The Luxury Report | July 2024 Real Estate Market | Montecito/Hope Ranch/Santa Barbara
JULY 20 24
Hello Everyone -
Let’s dive into the July 2024 comprehensive analysis of the latest South Santa Barbara County and Montecito Real Estate Trends in our latest Luxury Report. Take in key insights that include market dynamics and significant changes, price fluctuations and future outlooks for both buyers and sellers. Whether you’re planning to invest, sell or simply stay informed—our report provides valuable data and expert analysis to guide your decisions in the ever-evolving South Santa Barbara County and Montecito real estate landscape.
THE IMPLICATIONS OF THE NAR SETTLEMENT
There are new business practice changes that all Realtors® and MLSs across the country must implement starting this month. The most significant change is that all buyers must sign a Buyer Representation Agreement (Form-BRBC) with an Agent prior to viewing a listed home. The economics of a real estate transaction will remain the same but the mechanics of the deal with Real Estate Agents will change significantly. It will be imperative for buyers and sellers to understand these changes and consider the benefits of continuing to invest in Buyer Agent compensation.
take away
Finding the house is the easy part . . . navigating the complex process of making an offer, completing the complicated 170+ contract/disclosure documents, inspections, negotiations and more to get the transaction closed, takes a high level of skill and experience. We thought these points from an Inman article by Cassie Walker Johnson had some good points. Link to full article "In The News" page below. Reach out for a confidential conversation on how these changes impacts your home investment.
THE FED HAS SIGNALED THAT RATE CUTS ARE ON THE HORIZON
The value a Buyer Agent brings to the transaction is indispensable. Their expertise not only facilitates a smoother process but also protects all parties involved from potential complications and litigation. By ensuring the buyer has professional representation, sellers can avoid significant risks and secure a successful transaction.
Jerome Powell, Chairman of the Federal Reserve, confirmed a shift in policy at the Jackson Hole Economic Symposium. Powell announced a roll out of upcoming cuts to the interest rate— indicating as soon as September. This is the interest rate that lending institutions lend to other institutions and affects everything from car loans to real estate. Since many Americans became accustomed to 2.5% or 3% rates during the covid pandemic, the lending environment slowed WAY down when the Fed raised rates in 2023. So a lowering of rates may encourage movement in the real estate market going into the holiday season and surely into 2025. Contact us for trusted lenders in our area to learn more.
Although our area has a significant number of all-cash homebuyers, this rate cut could be impactful. It may help ease financing costs for individuals looking for a mortgage and help put deals together for sellers and buyers who have been sitting on the sidelines watching and waiting. And while you are waiting for those rates to make their way down, we have some homes listed locally that you can get today! Read on for featured properties we feel are good values today and excellent long term investments moving forward!
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.
Looking for professional + creative results-oriented representation — Let’s Talk!
Some Agents Know The Market
Good Agents Understand The Market Exceptional Agents
- southSANTA
BARBARA COUNTY
YTD THROUGH JULY 2024 | In Review
Single Family Homes + Condominiums
+9% change over 2023
717
SINGLE
FAMILY HOMES
TOTAL YTD SALES
+12% change over 2023
514
AVERAGE SALES PRICE
+15% increase over 2023
$3,718,258
MEDIAN SALES PRICE
+4% increase over 2023
$2,200,000
CONDOMINIUM HOMES
TOTAL YTD SALES
+3% change over 2023
203
AVERAGE SALES PRICE
-2% change over 2023
$1,156,326
MEDIAN SALES PRICE
+6% change over 2023
$967,500
JULY 2024 | In Review
Single Family Homes + Condominiums
-6% change over 2023
92
SINGLE FAMILY HOMES
TOTAL SALES
+15% change over 2023
68
AVERAGE SALES PRICE
+32% increase over 2023
$3,740,100
MEDIAN SALES PRICE
-5% increase over 2023
$2,000,000
TOTAL AVERAGE DAY ON MARKET
34 SOLD TO ORIGINAL LIST PRICE 98%
CONDOMINIUM HOMES
TOTAL SALES
-1% change over 2023
24
AVERAGE SALES PRICE
+11% change over 2023
$1,314,313
MEDIAN SALES PRICE
+6% change over 2023
$954,750
TOTAL AVERAGE DAY ON MARKET
29 SOLD TO ORIGINAL LIST PRICE 96%
- south -
SANTA BARBARA COUNTY
- homes | estates | puds | condos -
PRICE | MEDIAN+AVERAGE
Month over Month Comparison
$3,107,286
$1,803,000
SANTA BARBARA COUNTY
$2,992,913 YTD
$1,765,000 YTD
BARBARA COUNTY
- south -
SANTA BARBARA COUNTY
- homes | estates | puds | condos -
YTD COMPARED | 2018-2024 SOLD TO ACTIVE INVENTORY
INSIGHT | Active Inventory + Sales are Trending Up YTD. Could this Signal a Recovery From the Lowest SFH Sales of 857 Reported in 2023 for the Entire Year— the Same Level as the decline of 2008?
LUXURY MARKET + JULY HIGHLIGHTS
The South Santa Barbara County Real Estate Market has remained unapologetically resilient through 2024 with many qualified and enthusiastic buyers looking for their own slice of paradise in our beautiful coastal community! We still have more buyers than sellers and the available homes for sale is gradually increasing each month.
We have noticed that buyers are making careful decisions and well appointed homes priced correctly are selling quickly as evidenced by the time a home takes to sell (DOM) at 34 days in July. Even with the continued lack of inventory, ambitiously priced homes are being overlooked, often requiring a price correction—which we are seeing more frequently. The median sales price for the entire Santa Barbara area has remained at a steady historically high Median Sold Price of $2,000,000 in July for the 68 total SFH sales. In the luxury markets, Montecito’s Median Sold Price for July dipped to $4,300,000 for the 11 sales while Hope Ranch saw only 1 sale in July with YTD Median Sold price at $6,053,000.
The Luxury Market remains undeterred by higher mortgage rates with 64% of homes trading for all cash in Montecito and 30% in the entire area. Offmarket deals are still thriving amid inventory scarcity and we network extensively with other top agents and have been successful in putting many deals together privately.
We saw two more eye-popping properties trading over $20M again in July adding up to a remarkable eleven properties so far this year. In addition to the Montecito, there were four (one 2 parcel) ocean front properties on the highly exclusive ocean front Padaro Lane.
If you are thinking of selling in the near future, we feel this is an ideal time to take advantage of this exceptional market, Why not capitalize on your home equity with these historically high sold prices and realize a potential phenomenal return on your home investment - Reach Out!
875/885 Park Lane | Montecito | $43,500,000 / $36,800,000 | February
319 San Ysidro Road | Montecito | $39,950,000 / $32,000,000 | February
3165 Padaro Lane | Carpinteria | $49,598,500 | July
771 Garden Lane | Montecito | $28,400,000 | July
HIGHLIGHTS
INSIGHT
| Even in a hot market where there are more buyers than houses available for sale, buyers aren’t going to pay attention to a home with an inflated asking price. However, many are willing to pay a premium for homes that are tastefully remodeled, notable architecture and in move-in ready—in all areas.
- let's talkRANDY/MOLLY
AVAILABLE PROPERTIES
- Listed Within the in Past 35 Days -
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.
NATIONAL REAL ESTATE INSIGHTS | AUGUST
National Real Estate Market Data Including Economic Indicators + Trends
• Year over year, the July median single-family-home sales price and the median condo/co-op price were up 4.2% and 2.7% respectively: Both declined slightly from all-time highs in June.
• The supply of existing-home listings rose 20% year-over-year to the highest count since autumn 2020, while the number of new-construction singlefamily homes on the market was the highest since 2008. Price reductions on active listings in July jumped 43% year-over-year.
• Existing-home sales increased 3.5% from June and rose 4.6% from July 2023, but remained far below long-term norms.
• Approximately 62% of sales went into contract in less than 1 month (vs. 74% in July 2023), 24% sold over list price (vs. 35% last July), and 27% were purchased all-cash (vs. 26%). The median days-on-market to acceptance of offer was 24 days (vs. 20 days last July), and sold listings received an average of 2.7 offers (vs. 3). Distressed-property sales (foreclosures and short sales) remained extremely low at 1% of total sales.
• 20% of buyers waived their inspection contingency (vs. 26% last July), and 22% waived the appraisal contingency (unchanged). 15% of May-July contracts saw delays in scheduled close of escrow (vs. 14%), and 6% of contracts were terminated before close of escrow (unchanged).
As of August 22nd, the 30-year, conforming-loan interest rate, at just below 6.5%, was its lowest since May 2023, and the July inflation reading declined below 3% for the first time in over 3 years. Stock markets have seen enormous volatility since mid-July, first plummeting, then making up most of their losses in a dramatic August rebound. Consumer confidence has been virtually unchanged for 4 months: Up from 2022 lows, but still well below long-term norms.
MONTECITO
BUTTERFLY BEACH FROM CHANEL DRIVE | MONTECITO
JULY 2024 | In Review
Single Family Homes + Condominiums (combined sales) 11
AVERAGE SALES PRICE
+9% change from 2023
$6,950,000
MEDIAN SALES PRICE
+30% change from 2023
$4,300,000
HIGHEST SALES PRICE
771 Garden Lane Montecito CA 93108
$28,400,000
LOWEST SALES PRICE
1220 Coast Village Road #303 Montecito CA 93108
$1,525,000 Condominium Home
MONTECITO JULY 2024 | 11
21 Year Trend | 2004—July 2024
$6,950,000 YTD
$4,300,000 YTD
HOPE RANCH
LAGUNA BLANCA LAKE FROM LA CUMBRE COUNTRY CLUB | HOPE RANCH
HOPE RANCH
JULY 2024 | In Review
Single Family Homes (no condos in Hope Ranch)
0% change over 2023 1
AVERAGE SALES PRICE
+169% change from 2023
$13,250,000
MEDIAN SALES PRICE
+169% change from 2023
$13,250,000
HIGHEST SALES PRICE
4343 Marina Drive
Hope Ranch CA 93110
$13,250,000
LOWEST SALES PRICE
4343 Marina Drive
Hope Ranch CA 93110
$13,250,000
HOPE RANCH YTD 2024 | 11 TRANSACTIONS
HOPE RANCH
- homes | estates | puds -
SALES THROUGH JULY 2024
Distributed by Price Range YTD 2024 SALES 11 Total Transactions Dollars In Millions 1 1 sales
RANCH
20 Year Trend | 2005— July 2024
$6,053,000 YTD $6,615,666 YTD
SANTA BARBARA
BARBARA
2716 CUESTA ROAD | SANTA BARBARA
Samarkand Neighborhood | Mountain + Coastal Views
4 BD | 3 BA | 2058± SF | Extra 625± Lower Level | 0.25± AC
Offered at $2,997,000
Exclusive Offering by Randy Haden/Molly Haden
SANTA BARBARA
JULY 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
+5% change from 2023
$2,099,755
MEDIAN SALES PRICE
+1% change from 2023
$1,975,000
HIGHEST SALES PRICE
2014 Garden Street
Santa Barbara CA 93110
$6,350,000
LOWEST SALES PRICE
322 S Voluntario Street
Santa Barbara CA 93105
$915,000
JULY
2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
3
AVERAGE SALES PRICE
n/a change from 2023
$2,841,500
MEDIAN SALES PRICE
n/a change from 2023
$2,841,500
HIGHEST SALES PRICE
2287 Golden Gate Avenue Summerland CA 93067
$3,365,000
LOWEST SALES PRICE
2460 Golden Gate Avenue
Summerland CA 93067
$2,318,000
CARPINTERIA
JULY 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
+705% change from 2023
$6,814,335
MEDIAN SALES PRICE
+4% change from 2023
$1,386,175
HIGHEST SALES PRICE
3165 Padaro Lane Carpinteria CA 93013
$49,598,500
LOWEST SALES PRICE
3375 Foothill Road #412 Carpinteria CA 93013
$675,000 Condominium Home
JULY 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
-19% change from 2023
$1,505,462
MEDIAN SALES PRICE
-4% change from 2023
$1,440,000
HIGHEST SALES PRICE
4247 Rancho Asoleado Drive Goleta CA 93117
$3,600,000
LOWEST SALES PRICE
7630 Hollister Avenue #121 Goleta CA 93117
$655,000 Condominium Home
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 THE NAR SETTLEMENT/COMMISSIONS + MORE
- click link for full article -
Inman Article | Why Buyer Representation Should Matter So Much To Sellers
90% of Homebuyers Have Historically Opted to Work with a Real Estate Agent or Broker. Here’s Why That's Unlikely to Change, According to NAR Why Sign A Buyer Representation Agreement | Robert Reffkin
7 Popular Design Details That Make Homes Irresistible To Buyers — According to Real Estate Agents
Stocks Up, Gold Down in Americans' Best Investment Ratings Real Estate Continues to Lead as the Perceived Best Long-Term Investment
10 Best Front Yard Landscaping Tips To Add Instant Curb Appeal
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 July 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.
