MONTECITO HOPE RANCH
Q2 2023 MARKET REPORT &
THE NEW STANDARD IN LUXURY REAL ESTATE
ELEVATING THE STANDARDS OF LUXURY REAL ESTATE REPRESENTATION THROUGH SOPHISTICATED MARKETING AND BRANDING, UNPARALLELED NEGOTIATION SKILLS, AND HIGH-TOUCH CONCIERGE SERVICE, DELIVERING OUR CLIENTS EXCEPTIONAL RESULTS
THEEBBINGROUP.COM
THE EBBIN GROUP
#1 COMPASS TEAM IN SANTA BARBARA & MONTECITO IN SALES VOLUME
$63.25M
REPRESENTED THE HIGHEST PRICED SALE IN MONTECITO HISTORY
$18M
REPRESENTED THE HIGHEST PRICED SALE IN OJAI HISTORY
1% RANKED IN THE TOP 1% OF AGENTS NATIONWIDE
1 INTRODUCTION 5 CURRENT OFFERING 8 MARKET OVERVIEW 9 MONTECITO MARKET 11 HOPE RANCH MARKET 13 RECENT EBBIN GROUP SALES 15 RECORD BREAKING OJAI SALE 18 RELAXED MONTECITO ELEGANCE 19 FRENCH COUNTRY IN MONTECITO 22 CONTEMPORARY MASTERPIECE 23 THE EBBIN GROUP EDGE 25 WORK WITH US 27 TEAM CONTACT INFO
TABLE OF CONTENTS
VINTAGE MONTECITO FARMHOUSE O ffered for $7,995,000 2.81 ACRES +/- | 5,900 SQFT +/- | 6 BEDS | 6.5 BATHS
865 ROMERO CANYON ROAD, MONTECITO CA
Welcome to this breathtaking 2.81 acre +/- Montecito property that boasts an authentic East Coast farmhouse of almost 6,000 sqft +/-, surrounded by stunning oak trees and manicured landscaping. Only minutes away from Montecito’s Upper Village, yet a world away from the hustle and bustle of daily life, creating a sense of privacy and tranquility. This Montecito property presents a rare opportunity to potentially build new structures or renovate the existing home, making it the perfect canvas for creating your dream estate.
MARKET OVERVIEW
The Montecito and Hope Ranch markets continue to exhibit steady resilience. Inventory still remains low, however, we’ve seen a noticeable uptick in listings in the past couple of months compared to earlier in the year. This comes as no surprise as spring and summer are traditionally busier seasons for the local real estate housing market.
In Montecito, there was a 50% increase in the total number of transactions in Q2 (48 sales) compared to Q1 (32 sales). In Hope Ranch, there was a 42% decrease in the total number of transactions in Q2 (4 sales) compared to Q1 (7 sales). Given that Hope Ranch is a notably smaller market than Montecito in terms of the number of homes, available inventory is significantly more limited with active listings typically ranging between 5 and 15 listings at a time (at least in the past several years).
The 42% decrease in sales has less significance as a metric for gauging market conditions. The impact of escalating interest rates has been minimal in our local market, with a large proportion of buyers making all-cash offers instead of opting for conventional financing methods. We continue to see strong buyer demand for high-quality properties in our market, however, buyers have become more discerning to the point that sellers can no longer demand aspirational prices for less-than-quality homes.
Additionally, Montecito and Hope Ranch experienced an increase in activity in the $10M+ market compared to the previous quarter. In Montecito, there were 10 sales over $10M+ in Q2, 4 of which were $15M+, compared to 7 $10M+ sales in Q1. In Hope Ranch, there were 3 sales over $10M+ in Q2, compared to only 1 $10M+ sale in Q1. This is a testament to the continued strength of the luxury markets of Montecito and Hope Ranch and their rise in demand and popularity for the ultra-high-networth demographic. We’re seeing that a vast majority of the high-end buyer pool are out-of-town families and individuals from across the country looking to purchase homes to add to their existing property portfolios as well as those looking to make Santa Barbara their full-time residence. Despite economic uncertainty, real estate continues to be a preferred inflation hedge for high-net-worth individuals.
Contact us if you would like to learn more about the current state of the market.
Q2 2023 MARKET REPORT
Q2 TOTAL SALES VOLUME IN Q2 Q1 Q4 Q3 $323,090,500 $323+M IN SALES VOLUME | 48 TRANSACTIONS $203+M IN SALES VOLUME | 32 TRANSACTIONS $188+M IN SALES VOLUME | 29 TRANSACTIONS $340+M IN SALES VOLUME | 50 TRANSACTIONS $5.3M MEDIAN SALES PRICE 45 AVERAGE DAYS ON MARKET $6.9M AVERAGE SALES PRICE Q2 2023 (APRIL 1-JUNE 30) | MARKET INSIGHT 48 TOTAL TRANSACTIONS IN Q2 2023 2023 2022 2022 $22.5M HIGHEST PRICED SALE IN Q2 319 SAN YSIDRO ROAD
MONTECITO
INSIGHTS
TOTAL NUMBER OF TRANSACTIONS IN MONTECITO WERE UP 50% IN Q2 2023 (48 SALES) COMPARED TO Q1 2023 (32 SALES).
IN MONTECITO, THERE WERE 26 SALES OVER $5M+ IN Q2, 10 OF WHICH WERE $10M+. IN Q1 THERE WERE 13 SALES OVER $5M+, 7 OF WHICH WERE $10M+. THE NUMBER OF SALES IN THE $5M+ MARKET OF MONTECITO DOUBLED IN Q2 COMPARED TO Q1.
THE HIGHEST PRICED SALE IN MONTECITO DURING Q2 2023 WAS 319 SAN YSIDRO ROAD, SELLING OFF MARKET FOR $22.5M.
THE DATA SHOWN ILLUSTRATES THE TOTAL SALES QUANTITY FOR A RANGE OF PRICE TIERS WITHIN THE MONTECITO REAL ESTATE MARKET DURING Q2 2023
22 SALES
16 SALES
6 SALES
4 SALES
UP TO $5M $5-10M $10-15M $15M+
HOPE RANCH
Q2 TOTAL SALES VOLUME IN Q2 Q1 Q4 Q3 $43,559,060 $43+M IN SALES VOLUME | 4 TRANSACTIONS $51+M IN SALES VOLUME | 7 TRANSACTIONS $4.9+M IN SALES VOLUME | 1 TRANSACTIONS $68+M IN SALES VOLUME | 8 TRANSACTIONS $11.76M MEDIAN SALES PRICE 58 AVERAGE DAYS ON MARKET $9.98M AVERAGE SALES PRICE Q2 2023 (APRIL 1-JUNE 30) | MARKET INSIGHT 4 TOTAL TRANSACTIONS IN Q2 2023 2023 2022 2022 $13.495M HIGHEST PRICED SALE IN Q2 4689 VIA ROBLADA
TOTAL SALES VOLUME DECREASED BY 15% IN Q2 2023 COMPARED TO Q1 2023.
IN HOPE RANCH, THERE WERE 3 SALES OVER $10M+ IN Q2, COMPARED TO ONLY 1 $10M+ SALE IN Q1.
THE HIGHEST PRICED SALE IN HOPE RANCH DURING Q2 2023 WAS 4689 VIA ROBLADA, SELLING FOR $13.495M. THIS MARKED THE SECOND TIME THE PROPERTY HAS TRADED HANDS SINCE 2022, SELLING FOR $1.495M MORE THAN THE FIRST TRANSACTION.
THE DATA SHOWN ILLUSTRATES THE TOTAL SALES QUANTITY FOR A RANGE OF PRICE TIERS WITHIN THE MONTECITO REAL ESTATE MARKET DURING Q2 2023
UP TO $5M $5-10M $10-15M $15M+
3 SALES 0 SALES
0 SALES 1 SALE
INSIGHTS
EBBIN GROUP RECENT
GROUP
SALES
RECORD BREAKING SALE IN OJAI
OJAI, CA | SELLER REPRESENTATION
$18,000,000 ( Highest Priced Residential Real Estate Transaction In Ojai History)
RELAXED MONTECITO ELEGANCE 1045 COLD SPRINGS ROAD | BUYER REPRESENTATION $16,900,000
FRENCH COUNTRY IN MONTECITO
747 VIA MANANA | BUYER REPRESENTATION
$9,995,000
CONTEMPORARY MASTERPIECE 2888 GLENDESSARY LANE | SELLER & BUYER REPRESENTATION $4,250,000
THE EBBIN GROUP
White-glove client service, innovative marketing strategies, scrupulous business practices and names in Santa Barbara, Montecito, and Ojai real estate. With a proprietary listing management
TAILORED MARKETING APPROACH
With an in-house dedicated marketing team, we tailor our marketing programs unique to each listing, utilizing compelling and artful creative that sets your property apart and appeals to its most precise demographic. With online marketing expertise and a substantial advertising budget, we leave no stone unturned, tirelessly target marketing to potential purchasers of your home.
CONCIERGE SERVICE
Other firms may claim to offer concierge service but at The Ebbin Group we deliver beyond our competition by offering our clients a gateway to an entire real estate lifestyle ecosystem. With “insider” access and relationships, we provide our clients valuable recommendations and introductions to sought-after interior designers, architects, contractors, and a multitude of other service providers.
GROUP EDGE
record-breaking sales make The Ebbin Group one of the top-producing and most recognized management and marketing analytics system, we have a distinctive edge over other agents.
HYPER-TARGETED SALES OUTREACH
Proprietary wealth-mapping technology provides a database of comprehensive dossiers on the world’s ultra-high-net-worth individuals, with demographic details such as age, net worth, business, interests and affiliations. This data enables strategic, direct outreach to the most qualified luxury prospects whose personal interests and lifestyle preferences align with a property’s unique characteristics.
A FULL SUITE OF CREATIVE TOUCHPOINTS
With dynamic property films, architectural and lifestyle photography, and targeted print and digital material, we ensure that your offering gains maximized exposure and engages the most qualified demographic. Digital advertising affords unparalleled precision in tracking and measurement. Facilitating meticulous evaluation of advertsing effectiveness, our data-driven approach allows for continuous refinement of targeting, messaging, and creative design to culminate the most effective advertising campaign.
THE EBBIN GROUP
WORK WITH US
A recognized leader in luxury real estate in the exclusive areas of Montecito, Hope Ranch, Santa Barbara, Carpinteria, and Ojai. Our expertise in market trends, contract negotiation, architecture & design, strategic investments, and access to off-market properties provides our clients with invaluable insight and a distinct advantage to realize their real estate objectives.
VISIT
The Ebbin Group is THE dream team. Since representing us both as buyers and sellers, I can honestly say their genius on both sides of a real estate transaction is supreme. They are negotiators that know when to hit the gas pedal and when to tap the brakes. Excellence requires character, integrity, nuance, and experience. There is no one better.”
- One Of Many Satisfied Clients
THEEBBINGROUP.COM
OUR WEBSITE
UNMATCHED REPRESENTATION OF EXCEPTIONAL LUXURY REAL ESTATE 805.400.3424 | 1272 COAST VILLAGE RD, MONTECITO CA | TEAM@THEEBBINGROUP.COM LUKE EBBIN PRINCIPAL & FOUNDING AGENT 805.705.2152 DRE 01488213 RYAN LOWE ASSOCIATE AGENT & DIRECTOR OF MARKETING 805.729.5917 DRE 02119380 KRISTA LUCAS DIRECTOR OF OPERATIONS & CLIENT SERVICES 805.618.8331 IF YOU’RE CONSIDERING BUYING OR SELLING A HOME, OR WOULD LIKE TO RECEIVE A PROPERTY VALUE CONSULTATION PLEASE CONTACT US T HEEBBINGROUP.COM Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
