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Daniel Encell’s
Quarterly Real Estate Update
~ Archives ~

4th Quarter 2022

Nationwide
The 3rd Quarter of 2022 saw an abrupt end to the strong Seller’s Market of the past two years, as dramatically higher mortgage interest rates took their toll on the national real estate market. Prices remained firm, thanks to continued low inventory, but sales plummeted. Median Sale Price is up about 7% compared to a year ago, but the number of sales is down 20%. According to the Chief Economist for the National Association of Realtors, “The housing sector is the most sensitive to and experiences the most immediate impact from the Federal Reserve’s interest rate policy changes. The softness in home sales reflects this year’s escalating mortgage rates.”

Santa Barbara - South Coast
Inventory levels continue to hover near historical lows as Total Active Listings dropped 21% compared to a year ago. Limited selection and higher interest rates resulted in a sharp decline in sales as the Number Sold fell 46%. Prices were resilient, despite the challenging market conditions, as Average Sale Price rose 14% to $2,565,741 and Median Sale Price climbed 16% to $1,595,000. Sold Volume slid 39% to $826,096,871. On average, properties along the South Coast sold for 98% of their last list price – a drop of 3% compared to a year ago. The largest sale during the 3rd Quarter was 848 Hot Springs Road for $36,000,000.

Montecito
Activity in Montecito was similar to the rest of the South Coast during the 3rd Quarter. Total Active Listings dropped 26% to 81 properties. The decline in the Number Sold was sharp, as only 41 properties traded hands – a reduction of 50%. Average Sale Price improved 13% to $6,677,744, while Median Sale Price was unchanged at $4,500,000. Sold Volume fell 43% to $273,787,505. On average, properties in Montecito sold for 96% of their last list price – a drop of 2% compared to a year ago. The largest sale in Montecito during the 3rd Quarter was 848 Hot Springs Road for $36,000,000.

San Roque
Activity in San Roque (MLS Area 15) was very similar to the rest of the South Coast during the 3rd Quarter of 2022. Inventory levels were low, sales declined, but prices remained strong. Total Active Listings fell 17% to 141 properties. The Number Sold dropped 46% as only 77 properties traded hands. Average Sale Price climbed 18% to $2,105,173 and Median Sale Price jumped an impressive 27% to $1,880,000. Sold Volume retreated 36% to $162,098,388. On average, properties in MLS Area 15 sold for 100% of their last list price – 2% less than a year ago. The largest sale in San Roque was 722 San Roque Road for $2,725,000.

Upper East
Activity in the Upper East (MLS Area 15) was very similar to the rest of the South Coast during the 3rd Quarter of 2022. Inventory levels were low, sales declined, but prices remained strong. Total Active Listings fell 17% to 141 properties. The Number Sold dropped 46% as only 77 properties traded hands. Average Sale Price climbed 18% to $2,105,173 and Median Sale Price jumped an impressive 27% to $1,880,000. Sold Volume retreated 36% to $162,098,388. On average, properties in MLS Area 15 sold for 100% of their last list price – 2% less than a year ago. The largest sale in the Upper East was 2439 Santa Barbara Street for $5,275,000.

Riviera
Activity on the Riviera (MLS Area 15) was very similar to the rest of the South Coast during the 3rd Quarter of 2022. Inventory levels were low, sales declined, but prices remained strong. Total Active Listings fell 17% to 141 properties. The Number Sold dropped 46% as only 77 properties traded hands. Average Sale Price climbed 18% to $2,105,173 and Median Sale Price jumped an impressive 27% to $1,880,000. Sold Volume retreated 36% to $162,098,388. On average, properties in MLS Area 15 sold for 100% of their last list price – 2% less than a year ago. The largest sale on the Riviera was 1705 Lasuen Road for $5,750,000.

Mesa
Activity on the Mesa (MLS Area 20) was consistent with the rest of the South Coast during the 3rd Quarter of 2022 – inventory levels declined, sales suffered, and prices remained strong. Total Active Listings fell 13% to 99 properties. The Number Sold dropped 43% as only 67 homes traded hands. Average Sale Price bumped up 5% to $1,681,912 and Median Sale Price climbed 13% to $1,525,000. Overall Sold Volume dropped 40% to $112,688,133. On average, properties in MLS Area 20 sold for 100% of their last list price – a decrease of 1% compared to the same time last year. The largest sale on the Mesa was 1919 El Camino De La Luz for $4,050,000.

Samarkand
Activity in Samarkand (MLS Area 20) was consistent with the rest of the South Coast during the 3rd Quarter of 2022 – inventory levels declined, sales suffered, and prices remained strong. Total Active Listings fell 13% to 99 properties. The Number Sold dropped 43% as only 67 homes traded hands. Average Sale Price bumped up 5% to $1,681,912 and Median Sale Price climbed 13% to $1,525,000. Overall Sold Volume dropped 40% to $112,688,133. On average, properties in MLS Area 20 sold for 100% of their last list price – a decrease of 1% compared to the same time last year. The largest sale in Samarkand was 3007 Serena Road for $2,605,000.

Hidden Valley
Activity in Hidden Valley (MLS Area 20) was consistent with the rest of the South Coast during the 3rd Quarter of 2022 – inventory levels declined, sales suffered, and prices remained strong. Total Active Listings fell 13% to 99 properties. The Number Sold dropped 43% as only 67 homes traded hands. Average Sale Price bumped up 5% to $1,681,912 and Median Sale Price climbed 13% to $1,525,000. Overall Sold Volume dropped 40% to $112,688,133. On average, properties in MLS Area 20 sold for 100% of their last list price – a decrease of 1% compared to the same time last year. The largest sales in Hidden Valley were 3710 Torino Drive and 3707 Lido Way; both sold for $2,000,000.

Bel Air Knolls
Activity in Bel Air Knolls (MLS Area 20) was consistent with the rest of the South Coast during the 3rd Quarter of 2022 – inventory levels declined, sales suffered, and prices remained strong. Total Active Listings fell 13% to 99 properties. The Number Sold dropped 43% as only 67 homes traded hands. Average Sale Price bumped up 5% to $1,681,912 and Median Sale Price climbed 13% to $1,525,000. Overall Sold Volume dropped 40% to $112,688,133. On average, properties in MLS Area 20 sold for 100% of their last list price – a decrease of 1% compared to the same time last year. The largest sale in Bel Air Knolls was 1208 Bel Air Drive for $3,000,000.

Santa Barbara Foothills/Goleta North
Activity in the Santa Barbara Foothills/Goleta North (MLS Area 35) was soft during the 3rd Quarter of 2022, as a dramatic drop in inventory led to significantly fewer sales and mixed prices. Total Active Listings declined 34% - the most along the South Coast - to 84 properties. The Number Sold fell 40% as only 58 homes traded hands. Average Sale Price inched down 1% to $1,474,124 – this is the only area locally where Average Sale Price declined. Median Sale Price improved 11% to $1,305,500. Overall Sold Volume decreased 41% to $85,499,246. On average, homes in MLS Area 35 sold for 100% of their last list price – a drop of 5% compared to a year ago. The largest sale in MLS Area 35 during the 3rd Quarter was 1335 San Antonio Creek Road for $4,070,000.

Birnam Wood Golf Club
Activity was extremely quiet in Birnam Wood during the 3rd Quarter of 2022. There is currently only one Active Listing in the MLS – 2150 Ten Acre Road for $5,975,000. There were no Closed Sales, and there is nothing presently Pending in the MLS.

Hope Ranch
Hope Ranch experienced mixed activity during the 3rd Quarter as inventory levels were consistent, sales slipped, and prices were mixed. Total Active Listings declined 7% to 13 homes. 8 properties traded hands as the Number Sold fell 27%. Average Sale Price rose 17% to $8,561,875, while Median Sale Price plummeted 29% to $4,797,500. Overall Sold Volume decreased 14% (the least of any community along the South Coast) On average, properties in Hope Ranch sold for 96% of their last list price – an increase of 1% compared to a year ago. The largest sale in Hope Ranch during the 3rd Quarter was 4045 Cuervo Avenue at $18,500,000.

Summerland
Summerland (MLS Area 05) saw some of the most extreme swings of any community along the South Coast during the 3rd Quarter of 2022. Although Total Active Listings declined 7%, this was the smallest decrease of any local community during the 3rd Quarter. Despite a relatively large selection of properties for sale, the Number Sold plummeted 51% - the largest drop of any area along the South Coast. However, prices skyrocketed, as Average Sale Price and Median Sale Price both climbed 36% to $2,187,420 and $1,195,000 respectively. Overall Sold Volume fell 34% to $85,309,399. On average, properties in MLS Area 05 sold for 98% of their last list price – a drop of 5% compared to a year ago. The largest sale in Summerland was 200 Montecito Ranch Lane for $9,400,000.

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 more Montecito properties than any other agent – over $1.9 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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