APRIL SHOWER . . .
MAY 20 24
Hello
The South Santa Barbara County Real Estate numbers are in and while the market is holding steady there are some notable events to point out. Despite the persistent historically low inventory, we remain optimistic with the number of available homes increasing slightly each month. May finished with 120 total sales—although this is a year high, it is still notably below the “pre-pandemic normal.”
In this market, we are seeing buyers make more careful decisions instead of rushing in to make offers on the first day a property is listed. With buyers taking more time to decide, this gives the many other enthusiast potential buyers more choices and is leading to more price improvements on several properties.
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 movein ready with tasteful remodeling or notable architecture.
Single Family Homes | Number of sales is up 15% YTD over 2023. In May, we saw the median sales price jump up to $2,600,000, 7% above the same time last year and $2,265,000 YTD showing we still have strong buyer demand. The 81 Single Family Homes that traded in May sold at an average of 97% of the LAST list price BUT only 94% of the ORIGINAL list price with the cumulative “Days on Market” of 52 Days—37% longer than in April. So what does this mean . . . we are noticing that homes that are priced correctly initially are getting offers within the first few weeks and ambitiously priced homes are lingering on the market longer—often suffering price corrections.
Luxury Market | The high end market is still booming and 30% of homes traded at or above list price. The Montecito YTD sales volume of $526,273,958 is up 27% over 2023 with a 1% increase in number of YTD sales at 69 homes. The median sales price of $4,845,000 is just -3% lower than May 2023 and -12% lower than our all time high in May 2020 of $5,500,000.
Numbers don‘t tell the entire story—we remain optimistic with many qualified and enthusiastic buyers looking for quality homes who are ready to make a buying decision. If you are thinking of selling in the near future, we have never seen a better time to capitalize on the potential equity in your property. Although we are seeing that the “panic buying” during the pandemic is over, homes at all price points that are priced correctly and marketed professionally are still receiving multiple offers and often at or over the asking price. Reach out to discuss what this means for your property in this market.
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
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southSANTA BARBARA COUNTY
YTD THROUGH MAY 2024 | In Review
Single Family Homes + Condominiums
+15% change over 2023
505
SINGLE FAMILY HOMES
TOTAL YTD SALES
+19% change over 2023
365
AVERAGE SALES PRICE
+6% increase over 2023
$3,455,415
MEDIAN SALES PRICE
+8% increase over 2023
$2,265,000
CONDOMINIUM HOMES
TOTAL YTD SALES
+4% change over 2023
140
AVERAGE SALES PRICE -7% change over 2023
$1,095,452
MEDIAN SALES PRICE -1% change over 2023
$925,000
MAY 2024 | In Review
Single Family Homes + Condominiums
+15% change over 2023
120
SINGLE FAMILY HOMES
TOTAL SALES
+27% change over 2023
85
AVERAGE SALES PRICE
+3% increase over 2023
$3,427,655
MEDIAN SALES PRICE
+7% increase over 2023
$2,600,000
TOTAL CUMULATIVE DAY ON MARKET
52 SOLD TO ORIGINAL LIST PRICE 94%
CONDOMINIUM HOMES
TOTAL SALES
-5% change over 2023
35
AVERAGE SALES PRICE -11% change over 2023
$1,162,614
MEDIAN SALES PRICE
-2% change over 2023
$929,000
TOTAL CUMULATIVE DAY ON MARKET
27 SOLD TO ORIGINAL LIST PRICE 99%
- south -
- homes | estates | puds (excludes condos) -
$3,427,655
$2,600,000
- south -
SANTA BARBARA COUNTY
- homes | estates | puds | condos -
|
22 Year Trend | 2003— May 2024
$2,801,168
$1,775,000
The Current Limited Inventory Is Keeping Sold Prices Elevated If you have been thinking of selling in the near future, we have never seen a better time to capitalize on the potential equity you may have in your home.
SANTA BARBARA COUNTY
- homes | estates | puds | condos -
22 Year Trend | 2003— May 2024
- south -
SANTA BARBARA COUNTY
- homes
| estates
| puds | condosINVENTORY | SOLD+ACTIVE
YTD Totals | 2018-2024
(excludes off market transactions)
INSIGHT | Through May we are enjoying 20% more Active Inventory over 2023 resulting in a 12% increase in Sold Properties. While we are moving in the right direction—this is still well below our “pre-pandemic normal” keeping prices at a premium.
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
Check out our carefully curated collection which includes properties we consider to be exceptional, excellent investments and/or good valuescall/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.
MONTECITO
THE LUXURY MARKET REMAINS UNAPOLOGETICALLY RESILIENT. . .
And Hight End Sales Are Booming! The Luxury buyers remain undeterred by interest rates, evidenced by 57% of homes in Montecito trading for all cash YTD 2024 and 60% in 2023, Through May 2024, Montecito had 69 transactions which compares equally to the same time 2023. While this is ±63% lower than the height of 2021, it is only around 6-10%± lower than the pre-pandemic "normal average" moving in the direction of a more balanced market.
Median Sales Price/Dollar Volume YTD | The Montecito YTD sales volume is over half a billion at $526,273,958, up 27% over 2023 with a 1% increase in number of sales YTD of 69 homes. The median sales price of $4,845,000 and has been holding steady since 2022, but 12% lower than our all time high in May 2020 of $5,500,000. 30% of homes traded at or above list price. Hope Ranch, with only around 700 properties, has only 8 sales YTD and $50,074,200 in sales volume and median sales price of $6,053,000.
Notable Transactions | During May, two properties traded over $17M and 8 of the 14 homes in Montecito and Hope Ranch sold for $5M or less.
3345 Padaro Lane, Carpinteria | $26,500,000/$21,500,000 | 83% of List
749 Fuera Lane, Montecito | $20,085,000/$17,425,000 | 87% of List
Off-Market Transactions | Still thriving amid inventory scarcity but we network extensively with other top agents so have been successful in putting many deals together privately. Maximum exposure is still the best way to attract the most qualified buyers along with the highest possible price. Homes in Montecito are still selling at premium prices when priced correctly and marketed publicly.
Please reach out for a confidential conversation and strategic marketing plan. We have many qualified affluent clients looking for their own slice of paradise in our beautiful coastal community -
MAY 2024 | In Review
Single Family Homes + Condominiums (combined sales)
749 Fuera Lane Montecito CA 93108
$17,425,000
$3,150,000
MONTECITO MAY 2024 | 11 TRANSACTIONS
- homes | estates | puds | condosSOLD VOLUME | MAY 2024 Distributed by Price Range
sales
18% MAY 2024 SALES OFF MARKET 2 1of the 11 Total Sales 45% MAY 2024 SALES ALL CASH 5 of the 11 Total Sales
MONTECITO
homes | estates | puds | condos -
8 Year Trend | YTD 2017—2024
INSIGHT | YTD Sales of 68 properties is tracking with the pre-pandemic average "normal" - excluding the pandemic buying frenzy.
$6,658,717
$4,845,000
HOPE RANCH
MAY 2024 | In Review Residential Real Estate
VIEW OF LAGUNA BLANCA FROM LA CUMBRE COUNTRY CLUB | HOPE RANCH
HOPE RANCH
MAY 2024 | In Review
Single Family Homes (no condos in hope ranch)
3
AVERAGE SALES PRICE
n/a change from 2023
$6,216,000
MEDIAN SALES PRICE
n/a change from 2023
$6,053,000
HIGHEST SALES PRICE
1020 Via Tranquila Hope Ranch CA 93110
$7,695,000
LOWEST SALES PRICE
4675 Via Huerto Hope Ranch CA 93110
$4,900,000
TOTAL AVERAGE DAY ON MARKET
154 YTD SOLD TO ORIGINAL LIST PRICE 88%
REAL TIME MARKET DATA - click -
HOPE RANCH YTD 2024 | 8 TRANSACTIONS
- homes | estates | pudsYTD 2024 TOTAL SALES Distributed by Price Range
8 sales
YTD 2024 TOTAL SALES
8 Total Transactions YTD Total YTD Dollar Volume $50,074,200
25% YTD 2024 SALES ALL CASH 2 of the 8 Total Sales
13% YTD 2024 SALES OFF MARKET 1 of the 8 Total Sales
20 Year Trend | 2005—May 2024
$6,216,000$6,053.000
SANTA BARBARA
BARBARA
SANTA BARBARA HARBOR
SANTA BARBARA
SANTA BARBARA
MAY 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
+40% change from 2023
$2,505,533
MEDIAN SALES PRICE
+75% change from 2023
$2,277,500
HIGHEST SALES PRICE
1138 Mission Ridge Road Santa Barbara CA 93103
$9,100,000
LOWEST SALES PRICE
2480 Foothill Road Santa Barbara CA 93101
$3,035,000
SUMMERLAND
MAY 2024 | In Review
SUMMERLAND
MAY 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
0% change from 2023
MEDIAN SALES PRICE
0% change from 2023
HIGHEST SALES PRICE
LOWEST SALES PRICE
CARPINTERIA
SANTA BARBARA POLO & RACQUET CLUB | CARPINTERIA
CARPINTERIA
MAY 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
+213% change from 2023
$3,744,667
MEDIAN SALES PRICE
+62% change from 2023
$1,450,000
HIGHEST SALES PRICE
3345 Padaro Lane
Carpinteria CA 93013
$21,500,000
LOWEST SALES PRICE
5950 Hickory Street #2 Carpinteria CA 93013
$605,000 Condominium Home
GOLETA
MAY 2024 | In Review
Residential Real Estate Update
MAY 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
-2% change from 2023
$1,444,801
MEDIAN SALES PRICE
0% change from 2023
$1,340,000
HIGHEST SALES PRICE
1455 Holiday Hill Road Goleta CA 93117
$3,300,000
LOWEST SALES PRICE
43 Dearborn Place, A Goleta CA 93117
$555,000 Manufactured Home
SANTA YNEZ VALLEY
VALLEY
BREATHTAKING SANTA YNEZ VALLEY
SANTA YNEZ
SANTA YNEZ VALLEY
MAY 2024 | In Review
Single Family Homes + Condominiums
(combined sales)
15
SINGLE FAMILY HOMES
TOTAL SALES 15
AVERAGE YTD SALES PRICE
$2,205,715
MEDIAN YTD SALES PRICE
CONDOMINIUM HOMES
TOTAL SALES 1
AVERAGE YTD SALES PRICE
$748,821
MEDIAN YTD SALES PRICE
$1,525,000 REAL TIME MARKET DATA - click -
$682,500
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.
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 May 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.
CHICAGO TITLE FIDELITY NATIONAL TITLE
SANTA BARBARA MLS
