AUGUST MARKET UPDATE
As we progress further into the year, our real estate market has displayed remarkable resilience and strong sales prices. Demand is still high and buyers continue to outnumber sellers in our market.
Statistically, sales are up this month compared to 2022 and prices remain stable, specifically in Montecito.
Incidentally, Riskin Partners listed a property on lower Toro Canyon and opened escrow with a strong offer the day it hit the market!
Despite continued low inventory, our team has been working diligently to bring an exciting lineup of new listings to the market in August and September. Stay tuned for more info on a wide range of properties. These upcoming offerings check numerous boxes for prospective homebuyers looking for their own piece of paradise.
In real estate, who you work with matters, and Riskin Partners is proud to be the leading force in Montecito, having achieved an outstanding track record with more sold than any other agent or team in the Santa Barbara MLS.
This year, Riskin Partners is proud to have closed the highest-priced sales in Montecito, Summerland, and Santa Barbara, according to the SB MLS. We are proud to soon be adding the highest 2023 sale in Carpenteria to our resume as well!
Montecito
In July, there were 11 closed sales, on par with July 2022. Notably, the Median Price of $6.125MM, was 58% higher than one year ago, with 6 closings over $6MM, including the sales of 1556 Miramar Beach for $8.74MM, 747 Via Manana for $10.75MM, and 808 San Ysidro Ln for $14MM.
Santa Barbara
There were 46 sales in Santa Barbara in July, up slightly for 40 last July. In contrast to Montecito, Median Price was only up 5% to $1.95MM. Notable sales this month included 2434 Santa Barbara St for $4.25MM and 504 E Valerio St for $4.55MM.
Hope Ranch
Only 1126 Estrella Dr closed this month for $4.93MM. This summer has proved fairly quiet in Hope Ranch compared to summer 2022.
Carpinteria
Activity was flat in Carp in July compared to one year ago. Pricing however was up 31%, with a Median Price of $1.05MM, highlighted by the sale of 6635 Arozena Ln for $4.1MM.
Summerland
There were no closed sales in Summerland this month.
