July 2022
south
Real Estate Market Report
SANTA BARBARA COUNTY Residential
AS SUMMER WRAPS UP
are the fireworks fizzling out
2 SOUTH SANTA BARBARA COUNTY MARKET REPORT | JULY 2022
THE
COAST OF SANTA BARBARA | JULY FOURTH FIREWORKS CELEBRATION
. . .
fireworks
Hello Family + Friends - Looking for inside knowledge of the current real estate market—Read On!
Starting off with what is remarkable—July recorded only 58 Single Family Home sales, which is the lowest number we have seen since these numbers have been reported. Compare the 58 SFH sold in July 2022 (26 condos) to the 118 sold in July of 2021 (62 condos). Down over 50% for both SFH and Condos. This low number is a product of our market’s absence of inventory which is still low at only 765 SFH properties available YTD compared to 1,008 the same time in 2021.
Desire to live in our beautiful community is still high but supply is not keeping up, meaning there are more buyers than sellers—which is a significant part of what is driving the market. Sellers can still be optimistic since our market remains strong and we still see a window to capitalize on property appreciation. There are still good values to be had for buyers and we are seeing many more price reductions before a property goes into escrow—so don’t sit on the sidelines! Contact us for a strategy or a deeper dive into the market.
While this one time event of historically LOW closed sales does not necessarily equal a trend, could it be evidence of a market that is changing? Let’s have a quick look of some highlights and review of the market stats. Full report to follow including properties currently available that we feel are good values.
- Highest July Sale at 4045 Cuervo Avenue in Hope Ranch for $18,500,000
- 32% All-Cash Sales - 8 Homes Traded Over $5M
- 17 Homes Traded “Off Market” (1 in Montecito) - Closed Price is 97% to List Price
- “At or Over” the Asking Price Sales: 38 Homes and 23 Condos/Manufactured Homes Market Statistic Overview | Everything with Price is UP and Everything with Supply is DOWN:
- Total Active Listings Down 24% - New Listings Down 19%
- New Escrows Down 34% - Median Sales Price Up 21%
- Sold Dollar Volume Down 24% - Told Sold Properties Down 30%
Buyers—make sure you know all the options including our Compass Private Exclusive properties (offmarket inventory/pocket listings). Sellers—it’s more important than ever to be realistic on pricing since we are seeing increased price reductions each week. Buyers are sophisticated and understand value so you don’t want to be overlooked and find your home becoming stale which often leads to a lower sales price. Working with an experienced team like us who understands how to position and market your home will give you the best chance to realize the highest price with the most favorable terms. In this 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
4 SOUTH SANTA BARBARA COUNTY MARKET REPORT | JULY 2022 AL FRESCO EVERY DAY | THIS IS HOW WE DO IT HERE IN SANTA BARBARA AVAILABLE PROPERTIES CLICK for inventory
5 - southSANTA BARBARA COUNTY SINGLE FAMILY RESIDENCES YTD TOTAL SALES -33% change over 2021 645 AVERAGE SALES PRICE +11% change over 2021 $3,447,209 MEDIAN SALES PRICE +15% change over 2021 $2,210,000 CONDOMINIUM HOMES YTD TOTAL SALES -28% change over 2020 287 AVERAGE SALES PRICE +14% change over 2021 $1,198,630 MEDIAN SALES PRICE +13% change over 2021 $931,777 YTD THROUGH JULY 2022 | In Review Single Family Residences + Condominiums -31% change over 2021 932
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SANTA BARBARA
TWO |
BANDIT TURNS
CELEBRATING AT JUSTIN VINEYARDS & WINERY | PASO ROBLES
7 - southSANTA BARBARA COUNTY JULY 2022 | IN REVIEW Single Family Residences + Condominiums (combined sales) TOTAL SANTA BARBARA COUNTY SALES 100 ↓ -50% change over 2021 ↓ AVERAGE SALES PRICE | SFR +5% increase over 2021 $3,087,302 MEDIAN SALES PRICE | SFR -1% increase over 2021 $ 1,879,500
8 SOUTH SANTA BARBARA COUNTY MARKET REPORT | JULY 2022 - homes | estates | pudsTOTAL SALES Month by Month YTD 2022 * Excludes condominium homes.
9 - homes | estates | pudsMEDIAN SALES PRICE 2005—2022 * Excludes condominium homes.
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BUTTERFLY BEACH AT TWILIGHT | MONTECITO
11 MONTECITO JULY 2022 | IN REVIEW Single Family Residences + Condominiums (combined sales) TOTAL JULY SALES 12 AVERAGE SALES PRICE -16% change from 2021 $5,265,204 MEDIAN SALES PRICE -15% change from 2021 $3,875,083 HIGHEST SALES PRICE 770 Hot Springs Road Montecito CA 93108 $17,000,000 LOWEST SALES PRICE 1940 N Jameson Lane, A Montecito CA 93108 $1,525,000 Condo CLICK FOR REAL TIME MARKET DATA
Buy Now or Wait | Inventory levels are on the rise, which could mean more moderate price appreciation for sellers and more options for buyers.
The slowing of home price growth is certainly a welcome change to the market. In theory, it should bring more balance—leading to healthier housing market conditions.
12 SOUTH SANTA BARBARA COUNTY MARKET REPORT | JULY 2022
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MONTECITO SALES | JULY * DOM = Days on Market Address List Price Sold Price % to List DOM 770 Hot Springs Road $19,995,000 $17,000,000 85% 89 1530 Lingate Lane $8,500,000 $8,408,530 99% 1 1475 Bonnymede Drive $8,750,000 $7,700,000 88% 153 1922 Jelinda Drive $7,250,000 $6,900,000 95% 22 1371 Plaza Pacifica $3,600,000 $4,000,000 111% 8 126 Loureyro Road $3,495,000 $3,950,165 113% 7 870 Arcady Road $4,500,000 $3,800,000 84% 18 1595 Miramar Lane $3,595,000 $3,533,750 98% 16 1220 Coast Village #307 $1,950,000 $2,010,000 103% 10 798 Chelham Way $2,495,000 $1,950,000 78% 20 1940 N Jameson Lane A $1,690,000 $1,525,000 90% 11 49 Seaview Drive Off Market $2,405,000 100% 1
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SOUTH SANTA BARBARA COUNTY MARKET REPORT | JULY 2022
BANDIT | CHASE PALM PARK | BEACH SIDE SANTA BARBARA
15 JULY 2022 | IN REVIEW Single Family Residences + Condominiums (combined sales) TOTAL JULY SALES 40 SANTA BARBARA AVERAGE SALES PRICE +7% change from 2021 $1,933,713 MEDIAN SALES PRICE +24% change from 2021 $1,862,500 HIGHEST SALES PRICE 2439 Santa Barbara St Santa Barbara CA 93105 $5,275,000 LOWEST SALES PRICE 401 Chapala Street, Unit 210 Santa Barbara CA 93105 $212,600 Condo CLICK FOR REAL TIME MARKET DATA
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JULY
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COUNTY MARKET REPORT |
2022
HOPE RANCH BEACH LIFEGUARD STAND | HOPE RANCH
17 HOPE RANCH JULY 2022 | IN REVIEW Single Family Residences + Condominiums (combined sales) TOTAL JULY SALES 3 AVERAGE SALES PRICE +129% change from 2021 $16,166,667 MEDIAN SALES PRICE +157% change from 2021 $18,150,000 HIGHEST SALES PRICE 4045 Cuervo Avenue Hope Ranch CA 93110 $18,500,000 LOWEST SALES PRICE 695 Via Hierba Hope Ranch CA 93110 $11,850,000 CLICK FOR REAL TIME MARKET DATA
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BARBARA COUNTY MARKET REPORT | JULY 2022
SUMMERLAND BEACH | DRIFTWOOD ABUNDANCE | SUMMERLAND
19 SUMMERLAND JULY 2022 | IN REVIEW Single Family Residences + Condominiums (combined sales) TOTAL JULY SALES 2 AVERAGE SALES PRICE -72% change from 2021 $1,005,000 MEDIAN SALES PRICE -72% change from 2021 $1,005,000 HIGHEST SALES PRICE 200 Montecito Ranch Lane Summerland, CA 93067 $9,400,000 LOWEST SALES PRICE 2250 Varley Street Summerland, CA 93067 $810,000 CLICK FOR REAL TIME MARKET DATA
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FARMERS MARKET | CARPINTERIA
21 CARPINTERIA JULY 2022 | IN REVIEW Single Family Residences + Condominiums (combined sales) TOTAL JULY SALES 11 AVERAGE SALES PRICE -17% change from 2021 $1,176,434 MEDIAN SALES PRICE -2% change from 2021 $800,000 HIGHEST SALES PRICE 1088 Linden Carpinteria CA 93013 $2,275,000 LOWEST SALES PRICE 3950 Via Real, Space 104 Carpinteria CA 93013 $459,000 Manufactured Home CLICK FOR REAL TIME MARKET DATA
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SOUTH SANTA BARBARA COUNTY MARKET REPORT | JULY 2022
SANDPIPER GOLF CLUB I | GOLETA
23 GOLETA JULY 2022 | IN REVIEW Single Family Residences + Condominiums (combined sales) TOTAL JULY SALES 32 AVERAGE SALES PRICE -10% change from 2021 $1,307,131 MEDIAN SALES PRICE +21% change from 2021 $1,280,500 HIGHEST SALES PRICE 619 Christmas Tree Lane Goleta CA 93111 $2,800,000 LOWEST SALES PRICE 333 Old Mill Road, Space 282 Goleta CA 93110 $230,000 Manufactured Home CLICK FOR REAL TIME MARKET DATA
24 SOUTH SANTA BARBARA COUNTY MARKET REPORT | JULY 2022 1990 TULAROSA ROAD | LOMPOC CA 93436 Santa Ynez Valley AVA | Sweeping Mountain Views 40± Acres | Zoned RR-10 1529± SF Home | 5,000± SF Warehouse Offered at 2,499,000 / Pending Exclusive Offering by Randy Haden/Molly Haden
25 SINGLE FAMILY RESIDENCES TOTAL SALES 126 AVERAGE SALES PRICE $2,092,670 MEDIAN SALES PRICE $1,525,000 CONDOMINIUM HOMES TOTAL SALES 18 AVERAGE SALES PRICE $640,383 MEDIAN SALES PRICE $627,950 YTD 2022 | IN REVIEW Single Family Residences + Condominiums (separated sales) TOTAL YTD 2022 SALES 144 SANTA YNEZ VALLEY
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.
26 SOUTH SANTA BARBARA COUNTY MARKET REPORT | JULY 2022
Listing
COMPASS PRIVATE EXCLUSIVE LISTINGS Ask Us About Our Exciting Private Exclusive Listings | Contact Us Live For details!
Private Exclusive
home
A Compass
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
search websites.
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.
28 SOUTH SANTA BARBARA COUNTY MARKET REPORT | JULY 2022 RANDY HADEN Broker Associate / Realtor DRE 01988499 805.880.6530 randy@hadenhomes.com LET’S CONNECT www.hadenhomes.com @hadenhomesrealtors $ 100M + Total Sales 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
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.
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CHICAGO TITLE FIDELITY NATIONAL TITLE SANTA BARBARA MLS
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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 July 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.