MAY MARKET UPDATE
The Santa Barbara real estate market has flourished in the past month. Across the South County, there were 111 closed sales in April, marking a 16% increase from April 2023. The median price surged by 12% to $1.9 million, with an unprecedented 90% of sales exceeding $1 million. Inventory has grown, featuring a diverse range of prices, styles, and sizes, and RP has listed 8 new properties in the past month alone. Additionally, buyer activity has intensified, with increased showings as individuals seek to secure homes before the summer season. As May gray gives way to the sunny season, we are excited to maintain our market momentum by unveiling new listings in some of Montecito's most desirable areas.
South Santa Barbara County
Across the South County, there were 111 closed sales in April, +16% from April 2023. Median Price rose 12% to $1.9MM compared to one year ago, with 90% of sales over $1MM. We believe that to be the highest percentage of sales over $1MM in one month on record.
Montecito
There were 17 closed sales in April compared to 10 in April 2023 (+70%). Median Price in April came in 14% lower, to $4.6MM, but Average Price was only down by 3% as there were four sales over $12MM. Notably 375 Ortega Ridge Road for $12.25MM, 377 Santa Rosa Lane for $16.5MM, 1581 S Jameson Lane for $21MM and 595 Picacho Lane for $30.2MM.
Santa Barbara
In Santa Barbara, there were 57 sales in April compared to 50 in April 2023 (+14%). Median Price ($1.86MM), was 5% higher than one year ago, while Average Price was 18% higher (to $2.2MM). This can be attributable, in part, to four sales over $4MM, with two sales over $8MM (3215 Campanil Drive for $8.25MM & 3455 Marina Drive for $8.275MM).
Hope Ranch
There were two sales in Hope Ranch, 3953 Laguna Blanca Drive for $4.94MM and 4040 Marina Drive for $8MM.
Carpinteria
In Carp, there were eight sales in April, right on par with April 2023. Median Price was 13% higher, to just over $1.2MM. The most expensive sales in Carp were 951 Maple Avenue for $2MM and 924 Walnut Avenue for $2.05MM.
Summerland
There was one sale in Summerland, 2393 Emerson Street for $2.7MM
