Market Report | South Santa Barbara County | March 2022

March 2022

Hello Family and Friends -

The housing market appears to be operating without brakes here in Santa Barbara and Montecito.

And here we are again - although sales were robust in Q1 for all property types, supply can’t keep up and pent-up demand keeps driving bidding wars amid a shortage of available homes. Year To Date we see both the Sold Dollar Volume and number of Sold Properties decline while home prices continue to climb with the Median Sales Price shooting up to $2,251,000 (15% over Q1 2021). Our supply of Active Listings is historically low at only 348 properties—down 26% over Q1 2021 (see graph below).

Recap | Everything with Prices is UP and Everything with Supply is DOWN:

- Total Active Listings Down -26% - New Listings Down -21%

- New Escrows Down -25% - Median Sales Price Increased +15%

- Sold Dollar Volume Down -17% - Sold Properties -Down 21%

Read on for a snapshot of our local market for the First Quarter and March of 2022 featuring properties that are currently available that we feel are good investments. We also included some article to help you sort through some of the most asked questions such as “Will The Market Crash?” or “Will Rising Mortgage Rates End the Boom?” and “Should I Buy or Sell?” - let us know what you think!

Mortgage Interest Rates Continue to Tick Up While Buyers are Not Backing Down:

• During Q1 mortgage interest rates have skyrocketed 50% with a particularly large jump in March.

• Because of the time involved in the home-buying process — the search, loan qualification, going into contract, escrow, closing sale — any significant effects of the recent spike won’t show up until Q2.

• For buyers financing their purchase, interest rates play an enormous role in monthly housing costs.

• Rising mortgage rates are pricing out first-time homebuyers, but it’s not enough to extinguish the U.S. real estate frenzy. Borrowing costs may keep these first-time homebuyers on sidelines.

Hot Off The Press | Industry News to Keep You in the Know (click for full article):

Fortune Forbes Bloomberg

The Housing Market Just Hit a Level Not Seen Since 2007

Will The Housing Market Crash? Experts Give 5-Year Predictions

Rising Mortgage Rates Won’t Be Enough to End Housing Boom

CNBC Realtor

CNBC

Rising Rates Causing Sellers to Lower Asking Price

More Inventory Ahead? 64% of Sellers Plan to List by Summer’s End

Mortgage Refinances Drop as Rates Rise and Impact Affordability

Overall, short monthly samples are compelling but not ideal since they do not predict what will ultimately happen but the housing market is one of the brightest spots of the US economy. With the lack of inventory and competitive nature of the market right now, it is more important than ever to work with professionals who know the business and can help you make a good long term investment.

Looking for professional + creative results orientated representation - Let’s Talk!

Randy and Molly

AL FRESCO ENTERTAINING SEASON IS YEAR ROUND IN MONTECITO

SOUTH SANTA BARBARA COUNTY MARKET REPORT | MARCH 2022

BANDIT DOWNTOWN ART | “WHO’S IN CHARGE” BRONZE STATUE BY J SEWARD JOHNSON. JR CAROUSEL MURAL BY DONN BYRNE

SANTA BARBARA COUNTY MARKET REPORT | MARCH 2022

THE OLD FIREHOUSE | MONTECITO

BUTTERFLY BEACH / CHANNEL DRIVE | MONTECITO

BIG NEWS | Compass is officially the LARGEST BROKERAGE in the United States in terms of CLOSED SALES VOLUME! In less than 10 years, we went from nothing — not existing — to #1. This amazing milestone is a testament to the hard work of our 26,000+ agents and 4,000+ employees and the vision that guides us every day at Compass.

— Robert Reffkin, Compass Founder & CEO

MONTECITO SALES | MARCH

Address List Price Sold Price % to List DOM

700 Picacho Lane Off Market $52,000,000 100% 1 851 Buena Vista Drive $27,750,000 $25,000,000 90% 171 1086 Channel Drive $25,000,000 $16,800,000 67% 410 321 Ennisbrook Drive $13,900,000 $13,500,000 97% 26 796 Hot Springs Road $11,250,000 $11,000,000 98% 176 866 Knapp Drive Off Market $9,125,000 100% 1 677 El Bosque Road Off Market $9,005,000 100% 1 1039 Cima Linda Lane $10,500,000 $8,700,000 83% 165 495 East Mountain Drive $7,950,000 $8,100,000 102% 8 200 Olive Mill Road $8,500,000 $8,000,000 94% 60 812 Romero Canyon Road $6,995,000 $6,927,500 99% 19 810 Toro Canyon Road $6,785,000 $6,785,000 100% 50 2062 China Flat Road $6,150,000 $6,350,000 103% 9 427 Pimiento Lane $5,500,000 $6,000,000 109% 10 745 Fuera Lane Off Market $6,000,000 100% 1 176 Pomar Lane Off Market $5,250,000 100% 1 2929 Hidden Valley Lane $4,995,000 $4,975,000 99% 25 51 Chase Drive $3,250,000 $4,520,000 139% 7 1483 Isabella Lane $3,400,000 $4,250,000 125% 2 1180 Mesa Road $2,875,000 $4,000,000 139% 8 660 Orchard Avenue $3,150,000 $3,776,000 120% 8 196 La Vereda Road Off Market $3,750,000 100% 1 51 Seaview Drive $3,650,000 $3,700,000 101% 1 1313 Danielson Road $3,200,000 $3,200,000 100% 1 1349 Plaza De Sonadores $3,200,000 $3,185,000 99% 4 269 Oak Road Off Market $3,000,000 100% 1 470 Cota Lane $1,850,000 $2,625,000 142% 7 412 Lemon Grove Lane $2,650,000 $2,540,000 96% 55 130 Via Alicia $2,850,000 $2,525,000 89% 141 6 Chase Drive $2,500,000 $2,450,000 98% 8 1220 Coast Village #308 $1,625,000 $1,800,000 111% 2

* DOM = Days on Market

STEARNS WHARF TOWARD SANTA BARBARA COAST | SANTA BARBARA

SANTA BARBARA

LA CUMBRE COUNTRY CLUB 13TH HOLE | HOPE RANCH

SANTA

HOPE RANCH BEACH| HOPE RANCH

SUMMERLAND BEACH | DRIFTWOOD ABUNDANCE | SUMMERLAND

SANTA

STRETCHES OF OPEN SAND ON SUMMERLAND BEACH | SUMMERLAND

THE WORLD’S SAFEST BEACH | CARPINTERIA

THE SURF SHOP + BEACH SUNDRIES | CARPINTERIA

SANTA BARBARA

MONARCH BUTTERFLY HABITAT | GOLETA

SOUTH SANTA BARBARA COUNTY MARKET REPORT | MARCH 2022

SANTA BARBARA SHORES COUNTY PARK | GOLETA

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.

Listing

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.

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 March 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.