Marsha Kotlyar Estate Group  |  License #01426886  |  805-565-4014

Q1 2024 | Real Estate Market Update

April 10th, 2024

 

The Current Local Real Estate Market is Vibrant!

.

The 1st Quarter 2024 real estate statistics are in and across the board; in nearly every neighborhood from Goleta to Carpinteria, nearly all segments of the market have improved over the last year. More selection came to market, there were more escrows and also more sales. Sold volume shot up, and the average/median prices also rose. That said, homes are taking slightly longer to sell, and those properties are selling on average at 96% of their list price, 1% lower than last year. Lifestyle change continues to be the biggest motivator for selling – and consumers are feeling increasingly comfortable leaving behind their pandemic low-interest rates and stepping back into the marketplace, which also helps to free up available inventory.

Though interest rates are higher than anticipated (in the 6-7% range) and insurance costs are on the rise, the stock market is strong, and unemployment rates are low. Santa Barbara is "on the map" and continues to captivate both homebuyers and those looking to park money due to its exceptional beauty, world-class amenities, and immensely high quality of life.

The ultra-high-end was booming this quarter. Sold volume for properties over 10 Million was 11% higher than last year. Luxury turn-key estates and view properties continue to be in high demand. Buyers are still willing to pay a premium for homes that are newly built or remodeled, design-worthy, and in move-in condition, while properties requiring work with dated finishes tend to find a smaller audience and may need to revisit pricing to appear competitive. With construction prices on the rise, this trend will continue. The current average price per square foot in Montecito is $1,946; it is $1,598 in Hope Ranch. The highest residential sale in South Santa Barbara County during Q1 was at 875/885 Park Lane, for $36,800,000. 

I predict that from April through August, inventory levels will climb, and, with that, more pending sales.

.

.

.

.

Curious about the market, your home value, or recent industry news? We are here to connect and discuss what is top-of-mind. We would be delighted to chat and bring you up to speed. For a confidential consultation, contact us at 805.565.4014 or email Home@MKGroupMontecito.com.

.

CLICK TO VIEW ALL Q1 SALES IN EACH AREA

Note: This is not in any way an official advertisement or publication of these properties. Data from The MLS and CORT for January 1, 2024 through March 31, 2024 and represents properties listed or sold by various brokers. The MLS, CORT, and Marsha Kotlyar Estate Group do not guarantee and are not in any way responsible for its accuracy, and data maintained may not reflect all real estate activity in the market. If your house is currently listed, this is not intended to be a solicitation. Based on information obtained from the MLS as of March 31, 2024. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent contained herein may or may not have been the Listing and/or Selling Agent. ©2024 BHHS Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc. Equal Housing Opportunity.  

‹ Back to Articles