FEBRUARY MARKET UPDATE
South Santa Barbara County’s real estate market maintained strong momentum to start the year, with a 15% increase in closed sales compared to the same time last year. Montecito and Carpinteria led the way in driving this growth, with Montecito seeing a surge in high-end transactions. Median prices also saw notable increases across the region, reflecting continued demand. As we move forward, it will be interesting to see if this upward trajectory holds in the coming months.
Montecito
There were 26 sales in Montecito, up 63% from January 2024. Median Price rose 35%, to $6.175MM, partly due to 7 sales over $11MM, and 4 sales over $20MM. Those over $20MM include: 175 Tiburon Bay Ln ($20MM), 1174 Glenview Rd ($21MM), 788 San Ysidro Ln ($21.5MM), and 956 Mariposa Ln ($30MM). As an important note, all four of the $20M+ sales got under contract in December and closed in January.
Santa Barbara
In Santa Barbara proper, there were 37 sales, marginally ahead of January 2024. Median Price rose 21% to $2.07MM, with 6 sales over $4MM. The most notable transaction this month was 1530 Franceschi Rd for $5.3MM.
Hope Ranch
There was 1 sale in Hope Ranch in January, 950 Canon Rd for $3.37MM.
Summerland
There were 2 sales in Summerland in January: 2332 Golden Gate Ave ($1.63MM) and 2450 Whitney Ave ($3MM).
Carpinteria
For the past few months, we've seen Carp sales activity double compared to the year prior and January was no exception. There were 15 sales in January, up from 6 in January 2024. Median Price was up by almost double to $1.5MM, partially due to the closing of 6858 Casitas Pass Rd for $14MM.
