2023 Real Estate Market Report for South County Santa Barbara
Welcome to the Zia Group's 2023 South Santa Barbara County Real Estate Report. Explore this annual report and dive into the market's highlights, including home price trends, sales volume, and neighborhood-specific insights. This comprehensive report is your guide to understanding the nuances of the local real estate scene in 2023 and predictions to 2024, presented by Zia Group.
Annual home price trend
Despite a modest 1% annual decrease in median home values for both houses and condos, Santa Barbara's real estate market remains resilient. In 2023, the median home value averaged $1,700,000 across all 12 months, maintaining its high value and making it an attractive investment.
Annual Home Sales Trend
In 2023, South County Santa Barbara witnessed a total of 1,105 home sales, marking a 23% annual decrease. The breakdown includes 773 house sales with a 24% annual decrease and 332 condo sales with a 22% annual decrease.
Home sales by month
The real estate market in 2023 exhibited a familiar seasonal trend, with higher home sales in the summer months and a dip during winter. June stood out as the peak month with 116 homes sold, while January recorded the lowest sales with 69 homes.
Home sales by area
This annual chart, outlining "sales by area," provides insights into the distribution of home sales across Santa Barbara. Santa Barbara itself stands out with the highest number of homes sold at 502 and Summerland recorded the lowest sales at 13.
Median sales price by area and type
Montecito and Hope Ranch closed the year with a 3% uptick in median prices, reaching $5,295,000 and $5,737,500, respectively. Meanwhile, Summerland experienced significant appreciation with a 40% increase in median home values, resulting in a median price of $3,500,000 ($1,489,325 for condos).
Annual median home price trend
Continuing the trend from the previous year, Montecito and Hope Ranch once again lead in median home sales prices. Montecito maintains a median home selling price of $5,000,000, reflecting a 1% annual increase, while Hope Ranch holds the top spot with a median home selling price of $5,737,500, indicating a 2% annual increase.
Annual home sales trend
In 2023, despite the appreciation of home prices, the trend in home sales continues on a downward trajectory. However, this brings the total number of sales closer to pre-pandemic levels, suggesting a market shift back to its normal numbers and a move towards equilibrium. In 2023, there were 167 homes sold in Montecito and 20 homes sold in Hope Ranch. Overall, the luxury market experienced a 21% decrease, reflecting an evolving landscape in real estate dynamics.
Home sales by month
As we take a closer look at the monthly home sales data in 2023, Montecito experienced a rise in sales during both May and September. In contrast, no homes were sold in Hope Ranch in both May and December.
Median price trend by month
Median home prices in Montencito and Hope Ranch continued to illustrate fluctuations, yet sales and prices are consistent throughout the year. As we take a closer look, Montecito generally experienced a variety of increases and decreases, meanwhile, Hope Ranch displayed more volatility, including months with no reported sales. However, it's important to note that Hope Ranch is a relatively niche market, making any activity impactful on a monthly basis.
Annual sales by area
The current real estate landscape in Montecito and Hope Ranch continues to follow the trend set in 2022. Montecito remains the frontrunner in home sales, capturing nearly 90% of the market with 167 homes sold. On the other hand, Hope Ranch's position remains relatively modest, accounting for 10% of the sales activity with 20 homes sold.