3rd Quarter 2023
Nationwide
Nationwide, inventory, sales and prices were all down compared to a year ago. Total housing inventory dipped about 6% compared to last year, and currently sits at about a 3-month supply at the current sales pace. The Median Sales Price was down about 3% compared to a year ago. Sales were down about 20%. According to the National Association of Realtors Chief Economist, existing-home sales activity is down sizably due to the current supply being roughly half the level of 2019.
Santa Barbara - South Coast
Local real estate along the South Coast experienced a sharp drop in sales and a modest decline in prices during the first half of 2023. Inventory levels remained tight, as Total Active Listings dropped 12% to 770 properties. I expect the shortage of local housing selection to continue well into the future until there is a meaningful reduction in mortgage interest rates. The Number Sold plummeted 31% as only 547 properties traded hands. Average Sale Price fell 6% to $2,554,776, and Median Sale Price slipped 9% to $1,615,000. Overall, Sold Volume decreased 35% to $1,397,462,288. On average, properties sold for 98% of their last list price a reduction of 4% compared to a year ago. The largest sale along the South Coast during the 2nd Quarter of 2023 was 319 San Ysidro Road, in Montecito, for $22,500,000.
Montecito
Despite a significant drop in sales during the first half of 2023, prices in Montecito were remarkably resilient. Inventory levels in 93108 remained relatively constant as Total Active Listings slipped 3% to 132. However, the Number Sold plunged 35% as only 75 Montecito properties traded hands. Despite the slowdown of sales, prices were almost unchanged compared to a year ago Average Sale Price was $6,604,972 and Median Sale Price was $5,050,000. Overall Sold Volume declined 36% to $495,372,950. On average, Montecito properties sold for 96% of their last list price 2% less than last year. The largest Montecito sale during the 2nd Quarter was 319 San Ysidro Road for $22,500,000.
San Roque
Activity in San Roque (MLS Area 15) was down across the board for the first half of 2023, as inventory levels, sales and prices all fell. Total Active Listings declined 10% to 181 properties. The Number Sold slipped 23% as one 134 properties traded hands. Prices were the hardest hit in MLS Area 15 of any community along the South Coast with Average Sale Price falling 15% to $1,935,216 and Median Sale Price dropped 16% to $1,677,500. Overall Sold Volume decreased 35% to $259,319,014. On average, properties in San Roque sold for 99% of their last list price a reduction of 6% compared to this time last year. The largest sale during the 2nd Quarter was 219 Toyon Drive for $3,676,896.
Upper East
Activity in the Upper East (MLS Area 15) was down across the board for the first half of 2023, as inventory levels, sales and prices all fell. Total Active Listings declined 10% to 181 properties. The Number Sold slipped 23% as one 134 properties traded hands. Prices were the hardest hit in MLS Area 15 of any community along the South Coast with Average Sale Price falling 15% to $1,935,216 and Median Sale Price dropped 16% to $1,677,500. Overall Sold Volume decreased 35% to $259,319,014. On average, properties in the Upper East sold for 99% of their last list price a reduction of 6% compared to this time last year. The largest sale during the 2nd Quarter was 2017 Garden Street for $4,100,000.
Riviera
Activity on the Riviera (MLS Area 15) was down across the board for the first half of 2023, as inventory levels, sales and prices all fell. Total Active Listings declined 10% to 181 properties. The Number Sold slipped 23% as one 134 properties traded hands. Prices were the hardest hit in MLS Area 15 of any community along the South Coast with Average Sale Price falling 15% to $1,935,216 and Median Sale Price dropped 16% to $1,677,500. Overall Sold Volume decreased 35% to $259,319,014. On average, properties in the Upper East/San Roque/on the Riviera sold for 99% of their last list price a reduction of 6% compared to this time last year. The largest sale during the 2nd Quarter was 20 Camino Verde for $8,500,000.
Mesa
Activity on the Mesa (MLS Area 20) was mixed during the first half of 2023.
Hope Ranch
Activity in Hope Ranch was all over the board during the first half of 2023. Total Active Listings increased 5% from a year ago. While this may not seem like a lot, it was the only community along the South Coast to see an uptick in selection. Despite the relatively strong inventory, sales plummeted, as the Number Sold fell 42% and only 11 properties traded hands. Despite anemic sales, prices were strong Average Sale Price rose 4% to $8,282,641 and Median Sale Price jumped 35% to $8,150,000. On average, properties in Hope Ranch sold for 95% of their last list price a decrease of 6% compared to a year ago. Overall Sold Volume plunged 39% to $91,109,060. The largest sale in Hope Ranch during the 2nd Quarter of 2023 was 4689 Via Roblada for $13,495,000.
Santa Ynez
The first half of 2023 was challenging for real estate in the Santa Ynez Valley, as inventory levels, prices, and sales all experienced significant declines. Similar to activity along the South Coast, Total Active Listings fell 14% to 220 properties. Fewer choices resulted in a 24% drop in the Number Sold, as only 118 properties traded hands. Average Sale Price slipped 18% to $1,452,367 and Median Sale Price dropped 25% to 937,500. Overall Sold Volume slid 38% to $171,379,343. On average, properties in the Santa Ynez Valley sold for 97% of their last list price an increase of 1% compared to a year ago.
The largest sale during the 2nd Quarter was 2051 Golpa Drive, Solvang, which sold off-market for $15,000,000.
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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