SEPTEMBER MARKET UPDATE
Another school year has begun, accompanied by summer weather (finally!), reminding us that our coastal community’s idyllic climate extends well into autumn. A short lull in market activity can be attributed to preoccupied parents and buyers settling into fall, though Q3 has proven resilient with a steady stream of showings from both local and out-of-town buyers. We are looking forward to a busy Q4!
The allure of our coastal village continues to draw the attention of high-net-worth individuals and investors looking to make strategic acquisitions. Speaking of the high end…we are seeing a lot of activity in the $20M+ range. Two of our listings in this price range recently received multiple offers, and buyers continue to inquire about upcoming high-end inventory.
And speaking of upcoming high-end inventory…Riskin Partners is excited to bring on some fabulous new listings in A+ locations. Know anyone looking for a legacy estate on Picacho? Perhaps you would prefer a San Ysidro address. Maybe you see yourself on Park Lane. Want to spend more time at the beach? Our new listing at 1104 Channel Drive has everything on your wishlist and more.
Montecito
There were 14 sales in Montecito in August, slightly below August 2022 levels, and similar to years prior, even a bump up from July. Median Price was notably almost 30% lower than a year ago ($3.275MM). In August 2022, 7 out of 16 sales were over $7MM. This August, there were only 3 sales over $7MM, the most notable being 256 Las Entradas Dr for $15.585MM, followed by 1970 Lemon Ranch Rd at $8.8MM.
Santa Barbara
While the number of Sales in Santa Barbara has been increasing throughout the year, sales are still down 35% compared to last August. Median Price, while down slightly from July, is up 16% compared to a year ago, to $1.85MM. There were 5 sales over $4MM this month and 2 sales over $6MM, highlighted by 1177 Las Alturas Rd for $6.25MM, 2010 Garden St for $6.1MM, and 1121 Las Alturas Rd for $5.575MM.
Hope Ranch
There were two sales in Hope Ranch in August, 700 Via Hierba for $5.2MM and 948 Las Palmas Dr for $4.7MM. There have only been 15 sales in Hope Ranch so far YTD.
Carpinteria
There happened to be 9 condo sales in Carp this month (out of 17 total), helping the overall number of sales but lowering the Median Price by 24% to $915,000. We almost have to disregard the percentage change due to the mix shift in sales and remember that last August there were two sales over $18MM, whereas this month the most notable sale in Carp was 5002 Foothill Rd for $2.05MM.
Summerland
There were no closed sales in Summerland this month.
