Q1 2020 | Santa Barbara & Santa Ynez Region Market Update

Q1 | 2020

Santa Barbara | Santa Ynez Valley

Market Update

MONTECITO

Barton Myers Work of Art Offered at $7,500,000 | 770Ladera.com

Montecito, Santa Barbara, and Santa Ynez Valley Brokerages montecito coast village road

805.969.9993

montecito east valley road

805.969.5005

/

Michael Cohen Vice President & Brokerage Manager santa barbara

805.963.1391

santa ynez valley

805.688.4200

All data within this document is pulled from the Santa Barbara MLS and North Santa Barbara County MLS. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal housing opportunity.

a message from

Michael Cohen

Vice President, Brokerage Manager No one will be able to fully predict the effect the COVID-19 pandemic will have on the real estate market, but at Sotheby’s International Realty, the health and safety of our agents, clients, employees and community is our #1 priority.

We invite you to review a summary of sales activity in the Santa Barbara and the Santa Ynez Valley Region during the first quarter of 2020, based on closed production from January – March 2020, much of which went into contract before the onset of the COVID-19 pandemic.

The Santa Barbara MLS and North Santa Barbara County MLS reports the following market data: - In the first quarter of 2020, Santa Barbara saw a 5% increase in the total number of homes sold.

- In the first quarter of 2020, Montecito saw a 53% increase in the total number of homes sold, from 32 sold properties to 49.

- Santa Ynez saw a 5% increase in total volume sold in the first quarter of 2020 compared to the prior year.

Real estate is all about location, and location is our local community. Here are a few local organizations which you can help in Santa Barbara County: - The Santa Barbara Foundation, The United Way of Santa Barbara County, and Hutton Parker Foundation, are leading a COVID-19 Joint Response Effort to address the needs of individuals and families in Santa Barbara County community affected by the COVID-19 pandemic. To Donate to the COVID-19 Joint Response Effort, click here.

- The Foodbank of Santa Barbara County is ensuring the nutritional health of all residents of Santa Barbara County during the COVID-19 pandemic. Guided by their Disaster Feeding Plan, the Foodbank has increased food distribution, implemented social distancing, in addition to their usual food safety and sanitation procedures, and are delivering needed groceries to seniors in our community. To Donate to the FoodBank of Santa Barbara County, click here.

- The Unity Shoppe in Downtown Santa Barbara wants you to know that, “It’s only as a CommUNITY that we will get through this.” The Unity Shoppe is seeing an increase in food requests, with many new people coming in. Help our friends and neighbors in our community by donating food or clothing. To Donate to the Unity Shoppe, click here.

- Veggie Rescue of Santa Ynez Valley collects excess produce and high-quality prepared food from farms, farmers’ markets, backyards and businesses, then distributes directly to schools and organizations serving those in need, at no cost to the recipient. Now, with many sheltering in place rather than venturing to the markets during the COVID-19 pandemic, there is more surplus than ever before. To Donate to Veggie Rescue, click here.

During this unprecedented time, we are continuing to represent clients who want or need to sell a home and our local teams are working hard continuing to conduct the business of real estate. We are committed to providing the highest quality service and will to continue to support our buyers and sellers using state-of-the-art technology and a suite of virtual marketing tools which make it easy to view and experience the finest real estate in the world from the safety of one’s home.

From the comfort of your home, I invite you discover more information online at sothebyshomes.com. If Sotheby’s International Realty can be of service to you, please call me at 805.969.9993 so that I may personally introduce you to a local expert.

dre

email

phone

1161377

Michael.Cohen@sothebyshomes.com

805 969 9993

Santa Barbara sothebyshomes.com/santabarbara

Santa Ynez Valley sothebyshomes.com/santaynez

Santa Barbara 04 06

Market Snapshot | All Areas

08 10

16

Carpinteria | Summerland Montecito

12 14

Featured Properties

Santa Barbara Hope Ranch Goleta

Santa Ynez Valley 18 20 22 24 26 28

Featured Properties Market Snapshot | All Areas Santa Ynez

Ballard | Solvang Los Olivos Buellton

MONTECITO

Featured Properties We invite you to explore our exclusive offerings at S OT HEBYSHO M ES.C O M /SA NTA BA R BA RA

MONTECITO

Fernald Point Lane Offered at $9,900,000 | 1639FernaldPoint.com

MONTECITO

Offered at $75,000,000 RanchoSanCarlosEstate.com MONTECITO

Offered at $10,000,000 736Toro.com MONTECITO

Offered at $4,250,000 284SantaRosa.com MONTECITO

Offered at $2,495,000 540ElBosque.com *in order from left to right, top to bottom

sothebyshomes.com/santabarbara

7

/ Montecito Featured Properties / Santa Barbara Q1 Market Update

Market Snapshot Santa Barbara | Q1 2020

Highlight: Total Units Sold Highlight -units vs ASP Carpinteria & Summerland

Goleta

$2.5

450

$2.0

400

Carp-Summerland Montecito

Monteci$1.5 to

350

Santa Barbara

Hope Ranch

Hope Ranch $1.0

300

Goleta $0.5

250

$0.0

200

Santa Barbara

*Price in Millions

Total Units Sold 44 49 166 6 89

2016 2017 2018 2019 2020

Average Selling Price vs. Total Units Sold

Carpinteria | Summerland

Average Selling Price

Montecito

Total Units Sold

Santa Barbara Hope Ranch Goleta

Five Year Comparison

Carpinteria | Summerland, Montecito, Santa Barbara Hope Ranch, and Goleta

$7 $6 $5 $4 $3 $2 $1 $0 *Price in Millions

2016

2017

2018

2019

2020

Average Selling Price Over Five Years by Area

Carpinteria | Summerland

Montecito

Santa Barbara

Hope Ranch

9

Goleta

/ Q1 Market Snapshot / Santa Barbara Q1 Market Update

at a glance {Q1 | 2020}

carpinteria | summerland

-37

%

Change in Average Selling Price {2020 v 2019}

7

%

Change in Units Sold {2020 v 2019}

44 Units Sold

1

$ m Average Selling Price

|

Average Selling Price Total Units Sold $1,800,000

60

$1,600,000

50

$1,400,000 $1,200,000

40

$1,000,000

30

$800,000 $600,000

20

$400,000

10

$200,000 $0

0

2016

2017

2018

2019

Average Selling Price

2020

Total Units Sold

About

Carpinteria & Summerland Carpinteria is graciously situated where the Pacific meets the idyllic beach town and foothills of the area. The hillside-lined homes of Summerland boast views of the coastline and the Channel Islands. sothebyshomes.com/santabarbara

Average List Price

Average Selling Price

Average Days on Market

Total Units Sold

-41%

-37%

7%

7%

2020

$1,057,040

$1,025,469

59

44

2019

$1,791,559

$1,618,478

55

41

2018

$892,830

$862,380

56

30

2017

$1,195,552

$1,153,567

55

52

2016

$696,751

$676,295

36

37

Q1 {2020 v 2019}

Change

11

/ Carpinteria | Summerland / Santa Barbara Q1 Market Update

|

Average Selling Price Total Units Sold $6,000,000

70

$5,000,000

60 50

$4,000,000

40 $3,000,000 30 $2,000,000

20

$1,000,000

10

$0

0

2016

2017

2018

2019

Average Selling Price

2020

Total Units Sold

About

Montecito One of the most world-renowned areas in which to live, Montecito emulates sophisticated elegance in every way. Bungalows, traditional homes, and estates stretch from the beach to the foothills and are surrounded by native eucalyptus trees and stunning views. sothebyshomes.com/santabarbara

Average List Price

Average Selling Price

Average Days on Market

Total Units Sold

-44%

-41%

-16%

53%

2020

$3,379,831

$3,092,735

112

49

2019

$6,039,961

$5,232,061

134

32

2018

$4,258,658

$3,845,388

125

38

2017

$3,891,217

$3,538,363

126

46

2016

$4,277,913

$4,055,923

85

63

Q1 {2020 v 2019}

Change

Santa Barbara Q1 Market Update / Montecito / 12

at a glance {Q1 | 2020}

montecito

-41

%

Change in Average Selling Price {2020 v 2019}

53

%

Change in Units Sold {2020 v 2019}

49 Units Sold

3.1m

$

Average Selling Price

at a glance {Q1 | 2020}

santa barbara

-4

%

Change in Average Selling Price {2020 v 2019}

5

%

Change in Units Sold {2020 v 2019}

166 Units Sold

1.3m

$

Average Selling Price

|

Average Selling Price Total Units Sold $1,400,000

170

$1,350,000

165

$1,300,000 160

$1,250,000 $1,200,000

155

$1,150,000 150

$1,100,000 $1,050,000

145

2016

2017

2018

2019

Average Selling Price

2020

Total Units Sold

About

Santa Barbara Known as the American Riviera, Santa Barbara’s alluring landscape is the perfect culmination of mountains and ocean mixed with soaring palm trees, a storied Spanish heritage, and relaxed sophistication. sothebyshomes.com/santabarbara

Average List Price

Average Selling Price

Average Days on Market

Total Units Sold

-5%

-4%

12%

5%

2020

$1,349,534

$1,320,826

67

166

2019

$1,417,412

$1,375,016

60

158

2018

$1,345,515

$1,320,135

27

165

2017

$1,249,278

$1,208,915

61

164

2016

$1,207,691

$1,173,217

50

152

Q1 {2020 v 2019}

Change

15

/ Santa Barbara / Santa Barbara Q1 Market Update

|

Average Selling Price Total Units Sold $7,000,000

18 16

$6,000,000

14

$5,000,000

12

$4,000,000

10

$3,000,000

8 6

$2,000,000

4

$1,000,000

2

$0

0

2016

2017

2018

2019

Average Selling Price

2020

Total Units Sold

About

Hope Ranch Hope Ranch sits above a beautiful stretch of the Pacific coast with homes overlooking the ocean. A rare gem, with a wonderful blend of fine estates, incredible architecture, horseback riding trails, and private beach access makes this area exceptional. sothebyshomes.com/santabarbara

Average List Price

Average Selling Price

Average Days on Market

Total Units Sold

-40%

-41%

-29%

-33%

2020

$3,972,333

$3,784,888

58

6

2019

$6,673,111

$6,424,667

82

9

2018

$4,427,063

$4,109,794

158

16

2017

$3,073,667

$2,915,880

154

15

2016

$6,008,500

$5,301,250

43

4

Q1 {2020 v 2019}

Change

Santa Barbara Q1 Market Update / Hope Ranch / 16

at a glance {Q1 | 2020}

hope ranch

-41

%

Change in Average Selling Price {2020 v 2019}

-33

%

Change in Units Sold {2020 v 2019}

6

Units Sold

3.8m

$

Average Selling Price

at a glance {Q1 | 2020}

goleta

-28

%

Change in Average Selling Price {2020 v 2019}

-23

%

Change in Units Sold {2020 v 2019}

89 Units Sold

1m

$

Average Selling Price

|

Average Selling Price Total Units Sold $1,600,000

140

$1,400,000

120

$1,200,000

100

$1,000,000

80

$800,000 60

$600,000

40

$400,000

20

$200,000 $0

0

2016

2017

2018

2019

Average Selling Price

2020

Total Units Sold

About

Goleta Goleta, known as the “Goodland,� offers an incredible lifestyle with excellent beaches, schools, and outdoor living. Views abound throughout the area of the Santa Ynez Mountains and the Channel Islands. sothebyshomes.com/santabarbara

Average List Price

Average Selling Price

Average Days on Market

Total Units Sold

-34%

-28%

19%

-23%

2020

$1,085,516

$1,047,250

57

89

2019

$1,653,001

$1,463,537

47

115

2018

$873,658

$864,935

44

92

2017

$880,344

$859,968

50

115

2016

$709,681

$697,307

34

91

Q1 {2020 v 2019}

Change

19

/ Goleta / Santa Barbara Q1 Market Update

SANTA YNEZ VALLEY

Featured Properties We invite you to explore our exclusive offerings at S OTHEBYS H O ME S.C O M/SANTAYNE Z

SANTA YNEZ

Quail H Ranch Offered at $16,500,000 | 1162AlisosRoad.com

SANTA YNEZ

Offered at $8,900,000 1430CountFleet.com SOLVANG

Offered at $3,850,000 2109RandomOaks.com SANTA YNEZ

Offered at $2,850,000 3235CalleBonita.com

SOLVANG

Offered at $1,350,000 241ValhallaDrive.com *in order from left to right, top to bottom

sothebyshomes.com/santaynez

21

/ Santa Ynez Valley Featured Properties / Santa Ynez Valley Q1 Market Update

Market Snapshot

Highlight: Santa YnezTotal Valley |Units Q1 2020Sold

Highlight -units vs ASP

Santa Ynez

$1.2 $1.0

Buellton

$0.8 $0.6

Ballard & Solvang

Los Olivos

80 70

Santa Ynez Ballard & Solvang Los Olivos Buellton

60 50 40 30

$0.4

20 $0.2

10

$0.0 *Price in Millions

Total Units Sold 12 30 5 21

0

2016 2017 2018 2019 2020

Average Selling Price vs. Total Units Sold

Santa Ynez

Average Selling Price

Ballard | Solvang

Total Units Sold

Los Olivos Buellton

Five Year Comparison Santa Ynez Valley

$2.0

$1.5

$1.0

$0.5

$0.0 *Price in Millions

2016

2017

2018

2019

2020

Average Selling Price Over Five Years by Area

Santa Ynez

Ballard | Solvang

Los Olivos

23

Buellton

/ Q1 Market Snapshot / Santa Ynez Valley Q1 Market Update

at a glance {Q1 | 2020}

santa ynez

-4

%

Change in Average Selling Price {2020 v 2019}

9

%

Change in Units Sold {2020 v 2019}

12 Units Sold

1.5m

$

Average Selling Price

|

Average Selling Price Total Units Sold $1,800,000

25

$1,600,000 20

$1,400,000 $1,200,000

15

$1,000,000 $800,000

10

$600,000 $400,000

5

$200,000 $0

0

2016

2017

2018

2019

Average Selling Price

2020

Total Units Sold

About

Santa Ynez Characterized by golden hills and iconic oak trees, Santa Ynez spans the Santa Ynez Valley including homes in the small township to ranches and ranchettes, vineyard and equestrian estates - each incredibly unique. sothebyshomes.com/santaynez

Average List Price

Average Selling Price

Average Days on Market

Total Units Sold

-4%

-4%

2%

9%

2020

$1,599,408

$1,522,250

123

12

2019

$1,674,727

$1,589,040

121

11

2018

$1,499,895

$1,447,675

166

20

2017

$1,198,389

$1,133,222

200

18

2016

$1,375,231

$1,265,462

220

13

Q1 {2020 v 2019}

Change

25

/ Santa Ynez / Santa Ynez Valley Q1 Market Update

|

Average Selling Price Total Units Sold $1,400,000

40

$1,200,000

35 30

$1,000,000

25

$800,000

20 $600,000

15

$400,000

10

$200,000

5

$0

0

2016

2017

2018

2019

Average Selling Price

2020

Total Units Sold

About

Ballard | Solvang The town of Solvang, known for its rich Danish heritage, is surrounded by homes ranging from ranch-style to estates with views for miles. Nestled in the heart of the Valley, the quaint town of Ballard is comprised of bungalows, ranches, and one of the most sought after school districts in the area. sothebyshomes.com/santaynez

Average List Price

Average Selling Price

Average Days on Market

Total Units Sold

-22%

-23%

-3%

50%

2020

$969,196

$925,773

137

30

2019

$1,236,820

$1,200,050

141

20

2018

$983,077

$950,642

101

31

2017

$828,329

$789,178

144

34

2016

$753,963

$724,074

143

27

Q1 {2020 v 2019}

Change

Santa Ynez Valley Q1 Market Update / Ballard | Solvang / 26

at a glance {Q1 | 2020}

ballard | solvang

-23

%

Change in Average Selling Price {2020 v 2019}

50

%

Change in Units Sold {2020 v 2019}

30 Units Sold

900k

$

Average Selling Price

at a glance {Q1 | 2020}

los olivos

-14

%

Change in Average Selling Price {2020 v 2019}

-29

%

Change in Units Sold {2020 v 2019}

5

Units Sold

1.2m

$

Average Selling Price

|

Average Selling Price Total Units Sold $1,600,000

8

$1,400,000

7

$1,200,000

6

$1,000,000

5

$800,000

4

$600,000

3

$400,000

2

$200,000

1

$0

0

2016

2017

2018

2019

Average Selling Price

2020

Total Units Sold

About

Los Olivos The charming town of Los Olivos is made up of fine restaurants, local vineyards’ tasting rooms, and boutiques with bungalows close to town and ranches spread across the area’s rolling hills. sothebyshomes.com/santaynez

Average List Price

Average Selling Price

Average Days on Market

Total Units Sold

-20%

-14%

-90%

-29%

2020

$1,212,600

$1,187,000

21

5

2019

$1,519,843

$1,373,571

207

7

2018

$699,000

$633,000

116

1

2017

$1,174,333

$1,151,667

99

3

2016

$1,243,213

$1,137,689

149

6

Q1 {2020 v 2019}

Change

29

/ Los Olivos / Santa Ynez Valley Q1 Market Update

|

Average Selling Price Total Units Sold $700,000

25

$600,000

20

$500,000 $400,000

15

$300,000

10

$200,000 5

$100,000 $0

0

2016

2017

2018

2019

Average Selling Price

2020

Total Units Sold

About

Buellton The west side of the Valley, Buellton is home to some of the most stunning vineyards in the area, beautiful riding trails, and a thriving community that is constantly evolving. sothebyshomes.com/santaynez

Average List Price

Average Selling Price

Average Days on Market

Total Units Sold

10%

10%

-16%

31%

2020

$535,957

$531,404

51

21

2019

$487,794

$483,380

61

16

2018

$506,655

$500,525

154

16

2017

$629,336

$605,250

139

14

2016

$481,688

$474,219

156

16

Q1 {2020 v 2019}

Change

Santa Ynez Valley Q1 Market Update / Buellton / 30

at a glance {Q1 | 2020}

buellton

10

%

Change in Average Selling Price {2020 v 2019}

31

%

Change in Units Sold {2020 v 2019}

21 Units Sold

500k

$

Average Selling Price

Thank You.

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In good times and bad, always committed.

Sotheby’s International Realty® is a registered trademark. Operated by Sotheby’s International Realty, Inc.