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

SHOWERS brought

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

BANDIT WAITS FOR HIS FRIENDS AT RIVIERA PARK | SANTA BARBARA

- 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

ROSEWOOD MIRAMAR BEACH | PHOTO CREDIT VISIT SANTA BARBARA

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

ONE OF THE FEW PROPERTIES WITH STEPS TO THE SAND | HOPE RANCH

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

SURF’S UP | SUMMERLAND BEACH

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

THE WORLD’S SAFEST BEACH + BANDIT | CARPINTERIA

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

BREATHTAKING SANTA YNEZ VALLEY

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.