APRIL MARKET UPDATE
April is typically one of the most active months in the South Santa Barbara County market, and while sales held strong, up 14% year-over-year, activity at the ultra-high end saw a brief pause, likely due to tariff headlines and broader financial market uncertainty. In Montecito, closed sales rose from the year prior, and the median price increased 25% to $5.8M, driven by a concentration of deals in the $4–$8M range. Unlike last April, which included several $ 10M+ closings, this year's top-tier segment was quieter. That said, early May has brought a noticeable surge in buyer energy, with plenty of showings, strong interest, and several escrows already in the works.
Montecito
There were 22 closed sales in April, up from 17 a year ago. The median price rose 25% to $5.8M, driven by five sales over $7M. This price bump was largely the result of a shift in sales concentration between $4–$8M. For context, last April included four sales over $12M, with two standout transactions at $21M and $30M. We believe recent tariffs and related market volatility introduced uncertainty, particularly in the high-end ($10M+) segment.
Santa Barbara
Sales edged up slightly, with 59 closings compared to 57 in April 2024. After four consecutive months of double-digit year-over-year price growth, the median price eased 6% to $1.75M. There were four sales above $5M, the highest being 3506 Campanil Dr at $6.45M.
Hope Ranch
Hope Ranch recorded three sales in April. The highest was 4426 Via Bendita, which sold for $12.5M.
Summerland
Summerland recorded one sale in April: 2304 Varley St, which closed at $1.75M.
Carpinteria
Carpinteria saw 11 sales this month, up from 8 in April 2024. The median price jumped 28% year-over-year to $1.55M, buoyed by three sales over $4MM, including 1947 Paquita Dr at $3.85M.
