HoldiayGreetings ToAll!!!
Let’s jump into our latest Luxury Report analyzing the South Santa Barbara County and Montecito residential real estate trends for October 2024. Whether you’re planning to invest, sell or simply stay informed—our Luxury Report provides valuable data and expert analysis to guide your decisions in our ever-evolving real estate landscape. Enjoy -
We’ve all seen the national headlines showing declining and slow activity with recently reported existing home sales down to a 14 year low. In contrast, our local market has remained resilient all year with strong demand from qualified and enthusiastic buyers looking for their own slice of paradise in our beautiful coastal community!
Read on for key insights including comprehensive market dynamics, significant sales, key changes, price fluctuations and future outlooks for both buyers and sellers. In addition to sharing what’s happening in our market, we also like to illustrate with clear visuals, charts and graphs.
SOLD PRICE | The median sold price soars to all time highs! The recent monthly peak in September at $2,142,500 contributed to a new YTD high of $1,795,000 this October, up 7%. The total sold dollar volume increase is significant at $3,043,441,683 which is 21% over YTD 2023 as a result of several homes trading at record prices in the luxury market during 2024. List follows.
DEMAND | We still have more buyers than sellers while the available homes for sale is gradually increasing each month. YTD comparisons to the same time YTD 2023 show a 10% increase in the number of transactions to 1045 (including off market) with 15% more active inventory. The inventory is still scarce but the increase is encouraging, giving buyers more options to choose from. See Active Listings + Sold Analysis chart that follows.
take away CAN WE MAKE YOU MOVE
. . .
Thinking about selling but still on the fence?
Let's add your home's aspirational price to our "Make Me Move" Program! Contact us to learn more!
PRICING CORRECTLY | We have noticed that, even with the persistent lack of inventory, buyers are making careful decisions and homes with inflated asking prices are being overlooked. In contrast, well appointed homes that are tastefully remodeled, with notable architecture, are in move-in ready and priced correctly are still selling quickly for premium prices. Overpricing often results in taking longer to sell, lower sold prices and requiring a price correction—which we are seeing all more frequently. The recent metrics reflect this as evidenced by the October single family homes longer DOM at 43 days, homes trading lower at 93% of the original asking price (compared to 2020-2021’s 107%). Often after lowering original asking price.
INTEREST
RATES/ALL CASH | With interest rates still lingering around 7%, many buyers find this significant and are sitting on the sidelines or opting for all cash transactions. Our market has proven to be less interest rate sensitive during 2024 as evidenced by a remarkable 41% of the 1045 YTD transactions being from all cash buyers. The Luxury Market is even more resilient with 60% of the 136 sales in Montecito being all cash and 38% of 14 YTD sales in Hope Ranch. There has been a 45% increase in luxury sales YTD through October with 29 properties trading north of $10M!
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—reach out for a confidential conversation and strategic marketing plan. Let’s Talk!
Randy and Molly
COULD WE Make You Move . . .
THE SOLUTION
We have historically never seen a better time to capitalized on the equity you may have in your home. In this low inventory market with high buyer demand, now could be the ideal time. Your dream price might be more within reach than you think. In our local market, buyers have been willing to offer above the market price to secure their dream home and live in our beautiful community.
THE QUESTION
Thinking about selling your home but still on the fence? What is your aspirational price at which, if offered from a real buyer, you would consider selling?
IF THE ANSWER IS YES
We have the solution. We can discreetly test your aspirational sale price by entering it into the "Make Me Sell" category of our Compass Platform Database next to your property and wait. This will be exclusively available to our extensive network of 30,000± Compass agents across the country.
LEARN MORE
CONFIDENTIALITY
Your price, property details, and personal information remain completely confidential until you are ready. We will connect with other Compass buyer's agent and present your property details and your aspirational price.
WE MAKE IT EASY /
Why Not Try?
This is a no risk way to test the market and not incur Days on Market. With each additional day a home is on the market publicly, the value of the property erodes. With your property available discreetly, we eliminate that trap.
LET'S GET STARTED!
Reach out to discuss the details. There is no paperwork to sign and zero obligation to sell. Just expect a call from us when we identify interested buyer!
Some Agents Know The Market
Good Agents Understand The Market
Exceptional Agents
Can Explain
The Market
- read on . . .
BARBARA COUNTY
YTD THROUGH OCTOBER 2024 | In Review
Single Family Homes + Condominiums
+10% change over 2023
1045
SINGLE
FAMILY HOMES
TOTAL YTD SALES
+13% change over 2023
753
AVERAGE SALES PRICE
+9% increase over 2023
$3,551,718
MEDIAN SALES PRICE
+5% increase over 2023
$2,209,000
CONDOMINIUM HOMES
TOTAL YTD SALES
+4% change over 2023
292
AVERAGE SALES PRICE
+2% change over 2023
$1,263,693
MEDIAN SALES PRICE
+5% change over 2023
$998,500
- southSANTA BARBARA COUNTY
OCTOBER 2024 | In Review
Single Family Homes + Condominiums
+8% change over October 2023
113
SINGLE FAMILY HOMES
TOTAL SALES
+24% change over October 2023
87
AVERAGE SALES PRICE
-12% increase over October 2023
$2,887,671
MEDIAN SALES PRICE
0% increase over October 2023
$2,120,000
TOTAL AVERAGE DAY ON MARKET
43 SOLD TO ORIGINAL LIST PRICE 93%
CONDOMINIUM HOMES
TOTAL SALES
+30% change over October 2023
26
AVERAGE SALES PRICE
+28% change over October 2023
$1,572,885
MEDIAN SALES PRICE
+36% change over October 2023
$1,230,000
TOTAL AVERAGE DAY ON MARKET
26 SOLD TO ORIGINAL LIST PRICE 97%
2 Year Month over Month Comparison
$2,887,671
$2,120,000
SANTA BARBARA COUNTY
$3,551,718 YTD
$2,209,000 YTD
BARBARA COUNTY
- south -
SANTA BARBARA COUNTY
- homes | estates | puds | condos -
YTD COMPARED | 2018-2024 SOLD TO ACTIVE INVENTORY
INSIGHT | Active Inventory + Sales are Trending Up YTD. Could this Signal a Recovery From the Lowest SFH Sales of 857 Reported in 2023 for the Entire Year— the Same Level as the decline of 2008?
LUXURY MARKET OCTOBER HIGHLIGHTS
The Luxury Market has been remarkable this year with steadily increasing demand even with approximately 45% of the properties being listed for $10M or more. Sales in this category has grown 10% and an extraordinary 29 properties traded over $10M so far this year—9 during the Third Quarter 2024.
The Luxury Market contines to thrive with 137 properties trading in Montecito YTD, a nominal -5% decline from 143 the same time last year. October median sales price declined -14% to $5,477,683 over October 2023 with sold to original list price at 87%. The Luxury Market is less impacted by interest rates and 50% of October sales were all cash (59% YTD). Sales volume for the 136 sales YTD in Montecito is $1,009,754,254 (12% higher that the same time 2023) and a notable 33% of the entire Santa Barbara County’s 1045 sales YTD with total volume of $3,043,441,683. 16 properties traded in Hope Ranch YTD,
Whether you’re planning to invest, sell or simply stay informed—please reach out for a confidential conversation to explore how these metric relate to your situation and property. Not sure—let’s discuss the Compass Make Me Move no risk program where you can test an aspirational sales price.
YEAR TO DATE 2024 SALES OF $10M+ INCLUDE:
3165 Padaro Lane Carpinteria
771 Garden Lane
$49,598,500 July
Montecito $28,400,000 July
3281 Padaro Lane Carpinteria $19,500,000 September
416 Meadowbrook Drive
1130 E Mountain Drive
Montecito $16,780,500 September
Montecito $11,050,000 August
2128 Birnam Wood Drive Montecito $11,000,000 August
2039 Boundary Drive
167 Pomar Lane
3519 Padaro Lane
Montecito $10,900,000 August
Montecito $10,600,000 September
Carpinteria $10,000,000 September
CAN WE MAKE YOU MOVE
Thinking about selling your but still on the fence? Is there an aspirational price at which, if offered from a real buyer, would consider selling? Reach out to discuss!
LEARN MORE
MOVE . . . your home, there which, buyer, you Reach
AVAILABLE PROPERTIES
- Listed Within the in Past 40± 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 | OCTOBER
• U.S. existing-home sales in October 2024 rose 5.5% from September and 5% from October 2023. Year over year, the median single-family-home sales price and median condo/co-op sales price were up 4.1% and 1.6% respectively.
• The number of listings for sale increased slightly from September, and jumped 19% from October. 2023: In recent months, inventory has generally been running at its highest count in 4 years but remains far below pre-pandemic norms. Price reductions in October were up 17% year-over-year.
• Approximately 59% of sales went into contract in less than 1 month (vs. 66% in 10/23), 19% sold over list price (vs. 28% in 10/23), and 27% of buyers purchased all-cash. The median days-on-market to acceptance of offer was 29 days (vs. 23 days last year), and sold listings received an average of 2.5 offers. In the last 3 months, 15% of contracts saw delays in scheduled close of escrow (half due to appraisal issues), and 5% were terminated before completion of sale.
• Approximately 18% of August buyers waived their inspection contingency, and 20% waived the appraisal contingency. 14% of June-August contracts saw delays in scheduled close of escrow, and 5% of contracts were terminated before completion of sale.
As of November 21st, 30-year conforming mortgage interest rates were slightly below 7%, about 3/4 point above early October's. Stock markets remain close to historic highs, inflation ticked up slightly, the Fed dropped their benchmark rate another quarter percent, and consumer confidence hit its highest reading in 6 months. These economic indicators may impact different market segments differently depending on whether interest rates or stock values most affect their buyers.
In most regions, December is the slowest market of the year in both new-listing and sales activity - "snowbird" markets sometimes buck this trend - but homes are still listed for sale and deals continue to be made in markets across the country. This is typically the period in which buyers can negotiate most aggressively on unsold listings with longer days-on-market.
OCTOBER 2024 | In Review
Single Family Homes + Condominiums (combined sales)
12
AVERAGE SALES PRICE
-21% change from October 2023
$5,755,364
MEDIAN SALES PRICE
-14% change from October 2023
$5,477,683
HIGHEST SALES PRICE
843 Park Hill Lane
Montecito CA 93108
$9,580,000
LOWEST SALES PRICE
56 Olive Mill Road
Montecito CA 93108
$2,850,000 Condominium Home TOTAL
MONTECITO OCTOBER 2024 | 12 TRANSACTIONS
- homes | estates | puds | condosSOLD VOLUME | OCTOBER 2024 Distributed by Price Range
50%
12 sales
OCTOBER TOTAL SALES
12 Total Transactions Dollars In Millions
OCTOBER 2024 SALES ALL CASH
6 of the 12 Total Sales
0% OCTOBER 2024 SALES OFF MARKET
0 of the 16 Total Sales
$7,424,664 YTD
$5,477,683 YTD
HOPE RANCH
RANCH
Single Family Homes (no condos in Hope Ranch) 2
AVERAGE SALES PRICE
-24% change from October 2023
$4,947,500
MEDIAN SALES PRICE
-24% change from October 2023
$4,947,500
HIGHEST SALES PRICE
4660 Via Roblada Hope Ranch CA 93110
$6,295,000
LOWEST SALES PRICE
1057 Estrella Drive Hope Ranch CA 93110
$3,600,000
HOPE RANCH YTD 2024 | 16
20 Year Trend | 2005— October 2024
$4,947,500 YTD $4,947,500 YTD
SANTA BARBARA
In Review
Review BARBARA
SANTA BARBARA
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
+24% change from October 2023
$2,416,648
MEDIAN SALES PRICE
+11% change from October 2023
$1,999,000
HIGHEST SALES PRICE
1731 Lasuen Road
Santa Barbara CA 93103
$9,900,000
LOWEST SALES PRICE
719 West Arrellaga Street
Santa Barbara CA 93101
$714,000
OCTOBER 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
+138 change from October 2023
$4,280,333
MEDIAN SALES PRICE
+138 change from October 2023
$4,291,000
HIGHEST SALES PRICE
3 Hunt Drive Summerland CA 93067
$5,550,000
LOWEST SALES PRICE
2540 Varley Street Summerland CA 93067
$3,000,000
CARPINTERIA
CARPINTERIA
OCTOBER 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
+2% change from October 2023
$1,820,731
MEDIAN SALES PRICE
+9% change from October 2023
$1,695,000
HIGHEST SALES PRICE
4815 Sandyland Road A Carpinteria CA 93013
$3,965,000 Condominium Home
LOWEST SALES PRICE
6048 Jacaranda Way, D Carpinteria CA 93013
$750,000 Condominium Home
OCTOBER 2024 | IN REVIEW
Single Family Homes + Condominiums (combined sales)
AVERAGE SALES PRICE
0% change from October 2023
$1,803,077
MEDIAN SALES PRICE
+11% change from October 2023
$1,525,000
HIGHEST SALES PRICE
1071 Via Chaparral Goleta CA
$4,200,000
LOWEST SALES PRICE
7386 Calle Real 14 Goleta CA
$729,000 Condominium 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 BUYER REPRESENTATION
/
DESIGN +
MORE -click link for full article -
Experts Say If You Make This Home Upgrade Now, You'll Get Major Tax Benefits Later Yet Another Reason That Fall is the Best Time for Home Improvements
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
60 Best Online Furniture Stores to Bookmark for When You Redecorate There is Every Price Point Imaginable on this Curated List
6 Things Interior Designers Say They Would Never Buy
7 Paint Colors That Make a House Sell for More Money
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 October 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
LUXURY MARKET + OCTOBER HIGHLIGHTS
THE IMPLICATIONS OF THE NAR SETTLEMENT
The new business practice changes that all Realtors® and MLSs across the country have now been implemented.
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 buyers and sellers to understand these changes and consider the benefits of continuing to invest in Buyer Agent compensation.
Finding the house is the easy part . . . navigating the complex process of making an offer, completing the complicated 170+ contract/disclosure documents, inspections, negotiations and more to get the transaction closed, takes a high level of skill and experience.