DECEMBER MARKET UPDATE

MONTECITO

There were 15 closed sales in Montecito in December, down slightly from 18 sales in December 2021. At a more macro level, there were 29 sales in Q4 2022, down 54% from Q4 2021. While sales were more muted, pricing continued to increase. Median Price in December was $5.825MM, up 42% from December of 2021. This increase can be attributed to 6 closed sales over $7.5MM, notably 1010 Cima Linda Ln ($9.75MM), 985 Park Ln ($11MM), and 1616 E Mountain Dr ($17.5MM). Median price for Q4 was $4.955MM, up 16% from Q4 2021, slightly outpacing the overall South Santa Barbara County market of a 14% YoY median price increase.

SANTA BARBARA

There were 29 closed sales in Santa Barbara in December 2022, down from 61 last December (-52%). On a quarterly basis, there were 120 closed Santa Barbara sales in Q4, down from 192 in December 2021 (-38%). Median Price in December was $1.53, up 4% from last December, and $1.7MM for the quarter, up 11% from Q4 2021. Notable sales this month were 2310 Santa Barbara St ($4.35MM) and 2001 Las Tunas Rd ($6.3M).

HOPE RANCH

There were no closed sales in Hope Ranch in between October and December 2022.

CARPINTERIA

December was a historic month for Carpinteria real estate. There were 9 sales in Carp in December, down from 13 in December 2021. On a quarterly basis, there were 28 sales down from 47 in Q4 2021 (-40%). Median Price in December was $1.3MM, up 84% from the year prior, and heavily skewed from 3 specific sales on Padaro Ln that also pushed Average Price to $11.7MM, the highest on record by far. 2801 Padaro Ln ($28.25MM) and 2781 Padaro Ln ($41.7MM), taken together, formed the most expensive sale in Central Coast history for $69.947MM. Also sold this month is Carp was 3299 Padaro that closed for $29.948MM.