JUNE MARKET UPDATE
The month of May brought a significant surge in real estate activity to South Santa Barbara County overall, though a bit of a slowdown in Montecito specifically. Despite Montecito not keeping pace with the rest of Santa Barbara County in May, we have started to see an uptick, with June sales on track to meet or surpass those from 2023. One notable sale was Riskin Partners’ closing at 1104 Channel Drive for $30.25M.
South Santa Barbara County
The South County experienced a noticeable uptick in activity in May, with 120 closed sales, +15% from May 2023. Median Price was 9% higher, to $1.85MM, with 81% of sales over $1MM. This performance can be attributed to a notable increase in Santa Barbara transactions at a Median Price 75% higher than May 2023, coupled with a decrease in the amount of Montecito activity.
MONTECITO
In May, there were 11 closed sales at a Median Price of $4.85MM (-50% in sales, -3% in Median Price). Four sales were over $8MM, with only one over $10MM (749 Fuera Ln for $17.4MM).
SANTA BARBARA
As briefly mentioned above, Santa Barbara experienced a robust month, and the second straight month with over 50 closings. The last time that happened was September/October 2022. There were 44 closings in May 2023. The bigger "story" this month, however, is in price performance. Median Price in May 2024 was just under $2.3MM, up 75% from last month (admittedly a weak month re: price last year at only $1.3MM amidst a year when the Median Price for the year was $1.73MM). Based on the full year 2023 Median, pricing is up 31%. This is due to a surge of activity (19 sales / 34% of sales) over $3MM, including six sales over $4MM and the sale of 1138 Mission Ridge Rd for $9.1MM.
CARPINTERIA
There were 12 sales in Carpinteria in May, up from nine last May. Median Price, at $1.495MM, was skewed due to the sales of 1865 Cravens Ln for $7.4MM and 3345 Padaro Ln for $21.5MM.
HOPE RANCH
Activity picked up in Hope Ranch this month, with three sales under $10MM, highlighted by the sale of 1020 Via Tranquila for $7.695MM.
SUMMERLAND
There was no activity in Summerland in May.
