Santa Barbara Area Market Report
SANTA BARBARA AREA REAL ESTATE THROUGH JUNE 2024 featured property 1640 E MOUNTAIN DRIVE
TOTAL SALES
625 (+12% over 2023)
Review in Numbers
SOUTH SANTA BARBARA COUNTY JUNE 2024 YTD
SINGLE
FAMILY RESIDENCE SALES
446
(+15% over 2023)
CONDOMINIUM SALES
179
(+7% over 2023)
Hello!
Welcome and thank you for exploring our Second Quarter 2024 Market Report. As is always the case, the market continues to evolve amidst an uncertain macro environment. We do know, however, that demand for property in our region, and especially distinctive property, remains robust. With 350 sales across the South County this Quarter, we saw an 11% increase in the number of sales compared to Q2 2023. Notably, it was the second straight quarter of positive sales momentum as compared to the year prior. Median Price for the Quarter was $1.82MM, 4% higher than Q2 2023, and just shy of the peak achieved in Q2 2022, at $1.85MM.
We hope you find this report useful, but every neighborhood and property is unique. If you have any questions, or would like more specific information about your market or property, please feel free to contact us. The entire team at Village is committed to serving you in 2024.
Best regards,
Renee Grubb
S ingle Family
SOUTH SANTA BARBARA COUNTY
JUNE 2024 YTD
AVERAGE SALES PRICE • YTD
$3,714,928
+14% change from 2023
MEDIAN SALES PRICE • YTD
$2,250,000
+7% change from 2023
SOUTH SANTA BARBARA COUNTY JUNE 2024 YTD
AVERAGE SALES PRICE • YTD
$1,135,143 -3% change from 2023
MEDIAN SALES PRICE • YTD
$975,000 +5% change from 2023
SALES
In the Second Quarter, there were 350 closings across the South County. This marks a notable milestone as it represents an 11% increase compared to Q2 2023, and the second straight quarter of positive sales momentum. The last time our market experienced this trend was pre-pandemic in mid 2019.
As we noted in prior reports, sales decreased consistently through the pandemic as a result of highly limited inventory. In a sign our market is becoming more balanced, we are now seeing relief as measured by Months of Supply (the number of months, or rate, at which existing inventory would sell at the current sales pace, six months equals supply/demand equilibrium). Using June figures, prior to the pandemic in 2018 and 2019, there were approximately five Months of Supply. During the pandemic in 2021, there was only one Month of Supply, hitting lows in late 2021 and early 2022 where there was even below one month. Last June we saw two months, and as of June 2024, we now have three Months of Supply. While still undersupplied, and technically a seller’s market, we interpret this as a step in the right direction toward a more balanced market.
Santa Barbara Area real estate market
SOUTH SANTA BARBARA COUNTY ·
THROUGH JUNE 2024
PRICING
As a result of our long-term undersupplied market, pricing has appreciated substantially over the past five years. Median Price rose 4% in Q2 compared to Q2 2023, to $1.82MM. Interestingly, this uptick in price was driven by double-digit increases in Santa Barbara and Carp, while Montecito and Goleta increased more modestly.
In a strong vote of confidence for our region, there were 13 closed sales over $10MM and five over $20MM, highlighted by the sale of an oceanfront estate on Padaro Ln for $96 million (the highest price ever paid on the Central Coast).
Carpinteria
JUNE 2024
10
19
$11,047,660 +705% change from 2023
$1,247,500 +4% change from 2023
SALES · YEAR TO DATE 34
$8,228,799
SALES PRICE · YTD $2,000,000
$970,268
Carpinteria
At 30 closed sales, activity in Carp was even with Q2 2023. Median Price ($1.3MM), was up substantially (23%) from Q2 2023, due to five sales over $4MM, including 1865 Cravens Ln ($7.4MM), 3345 Padaro Ln ($21.5MM), and an oceanfront estate on Padaro Ln ($96MM). Removing the two Padaro properties, Median Price would have come in at $1.16MM, or +8% year over year.
Summerland
There were three sales in Summerland this quarter for a Median Price of $2.6MM. All three sales were between $2MM - $3MM.
JUNE 2024
2
4
$2,572,500 n/a change from 2023
· YEAR TO DATE
$2,886,250
SALES PRICE · YTD $2,725,000
$2,572,500 n/a change from 2023
SALES · YEAR TO DATE 0
SALES PRICE · YTD n/a
JUNE 2024
15
$9,893,137 +45% change from 2023
$7,122,053 +17% change from 2023
TOTAL SALES · YEAR TO DATE
$8,356,152
5
SALES PRICE · YTD $5,400,000 TOTAL SALES · YEAR TO DATE
SALES PRICE · YTD
$2,907,000
$2,685,000
Montecito
There was a 20% decrease in the number of sales in Montecito compared to Q2 2023 (43 in Q2 2024 vs. 54 in Q2 2023). However, Median Price ticked higher by 2% to $5.5MM. Notably, there were four sales over $20MM this quarter, including 1581 S Jameson Ln ($21MM), 595 Picacho Ln ($30.2MM), 1104 Channel Dr ($32.25MM), and 319 San Ysidro Rd ($32MM).
2347
Santa Barbara
Activity was brisk in Santa Barbara this quarter. At 160 sales, (+13% YoY), it was the highest level of activity since Q3 2022. Notably, Median Price at $2MM, hit a quarterly record, up 21% from Q2 2023. One reason for this step-up can be attributed to four sales over $8MM, namely 3215 Campanil Dr ($8.25MM), 3455 Marina Dr ($8.275MM), 1138 Mission Ridge Rd ($9.1MM), and 1030 Via Pradera ($10MM).
Santa Barbara
JUNE 2024
47 AVERAGE SALES PRICE
$2,255,407 +7% change from 2023
TOTAL SALES · YEAR TO DATE
216
SALES PRICE · YTD
$2,562,342
$1,850,000 0% change from 2023
SALES PRICE · YTD $2,225,000 TOTAL SALES · YEAR TO DATE
70 AVERAGE SALES PRICE · YTD
$1,195,627
SALES PRICE · YTD $1,024,500
Hope Ranch
JUNE 2024
2
$4,724,063 +3% change from 2023
· YEAR TO DATE 10 AVERAGE SALES PRICE · YTD
$5,952,233 MEDIAN SALES PRICE · YTD $5,495,250
$4,724,063 +3% change from 2023
SALES · YEAR TO DATE n/a
SALES PRICE · YTD n/a
Hope Ranch
In Hope Ranch, there were seven sales in the Quarter, up from five a year ago. Median Price was $5.8MM, down 40% from Q2 2023, as there were no sales over $8MM. With few sales, the volatility in percentage terms can be skewed quarter to quarter. The most notable sales this quarter were 1020 Via Tranquila ($7.7MM) and 4040 Marina Dr ($8MM).
Goleta
Similar to Santa Barbara, Goleta experienced a surge in activity this quarter with 107 sales (+29% YoY). Median Price rose a modest 2% to $1.4MM, but notably is the highest on record, just edging out Q2 2022. The most notable sales this quarter were 4641 Via Clarice (4MM), 399 Glen Annie Rd ($4MM), 4581 Via Maria ($4.05MM), and 1120 Via Del Rey ($4.625MM).
JUNE 2024
43
$1,505,462 -19% change from 2023
$1,440,000 -4% change from 2023
· YEAR TO DATE
118
SALES PRICE · YTD
$1,829,165
SALES PRICE · YTD $1,600,000 TOTAL SALES · YEAR TO DATE
70 AVERAGE SALES PRICE · YTD
$1,028,181
SALES PRICE · YTD $945,500
Santa Ynez Valley Review in Numbers
SANTA YNEZ VALLEY JUNE 2024 YTD
TOTAL SALES
82
SINGLE FAMILY RESIDENCE SALES
64 (-12% over 2023)
CONDOMINIUM SALES
18 (+50% over 2023)
S ingle Family
SANTA YNEZ VALLEY
JUNE 2024 YTD
AVERAGE SALES PRICE • YTD
$2,158,444
+10% change from 2023
MEDIAN SALES PRICE • YTD
$1,552,500
+12% change from 2023
SANTA YNEZ VALLEY JUNE 2024 YTD
AVERAGE SALES PRICE • YTD
$746,750 +22% change from 2023
MEDIAN SALES PRICE • YTD
$682,500 +11% change from 2023
TOTAL SALES · YEAR TO DATE 27 AVERAGE SALES PRICE · YTD $1,754,504 MEDIAN SALES PRICE · YTD $1,555,000 TOTAL SALES · YEAR TO DATE
6
13 AVERAGE SALES PRICE · YTD $1,330,154 MEDIAN SALES PRICE · YTD $1,130,000 TOTAL SALES · YEAR TO DATE
SALES PRICE · YTD $722,167 MEDIAN SALES PRICE · YTD $732,500
12
Los Olivos & Santa Ynez
Santa Ynez
TOTAL SALES · YEAR TO DATE
19
YTD
SINGLE FAMILY RESIDENCES
AVERAGE SALES PRICE · YTD
$3,189,307
MEDIAN SALES PRICE · YTD
$1,825,000
SINGLE
FAMILY RESIDENCES • YTD
TOTAL SALES · YEAR TO DATE
5 AVERAGE SALES PRICE · YTD $2,576,000
MEDIAN SALES PRICE · YTD $2,400,000
Global Connections
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RENEÉ GRUBB Founder & CEO
We are fortunate to be in a place that people all over the world desire to be. We cultivate strategic global relationships that ultimately benefit you by putting your home in front of those people.