3rd Quarter 2020
Santa Barbara - South Coast
This was a challenging update to write, as the MLS statistics for the first half of 2020 tell only part of the story - where we were. The far more interesting story is where we are now, and where we are headed going into the last half of 2020.
Considering that for nearly two of the first six months of 2020, showing/selling local real estate was severely constrained, sales and prices were refreshingly resilient compared to the first half of 2019. Total Active Listings inched up 1% to 1186 properties. The Number Sold fell 21% to 638 properties. Average Sale Price slipped 2% to $1,584,553 while Median Sale Price climbed 5% to $1,106,014. Overall, Sold Volume was down 23% to $1,010,944,803. On average, properties sold for 95% of their last list price unchanged from a year ago. The largest sale along the South Coast for the first half of 2020 was 765 Rockbridge Road for $14,650,000.
I expect that the 3rd quarter, 2020, statistics will show a much more dynamic market, dominated by strong Buyer demand, limited inventory, and rising prices. Buyers are fleeing the larger cities for the semi-rural and rural lifestyles that are available in Santa Barbara County.
Santa Ynez Valley
During the first half 2020, activity in the Santa Ynez Valley was dominated by low inventory and higher prices. Compared to a year ago, Total Active Listings declined 16% to only 372 properties. Lower selection led to fewer sales as the Number Sold slid 11% to 134. Prices were strong, as Average Sale Price jumped 14% to $1,083,049 and Median Sale Price climbed 8% to $767,500. Unlike the South Coast, overall Sold Volume actually improved 2% to $145,128,628. On average, properties sold for 92% of their last list price a decline of 3% compared to a year ago. The largest sale so far this year was 5600 Armour Ranch Road for $9,400,000.
Montecito
Montecito was the strongest community along the South Coast (by far!) during the first half of 2020. Total Active Listings climbed 42% to 255. The Number Sold rose 10% to 101. (Montecito was the only area along the South Coast where sales rose every other area saw a double-digit decline in sales) Average Sale Price dipped 2% to $3,610,933, while Median Sale Price jumped 11% to $2,863,000. Overall, Sold Volume improved 7% to $364,704,237. On average, homes in Montecito sold for 91% of their last list price a decline of 1% compared to a year ago.
Activity is still very strong in Montecito. We are experiencing unprecedented demand mostly from Los Angeles and San Francisco Bay Area Buyers. Looking ahead, I expect the 3rd quarter to be the strongest ever in Montectio, with tremendous increases in both sales and prices.
San Roque
Despite increased selection, sales declined significantly during the first half of 2020 in San Roque (MLS Area 15). Total Active Listings bumped up 5% to 277. The Number Sold slipped 25% to 146 properties. Prices were almost unchanged, as Average Sale Price inched down to $1,397,563 and Median Sale Price was $1,215,000. Overall, Sold Volume fell 25% to $204,044,327. On average, properties in MLS Area 15 sold for 96% of their last list price - a decline of 1% compared to a year ago. The largest sale in San Roque for the first half of 2020 was 212 Canon Drive for $2,570,000.
Upper East
Despite increased selection, sales declined significantly during the first half of 2020 in the Upper East (MLS Area 15). Total Active Listings bumped up 5% to 277. The Number Sold slipped 25% to 146 properties. Prices were almost unchanged, as Average Sale Price inched down to $1,397,563 and Median Sale Price was $1,215,000. Overall, Sold Volume fell 25% to $204,044,327. On average, properties in MLS Area 15 sold for 96% of their last list price - a decline of 1% compared to a year ago. The largest sale in the Upper East during the first half of 2020 was 2444 Santa Barbara Street for $1,940,000.
Riviera
Despite increased selection, sales declined significantly during the first half of 2020 on the Riviera (MLS Area 15). Total Active Listings bumped up 5% to 277. The Number Sold slipped 25% to 146 properties. Prices were almost unchanged, as Average Sale Price inched down to $1,397,563 and Median Sale Price was $1,215,000. Overall, Sold Volume fell 25% to $204,044,327. On average, properties in MLS Area 15 sold for 96% of their last list price - a decline of 1% compared to a year ago. The largest sale on the Riviera for the first half of 2020 was 1830 Mission Ridge Road for $3,450,000.
Mesa
A reduction in selection led to significantly fewer sales on the Mesa (MLS Area 20) during the first half of 2020. Total Active Listings fell 10% to 205 properties. The Number Sold dropped 20% to 132. Prices were relatively stable with Average Sale Price falling 4% to $1,171,379 while Median Sale Price was almost unchanged at $1,066,500. Overall, Sold Volume declined 23% to $154,622,154. On average, properties on the Mesa, sold for 98% of their last list price - an increase of 1% compared to a year ago. The largest sale on the Mesa for the first half of 2020 was 1805 Lighthouse Way for $2,150,000.
Samarkand
A reduction in selection led to significantly fewer sales in Samarkand (MLS Area 20) during the first half of 2020. Total Active Listings fell 10% to 205 properties. The Number Sold dropped 20% to 132. Prices were relatively stable with Average Sale Price falling 4% to $1,171,379 while Median Sale Price was almost unchanged at $1,066,500. Overall, Sold Volume declined 23% to $154,622,154. On average, properties in Samarkand, sold for 98% of their last list price - an increase of 1% compared to a year ago. The largest sale in Samarkand for the first half of 2020 was 2932 Hermosa Road for $1,825,000.
Santa Barbara Foothills/Goleta North
A decline in selection led to a significant reduction in sales during the first half of 2020 in the Santa Barbara Foothills/Goleta North area that makes up MLS Area 35. Total Active Listings slipped 14% to 178 properties. The Number Sold fell 25% to 112. Prices were relatively stable as Average Sale Price inched up slightly to $1,049,509, while Median Sale Price fell 2% to $854,378. Overall, Sold Volume dropped 25% to $117,545,118. On average, properties in MLS Area 35 sold for 96% of their last list price - a decline of 3% compared to a year ago. The largest sale in the Santa Barbara foothills/Goleta North during the first half of 2020 was 4691 Boulder Ridge Road for $2,700,000.
Hope Ranch
Reduced selection led to fewer sales in Hope Ranch (MLS Area 25), during the first half of 2020. Total Active Listings fell 8% to 33. The Number Sold dropped 42% to only 12 properties. While Average Sale Price slipped 25% to $3,839,642, Median Sale Price climbed 3% to $3,312,500. Overall, Sold Volume dropped 57% to $46,075,713. On average, homes in Hope Ranch sold for 90% of their last list price a decline of 4% compared to a year ago. The largest sale in Hope Ranch during the first half of the year was 4225 Cresta Avenue for $10,500,000.
Sincerely,
Daniel Encell
Director, Estates Division
Berkshire Hathaway HomeServices
(805) 565-4896
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