APRIL MARKET UPDATE
In the First Quarter, there were 311 closings across the South County, an increase of 14% from Q1 2024 (vs. 274), and a small 3% increase from Q4. The market continues to show signs of becoming more balanced, with Months of Supply gradually moving toward equilibrium between supply and demand.
However, it is important to note that this increase can largely be attributed to Montecito making up 22% of sales this quarter, compared to 15% in Q1 2024. The strength of the Montecito market noticeably impacted overall South County results. Santa Barbara's market share declined from 45% to 41%, a notable change.
Montecito
Montecito sales ripped in Q1 with 68 closings, a 66% increase from Q1 2024 and the highest quarterly figure since Q1 2022. Median Price rose 10% to $5.7MM, a quarterly record. It’s worth noting there were 11 sales over $10MM this quarter, with six of those over $20MM, the most notable of which was 956 Mariposa Ln for $30MM. That being said, as we progress into Q2, inventory is creeping up, and we are sensing a pause among buyers, who feel uncertain about the global financial markets and macro economy.
Santa Barbara
At 129 closed sales, while Santa Barbara activity increased slightly by 4% in the quarter (compared to Q1 2024), Median Price increased substantially by 24% to $2.15MM, a quarterly record. There were seven sales over $5MM in the quarter, with the most notable being 845 Sea Ranch Dr for $23MM.
Hope Ranch
With few sales over the past two quarters, we finally saw a jump in Hope Ranch activity with 8 closed, up from 3 in Q1 2024. While skewed due to the low number of sales, Median Price rose 20% to $7.4MM, with the most notable sale being 4187 Cresta Ave for $18.4MM.
Summerland
Summerland had six closed sales this quarter compared to one in Q1 2024. Median Price for the quarter was $2.4MM. The notable sale was 2322 Whitney Ave for $3.14MM.
Carpinteria
This was the fourth straight quarter where there were ~30 closed sales in Carp (29 in Q1, +25% from Q1 2024). While down from Q4, Median Price increased 58% from Q1 2024 to $1.4MM. The most notable sale this quarter was 6858 Casitas Pass Rd for $14MM.
