MARCH MARKET UPDATE
Following a strong end to 2024 and start to 2025, activity remained robust to start the new year. Across the South County there were 102 closed sales in February, up 15% from February 2024. Of the 102 sales, 96 of those were over $1 million (94%), the highest monthly reading on record. As such (and in line with January), Median Price rose 20% from one year ago to $1.9MM.
Montecito
There were 20 sales in Montecito, up 53% from February 2024. Median Price declined 11% YoY, to $5.3MM, but note February 2024 featured three sales over $25MM, two of which were over $30MM. The most notable sale in Montecito this month was 308 Ennisbrook Dr for $22.8MM, which traded off market.
Santa Barbara
In Santa Barbara proper, there were 49 sales, up 20% from February 2024. Median Price rose markedly by 37%, to $2.275MM, with seven sales over $4MM. The most notable transactions this month were 1731 Santa Barbara St ($6.6MM) and 1633 Overlook Ln ($7.2MM).
Hope Ranch
There were three sales in Hope Ranch in February, highlighted by the sale of 4005 Lago Dr for $7.6MM.
Summerland
There was one sale in Summerland this month; 2380 Banner Ave for $1.825MM.
Carpinteria
Compared to past few months, sales in Carp took a bit of a breather in February, with seven closings (down from 11 YoY). Median Price came in at $1.5MM, up 84% YoY, due to four sales over $1.5MM compared to only two sales between $1MM and $1.2MM last February.
