May Flowers APRIL
Hello Family and Friends -
We are finally enjoying the California sunshine here is Santa Barbara and we hope you also enjoy this May residential real estate market report with data, graphs and available properties. Let us know what you think!
The hot market continues as people are reaching out about activity in the local residential Santa Barbara County market. There are still more buyers than sellers and this historically low inventory is a significant part of what’s driving the market right now and keeping the asking prices ambitious. We can confidently say that people who can afford to live anywhere—CHOOSE Montecito and Santa Barbara which is another reason the demand remains strong—in spite of real estate weakness in other markets.
To put the ongoing inventory shortage in perspective, be sure to check out the graph on pages 8 and 9 showing inventory and sold transactions YTD and for the past 10 years by month. One thing that stood out to us was that more homes were sold during the first 5 months of the 2020 pandemic (564), even with the two month nationwide shutdown, than we have sold in 2023 (441). This lack of available homes to buy is keeping the sold prices elevated. If you have thought about selling in the next 5 years, we feel this is an ideal time to take advantage of the high demand. Why not capitalize on your home’s equity with these historically high sold prices and a potential phenomenal return on your home’s investment. The limited inventory for buyers to choose from may make your property stand out and sell quickly! If you have nowhere to go, many buyers are offering attractive seller lease back options to get their offer accepted. Sold transactions for the entire Santa Barbara area has been hovering around 100 for the past three months. Only 104 homes changed hands in May, 41% were all cash, 13% off market and an average of 30 days on market. Montecito had a 2023 record of 25 transactions in May, over double last months 10 sales (68 YTD) with an astounding 52% being all cash and 16% off market. The smaller community of Hope Ranch did not have any sales in May (10 YTD) but demand still remains high there.
For buyers, now more than ever with the inventory shortage and surge in off market sales, we encourage you to reach out for our list of Compass Private Exclusive properties. These are off-market homes that we can share directly with our buyers and the property details are not disseminated widely and will not appear on public home search websites. This is an excellent way to stay ahead of the market by eliminating competition. Reach out frequently since the inventory moves quickly. Read on for the May 2023 market stats broken down by each city. Plus, check out some property ideas that are currently available that we feel are good values. As always—please reach out with any questions or to discuss your specific real estate goals!
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.
MAY TRENDS/HIGHLIGHTS
ONE | Demand continues — well qualified buyers are moving here at a pace we have not previously seen but we only have a limited amount of available homes for sale. With this historically low inventory, there were 36% fewer transactions YTD 2023 compared to the same time in 2022.
TWO | If you are thinking of selling in the next 5 years, we feel this is an ideal time to take advantage of the 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!
THREE | Despite low inventory, sold prices remain steady. The median SFH sales price YTD 2023 is at $2,090,000 overall, 4,995,000 in Montecito and $8,425,000 in Hope Ranch.
FOUR | May 2023 “All Cash” transactions were 41% overall (104 total sales), 52% (25 total sales) in Montecito. “Off Market” transactions were 16% overall, 13% in Montecito and 0% in Hope Ranch. In comparison, our previous Off Market “normal” was around ±4%.
- southSANTA BARBARA COUNTY
YTD
THROUGH
MAY 2023
Single Family Residences + Condominiums
-36% change over 2022
441
SINGLE FAMILY RESIDENCES
TOTAL YTD SALES
-35% change over 2022
307
AVERAGE SALES PRICE
-8% change over 2022
$3,257,706
MEDIAN SALES PRICE
-7% change over 2022
$2,090,000
CONDOMINIUM HOMES
TOTAL YTD SALES
-38% change over 2022
134
AVERAGE SALES PRICE
+1% change over 2022
$1,182,702
MEDIAN SALES PRICE
+3% change over 2022
$937,500
- southSANTA BARBARA COUNTY
MAY 2023 | In Review
Single Family Residences + Condominiums
-26% change over May 2021
104
SINGLE FAMILY RESIDENCES
TOTAL SALES
-27% change over 2022
67
AVERAGE SALES PRICE
+3% increase over 2022
$3,327,434
MEDIAN SALES PRICE
+9% increase over 2022
$2,435,050
AVERAGE DAYS ON MARKET
30
CONDOMINIUM HOMES
TOTAL SALES
-23% change over 2022
37
AVERAGE SALES PRICE
+20% change over 2022
$1,309,854
MEDIAN SALES PRICE
-14% change over 2022
$950,000
AVERAGE DAYS ON MARKET
24
The Current LIMITED INVENTORY Is Keeping Sold Prices ELEVATED
- south -
- homes | estates | puds (excludes condos) -
Information Deemed Reliable But Not Guaranteed and Provided by Fidelity National Title/Santa Barbara.
MONTECITO
MAY 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL MAY SALES 25
AVERAGE SALES PRICE
-13% change from 2022 $5,655,660
MEDIAN SALES PRICE
+4% change from 2022 $4,995,000
HIGHEST SALES PRICE
1045 Cold Springs Road Montecito CA 93108
$15,900,000
LOWEST SALES PRICE
1006 Fairway Road Montecito CA 93108
$2,550,000 Condominium Home
Click for Real Time Market Data
In April, 33.4% of buyers across the country dipped into their cash reserves, up from 30.7% from a year ago and the highest level since 2014. With interest rates at a 15-year high, it’s no surprise that cash purchases are now accounting for a larger share of deals . . .
- Click For Full Article
MONTECITO SALES | MAY
• DOM = Days on Market
52% MAY ALL CASH TRANSACTIONS
13 of the 25 Total Sales
16% MAY OFF MARKET TRANSACTIONS
4 of the 25 Total Sales
HOPE RANCH
MAY 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL MAY SALES
0
AVERAGE SALES PRICE
n/a change from 2022 n/a
MEDIAN SALES PRICE
n/a change from 2022 n/a
HIGHEST SALES PRICE n/a
LOWEST SALES PRICE n/a
Click for Real Time Market Data
SANTA BARBARA
MAY 2023 | IN REVIEW
Single Family Residences + Condominiums (combined sales)
TOTAL MAY SALES
44
AVERAGE SALES PRICE
-24% change from 2022
$1,786,267
MEDIAN SALES PRICE
-25% change from 2022
$1,304,500
HIGHEST SALES PRICE
1480 Mission Canyon Road Santa Barbara CA 93105
$4,425,000
LOWEST SALES PRICE
331 N Calle Cesar Chavez
Santa Barbara CA 93103
$576,500
Click for Real Time
Market Data
SUMMERLAND
MAY 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL MAY SALES
2
AVERAGE SALES PRICE
+16% change from 2022 $2,563,125
MEDIAN SALES PRICE
+18% change from 2022
$2,563,125
HIGHEST SALES PRICE
2631 Freesia Drive
Summerland CA 93067
$3,500,000
LOWEST SALES PRICE
2380 Banner Avenue
Summerland CA 93067
$1,626,250
Condominium Home
Click for Real Time Market Data
CARPINTERIA
Single Family Residences + Condominiums (combined sales)
TOTAL MAY SALES
9
AVERAGE SALES PRICE
-47% change from 2022
$1,197,111
MEDIAN SALES PRICE
-46% change from 2022
$896,000
HIGHEST SALES PRICE
5522 Calle Ocho Carpinteria CA 93013
$2,525,000
LOWEST SALES PRICE
1271 Franciscan Court, #2 Carpinteria CA 93013
$725,000
Condominium Home
Click for Real Time Market Data
GOLETA
MAY 2023 | In Review
Single Family Residences + Condominiums (combined sales)
TOTAL MAY SALES 24
AVERAGE SALES PRICE -2% change from 2022
$1,479,798
MEDIAN SALES PRICE 0% change from 2022
$1,344,444
HIGHEST SALES PRICE 4675 La Espada Drive Goleta CA 93111
$4,615,000
LOWEST SALES PRICE 241 Moreton Bay Lane, #6 Goleta CA 93117
$515,000 Condominium Home
Click for Real Time Market Data
SANTA YNEZ VALLEY
MAY 2023 | In Review
Single Family Residences + Condominiums
67
SINGLE FAMILY RESIDENCES
TOTAL SALES
-44% change over 2022
58 AVERAGE SALES PRICE
+1% increase over 2022
$2,041,902
MEDIAN SALES PRICE
-10% increase over 2022
$1,372,500
CONDOMINIUM HOMES
TOTAL SALES
-31% change over 2022
9 AVERAGE SALES PRICE
-4% change over 2022
$618,333
MEDIAN SALES PRICE
-3% change over 2022
$609,000
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 + INTEREST RATES
- click link for full article -
Home Sales Increase in California During May But No Big Recovery in Sight California Association of Realtors Study Finds Recovery Held Back by High Mortgage Rates
Competition Is Heating up Again as U.S. Housing Inventory Plunges to an 11-Year Low
Mortgage Rates Drive All-Cash Purchases to Nine-Year High
eXp Realty, Compass Earn Number 1 Spots in RealTrends 500 Brokerage Rankings Compass Held on to the Top Spot in Sales Volume, Ranking No. 1 for the Second Year in a Row Day Trip / Just For Fun!
40 of the Best Small Towns in California That Are Bursting With Beauty
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 May 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.