The Luxury Report | Half Year 2024 Real Estate Market | Montecito/Hope Ranch/Santa Barbara
YTD + JUNE 20 24
Hello Everyone -
The Half Year South Santa Barbara numbers are in, but first let's cut through the noise and sensationalist headline news regarding the National Association of Realtor® (NAR) settlement. We'll break down the top issues that impact your home sale - and purchase.
THE IMPLICATIONS OF THE NAR SETTLEMENT IS ON THE HORIZON
There are new business practice changes that all Realtors® and MLSs across the country must implement by August 17th, 2024. 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 sellers to understand these changes and consider the benefits of continuing to invest in Buyer Agent compensation. Let's explore why -
Finding the house is the easy part . . . navigating the complex process of making an offer, completing the complicated 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..
WHAT VALUE DOES A SELLER RECEIVE IF THE BUYER HAS PROFESSIONAL REPRESENTATION?
Contract Guidance | Buyer Agents guide their clients through the purchase and sale agreement (which changes frequently, has numerous State and Local addendums/disclosures and is over 170 pages long) ensuring that they understand the terms and conditions and their ability to fulfill their commitments.
Contingency Explanation | Buyer Agents explain all contingencies to buyers, ensuring they understand the risks and rewards, especially when waiving contingencies.
Transaction Deadlines | Buyer Agents ensure that their client and their lender observe and adhere to all contractual deadlines to keep the transaction flowing smoothly to close on time.
Lender Connections | Buyer Agents connect their buyers with wellvetted and typically local loan partners who have a proven success record of closing a transaction on time.
Documentation Management | Buyer Agents ensure that buyers have delivered all necessary documentation to the lender to ensure full underwriting. They also make sure all deadlines are met and the deal stays on track.
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.
Market Analysis | Buyer Agents provide comparable market analysis reports (CMAs) to help buyers understand the true market value of the home and support a reasonable offer price.
Earnest Money | Buyer Agents ensure earnest money funds are delivered to escrow on time.
Inspection Access | Buyer Agents provide access to home inspectors and help their buyers understand the reports. This is critical as most MLS associations require an agent to be present whenever a door is opened. If the buyer doesn‘t have representation, the listing agent must give access, exposing them to inspection findings and forcing them to disclose on behalf of the seller.
Appraisal Assistance | Buyer Agents give access to appraisers and typically provide reports of comparable properties to support the purchase price, ensuring the property appraises at the value..
Negotiation Support | If the appraisal report comes in less than the purchase price, the Buyer Agent will help negotiate and collaborate with the listing agent to ensure a mutual agreement is reached by all parties.
Transaction Coordination | Most importantly; the Buyer Agent helps keep their client and all parties on track to ensure the sale closes—and on time.
Reach out to discuss your options and how it impacts your home investment.
Some Agents Know The Market
Good Agents Understand The Market Exceptional Agents
-
southSANTA BARBARA COUNTY
HALF YEAR REPORT 2024 | In Review
Single Family Homes + Condominiums
+12% change over 2023
625
SINGLE FAMILY HOMES
TOTAL YTD SALES
+15% change over 2023
446
AVERAGE SALES PRICE
+14% increase over 2023
$3,714,928
MEDIAN SALES PRICE
+7% increase over 2023
$2,250,000
CONDOMINIUM HOMES
TOTAL YTD SALES
+7% change over 2023
179
AVERAGE SALES PRICE
-3% change over 2023
$1,135,143
MEDIAN SALES PRICE
+5% change over 2023
$975,000
BANDIT LOOKING PATRIOTIC AT THE JULY 4TH CELEBRATIONS!
- southSANTA
BARBARA COUNTY
JUNE 2024 | In Review
Single Family Homes + Condominiums
+3% change over 2023
120
SINGLE FAMILY HOMES
TOTAL SALES
+15% change over 2023
81
AVERAGE SALES PRICE
+42% increase over 2023
$4,884,338
MEDIAN SALES PRICE
-16% increase over 2023
$1,995,000
TOTAL
32
CONDOMINIUM HOMES
TOTAL SALES -1% change over 2023
39
AVERAGE SALES PRICE
+11% change over 2023
$1,277,624
MEDIAN SALES PRICE
+18% change over 2023
$1,085,000
TOTAL
24
- south -
SANTA BARBARA COUNTY
- homes | estates | puds | condos -
PRICE | MEDIAN+AVERAGE
Month over Month Comparison
$3,712,156
$1,718,500
BARBARA COUNTY
$2,976,837
$1,757,600
BARBARA COUNTY
- south -
SANTA BARBARA COUNTY
- homes | estates | puds (excludes condos) -
INVENTORY | SOLD+ACTIVE BY QUARTER
Half Year Totals | 2018-2024
INSIGHT | Inventory + Sales is Trending Up YTD. Could this Signal a Recovery From the Lowest SFH Sales Reported in 2023 of 857— the Same Level as 2008?
The Current Limited Inventory Is Keeping Sold Prices Elevated
LUXURY MARKET + HALF YEAR HIGHLIGHTS
The South Santa Barbara County real estate market has remained unapologetically resilient through the first half of 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 but the available homes for sale is gradually increasing each month. Here’s the YTD insightsWe 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 32 days. Even with the continued lack of inventory, ambitiously priced homes are being overlooked, resulting in the “Sold to Original List Price” going down to 93% YTD (compared to 2020-2021’s 107%) and often requiring a price correction—which we are seeing more frequently. Please reach out for a confidential conversation and strategic marketing plan.
INSIGHT | Inventory + Sales is Trending Up YTD. Could this Signal a Recovery From the Lowest Reported SFH Sales in 2023 of 857—the Same Level as 2008?
The median sales price for the entire Santa Barbara area has remained at a steady historically high sold price all year with a slight 3% uptick YTD at $2,250,000 for the 625 total SFH sales. In the luxury markets, Montecito saw a 6% increase to $5,400,000 for the 84 sales while Hope Ranch was down 29% to $5,495,250 due to the much lower 10 sales. All areas remain undeterred by higher mortgage rates with 43% of homes trading for all cash in the entire area and 58% in Montecito. Off-market deals are still thriving amid inventory scarcity and we network extensively with other top agents so have been successful in putting many deals together privately. A remarkable nine properties traded over $20M so far this year. In addition to the Montecito sales (below), there were two ocean front properties on Padaro Lane:
3345 Padaro Lane | Carpinteria | $26,500,000 / $21,500,000 | May
2781 Padaro Lane (2 parcels) | Carpinteria | $96,000,000 | June
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 60 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 | JUNE
National Real Estate Market Data Including Economic Indicators + Trends
• Year over year, the median single-family-home sales price and median condo/co-op sales price were up 4.1% and 2.6% respectively: Both hit new highs.
• The supply of listings for sale rose 23.4% year-over-year to the highest monthly count in almost 4 years (though only slightly higher than in summer 2021 & 2022).
• The number of sales declined 7.4% from May and 13.4% from June 2023, while price reductions in the 2nd quarter jumped 52% year-over-year.
• * Approximately 65% of sales went into contract in less than 1 month (vs. 76% in June 2023), 29% sold over list price (vs. 33% last June), and 28% were purchased all-cash (vs. 26%). Median days on market to acceptance of offer was 22 days (vs. 18 days last June), and sold listings received an average of 2.9 offers (vs. 3.5). 20% of buyers waived the inspection contingency (vs. 25%), 24% waived the appraisal contingency (vs. 25%), and 5% of Q2 contracts were terminated (no change).
As of mid-July, 30-year, conforming-loan interest rates were the lowest since March, and June's inflation reading declined again, rekindling hopes the Fed will soon begin to reduce its benchmark rate. Finding comprehensive homeowner's insurance coverage at an affordable cost has become deeply challenging in many regions.
"We're seeing a slow shift from a seller's market to a buyer's market," said NAR Chief Economist Lawrence Yun on national dynamics. "Homes are sitting on the market a bit longer, and sellers are receiving fewer offers [with more contingencies, and] inventory is definitively rising."
MONTECITO
HALF YEAR REPORT | In Review
Single Family Homes + Condominiums -2% change over Half Year 2023 84
SINGLE FAMILY HOMES
TOTAL YTD SALES
+1% change over 2023
79
AVERAGE SALES PRICE
+26% increase over 2023
$8,356,152
MEDIAN SALES PRICE
+6% increase over 2023
$5,400,000
CONDOMINIUM HOMES
TOTAL YTD SALES -44% change over 2023
5
AVERAGE SALES PRICE -4% change over 2023
$2,907,000
MEDIAN SALES PRICE
+25% change over 2023
$2,685,000
TOTAL AVERAGE DAY ON MARKET 74 SOLD TO ORIGINAL LIST PRICE 90%
JUNE 2024 | In Review
Single Family Homes + Condominiums (combined sales)
1530 Mimosa Lane $16,500,000 $16,500,000 100% 26 812 BUENA VISTA AVE $14,750,000 $14,750,000 100% 1 1580 Ramona Lane $8,450,000 $8,450,000 100% 1 1564 Ramona Lane $9,500,000 $8,200,000 86% 159 433 Alcala Lane $6,950,000 $6,550,000 94% 15 602 Parra Grande Ln
JUNE
MONTECITO
21 Year Trend | 2019—June 2024
$8,356,152
$5,400,000
HOPE RANCH
HOPE RANCH
HALF YEAR REPORT | In Review
Single Family Homes (no condos in Hope Ranch) -17% change over 2023
SINGLE FAMILY HOMES
TOTAL YTD SALES -17% change over 2023
10
AVERAGE SALES PRICE
-25% increase over 2023
$5,952,233
MEDIAN SALES PRICE -29% increase over 2023
$5,495,250
TOTAL AVERAGE DAY ON MARKET
10 CONDOMINIUM HOMES No Condos in Hope Ranch N/A
AVERAGE SALES PRICE N/A
MEDIAN SALES PRICE N/A
127 SOLD TO ORIGINAL LIST PRICE 88%
HOPE RANCH
JUNE 2024 | In Review
Single Family Homes (no condos in Hope Ranch) -57% change over 2023
2
AVERAGE SALES PRICE
+19% change from 2023
$6,618,000
MEDIAN SALES PRICE
+11% change from 2023
$6,618,000
HIGHEST SALES PRICE
4450 Via Esperanza Hope Ranch CA 93110
$4,750,000
LOWEST SALES PRICE
985 Las Palmas Drive Hope Ranch CA 93110
$4,698,125
TOTAL AVERAGE DAY ON MARKET
16 SOLD TO ORIGINAL LIST PRICE 88%
REAL TIME MARKET DATA - click -
HOPE RANCH Q1 2024 | 10 TRANSACTIONS
HOPE RANCH
- homes | estates | pudsHALF YEAR TOTAL SALES 2024
Distributed by Price Range
HALF YEAR SALES 10 Total Transactions Dollars In Millions 10 sales
HOPE RANCH
- homes | estates | puds
20 Year Trend | 2005— June 2024
$5,952,233$5,495,250
SANTA BARBARA
BARBARA
SANTA BARBARA
HALF YEAR REPORT | In Review
Single Family Homes + Condominiums +17% change over 2023
286
SINGLE FAMILY HOMES
TOTAL YTD SALES
+29% change over 2023
216
AVERAGE SALES PRICE
+8% increase over 2023
$2,562,342
MEDIAN SALES PRICE +11% increase over 2023
$2,225,000
CONDOMINIUM HOMES
TOTAL YTD SALES -9% change over 2023
70
AVERAGE SALES PRICE -4% change over 2023
$1,195,627
MEDIAN SALES PRICE -5% change over 2023
$1,024,500
SANTA BARBARA
JUNE 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
+7% change from 2023
$2,255,407
MEDIAN SALES PRICE
0% change from 2023
$1,850,000
HIGHEST SALES PRICE
1030 Via Pradera Santa Barbara CA 93110
$10,000,000
LOWEST SALES PRICE
3566 Modoc Road, #33 Santa Barbara CA 93105
$825,000 Condominium Home
SUMMERLAND
HALF YEAR REPORT | In Review
Single Family Homes + Condominiums -20% change over 2023
4
SINGLE
FAMILY HOMES
TOTAL YTD SALES
-43% change over 2023
4
AVERAGE SALES PRICE
-41% increase over 2023
$2,886,250
MEDIAN SALES PRICE
-22% increase over 2023
$2,725,000
CONDOMINIUM HOMES
TOTAL YTD SALES n/a change over 2023
0
AVERAGE SALES PRICE N/A
MEDIAN SALES PRICE N/A
JUNE 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
2
AVERAGE SALES PRICE
0% change from 2023
$2,572,500
MEDIAN SALES PRICE
0% change from 2023
$2,572,500
HIGHEST SALES PRICE
2285 Whitney Avenue Summerland CA 93067
$2,750,000
LOWEST SALES PRICE
2474 Varley Street Summerland CA 93067
$2,395,000
CARPINTERIA
CARPINTERIA
HALF YEAR REPORT | In Review
Single Family Homes + Condominiums
53
SINGLE FAMILY HOMES
TOTAL YTD SALES
0% change over 2023
19
AVERAGE SALES PRICE
+211% increase over 2023
$8,228,799
MEDIAN SALES PRICE
+21% increase over 2023
$2,000,000
CONDOMINIUM HOMES
TOTAL YTD SALES
+36% change over 2023
34
AVERAGE SALES PRICE +32% change over 2023
$970,268
MEDIAN SALES PRICE +9% change over 2023
$820,000
CARPINTERIA
JUNE 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
+705% change from 2023
$11,047,660
MEDIAN SALES PRICE
+4% change from 2023
$1,247,500
HIGHEST SALES PRICE
2781 Padaro Lane (2 Parcels) Carpinteria CA 93013
$96,000,000
LOWEST SALES PRICE
5970 Hickory Street, Unit 3 Carpinteria CA 93013
615,000 Condominium Home
GOLETA
HALF YEAR REPORT | In Review
Single Family Homes + Condominiums
+18% change over 2023
188
SINGLE FAMILY HOMES
TOTAL YTD SALES
+19% change over 2023
118
AVERAGE SALES PRICE
+3% increase over 2023
$1,829,165
MEDIAN SALES PRICE
+7% increase over 2023
$1,600,000
CONDOMINIUM HOMES
TOTAL YTD SALES
+30% change over 2023
70
AVERAGE SALES PRICE +8% change over 2023
$1,028,181
MEDIAN SALES PRICE +6% change over 2023
$945,500
JUNE 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
1120 Via Del Rey Goleta CA 93117
$4,625,000
LOWEST SALES PRICE
7465 Hollister Avenue, # 110 Goleta CA 93117
$315,000 Manufactured 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
Inventory of Existing Homes Hits Highest Level Since Early in the Pandemic
Sales fell 5.4% from year-ago levels, the sharpest decline seen in 2024, while prices reached another all-time high
Stocks Up, Gold Down in Americans' Best Investment Ratings Real Estate Continues to Lead as the Perceived Best Long-Term Investment
The Top 10 Upgrades That Make Your Home Sell Over Asking We're Talking Tens of Thousands More!
Is Home Staging Worth the Hype?
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 June 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.
