OCTOBER MARKET UPDATE
Q3 saw 43 transactions of single-family homes in Montecito, compared to 27 in Q1 and 34 in Q2. Interestingly, there were 9 sales over $10M and 20 sales under $5M. Q4 has produced 12 closings so far, and Riskin Partners has secured the two highest sales, with one over $20M and one between $10-$15M.
Year to date, Riskin Partners has helped clients buy and sell over $314,000,000 in real estate, and we are proud to have represented sellers in the highest sales in Montecito, Carpinteria, Summerland, and Santa Barbara this year.
As Fall takes center stage, we're thrilled to keep the momentum going by introducing exciting new listings in many of Montecito's A+ locations. Whether you want to spend Fall on the golf course, at the beach, poolside, or enjoying the epic sunrises and sunsets that are especially magical this time of year, embrace the season with our exclusive properties and discover the beauty of our picturesque coastal community. With a fantastic lineup of upcoming events, including Boo at the Zoo and Ghost Village Road, it’s no wonder locals consider this the best time of the year in Montecito!
Overall South Santa Barbara County Market
There were 302 closed sales throughout the South Santa Barbara County market in Q3, down 17% from 1 year ago, while Median Price ($1.75MM) was up 9% YoY. Compared to Q2 2023 however, sales were down slightly by 4% and median price remained effectively flat.
Montecito
Monthly: In September, there were 17 sales in Montecito, with a Median Price of $5.25MM, down 5% from a year ago when there were 8 sales over $7MM, compared to 4 this September. Notable sales this month included 2957 E Valley Rd for $16MM and 1741 Glen Oaks Dr for $18.5MM.
Quarterly: In Q3, there were 42 sales, on par with one year ago. While the Median Price of $4.8MM was down 11% from last quarter, it remained slightly higher by 2% from Q3 2022.
Santa Barbara
Monthly: There were 45 sales in Santa Barbara in September, down from 52 YoY (-13%). Median Price was just under $1.7MM, up 14% from one year ago, notably 1048 Las Alturas Rd for $3.9MM.
Quarterly: There were 141 sales in Q3, even with last quarter, but down from 169 from in Q3 2022 (-17%). Whereas Median Price in Montecito was down YoY, pricing in Santa Barbara was up 13% to $1.833, just below the covid market peak of $1.85MM in Q2 2022.
Hope Ranch
Monthly: There were two sales in Hope Ranch in September, 4305 Via Presada for $5.97MM and 1435 Estrella Dr for $7.45MM.
Carpinteria
Monthly: There were 13 sales in Carp in September, on par with September 2022.
Quarterly: On a Quarterly basis, there were 41 sales in Q3 2023, up from 34 YoY (+21%), and from 30 last quarter. Median Price was just under $1.1MM, down 7% from one year ago, when there were two sales over $18MM.
Summerland
Monthly: There were four sales in Summerland in September, for a Median Price of $2.35MM. Most notably 2627 Caspia Lane traded for $4.6MM.
Quarterly: The sales in September were the only sales for the Quarter.
