NOVEMBER MARKET UPDATE
Across the South County there were 113 closed sales in October, up 26% from October 2023. It is still a seller's market on average, with supply continuing to hover at just over 3 months. Median Price continued to climb, up 7% from a year ago, to $1.99MM. The Santa Barbara Riviera saw a record sale with the closing of 1731 Lasuen for $9.9M.
Turning to Montecito, there were 12 sales this month, down slightly from 14 a year ago. Median Price for October was down 14%, to $5.5MM, in part due to a lack of sales over $10MM. The most notable sales this month were 2760 Sycamore Canyon Rd for $9MM (off-market) and 843 Park Hill Ln for $9.58MM.
With election jitters a thing of the past, we think the market will warm up, and we are already seeing that with two off-market $20M+/- pendings in mid November in Montecito. In addition, there was a $65MM sale on Padaro Lane that posted last week (Riskin Partners listing, and the third highest sale), and RP also just repped an off- market $17MM sale. With this kind of activity happening in November, we are feeling quite positive going into December and the new year ahead.
Santa Barbara
In Santa Barbara proper, there were 44 sales in October, on par with October 2023. Median Price, at $1.99MM, was up 11% from a year ago with notable sales at 2321 Edgewater Way for $8.92MM and 1731 Lasuen Rd for $9.9MM.
Hope Ranch
There were two sales in Hope Ranch, 1057 Estrella Dr for $3.6MM and 4660 Via Roblada for $6.295MM.
Carpinteria
Carp saw a doubling of sales activity year-over-year, with 13 closed sales this month compared to six a year ago. Median Price at $1.695MM was up 9%, with notable sales at 176 Ocean View Avenue for $3.6MM and 4815 Sandyland Rd for $3.965MM.
Summerland
There were three sales this month in Summerland, including 2540 Varley St for $3MM, 2362 Whitney Ave for $4.291MM, and 3 Hunt Dr for $5.55MM.
