MAY MARKET UPDATE
May brought a shift in pace across South Santa Barbara County, with overall sales up 4% year-over-year but moderating from the rapid growth of previous months—a healthy breather for the broader market. In Montecito, while the number of closings dipped from early 2025 levels, pricing surged. The median sale price jumped 41% year-over-year to $6.8M, driven by a wave of high-end activity.
At Riskin Partners, May was an exceptionally active month. We closed two significant sales: Picacho Lane (offered at $19.5M) and 790 Buena Vista Drive (offered at $8.5M), and put another 5 properties under contract. We are excited to say we currently have 15 transactions under contract. As summer begins, buyer energy remains high, particularly in the under $20M segment of the Montecito market.
Sales activity across the South County was up 4% in May compared to May 2024. However, on a percentage basis, this marks a slowdown relative to the past seven months. Since October 2024, sales had increased by double-digit percentages each month—until now. We view this as a healthy breather. Median pricing also followed April’s trend, taking a slight pause. At $1.82M, the median price declined 2%. Notably, 87% of May sales exceeded $1M, up from 81% in May 2024.
Montecito
Montecito recorded 13 sales in May, up from 11 in May 2024. While this reflects a year-over-year increase, activity slowed compared to the first four months of 2025, which each saw between 20 and 26 sales. Median price rose sharply to $6.8M, up 41% from $4.9M last May. This jump may be attributed to six sales over $7M, including two over $10M: 521 Santa Rosa Lane ($10.1M) and 849 Ashley Road ($10.6M).
Santa Barbara
There were 57 sales in Santa Barbara proper in May, consistent with 56 in May 2024. The median price declined 5% to just under $2.2M. Standout sales included 848 Miramonte Drive for $5.85M and 302 Piedmont Road for $6.05M.
Hope Ranch
Hope Ranch saw four closed sales in May, most notably 4475 Via Abrigada, which sold for $13M.
Summerland
There was one sale in Summerland in May: 2482 Shelby Street for $1.495M.
Carpinteria
Carpinteria recorded 10 sales in May, down slightly from 12 a year ago. Median pricing is skewed this month due to two high-end closings in May 2024 at $7.4M and $21.5M. The most notable transaction this May was 4765 Dorrance Way, which sold for $3.15M.
