I love this time of year! Weather is warm, holiday spirits are high, and there is this fantastic-mad-real-estate-rush as we slam into the end of the year.
November took some hits, between the election & holiday kick off, Seller's have reduced prices, inventory has increased slightly & Buyers appear to be playing a game of cat and mouse! Let's review together:
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$1M-$2.99M: Sales increased from 39 in 2023 to 45 in 2024 (+15.4% YoY). This range remains the most active.
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$3M-$4.99M: A slight increase from 10 in 2023 to 12 in 2024 (+20% YoY).
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$5M-$7.99M: Sales rose from 4 to 6, showing growing demand for high-end properties (+50% YoY).
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$8M+: Significant growth from 5 to 8 sales (+60% YoY), reflecting the resilience of the ultra-luxury market.
In more detail...
Sales Activity:
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Sold Properties: 63 homes sold, totaling $246M in volume.
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Median Sold Price: $2,075,000.
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Average Sold Price: $3.91M.
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Days on Market (DOM): Average 50 days.
New Listings:
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Quantity: 69 properties listed.
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Median List Price: $2,695,000.
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Average List Price: $4.35M.
Market Trends:
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Active listings increased by 15.6% year-over-year (848 in 2023 to 980 in 2024).
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Median sales price rose by 3.5% compared to November 2023.
Year-to-Date Growth:
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Total sales increased by 12.6% year-over-year.
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Median sales price climbed to $2.2M (+3.5% YoY).
My key takeaways are...
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Strong Growth Across Segments: Despite the 'feeling' of a market slow down, sales increased in all price ranges, with the $8M+ segment surging 60% YoY and the $1M-$2.99M range dominating at 71% of total sales.
Price Range Insights
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$1M-$2.99M: Fast-moving with average 35 DOM, showcasing strong buyer interest.
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$3M-$4.99M: Moderate growth (+20% YoY) but slower pace with 60 DOM.
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$5M-$7.99M: Niche market with 50% growth YoY; average 89 DOM reflects a selective buyer pool.
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$8M+: Ultra-luxury demand surged, though homes averaged 120 DOM.
Luxury Market Trends
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Robust High-End Demand: Sales in $5M+ ranges highlight strong interest in Montecito and Hope Ranch estates.
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Strategic Pricing Wins: Competitive pricing in the $2M-$3M range resulted in faster sales and higher SP/LP ratios.
Strategic pricing and market positioning proved critical in driving sales last month, emphasizing the importance of aligning with market trends in a dynamic landscape. Whether you're exploring Santa Barbara's vibrant real estate market or looking for your next dream home, we're here to guide you every step of the way. Contact us today to learn more and start your journey!
