The Luxury Report | Residential Real Estate Market | Montecito/Hope Ranch/South Santa Barbara County

Hello Family and Friends -

As we embark on 2024, we're thrilled to share what is happening in the local real estate market!

We all know the real estate markets for Montecito, Hope Ranch and Santa Barbara are HOT! We anticipate the spring market to be even hotter. If you’re thinking of a move in spring or summer, it’s not too early to plan since our spring market really starts mid-February. Our best advice—start the process now! A well prepared property ensures success and we have the experience and proven track record to guide you through the process and help get your home traded for the best terms and highest possible price. Reach out for a conversation!

The housing market in January 2024 mirrors the trends observed in the latter half of 2023. While January saw an uptick in supply of inventory, the 182 available homes for sale is less than half the amount of inventory in 2020 (382 Active Listings) and 57% lower than 2019 (423). Given the continued demand to live here, the median home price for the entire area is at a premium of $2,425,000,

LUXURY MARKET | Of the 16 sales in Montecito, 7 properties traded over $5M with the high sale at 1035 Alston Road trading off market for $14,500,000 (86% of original list price of $16,850,000). Median Sold Price was $4,587,500 compared to 2023 Year End Median of $5,000,000. 56% were all cash and two homes traded off market. Hope Ranch saw only 2 sales—1 cash and the other off market with the Median Sold Price at $5,935,000 ($5,737,500 for Year End 2023).

ALL CASH | The all cash trend continued in January with 56% all cash transactions in Montecito, 50% in Hope Ranch and 41% for the entire Santa Barbara area.

OFF MARKET | Up to 20% of sales traded off market in 2023 and we anticipate this to continue moving forward. We network extensively with other top agents and have been successful in putting many deals together privately. With our strong listing business and agent connections, we are able to give you a heads up about “Quietly Listed” and “Coming Soon” properties—giving you the edge in this highly competitive market.

Regardless if you are buying or selling, we encourage you to reach out to discuss your real estate goals and learn about our Compass Private Exclusive Program. These are additional offerings we can share directly with our clients and other Compass agents nationwide BUT they do not appear on public search sites (Zillow/Redfin, etc,). This provides the opportunity for homeowners to sell discreetly and buyers to purchase a property before it is offered publicly, thus avoiding the competition. Our most recent Compass Private Exclusive offering is in Montecito with mesmerizing mountain views and we would be delighted to discuss it with you. Reach out for details and a private tour!

In this highly competitive 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!

Some Agents Know The Market

Good Agents Understand The Market

Exceptional Agents

Can Explain The Market

- read on . . .

- bioRANDY/MOLLY

NATIONAL REAL ESTATE INSIGHTS

January 2024 | National Market Highlights:

• Year over year, the median existing-single-family home sales price was up 5%, and the median condo/co-op sales price up 5.7%. Due to seasonal supply and demand dynamics, median sales prices typically climb early in the year to peak in late spring.

• Year over year, total existing-home sales were up 1.3% in January, but the number of homes selling for $1,000,000+ jumped 27%. Affluent buyers appear to be jumping back into the market more quickly, perhaps due to spectacular rebounds in stock markets.

• The number of new listings coming on market was up 25% from December, and should continue to climb rapidly through spring, but inventory remains far below long-term norms.

• The percentage of all-cash purchases hit its highest monthly point in almost 10 years, and the average number of offers received was the highest since last summer.

• As of February 22nd, interest rates have ticked up, but remain well below those seen in October 2023. Consumer confidence remained positive after the large jumps in December and January. The January inflation reading declined slightly, but not as much as analysts expected.

Note that January statistics based on closed sales - sales prices, sales volume, days-on-market, overbidding, and so on - will mostly reflect listings that went into contract in late 2023, generally speaking the slowest market of the year. Spring, typically the most active and most competitive selling season, should soon result in substantial changes in all these indicators.

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.

JANUARY 2024 | In Review

Single Family Homes + Condominiums

+25% change over 2023

85

SINGLE

TOTAL

$3,200,139

SALES PRICE +36% increase over 2023

$2,425,000

CONDOMINIUM HOMES

TOTAL

26

change over 2023

$950,000

over 2023

$884,250

SANTA BARBARA COUNTY

- homes | estates | puds (excludes condos)SOLDS + ACTIVE LISTINGS/INVENTORY JANUARY LEVELS | 2019-2024

The Current Limited Inventory Is Keeping Sold Prices Elevated

INSIGHT |

2023 Total SFH Sales of 857 is the Lowest Reported and at the Same Level as 2008

TOTAL JANUARY SALES

16

AVERAGE SALES PRICE

-16% change from 2023 $5,277,500

MEDIAN SALES PRICE -4% change from 2023

$4,587,500

HIGHEST SALES PRICE

1035 Alston Road Montecito CA 93108 $14,500,000

LOWEST SALES PRICE

633 Circle Drive Montecito CA 93108 $1,900,000

REAL TIME MARKET DATA - click -

TOTAL SALES JANUARY

DISTRIBUTED BY PRICE RANGE

16 sales

TOTAL JANUARY SALES

16 Total Transactions Dollars In Millions

56%

9

13%

2

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.

756 HOT SPRINGS ROAD MONTECITO

Golden Opportunity in the Quadrangle

4 BD | 3 BA | 4034± SF | 1.08± AC

860 Lower Extra SF | Guest Cottage

Golden Opportunity in the Golden Quadrangle of Montecito | Mid-Century Remodel/Gorgeous Guest Cottage on 1+ Acre. Tucked away down a private lane

on over an acre, surrounded by palatial estates and impressive homes is a rare opportunity to develop a private and secluded family compound or easily remodel the existing Mid-Century 4034± SF home plus extra 860± lower level. Existing remodeled cozy guest cottage with designer finishes.

Offered at $4,799,000

Exclusive Offering By: Randy Haden/Molly Haden

TOTAL JANUARY SALES

AVERAGE SALES PRICE

-2% change from 2023

$5,935,350

MEDIAN SALES PRICE

-2% change from 2023

$5,935,350

2 REAL TIME MARKET DATA

HIGHEST SALES PRICE

4161 Creciente Drive

Hope Ranch CA 931110

$7,500,700

LOWEST SALES PRICE

4157 Lago Drive

Hope Ranch CA 931110

$4,370,000

- click -

TOTAL SALES JANUARY 2024

DISTRIBUTED BY PRICE RANGE

2 sales

TOTAL JANUARY SALES

2 Total Transactions

Dollars In Millions

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.

TOTAL JANUARY SALES

36

AVERAGE SALES PRICE

+33% change from 2023

$2,966,098

MEDIAN SALES PRICE

+6% change from 2023

$1,717,500

HIGHEST SALES PRICE

3139 Cliff Drive

Santa Barbara CA 93109

$8,750,000

LOWEST SALES PRICE

333 Por La Mar Circle

Santa Barbara CA 93109

$870,000

Condominium Home

1322 DOVER ROAD

SANTA BARBARA

Upper Riviera Premier Location

Dramatic Ocean Ocean View Parcel

Vacant Lot | Existing Pool

Architectural Plans Available

0.82± Acres Parcel | Double Wide

Sweeping Ocean View Building Parcel—Your Dream Home Awaits! Located in one of the most desirable sections of Santa Barbara awaits this double wide lot with majestic ocean views on one of the most coveted streets on the highly desirable American Riviera of Santa Barbara. Architectural plans with project design approval from the City of Santa Barbara Architectural Review Board available. Get started on your trophy propertyQ

Offered at $3,100,000

Exclusive Offering By: Randy Haden/Molly Haden

3139 SEA CLIFF

SANTA BARBARA

Undeniable Momentum on Sea Clif

Plans for Lot Split | Existing Home

3 BD | 3 BA | 3045± SF | 1.46± AC

Offered at $7,497,000

Endless Possibilities on Sea Cliff with 3.19±

AC on a Premier Street In Santa Barbara

The momentum on Sea Cliff is undeniable as a sought after estate location. Plans for lot split into three 1 acre parcels are in process. Save valuable time, frustration and expense! Existing Mid-Century Home. Currently a vacation rental with impressive rental income. Ideal floorplan to remodel and make home or include as on of a new owners three separate parcel offerings.

Offered at $7,497,000

Exclusive Offering By: Randy Haden/Molly Haden

TOTAL JANUARY SALES

1

AVERAGE SALES PRICE

+147% change from 2023

$3,700,000

MEDIAN SALES PRICE

+147% change from 2023

$3,700,000

HIGHEST SALES PRICE

2561 Golden Gate Avenue

Summerland CA 93067

$3,700,000

LOWEST SALES PRICE

2561 Golden Gate Avenue

Summerland CA 93067

$3,700,000

REAL TIME MARKET DATA - click -

TOTAL JANUARY SALES

AVERAGE SALES PRICE

-60% change from 2023

$1,266,583

MEDIAN SALES PRICE

-31% change from 2023

$780,000

6 REAL TIME MARKET DATA

HIGHEST SALES PRICE

8109 Puesta Del Sol

Carpinteria CA 93013

$4,000,000

LOWEST SALES PRICE

5915 Hickory Street, Unit 1

Carpinteria CA 93013

$545,000

Condominium Home

- click -

TOTAL JANUARY SALES

24

AVERAGE SALES PRICE

+10% change from 2023

$1,313,271

MEDIAN SALES PRICE +15% change from 2023

$1,212,500

HIGHEST SALES PRICE

355 Island Oak Lane Goleta CA 93117

$2,680,000

LOWEST SALES PRICE

35 Dearborn Place, Unit 61 Goleta CA 93111 $550,000

Condominium Home

REAL TIME MARKET DATA - click -

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

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.

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.

THE TALK IS HOUSING MARKET, RENOVATING + MORE

- click link for full article -

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Compass AI | A New Tool Seamlessly Integrated With The Compass Technology Platform

CHICAGO TITLE FIDELITY NATIONAL TITLE SANTA BARBARA MLS

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 January 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.