2nd Quarter 2023
Nationwide
While the number of sales was down significantly in every part of the country during the 1st Quarter of 2023, prices were a mixed bag values rose in the South and Mid-West but declined in the West and Northeast. According to the Chief Economist for the National Association of Realtors,
were seeing stronger sales gains in areas where home prices are decreasing, and the local economies are adding jobs. The Median Home Price slipped 0.2% during the 1st Quarter, snapping a streak of 131 consecutive months of year-over-year price increases the longest on record. Inventory levels are up 15% compared to a year ago, but still near historic lows. Interest rates on 30-year fixed loans have increased more than 50% compared to a year ago. As long as interest rates remain at or above current levels, expect inventory to remain scarce, and sales to continue to be slow.
Santa Barbara - South Coast
2023 was off to a rough start for local real estate along the South Coast during the 1st Quarter as inventory, sales and prices all declined. Total Active Listings slid 17% to 380 properties. Unusually rainy weather certainly contributed to the sharp decrease in sales, as the Number Sold plummeted 39%. Average Sale Price fell 6% to $2,560,215, and Median Sales Price dropped 13% to $1,550,000. On average, properties sold for 97% of their last list price a reduction of 5% compared to a year ago. Overall, Sold Volume fell 42% to $601,650,434. The largest sale so far in 2023 was 751 Buena Vista Drive, in Montecito, for $17,500,000.
Montecito
Activity in Montecito was extremely sluggish during the 1st Quarter of 2023: Total Active Listings dropped 22% to 63 properties, and the Number Sold decreased 52% as only 29 properties traded hands. Average Sale Price ended the Quarter 9% lower at $6,161,920, and Median Sale Price finished down 7% at $4,823,000. On average, properties in Montecito sold for 94% of their last list price a reduction of 4% compared to a year ago. Overall, Sold Volume fell 57% to $178,695,700. The largest sale so far in 2023 was 751 Buena Vista Drive for $17,500,000.
San Roque
Activity in San Roque (MLS Area 15) was very consistent with the overall activity along the South Coast during the 1st Quarter of 2023. Total Active Listings declined 17% to 87 properties. The Number Sold fell 32% as 58 properties changed hands. Average Sale Price slipped 8% to $2,015,616 and Median Sale Price fell 14% to $1,712,000. On average, properties in MLS Area 15 sold for 99% of their last list price a reduction of 8% compared to a year ago. Overall, Sold Volume dropped 38% to $116,905,780. The largest sale so far in 2023 for San Roque was 3018 Paseo Tranquillo for $3,575,000.
Upper East
Activity on the Upper East (MLS Area 15) was very consistent with the overall activity along the South Coast during the 1st Quarter of 2023. Total Active Listings declined 17% to 87 properties. The Number Sold fell 32% as 58 properties changed hands. Average Sale Price slipped 8% to $2,015,616 and Median Sale Price fell 14% to $1,712,000. On average, properties in MLS Area 15 sold for 99% of their last list price a reduction of 8% compared to a year ago. Overall, Sold Volume dropped 38% to $116,905,780. The largest sale so far in 2023 for the Upper East was 1734 Anacapa Street for $3,200,000.
Riviera
Activity on the Riviera (MLS Area 15) was very consistent with the overall activity along the South Coast during the 1st Quarter of 2023. Total Active Listings declined 17% to 87 properties. The Number Sold fell 32% as 58 properties changed hands. Average Sale Price slipped 8% to $2,015,616 and Median Sale Price fell 14% to $1,712,000. On average, properties in MLS Area 15 sold for 99% of their last list price a reduction of 8% compared to a year ago. Overall, Sold Volume dropped 38% to $116,905,780. The largest sale so far in 2023 for the Riviera was 1705 Franceschi for $4,235,000.
Mesa
Like most areas along the South Coast, the Mesa (MLS Area 20) experienced a decline in inventory, sales, and prices during the 1st Quarter of 2023. Total Active Listings fell 13% to 70 properties. Sales were sluggish down 43%, as only 43 properties traded hands. Average Sale Price decreased 7% to $2,237,205 and Median Sale Price inched down 2% to $1,760,000. On average, properties on the Mesa sold for 96% of their last list price, compared to 103% a year ago. Overall, Sold Volume dropped 47% to $96,199,850. The largest sale so far in 2023 on the Mesa was 1547/1553 Shoreline Drive for $16,200,000.
Samarkand
Like most areas along the South Coast, Samarkand (MLS Area 20) experienced a decline in inventory, sales, and prices during the 1st Quarter of 2023. Total Active Listings fell 13% to 70 properties. Sales were sluggish down 43%, as only 43 properties traded hands. Average Sale Price decreased 7% to $2,237,205 and Median Sale Price inched down 2% to $1,760,000. On average, properties in Samarkand sold for 96% of their last list price, compared to 103% a year ago. Overall, Sold Volume dropped 47% to $96,199,850. The largest sale so far in 2023 in Samarkand was 2726 Cuesta Rd for $3,050,000.
Hidden Valley
Like most areas along the South Coast, Hidden Valley (MLS Area 20) experienced a decline in inventory, sales, and prices during the 1st Quarter of 2023. Total Active Listings fell 13% to 70 properties. Sales were sluggish down 43%, as only 43 properties traded hands. Average Sale Price decreased 7% to $2,237,205 and Median Sale Price inched down 2% to $1,760,000. On average, properties in Hidden Valley sold for 96% of their last list price, compared to 103% a year ago. Overall, Sold Volume dropped 47% to $96,199,850.
Bel Air Knolls
Like most areas along the South Coast, Bel Air Knolls (MLS Area 20) experienced a decline in inventory, sales, and prices during the 1st Quarter of 2023. Total Active Listings fell 13% to 70 properties. Sales were sluggish down 43%, as only 43 properties traded hands. Average Sale Price decreased 7% to $2,237,205 and Median Sale Price inched down 2% to $1,760,000. On average, properties in Bel Air Knolls sold for 96% of their last list price, compared to 103% a year ago. Overall, Sold Volume dropped 47% to $96,199,850. The largest sale so far in 2023 in Bel Air Knolls was 1208 Bel Air Drive for $4,425,000.
Campanil Hill/ Yankee Farm
Like most areas along the South Coast, Campanil Hill/ Yankee Farm area of the Mesa (MLS Area 20) experienced a decline in inventory, sales, and prices during the 1st Quarter of 2023. Total Active Listings fell 13% to 70 properties. Sales were sluggish down 43%, as only 43 properties traded hands. Average Sale Price decreased 7% to $2,237,205 and Median Sale Price inched down 2% to $1,760,000. On average, properties in Campanil Hill/ Yankee Farm area sold for 96% of their last list price, compared to 103% a year ago. Overall, Sold Volume dropped 47% to $96,199,850.
Santa Barbara Foothills/Goleta North
Activity in the Santa Barbara Foothills and Goleta North (MLS Area 35) was consistent with most of the rest of the South Coast during the 1st Quarter of 2023, as inventory, sales and prices all declined. Total Active Listings went from 89 a year ago to 70 a decrease of 21%. The Number Sold fell 39% as 43 properties traded hands, Average Sale Price dropped 11% to $1,257,394 and Median Sale Price dipped 3% to $1,251,000. Overall, Sold Volume declined 46% to $54,067,953. On average, properties in MLS Area 35 sold for 99% of their last list price 5% less than a year ago. The largest sale so far in 2023 in the Santa Barbara Foothills/Goleta North was 4439 N Shadow Hills Boulevard for $2,825,000.
Birnam Wood Golf Club
There is not much to report for Birnam Wood so far in 2023. There have been no closed sales, and there currently arent any pending sales. There are two Active Listings 1968 Inverness for $4,995,000 and 2005 Birnam Wood Drive for $7,495,000.
Hope Ranch
Hope Ranch broke ranks with the rest of the South Coast, as both inventory and prices rose during the 1st Quarter of 2023. Total Active Listings increased from eleven to fifteen. Sales were almost unchanged, as seven properties changed hands compared to eight the previous year. Prices were impressive, with Average Sale Price jumping 21% to $6,792,857 and Median Sale Price skyrocketed 38% to $7,250,000! On average, homes in Hope Ranch sold for 94% of their last list price a decline of 7% compared to a year ago. Overall, Sold Volume bumped up 6% to $47,550,000. The largest sale so far in 2023 for Hope Ranch was 4680 Via Roblada for $10,400,000.
Summerland
Summerland is part of MLS Area 05, which also includes Carpinteria. During the 1st Quarter of 2023, Total Active Listings were unchanged from a year ago at 48 properties. Despite consistent selection, the Number Sold fell 20% as 31 properties traded hands. Median Sale Price rose 9% to $1,150,000 and Average Sale Price increased to $2,568,327 thanks to several high-priced beach sales. Overall, Sold Volume skyrocketed 50% to $79,618,150. On average, properties in MLS Area 05 sold for 100% of their last list price an improvement of 1% compared to a year ago. The largest sale so far this year in Summerland was 2710 Montecito Ranch Place for $11,550,000.
Sincerely,
Daniel Encell
Director, Estates Division
Berkshire Hathaway HomeServices
(805) 565-4896
P.S. If you are considering selling, you need a strong agent with precise market knowledge, and superior marketing, advertising, and negotiation skills. In 35 years, I have sold over $2 billion in local sales. Creative marketing, extensive advertising, and good old fashioned hard work get the best results in any market! Please call me at (805) 565-4896 or email me at danencell@aol.com danencell@aol.com. All calls will be confidential.
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