Santa Barbara South Coast Chamber Magazine 2024 - 17

Above: 1104 Channel Drive, Butterfly Beach (Photo credit: Eric Foote, Offered for $38,500,000, Represented by Riskin Partners
Estate Group I Village Properties). Inset, below: 8107 Buena Fortuna Street, Rincon Point (Photo credit: Dorian Media, Offered for
$4,750,000, Represented by Emily Kellenberger & Associates I Village Properties)
Residential Real Estate
Santa Barbara real estate is in high demand
Demand for Santa Barbara
real estate remains robust
given our region's enduring
appeal for those seeking
a high quality of life. But
limited opportunities and
historically low affordability
present obstacles to
further activity.
A limited
inventory
of
available properties continues to push upward pressure on prices
far beyond pre-COVID levels. Median Price in South Santa Barbara
County in Q3 2023 was $1.75MM, up 60% from Q4 2020 (and +9% from
Q3 2022). Pricing has cooled slightly from Q2 2022, the peak COVID
quarter (for pricing), but the COVID market was an anomaly.
Scarcity of inventory is due to several factors, namely, sellers hesitant
to sell due to financing costs and limited options for replacement
property. Additionally, extremely low levels of new construction
projects of any scale constrain supply. High land, labor, and materials
prices limit the construction pipeline. This is not to say the market is
inactive, as there were 302 sales in Q3 2023, down 17% from Q3 2022.
Yes, there are sellers who elect to sell where the cost of financing on
a replacement property is not an issue; 43% of sales in August were
all cash. But the majority of inventory we see coming to market is due
to changes in life circumstances; such as a new or growing family,
moving out-of-area, divorce, and unfortunately death. While the
number of new listings has grown throughout 2023, our market only
has <2.5 months of supply for current buyer demand.
As a result, the market remains competitive, with multiple offers on
desirable properties common. This competition is most pronounced
in sought-after neighborhoods and typically favors properties that
are new, recently built/remodeled, well-maintained, and importantly,
priced competitively. On average, Days on Market has ticked
up slightly from last year (at ~34 days now vs. 28). In any market, properties
that need work, are in tertiary locations, or are priced above
market tend to sit, therefore vulnerable to offers below ask.
As a buyer, careful consideration
should be given to current and future
needs, overall monthly carrying costs,
"
as well as the planned holding period.
Sellers stand to benefit as these
under-supply conditions persist. "
RENEE GRUBB
Broker/Owner, Village Properties
2 0 2 4 EDITION 17

Santa Barbara South Coast Chamber Magazine 2024

Table of Contents for the Digital Edition of Santa Barbara South Coast Chamber Magazine 2024

Contents
Santa Barbara South Coast Chamber Magazine 2024 - Cover1
Santa Barbara South Coast Chamber Magazine 2024 - Cover2
Santa Barbara South Coast Chamber Magazine 2024 - Contents
Santa Barbara South Coast Chamber Magazine 2024 - 4
Santa Barbara South Coast Chamber Magazine 2024 - 5
Santa Barbara South Coast Chamber Magazine 2024 - 6
Santa Barbara South Coast Chamber Magazine 2024 - 7
Santa Barbara South Coast Chamber Magazine 2024 - 8
Santa Barbara South Coast Chamber Magazine 2024 - 9
Santa Barbara South Coast Chamber Magazine 2024 - 10
Santa Barbara South Coast Chamber Magazine 2024 - 11
Santa Barbara South Coast Chamber Magazine 2024 - 12
Santa Barbara South Coast Chamber Magazine 2024 - 13
Santa Barbara South Coast Chamber Magazine 2024 - 14
Santa Barbara South Coast Chamber Magazine 2024 - 15
Santa Barbara South Coast Chamber Magazine 2024 - 16
Santa Barbara South Coast Chamber Magazine 2024 - 17
Santa Barbara South Coast Chamber Magazine 2024 - 18
Santa Barbara South Coast Chamber Magazine 2024 - 19
Santa Barbara South Coast Chamber Magazine 2024 - 20
Santa Barbara South Coast Chamber Magazine 2024 - 21
Santa Barbara South Coast Chamber Magazine 2024 - 22
Santa Barbara South Coast Chamber Magazine 2024 - 23
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Santa Barbara South Coast Chamber Magazine 2024 - 25
Santa Barbara South Coast Chamber Magazine 2024 - 26
Santa Barbara South Coast Chamber Magazine 2024 - 27
Santa Barbara South Coast Chamber Magazine 2024 - 28
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Santa Barbara South Coast Chamber Magazine 2024 - Cover3
Santa Barbara South Coast Chamber Magazine 2024 - Cover4
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