Market Report | South Santa Barbara County | September 2021

2021

SANTA BARBARA COUNTY

market report september 2021 | haden homes luxury property group | compass montecito

September

- south

Residential Real Estate Market Report

2

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

Will The Hot Market Cool Off This Fall . . .

B U T T E R F LY B E AC H AT S U N R I S E | M O N T E C I TO

3

Statistics Continue to Break Records . . . even with the lack of inventory in all price ranges.

Sellers are in an extraordinary situation, fueled by record low inventory and ever growing buyer demand for the Santa Barbara Coast. We are seeing an increasing level of work-from-home situations, giving people new opportunities to re-evaluate where they call home. The number of people relocating from other areas continues to climb each month. We have multiple buyers looking for homes in Montecito, Santa Barbara and Hope Ranch so if you’re considering selling— we have never seen a better time to sell.

Off Market + Over Ask Sales: In the third quarter, 16%± of sales were completed off market meaning the properties did not appear in the MLS or any public search sites (national average 4%±). This is a remarkable increase over the same time during Q3 2020 where 12%± of sales happened off market. In Montecito during September, 38%± of sales were off market and 65%± were at OR over the asking price. We have successfully helped several clients buy and sell properties off market—if you see something you like or want to privately sell let us know.

Ultra High End Luxury Market: Year-to-date there have been nearly 50 sales over $10 million and 12 of those were over $20 million. A typical market would see around 10-12 sales over $10 million. Many clients are asking if we see a slow down and we can say that prices have started to stabilize after appreciating on average of 20-30% from the beginning of the year. We will wait and see if this is a new normal, a seasonal pause or result of lack of inventory. Stay tuned Noteworthy Sale: Ellen DeGeneres and Portia de Rossi bought Dennis Miller’s Picacho Lane compound for $49 million one year ago. They just sold it for a nice profit to an unknown buyer at $55 million. This sales has not been recorded so in not included in Septembers statistics.

Fierce Competition: For buyers, the competition is fierce and quick decisions are often necessary to be in the game. The time a home spends on the market (days on market/DOM) has been slashed from months to days—often with multiple offers, over ask prices, very short inspection periods and quick closes. If you are an all cash buyer, consider yourself fortunate since many buyers that need a loan are being passed over for all cash. That does not mean you should sit this one out. Be prepared by having your proof of funds ready or get pre-approved by a lender so you can maximize your chances of securing an offer. We have successfully helped many clients win in this aggressive environment with multiple bid situations—even if you need a loan. Who you work with matters and we have a proven record of succeeding in this highly competitive market.

Our team offers concierge level professional service to all of our clients and have the experience necessary to put complicated deals together. Our world class marketing along with Compass will give your property maximum exposure, including pricing it to capitalize on its value and negotiating the optimal price and terms with potential buyers. Then making sure your offer accepted on a replacement property. Let us help you navigate through this unprecedented market. Contact us to discuss a strategy. Choose experience . . .

Randy and Molly

4

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

U P P E R R I V I E R A F R A N C E S C H I PA R K | S A N TA B A R B A R A

5

- south -

SANTA BARBARA COUNTY SINGLE FAMILY RESIDENCES + CONDOMINIUMS (combined sales)

September YTD 2021 | In Review TOTAL SALES

1751

24% increase over 2020

AVERAGE SALES PRICE 34% increase over 2020

$2,456,087 MEDIAN SALES PRICE 27% increase over 2020

$1,495,000

6

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

B A N D I T E N J OY I N G T H E S T O N E G R OT TO | 2 82 5 H I D D E N VA L L E Y R OA D | M O N T E C I TO

7

- south -

SANTA BARBARA COUNTY SINGLE FAMILY RESIDENCES + CONDOMINIUMS (separated)

September YTD 2021 | In Review

SINGLE FAMILY RESIDENCES YTD

CONDOMINIUM HOMES YTD

TOTAL SALES

TOTAL SALES

21% increase over 2020

31% increase over 2020

1233

518

AVERAGE SALES PRICE

AVERAGE SALES PRICE

$3,055,199

$1,030,016

MEDIAN SALES PRICE

MEDIAN SALES PRICE

$1,890,000

$833,750

39% increase over 2020

29% increase over 2020

18% increase over 2020

13% increase over 2020

8

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

- homes | estates | puds -

TOTAL UNITS SOLD YTD 2017—2021

9

- homes | estates | puds -

MEDIAN SALES PRICE YTD 2003—2021 - 27% Increase Over 2021 -

10

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

2825 HIDDEN VALLEY LANE | MONTECITO CA 93108 Two Separate Gated and Walled Building Sites | 1.12± Acres One: 900±SF 1BD/1BA Casita | Two: Flat Building Pad Offered at $3,495,000

11

MONTECITO SINGLE FAMILY RESIDENCES + CONDOMINIUMS September 2021 | In Review TOTAL SALES

26

AVERAGE SALES PRICE -3% decrease from 2020

$5,199,020

MEDIAN SALES PRICE -11% decrease from 2020

$4,125,000

HIGHEST SALES PRICE 788 San Ysidro Lane Montecito CA 93108

$13,250,000 LOWEST SALES PRICE 1150 Tora Canyon Montecito CA 93108

$1,475,000

Click for Real Time Market Data

12

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

38%± of Montecito Closed Sales During September Were “Off-Market” Private Sales (national average 4%±) —Fidelity National Title Stats

S A N YS I D R O R A N C H P O N D GA R D E N S | M O N T E C I TO

MONTECITO SALES | SEPTEMBER

13 Address 788 San Ysidro Lane

List Price Off Market

Sold Price $13,250,000

% to List 100%

DOM 1

321 Ennisbrook Drive

Off Market

$12,000,000

100%

1

665 San Ysidro Road

Off Market

$9,900,000

100%

1

2069 China Flat Road

$7,895,000

$7,800,027

99%

186

1 Miramar Avenue

Off Market

$7,685,000

100%

1

210 San Ysidro Road

$6,995,000

$7,128,000

102%

17

1885 Jelinda Drive

$9,750,000

$7,000,000

72%

38

266 Penny Lane

$5,995,000

$6,900,000

115%

6

256 Las Entradas Drive

$6,900,000

$6,250,000

91%

780

1123 Glenview Road

$5,995,000

$5,900,000

98%

32

2010 Birnam Wood Drive

$5,595,000

$5,375,000

96%

74

250 Bonnie Lane

$4,995,000

$5,215,482

104%

4

491 Pimiento Lane

Off Market

$4,500,000

100%

1

215 Middle Road

Off Market

$3,750,000

100%

1

813 Ashley Road

$3,895,000

$3,597,500

92%

37

150 Santa Elena Lane

$3,495,000

$3,568,500

102%

7

945 Aleeda Lane

$3,200,000

$3,500,000

109%

5

820 Summit Road

Off Market

$3,450,000

100%

1

1863 San Leandro Lane

Off Market

$2,950,000

100%

1

1910 Barker Pass Road

$2,695,000

$2,900,000

108%

4

1517 East Valley Road, A

$2,695,000

$2,650,000

98%

19

2948 Torito Road

$2,495,000

$2,380,000

95%

7

1779 San Leandro Lane

Off Market

$2,350,000

100%

1

420 Nicholas Lane

Off Market

$1,900,000

100%

1

1220 Coast Village Rd, 308 $1,625,000

$1,800,000

111%

2

1150 Toro Canyon Road

$1,475,000

99%

14

$1,495,000

* DOM = Days on Market

14

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

903 ARBOLADO ROAD | SANTA BARBARA CA 93103 Upper Riviera | Spanish Revival | Panoramic Views 4 BD | 4 BA | 3653± SF | 0.59± AC SOLD at $3,800,000

15

SANTA BARBARA SINGLE FAMILY RESIDENCES + CONDOMINIUMS September 2021 | In Review TOTAL SALES

80

AVERAGE SALES PRICE 10% increase from 2020

$1,651,016

HIGHEST SALES PRICE 618 Castillo Street Santa Barbara CA 9310a

$6,850,000

MEDIAN SALES PRICE 14% increase from 2020

LOWEST SALES PRICE 129 East Micheltorena, Unit 6 Santa Barbara CA 93101

$1,467,500

Click for Real Time Market Data

$570,000 Condo

16

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

C L I F F S I D E B L U F F S OV E R L O O K I N G PAC I F I C O C E A N | H O P E R A N C H

17

HOPE RANCH SINGLE FAMILY RESIDENCES + CONDOMINIUMS September 2021 | In Review TOTAL SALES

2

AVERAGE SALES PRICE -16% decrease from 2020

$3,287,500

MEDIAN SALES PRICE -3% decrease from 2020

$3,287,500

4050 CUERVO AVE 1435 Estrella Drive Hope Ranch CA 93110

$3,295,000

LOWEST SALES PRICE 1255 Silvestre Road Hope Ranch CA 93110

$2,650,000

Click for Real Time Market Data

18

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

C L I F F S I D E B L U F F S OV E R L O O K I N G PAC I F I C O C E A N | H O P E R A N C H

19

SUMMERLAND SINGLE FAMILY RESIDENCES + CONDOMINIUMS September 2021 | In Review TOTAL SALES

2

AVERAGE SALES PRICE 26% increase from 2020

$2,726,081

MEDIAN SALES PRICE 10% increase from 2020

$2,726,081

HIGHEST SALES PRICE 130 Valencia Road Summerland CA 93013

$3,250,000

LOWEST SALES PRICE 2435 Golden Gate Avenue Summerland CA 93067

Click for Real Time Market Data

$2,202,162

20

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

CARPINTERIA SINGLE FAMILY RESIDENCES + CONDOMINIUMS September 2021 | In Review TOTAL SALES

17

AVERAGE SALES PRICE -35% decrease from 2020

$1,876,676

3543 Padaro Lane Carpinteria CA 93013

$12,000,000

MEDIAN SALES PRICE -24% decrease from 2020

$830,000

HIGHEST SALES PRICE

LOWEST SALES PRICE 5750 Via Real, Space 263 Santa Barbara CA 93013

Click for Real Time Market Data

$275,000

21

GOLETA SINGLE FAMILY RESIDENCES + CONDOMINIUMS September 2021 | In Review TOTAL SALES

44

AVERAGE SALES PRICE 29% increase from 2020

$1,308,171

HIGHEST SALES PRICE 1110 Via Del Rey Goleta CA 93117

$4,145,000

MEDIAN SALES PRICE 14% increase from 2020

$1,015,000

LOWEST SALES PRICE

7368 Hollister Avenue, Space 59 Goleta CA 93117

Click for Real Time Market Data

$177,000

Manufactured Home

22

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

0000 LONG VALLEY ROAD | SANTA YNEZ CA 93460 Prestigious Woodstock Ranch | Sweeping Vista Views 18.53± AC | Endless Possibilities for Ranch/Vineyard/Family Estate Offered at 999,000

23

SANTA YNEZ VALLEY SINGLE FAMILY RESIDENCES + CONDOMINIUMS September 2021 | In Review TOTAL SALES

236

AVERAGE SALES PRICE 6% increase from 2020

$1,566,655

MEDIAN SALES PRICE 27% increase from 2020

$1,217,500

24

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

RANDY HADEN | MOLLY HADEN

LET’S CONNECT

DRE 01988499 | DRE 02020380 805.880.6530 | 805.880.6540 randy.haden@compass.com molly@hadenhomes.com

www.hadenhomes.com

$

46M

Total Sales 2020

1%

Top 1% of Agents

@hadenhomesrealtors

CHOOSE experience

25

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.

26

S O U T H S A N TA B A R B A R A C O U N T Y M A R K E T R E P O R T | S E P T E M B E R 2 02 1

CHICAGO TITLE FIDELITY NATIONAL TITLE SANTA BARBARA MLS

27

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 July 2021.

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.