MONTECITO AND HOPE RANCH
Q1 2023 | LUXURY REAL ESTATE MARKET REPORT
THE EBBIN GROUP
THE NEW STANDARD IN LUXURY REAL ESTATE
ELEVATING THE STANDARDS OF REAL ESTATE REPRESENTATION THROUGH UNPARALLELED MARKET EXPERTISE, INNOVATIVE MARKETING, AND CONCIERGE SERVICE TO DELIVER EXCEPTIONAL RESULTS WITH COMPLETE DISCRETION
THEEBBINGROUP.COM
#1 COMPASS TEAM IN SANTA BARBARA & MONTECITO IN SALES SINCE 2020
$63.25M
REPRESENTED THE HIGHEST PRICED SALE IN MONTECITO HISTORY
1% RANKED IN THE TOP 1% OF AGENTS NATIONWIDE
2 INTRODUCTION 7 EXECUTIVE SUMMARY 8 MONTECITO MARKET 10 HOPE RANCH MARKET 12 COMING SOON LISTING 14 THE EBBIN GROUP EDGE 18 TEAM CONTACT INFO TABLE OF CONTENTS
Q1 2023 MARKET REPORT
EXECUTIVE SUMMARY
MONTECITO | SANTA BARBARA | HOPE RANCH
DESPITE CURRENT ECONOMIC UNCERTAINTY, THE MONTECITO AND HOPE RANCH MARKETS CONTINUE TO EXHIBIT STEADY RESILIENCE. WITH CONSISTENT BUYER DEMAND AND LOW INVENTORY, WE ARE STILL EXPERIENCING A STRONG SELLER’S MARKET. THE IMPACT OF ESCALATING INTEREST RATES HAS BEEN MINIMAL, WITH A LARGE PROPORTION OF BUYERS MAKING ALL-CASH OFFERS INSTEAD OF OPTING FOR CONVENTIONAL FINANCING METHODS. ADDITIONALLY, REAL ESTATE CONTINUES TO BE A PREFERRED INFLATION HEDGE FOR HIGH-NET-WORTH INDIVIDUALS.
BOTH MONTECITO AND HOPE RANCH WITNESSED A SURGE IN MARKET ACTIVITY DURING Q1 OF 2023 MARKING A REBOUND FROM THE LESS ACTIVE PREVIOUS QUARTER. IN MONTECITO, THERE WAS A NOTABLE UPTICK OF 10% IN THE TOTAL NUMBER OF TRANSACTIONS, WHILE HOPE RANCH EXPERIENCED A 600% SURGE IN THE SAME PERIOD (FROM 1 TO 7 TRANSACTIONS).
THE HIGHER END OF THE MARKET EXPERIENCED AN UPTICK DURING Q1 OF 2023, WITH 8 TRANSACTIONS EXCEEDING THE $10 MILLION MARK, A NOTABLE INCREASE OF 14.29% FROM THE PREVIOUS QUARTER. THE HIGHEST SALE RECORDED IN SANTA BARBARA COUNTY DURING Q1 OF 2023 WAS AN OFF-MARKET TRANSACTION FOR $21,000,000 IN THE MONTECITO ENCLAVE OF ENNISBROOK. THIS MARKED THE FOURTH TIME THE PROPERTY HAS TRADED HANDS SINCE 2017, EACH TRANSACTION AT A HIGHER SALE PRICE.
THE MARKET CONTINUES TO ENCOUNTER A SIGNIFICANT SHORTAGE OF HOMES FOR SALE. THE NUMBER OF NEWLY LISTED PROPERTIES DECREASED BY 30% IN COMPARISON TO LAST YEAR’S ALREADY SCANT INVENTORY. ADDITIONALLY, THESE CURRENT FIGURES CONTINUE TO LAG SIGNIFICANTLY BEHIND PRE-PANDEMIC INVENTORY LEVELS. IN Q1 2023, A MEAGER 323 NEW LISTINGS HAVE BECOME AVAILABLE FROM GOLETA TO CARPINTERIA, ALMOST HALVING THE 612 NEW LISTINGS THAT APPEARED DURING Q1 2019.
CONTACT US IF YOU WOULD LIKE TO LEARN MORE ABOUT THE CURRENT STATE OF THE MARKET.
MONTECITO
Q1 TOTAL SALES VOLUME IN Q1 Q4 Q3 Q2 $203,524,850 $203+M IN SALES VOLUME | 32 TRANSACTIONS $188+M IN SALES VOLUME | 29 TRANSACTIONS $340+M IN SALES VOLUME | 50 TRANSACTIONS $446+M IN SALES VOLUME | 64 TRANSACTIONS
MEDIAN SALES PRICE
AVERAGE DAYS ON MARKET
AVERAGE SALES
Q1 2023 | MARKET INSIGHT 32 TOTAL TRANSACTIONS IN Q1 2023 2022 2022 2022
PRICED SALE IN Q1
ENNISBROOK DRIVE
$4.8M
51
$5.9M
PRICE
$21M HIGHEST
308
INSIGHTS
TOTAL NUMBER OF TRANSACTIONS WERE UP 10% IN Q1 2023 COMPARED TO Q4 2022.
AFTER TWO CONSECUTIVE QUARTERS OF TOTAL SALES VOLUME AND NUMBER OF TRANSACTIONS DECLINING, WE SAW A REBOUND IN ACTIVITY DURING Q1 2023.
THE HIGHEST PRICED SALE IN MONTECITO DURING Q1 2023 WAS 308 ENNISBROOK DRIVE, SELLING OFF MARKET FOR $21M. THIS MARKED THE FOURTH TIME THE PROPERTY HAS TRADED HANDS SINCE 2017, EACH TRANSACTION AT A HIGHER SALE PRICE.
THE DATA SHOWN ILLUSTRATES THE TOTAL SALES QUANTITY FOR A RANGE OF PRICE TIERS WITHIN THE MONTECITO REAL ESTATE MARKET DURING Q1 2023
17 SALES
8 SALES
4 SALES
3 SALES
UP TO $5M $5-10M $10-15M $15M+
HOPE RANCH
Q1 TOTAL SALES VOLUME IN Q1 Q4 Q3 Q2 $51,545,000 $51.5+M IN SALES VOLUME | 7 TRANSACTIONS $4.9+M IN SALES VOLUME | 1 TRANSACTION $68.4+M IN SALES VOLUME | 8 TRANSACTIONS $44.6+M IN SALES VOLUME | 8 TRANSACTIONS
MEDIAN SALES PRICE 113 AVERAGE DAYS ON MARKET
$6.3M
Q1 2023 | MARKET INSIGHT
TRANSACTIONS IN Q1 2023 2022 2022 2022
$6.4M AVERAGE SALES PRICE
7 TOTAL
$10.4M HIGHEST PRICED SALE IN Q1 4680 VIA ROBLADA
INSIGHTS
TOTAL NUMBER OF TRANSACTIONS WERE UP 600% IN Q1 2023 COMPARED TO Q4 2022, HOWEVER, THERE WAS ONLY 1 SALE IN Q4 2022 COMPARED TO 7 IN Q1 2023.
AVERAGE DAYS ON MARKET IS AT 113 DAYS, DUE TO A FEW PROPERTIES WITH LISTING PRICES THAT MAY BE ARGUABLY HIGHER THAN MARKET VALUE, LEAVING THEM LANGUISHING ON THE MARKET.
THE HIGHEST PRICED SALE IN HOPE RANCH DURING Q1 2023 WAS 4680 VIA ROBLADA, SELLING FOR $10,400,000, $850,000 OFF THE LISTING PRICE OF $11,250,000. THE PROPERTY WAS ON THE MARKET FOR 76 DAYS.
THE DATA SHOWN ILLUSTRATES THE TOTAL SALES QUANTITY FOR A RANGE OF PRICE TIERS WITHIN THE HOPE RANCH REAL ESTATE MARKET DURING Q1 2023
UP TO $5M $5-10M $10-15M $15M+ 1 SALE 0 SALES
2 SALES 4 SALES
PERHAPS THE FINEST ESTATE IN THE OJAI VALLEY
700 SAN ANTONIO STREET, OJAI, CA
50.32 ACRES +/- | 7,500 SQFT +/-
9 BED | 6 BATH
OFFERED FOR $18,000,000
COMING SOON
THE EBBIN GROUP EDGE
The Ebbin Group provides the highest level of service in the industry. With a proprietary listing management and marketing analytics system, we have a distinctive edge over other agents.
TAILORED MARKETING CAMPAIGNS
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.
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.
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.
HYPER-TARGETED 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.
THE EBBIN GROUP
WORK WITH US
Elevating the standards of real estate representation through unparalleled market expertise, innovative marketing, and concierge service to deliver exceptional results with complete discretion
THEEBBINGROUP.COM
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 AGENT & MARKETING COORDINATOR 805.729.5917 DRE 02119380 KRISTA LUCAS DIRCTOR 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.
