JANUARY MARKET UPDATE
MONTECITO
There were just 9 closed sales in Montecito in January, down from 17 sales (-47%) from the year prior. The number of Active Listings has steadily declined since September of last year, when there were only 17 publicly available properties at month's end. For context, in January 2020 (pre-covid), there were 80 available, so inventory is down 78% from three years ago. Median Price in January ran $4.8MM, down 30% from January 2022, with only 2 sales, both off-market, above $8MM (618 Hot Springs Rd for $8.925MM, and 308 Ennisbrook Dr for $21MM). The Average Price in September was $5.1MM, down 9% from the year prior.
SANTA BARBARA
There were 33 sales in January, down marginally from 38 in January 2022. The Median Price remained unchanged from a year ago at $1.62MM, with Average Price up slightly to $2.2MM. The story in Santa Barbara in January was 1547/1553 Shoreline Dr, which sold for $16.2MM, a record sale for the Mesa.
HOPE RANCH
Finally after 3 dormant months of sales in Hope Ranch, we finally saw two closings in January. With the sale of 4345 Via Glorietta for $8.15MM and 713 Via Airosa for $3.995MM, the Median/Average Price of nearly $6.1MM was up ~30% from a year ago. There was only one publicly available listing as of month end.
CARPINTERIA
There were only 6 sales in Carpinteria in January, down from 14 the year prior (-57%). The Median Price of $1.125MM was down 6% from January 2022, but the Average Price ($3.2MM, up 160%), was heavily skewed by the sale of 4595 Avenue Del Mar for $12.5MM.
