NOVEMBER MARKET UPDATE
The market is seeing a welcome influx of new inventory, offering a much needed breath of fresh air for prospective buyers. Although we are still seeing more buyers than sellers, the change signifies a positive development, providing buyers with a more diversified and vibrant market to increase their chances of finding the perfect place to call home.
In October, Riskin Partners listed over $325,000,000 in new inventory, some of which have been making headlines, and some have sold quietly under the radar. Our listing at 551 Crocker Sperry found a buyer before hitting the market as did 942 Via Fruteria. Furthermore, there have been 8 Montecito listings that have gone under contract in just the last 2 weeks (and we know of 2 more in addition to these); priced between $4.995M and $15M. There are finally some options for buyers and they’re responding in kind.
As we’ve always said, who you work with matters greatly, regardless of market conditions. Whether buying or selling, it can be vital to a transaction to know what’s coming on the market before it hits and why properties are selling for what they’re selling for. Riskin Partners has THE pulse on the market - both public and private listings - and would love to be your real estate resource. Learn more about some of the exceptional lineup below and contact us to discuss off-market opportunities!
Montecito
There were 14 closed sales this month, a notable jump up from 8 last October. Median Price hit $6.4MM, up 65% from one year ago, and represents the second highest month on record behind January 2022 ($6.8MM). 50% of the sales in October were above $7MM, 4 sales over $8MM, and 2 sales over $14MM; notably 2170 Ortega Ranch Lane for $14.1MM and 550 Freehaven Drive for $20.35MM.
Santa Barbara
In contrast to Montecito, sales in Santa Barbara proper declined from 55 sales last October to 44 this month. Median Price remained flat from October 2022 with a minor 1% decline to $1.795MM. While there were 7 sales over $3MM this month, there were none over $4MM.
Hope Ranch
The Hope Ranch market continues to move along with another 2 sales this month. 411 Las Palmas Drive closed for $4.96MM and 4178 Cresta Avenue closed for $8.1MM.
Carpinteria
There were 6 sales in October, down slightly from 8 last October. Median Price was notably higher by 41% compared to a year ago to $1.56MM, the highest month on record except for May 2022. There was only 1 sale over $3MM, 7305 Shepard Mesa Drive for $3.625MM.
Summerland
There was only 1 sale this month for $1.8MM.
