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Daniel Encell’s
Quarterly Real Estate Update
~ Archives ~

4th Quarter 2021

Nationwide
The strong real estate market continued across the country during the 3rd Quarter of 2021. Fueled by low interest rates, a modest supply of homes offered for sale, and strong Buyer demand, prices rose almost 15% compared to a year ago. That marks 114 straight months of year-over-year gains. Total housing inventory was down over 13% compared to a year ago. Higher prices and a diminished selection led to a flattening in the number of sales.

Santa Barbara - South Coast
The 3rd Quarter of 2021 can be easily summarized along the South Coast: A shortage of inventory resulted in fewer sales, but at much higher prices. Total Active Listings declined 25% to 739 properties. Sales followed selection, as the Number Sold slipped 10% to 597 properties. With extremely strong showings in both Montecito and Hope Ranch, prices soared. Average Sale Price jumped 18% to $2,257,630 and Median Sale Price climbed 6% to $1,380,000. Overall, Sold Volume rose 6% to $1,347,805,162. On average, properties along the South Coast sold for 101% of their last list price – that is an increase of 4% compared to a year ago. The largest sales during the 3rd Quarter were 699 San Ysidro Road and 700 Park Lane – each at $28,000,000.

Montecito
It is a good time to be a homeowner in Montecito, as limited selection and strong demand continue to push prices to record highs. Inventory levels fell sharply in the 3rd Quarter, as Total Active Listings slipped 43% to 126 properties. With fewer properties offered for sale, the Number Sold dropped 35% to 82. Multiple offers were common, and prices skyrocketed. Average Sales Price jumped 56%, compared to a year ago, to $5,904,872. Median Sale Price rose 50% to $4,500,000. Overall, Sold Volume inched up 1% to $484,199,545. On average, properties in Montecito sold for 98% of their list price – an improvement of 2% compared to the same time last year. The largest sales were 699 San Ysidro Road and 700 Park Lane – each for $28,000,000.

San Roque
Activity in San Roque (MLS Area 15) was less volatile than other areas along the South Coast during the 3rd Quarter. Total Active Listings declined 24% to 181. With fewer properties offered for sale, the Number Sold dipped 11% to 145. Average Sale Price improved a healthy 8% to $1,772,785 while Median Sale Price was surprisingly unchanged at $1,476,500. Overall Sold Volume fell 3% to $257,053,929. On average, properties in MLS Area 15 sold for 103% of their last list price – an increase of 5% compared to a year ago. The largest sale in San Roque was 810 Fawn Place for $2,570,000.

Upper East
Activity in the Upper East (MLS Area 15) was less volatile than other areas along the South Coast during the 3rd Quarter. Total Active Listings declined 24% to 181. With fewer properties offered for sale, the Number Sold dipped 11% to 145. Average Sale Price improved a healthy 8% to $1,772,785 while Median Sale Price was surprisingly unchanged at $1,476,500. Overall Sold Volume fell 3% to $257,053,929. On average, properties in MLS Area 15 sold for 103% of their last list price – an increase of 5% compared to a year ago. The largest sale in the Upper East was 516 E Micheltorena Street for $2,500,000.

Riviera
Activity on the Riviera (MLS Area 15) was less volatile than other areas along the South Coast during the 3rd Quarter. Total Active Listings declined 24% to 181. With fewer properties offered for sale, the Number Sold dipped 11% to 145. Average Sale Price improved a healthy 8% to $1,772,785 while Median Sale Price was surprisingly unchanged at $1,476,500. Overall, Sold Volume fell 3% to $257,053,929. On average, properties in MLS Area 15 sold for 103% of their last list price – an increase of 5% compared to a year ago. The largest sale on the Riviera was 246 Las Altura Road for $5,950,000.

Mesa
Activity on the Mesa was extremely strong during the 3rd Quarter. Inventory levels fell as Total Active Listings dropped 31% to 116. Despite the significant shortage of homes offered for sale, the Number Sold climbed 5% to 118 (MLS Area 20 was the only area where the Number Sold exceeded Total Active Listings) Prices soared as Average Sale Price jumped 26% to $1,597,634 and Median Sale Price rose 26% to $1,340,000. Overall, Sold Volume skyrocketed 33% to $188,520,814. That is the strongest gain along the South Coast. On average, properties on the Mesa sold for 101% of the last list price – an improvement of 3% compared to a year ago. The largest sale on the Mesa was 2011 Edgewater Way for $3,850,000.

Samarkand
Activity in Samarkand was extremely strong during the 3rd Quarter. Inventory levels fell as Total Active Listings dropped 31% to 116. Despite the significant shortage of homes offered for sale, the Number Sold climbed 5% to 118 (MLS Area 20 was the only area where the Number Sold exceeded Total Active Listings) Prices soared as Average Sale Price jumped 26% to $1,597,634 and Median Sale Price rose 26% to $1,340,000. Overall, Sold Volume skyrocketed 33% to $188,520,814. That is the strongest gain along the South Coast. On average, properties in Samarkand sold for 101% of the last list price – an improvement of 3% compared to a year ago. The largest sale in Samarkand was 419 Stanley Drive for $2,500,000.

Santa Barbara Foothills/Goleta North
For the third quarter of 2021, inventory levels remained constant, sales posted a modest decline, and prices were strong, in the Santa Barbara Foothills/Goleta North community known as MLS Area 35. Area 35 was the only market along the South Coast where inventory levels did not decline, as Total Active Listings held constant at 132 properties. Despite sufficient selection, the Number Sold fell 10% to 597. Average Sale Price jumped 28% to $1,480,074, and Median Sale Price climbed 25% to $1,174,500. Overall, Sold Volume in MLS Area 35 increased 26% to 145,047,257. On average, properties sold for 105% of their last list price – an improvement of 7% compared to a year ago. The largest sale in the 3rd Quarter was 1270 Via Brigitte for $5,025,000.

Birnam Wood Golf Club
Activity in Birnam Wood was strong in the 3rd Quarter, as almost all available inventory was snatched up by Buyers. At the end of the 3rd Quarter, there was only one Active Listing in Birnam Wood: 513 Crocker Sperry Drive for $5,795,000. There is one Pending Sale: 456 Crocker Sperry Drive with a last list price of $6,150,000. Despite low inventory, there were six closed sales: 2039 Boundary Drive - $4,500,000; 2010 Birnam Wood Drive - $5,375,000; 525 McLean Lane - $6,700,000; 2069 China Flat Road - $7,800,027; 434 Crocker Sperry Drive - $8,650,000; and, 2080 Birnam Wood Drive - $14,636,745.

Hope Ranch
Activity in Hope Ranch was nearly identical to Montecito during the 3rd Quarter as inventory levels and sales declined sharply while prices skyrocketed. Total Active Listings plummeted 47% to 18. The limited selection resulted in a 42% decline in sales as the Number Sold fell to 12. Values exploded as Average Sale Price climbed 58% to $6,779,833 and Median Sale Price soared 68% to $5,875,000. Overall, Sold Volume dipped 9% to $81,358,000. On average, properties in Hope Ranch sold for 95% of their last list price – an increase of 4% compared to a year ago. The largest sale in MLS Area 25 during the 3rd Quarter was 4050 Cuervo Avenue for $19,900,000.

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 34 years, I have sold over $1.8 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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