2022 Annual Report

Santa Barbara Real
Estate Market Report

This report is best viewed on a tablet or desktop computer


Santa Barbara

2022 Real Estate Market Report for South County Santa Barbara

Welcome to Zia Group's annual real estate report for the year of 2022. In 2022, the Santa Barbara real estate market continued to break historical records, and set new milestones. In this report, we'll look at annual home price trends, sales volume, and we'll examine how home sales differed by neighborhood. Enjoy this annual market report courtesy of Zia Group.

1,443 total sales

35% Annual Decrease

1,015 house sales

34% Annual Decrease

428 condo sales

37% Annual Decrease

$1,720,000 median price for houses & condos

15% Annual Increase

$2,104,000 median price for houses

12% Annual Increase

$958,000 median price for condos

14% Annual Increase

Annual home price trend

Santa Barbara homes continued their meteoric rise in value during 2022. When averaged across all 12 months of 2022, the median home value in Santa Barbara topped $1,720,000 for the first time in history. In terms of annual percent gain, median home values appreciated by 15%.

Annual Home Sales Trend

Perhaps the most notable metric in 2022 is the total number of homes sold in South County Santa Barbara. Single family homes, together with condos, saw only 1,443 sales. This figure is down 35% year over year.

Home sales by month

Real estate tends to follow predictable seasonality, with Summer experiencing more sales, and Winter experiencing fewer sales. 2022 followed this typical pattern with two exceptions: 1) Overall home sales were lower than recent years 2) Rising interest rates during mid Summer resulted in lower sales than we would have otherwise expected.

Home sales by area

This annual "sales by area" chart illustrates how sales are distributed throughout Santa Barbara. In recent years, Montecito has been increasingly  growing as a percentage of total sales. 2022 "home sales by area" maintained a remarkably similar structure to that of 2021 and 2020.


Median sales price by area and type

Santa Barbara home prices continued to skyrocket in 2022. Montecito and Hope Ranch finished the year with a median home selling price of $4,975,000 and $5,625,000 respectively. Restricted inventory and ever-increasing demand has continued to push prices higher. Note: Hope Ranch has no condos, which is visible on this chart.


Luxury Spotlight

2022 Luxury Real Estate Market Report for Montecito & Hope Ranch

Welcome to Zia Group's annual luxury report for the year of 2022. In 2022, the luxury market has seen astronomical price growth. In this report, we'll explore annual home price trends, monthly trends, sales volume, and more. Enjoy this report courtesy of Zia Group.

238 total sales

47% Annual Decrease

210 sales in Montecito

45% Annual Decrease

28 sales in Hope Ranch

57% Annual Decrease

$4,975,000 median price in Montecito

20% Annual Increase

$5,625,000 median price in Hope Ranch

18% Annual Increase

Annual median home price trend

Median sales prices are at all-time highs in Montecito and Hope Ranch. Hope Ranch has maintained the top spot with a median home selling price of 5,625,000. Montecito is not far behind with the median price of $4,975,000.

Annual home sales trend

In 2022, Montecito returned to pre-pandemic sales numbers. While significanly lower than 2021, Montecito finished the year with 2010 sales, which is similar to that of 2015-2019. Together with Hope Ranch, luxury market sales were down 47% compared to 2021.

Home sales by month

Taking a closer look at home sales per month in 2022, we continued to see a steady decline in transactions. Surprisingly, no homes were sold in Hope Ranch during the last 3 months of the year. Meanwhile, Montecito enjoyed a moderate upswing in December.

Median price trend by month

Here we look at how home prices oscillate from month to month throughout the year. At first blush, it could appear as though Hope Ranch has wild price swings. However, this is not the case. Because Hope Ranch is such a small collection of homes, any one or two large sales can dramatically impact the average price that month. In general, we find Montecito and Hope Ranch to both maintain relatively consistent home values year round.

Annual sales by area

As we compare Montecito and Hope Ranch home sales, we see that Montecito claims the vast majority of sales. In 2022, Montecito had 210 sales, which accounted for 88% of sales across Montecito and Hope Ranch. In contrast, Hope Ranch had 28 sales, accounting for the remaining 12% of this ultra-luxury territory.

Request a complimentary home value analysis today

An accurate Santa Barbara home valuation is critical when it comes to selling, refinancing, or calculating your home equity. Join hundreds of fellow homeowners, and request a free comparative market analysis that includes the current value of your Santa Barbara home.