2nd Quarter 2021
Santa Barbara - South Coast
Wow - what an incredible First Quarter for local real estate! 34 years in the business and I have never seen anything like it. Sales along the South Coast skyrocketed, and prices went through the roof. The strong Seller’s Market from 2020 not only continued, it intensified. Despite an increase in listings, inventory was not nearly enough to keep up with strong Buyer demand. Total Active Listings rose 11% to 674 (although I am certain that it did not feel that way to Buyers).
Fueled by record-low interest rates, and an almost manic “fear of missing out”, Buyer demand was frantic. The Number Sold jumped 37% to 471, with multiple offers and bidding wars becoming common. Thanks largely to a few beach sales in Carpinteria, and a booming market in Montecito, Average Sale Price shot up 73% to $2,569,991. Median Sale Price improved 33% to $1,495,000. Sold Volume enjoyed a meteoric rise of 137% to $1,210,465,877. Overall, properties sold for 99% of their last list price - an increase of 4% compared to a year ago. The largest sale along the South Coast was 1655 Fernald Point for $45,000,000.
Montecito
Montecito sales and prices continued to set new highs during the first quarter (and I expect that will continue into the next quarter). A healthy increase in inventory of 17% helped partially satisfy frenzied Buyer demand, but it was not nearly enough. The Number Sold jumped 100%, as 92 homes traded hands, leaving Buyers with a significantly depleted selection of homes to choose from. Average Sale Price skyrocketed 92% and hit an all-time high of $5,964,725. Median Sale Price also moved into new territory, rising 58% to an unbelievable $4,150,000. Sold Volume in Montecito was $548,754,719 - increasing an unprecedented 285%! On average, properties in Montecito sold for 97% of their last list price - an improvement of 6% compared to a year ago.
With continued strong Buyer demand, low interest rates, and limited selection of homes for sale, I expect the strong Seller’s Market in Montecito to continue into the next quarter.
San Roque
The San Roque neighborhood (MLS Area 15) enjoyed a healthy First Quarter in 2021, as sales and prices both improved. Total Active Listings bumped up 4% to 151 properties. The Number Sold climbed 41% as 119 properties changed hands. Average Sale Price jumped 32% to $1,839,189. Median Sale Price rose 29% to $1,521,500. Sold Volume increased 87% to $218,863,555. On average, properties in MLS Area 15 sold for 100% of their last list price - an improvement of 3% compared to the same time last year. The largest sale in San Roque was 3228 Calle Rosales for $1,888,000.
I expect the strong market in San Roque to continue into the Second Quarter as inventory remains tight, and Buyer demand is relentless. Look for prices to continue to escalate into the foreseeable future.
Upper East
The Upper East neighborhood (MLS Area 15) enjoyed a healthy First Quarter in 2021, as sales and prices both improved. Total Active Listings bumped up 4% to 151 properties. The Number Sold climbed 41% as 119 properties changed hands. Average Sale Price jumped 32% to $1,839,189. Median Sale Price rose 29% to $1,521,500. Sold Volume increased 87% to $218,863,555. On average, properties in MLS Area 15 sold for 100% of their last list price - an improvement of 3% compared to the same time last year. The largest sale in the Upper East was 2050 Garden Street for $3,950,000.
I expect the strong market in the Upper East to continue into the Second Quarter as inventory remains tight, and Buyer demand is relentless. Look for prices to continue to escalate into the foreseeable future.
Riviera
The Riviera neighborhood (MLS Area 15) enjoyed a healthy First Quarter in 2021, as sales and prices both improved. Total Active Listings bumped up 4% to 151 properties. The Number Sold climbed 41% as 119 properties changed hands. Average Sale Price jumped 32% to $1,839,189. Median Sale Price rose 29% to $1,521,500. Sold Volume increased 87% to $218,863,555. On average, properties in MLS Area 15 sold for 100% of their last list price - an improvement of 3% compared to the same time last year. The largest sale on the Riviera was 1915 Las Tunas Road for $9,590,000.
I expect the strong market on the Riviera to continue into the Second Quarter as inventory remains tight, and Buyer demand is relentless. Look for prices to continue to escalate into the foreseeable future.
Mesa
The Mesa posted some impressive numbers during the First Quarter of 2021. Total Active Listings rose 18% to 118. Fueled by aggressive Buyer demand, sales were strong, as the Number Sold improved 8% to 79. Average Sale Price climbed 21% to $1,463,632. Median Sale Price jumped 23% to $1,360,000. Sold Volume increased 31% to $115,626,958. On average, properties in MLS Area 20 sold for 103% of their last list price as multiple offers and bidding wars were prevalent. The largest sale on the Mesa was 2315 Edgewater Way for $4,745,333.
Inventory levels are tight going into the Second Quarter. Demand is relentless. This should lead to additional price increases in MLS Area 20 during the Second Quarter. The strong Seller's Market continues.
Samarkand
Samarkand posted some impressive numbers during the First Quarter of 2021. Total Active Listings rose 18% to 118. Fueled by aggressive Buyer demand, sales were strong, as the Number Sold improved 8% to 79. Average Sale Price climbed 21% to $1,463,632. Median Sale Price jumped 23% to $1,360,000. Sold Volume increased 31% to $115,626,958. On average, properties in MLS Area 20 sold for 103% of their last list price as multiple offers and bidding wars were prevalent. The largest sale in Samarkand was 2719 Clinton Terrace for $1,850,000.
Inventory levels are tight going into the Second Quarter. Demand is relentless. This should lead to additional price increases in MLS Area 20 during the Second Quarter. The strong Seller's Market continues.
Santa Barbara Foothills/Goleta North
Activity in the Santa Barbara Foothills/Goleta North (MLS Area 35) was mixed during the First Quarter of 2021 - sales were strong, but prices were almost unchanged. Total Active Listings rose 24% to 112 properties. The Number Sold climbed 44%, as 84 properties changed hands. Average Sale Price inched up 1% to $1,150,270. Median Sale Price dipped 2% to $897,500. Sold Volume jumped 47% to $96,622,717. On average, properties in MLS Area 35 sold for 99% of their last list price - an improvement of 4% compared to the same time a year ago. The largest sale was 1035 Via Los Padres at $3,800,000.
I expect prices in MLS Area 35 to improve in the Second Quarter, due to the combination of low inventory of homes for sale and strong Buyer demand.
Birnam Wood Golf Club
The First Quarter of 2021 was extremely active in Birnam Wood, with six closed sales and three pending sales.
This is a sharp contrast from a year ago, when only one property sold during the first eight months of 2020.
First Quarter Sales include: 2009 Boundary Drive - $3,750,000; 499 Crocker Sperry Drive - $3,850,000; 525 Las Fuentes Drive - $ 5,295,000; 1180 Fife Lane - $5,815,000; 457 East Gate Lane - $7,391,500; and, 1908 Boundary Drive - $8,000,000.
There are currently three Active Listings in Birnam Wood: 2081 China Flat Road - $4,295,000; 516 Crocker Sperry Drive - $4,488,000; and, 2069 China Flat Road - $9,500,000.
Hope Ranch
Hope Ranch (MLS Area 25) enjoyed a strong First Quarter in 2021 as sales improved dramatically compared to a year ago. The Number Sold jumped from 5 properties during the First Quarter of 2020 to 20 - an increase of 300%. Total Active Listings dipped slightly to 20 properties. Prices were mixed as Average Sale Price climbed 15% to $4,711,823, while Median Sale Price slipped 2% to $3,825,000. Sold Volume skyrocketed 362% to $94,236,464. On average, properties in MLS Area 25 sold for 96% of their last list price - an increase of 1% compared to a year ago. The largest sale in Hope Ranch was 4305 Marina Drive for $25,373,227.
I expect the strong Seller's Market in Hope Ranch to continue into the Second Quarter. There simply is not enough inventory to keep up with Buyer demand.
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 34 years, I have sold more Montecito properties than any other agent – over $1.6 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. All calls will be confidential.
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