MEDIAN SALES PRICE

0% change from 2022 n/a

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.

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.

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.

THE TALK IS MARKET SHIFTS + INTEREST RATES

- click link for full article -

Gallup Report | In US, Real Estate Still Leads Stocks as Best Investment

Biggest Surprise in the 2022 Housing Market

CAR January Home Sales and Price Report

Should I Buy a House Now or Wait? 10 Questions to Ask Yourself

CAR Applauds Bill to Raise Capital Gains Exclusion and Free Up Housing Inventory

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 January 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.