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

July 2023

Hello Family and Friends -

Despite rising interest rates and an uncertain economic environment, sales prices in the south Santa Barbara County remain strong due to low supply and strong buyer demand. Well qualified buyers are moving here at a pace we have not previously seen and we only have a limited amount of available homes for sale. If you are thinking of selling in the next 5 years, we feel this is an ideal time to take advantage of this high demand, Why not capitalize on your home equity with these historically high sold prices and a potential phenomenal return on your home investment. The limited inventory for buyers to choose from may make your property stand out! The limited inventory can be a challenge for the many buyers but there are still good values out there and we can help you sort through the hype and find the ideal property that will be a good long term investment.

INVENTORY + DOWNWARD SALES TREND | With this historically low inventory is resulting in far fewer sales, as a result, we are seeing well priced homes selling quickly for premium prices at 97% of original list price. We had 98 total transactions in July which was almost the same as July 2021. However, the YTD 2023 sales of 655 is down by 30% over the 932 sales YTD 2022. The 2022 sales was also down by 30% over the recent record of 1355 sales YTD 2021. The decreased sales trend is directly correlated to the lack of inventory available to purchase over the past couple years.

LUXURY MARKET | Montecito remains active with 98 transaction YTD and 11 transactions in July of which 6 of them traded over $6M. YTD sales included 59% All Cash and 26% Off Market. As a reminder. . .these stats are remarkable and this did not happen previously in our little undiscovered south coast enclave.

ALL CASH | With high and rising mortgage rates, many buyers are opting for all cash transactions as illustrated by a remarkable 49% of the 98 total sales being All Cash in Santa Barbara and 59% in Montecito.

DAYS ON MARKET | Interestingly, the cumulative/total number days a property is listed for sale before it is sold decreased to 25 days—down from the year high in May of 45 days. This shows that well priced properties are selling quickly, often with multiple offers to choose from.

MEDIAN SALES PRICE | Despite low inventory, prices remain steady but are trending down. Median SFH sales price YTD is $2,100,000 in Santa Barbara County, $7,250,000 in Hope Ranch and $5,000,000 in Montecito (includes condos). Well priced homes sell fast (25 CDOM) at 97% of list price—now is the time to take advantage of an incredible sellers market. 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 then 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!

NATIONAL REAL ESTATE INSIGHTS

Nationally, market activity generally slowed in July, a common seasonal trend after the spring selling season. July 2023 sales volume and median home sales price both declined from June. (June often sees the year’s peak in both statistics.) However, July’s median sales price was up from July 2022, reversing a recent trend of year-over-year declines. Note that regions with large second-home markets often see very active summer markets. The autumn selling season begins after Labor Day, lasting through late October or early November, before the market subsides for the big, mid-winter holiday slowdown. Of course, sales occur in every month of the year.

Nationally, over a million fewer homes came on market in the 12 months through July than in the previous year. Along with the recovery in buyer demand since late 2022, and the continuing impact of interest rates on affordability, this has been a defining factor in market conditions. In particular, low inventory has played a substantial role in the 2023 rebound in home prices. A national report is a huge generalization of broad trends across an enormous range of regional submarkets, whose values and market dynamics vary.

- southSANTA BARBARA COUNTY

YTD THROUGH JULY | In Review

Single Family Residences + Condominiums

-30% change over 2022

655

SINGLE FAMILY RESIDENCES

TOTAL YTD SALES

-29% change over 2022

457

AVERAGE SALES PRICE

-6% change over 2022

$3,226,258

MEDIAN SALES PRICE

-4% change over 2022

$2,125,000

CONDOMINIUM HOMES

TOTAL YTD SALES

-31% change over 2022

198

AVERAGE SALES PRICE

-2% change over 2022

$ 1,176,054

MEDIAN SALES PRICE

-2% change over 2022

$916,500

BANDIT RELAXING AT THE EL ENCANTO RESORT | SANTA BARBARA

- southSANTA BARBARA COUNTY

JULY 2023 | In Review

Single Family Residences + Condominiums -2% change over July 2021 98

SINGLE FAMILY RESIDENCES

TOTAL SALES

+3% change over 2022 68

Total Days on Market 25

AVERAGE SALES PRICE

-8% increase over 2022

$2,829,947

MEDIAN SALES PRICE

+12% increase over 2022 $2,100,000

CONDOMINIUM HOMES

TOTAL SALES

-12% change over 2022 30

Total Days on Market 16

AVERAGE SALES PRICE -5% change over 2022

$1,179,517

MEDIAN SALES PRICE -4% change over 2022 $904,500

YTD SALES STATS BY PRICE RANGE

Year-to-Date Sold 2023

Santa Barbara

655 Total Transaction YTD

Sales In Millions

39% YTD ALL CASH TRANSACTIONS

257 of the 655 Total Sales

13% YTD OFF MARKET TRANSACTIONS

84 of the 655 Total Sales

-

southSANTA BARBARA COUNTY

- homes | estates | puds | condosSOLD PRICE/MEDIAN+AVERAGE 20 YEAR COMPARISON | 2003—2023 (YTD)

2,275,881

$$1,722,000

If you are thinking of OR thought of selling within the next few years—as you can see above, we have historically never seen a better time to capitalize on the equity you may have in your home. Contact us to explore the current value of your property.

MONTECITO

JULY 2023 | In Review

Single Family Residences + Condominiums (combined sales)

TOTAL JULY SALES

11

AVERAGE SALES PRICE +22% change from 2022 $6,414,100

MEDIAN SALES PRICE

+58% change from 2022 $6,125,000

HIGHEST SALES PRICE

808 San Ysidro Lane Montecito CA 93108

$14,000,000

LOWEST SALES PRICE

1394 Danielson Road Montecito CA 93108

$2,936,000

Click for Real Time Market Data

MONTECITO SALES | JULY SALES

homes | estates | puds | condos -

MONTECITO YTD 2023

YTD SALES STATS BY PRICE RANGE

SALES DISTRIBUTED BY PRICE RANGE | YTD 2023

Year-to-Date Sold 2023

Montecito

98 Total Transaction YTD Sales In Millions

58 of the 98 Total Sales

59% YTD ALL CASH TRANSACTIONS

26% YTD OFF MARKET TRANSACTIONS

25 of the 98 Total Sales

HOPE RANCH

JULY 2023 | In Review

Single Family Residences + Condominiums (combined sales)

TOTAL JULY SALES 1

AVERAGE SALES PRICE

-70% change from 2022 $4,930,000

MEDIAN SALES PRICE

-73% change from 2022 $4,930,000

HIGHEST SALES PRICE

1126 Estrella Drive Hope Ranch CA 93110 $4,930,000

LOWEST SALES PRICE

1126 Estrella Drive Hope Ranch CA 93110

$4,930,000

Click for Real Time Market Data

HOPE RANCH SALES | YTD 2023

HOPE RANCH YTD 2023

SALES STATS BY PRICE RANGE

SALES DISTRIBUTED BY PRICE RANGE | YTD 2023

Year-to-Date Sold 2023

Hope Ranch

13 Total Transaction YTD

Sales In Millions

77% YTD ALL CASH TRANSACTIONS

10 of the 13 Total Sales

8% YTD OFF MARKET TRANSACTIONS

1 of the 13 Total Sale

SANTA BARBARA

JULY 2023 | IN REVIEW

Single Family Residences + Condominiums (combined sales)

TOTAL JULY SALES 46

AVERAGE SALES PRICE

+4% change from 2022 $2,008,661

MEDIAN SALES PRICE

+5% change from 2022 $1,954,075

HIGHEST SALES PRICE

504 East Valerio Street Santa Barbara CA 93103

$4,550,000

LOWEST SALES PRICE

3435 Richland Drive 31 Santa Barbara CA 93105

$584,500

Condominium Home

Click for Real Time Market Data

1322 DOVER ROAD | SANTA BARBARA CA 93103

Dramatic Upper Riviera Ocean View Parcel | Plans Available 0.82± Acres Parcel | Vacant Lot | Existing Pool Offered at $3,299,000

Exclusive Offering by Randy Haden/Molly Haden

SURF’S UP | SUMMERLAND BEACH

Single Family Residences + Condominiums (combined sales)

TOTAL JULY SALES 0

AVERAGE SALES PRICE

0% change from 2022 n/a

MEDIAN SALES PRICE

0% change from 2022 n/a

HIGHEST SALES PRICE n/a

LOWEST SALES PRICE n/a

Click for Real Time Market Data

WORLD’S SAFEST BEACH + BANDIT | CARPINTERIA

Single Family Residences + Condominiums (combined sales)

TOTAL JULY SALES

11

AVERAGE SALES PRICE +25% change from 2022 $1,464,909

MEDIAN SALES PRICE

+31% change from 2022 $1.050.000

HIGHEST SALES PRICE

6635 Arozena Lane

Carpinteria CA 93013

$4,100,000

LOWEST SALES PRICE

5455 Eighth Street, #19

Carpinteria CA 93013

$750,000

Condominium Home

Click for Real Time Market Data

SANDPIPER GOLF CLUB | GOLETA

GOLETA

JULY 2023 | In Review

Single Family Residences + Condominiums (combined sales)

TOTAL JULY SALES 29

AVERAGE SALES PRICE

+16% change from 2022 $1,515,119

MEDIAN SALES PRICE

+5% change from 2022

$1,350,000

HIGHEST SALES PRICE

1109 Camino Del Rio Goleta CA 93110

$3,700,000

LOWEST SALES PRICE

5290 Overpass Road, #32 Goleta CA 93111

$417,000

Office Condominium

Click for Real Time Market Data

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

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.

THE TALK IS MARKET SHIFTS + COMPASS

- click link for full article -

Pop The Champagne, Compass Hits Major Financial Milestone Compass Achieved Its Free Cash Flow Goal In Q2

Should You Underprice Your Home to Induce a Bidding War?

The Data Point Luxury Home Sellers Need to Watch Right Now

Commissioner Says Fire Insurance Market “Needs To Change”

Ricardo Lara Talks To Homeowners About Lowering Premiums By Fire-Proofing

A Standout Video Can Help Elevate A Property Listing Above The Competition

CAR (California Association of Realtors): July Home Sales And Price Report

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 July 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.