Statistics in this report are from Santa Barbara MLS (FlexMLS) data for single-family homes and PUDs on the South Coast (Santa Barbara, Montecito, Goleta, Carpinteria and Summerland). Duplicate MLS records are removed.
Good afternoon and happy wet March!
We're all feeling thankful that the rain has been consistent without being overwhelming. Hopefully this continues to keep our hills green and safe.
A February Reset at the Top
As we stepped into February, the market reflected a noticeable seasonal shift. The average sales price dropped from January, which wasn't unexpected. January included a $30 million sale in Montecito, and February had nothing close to that ultra-luxury tier. What was a bit surprising is that we actually saw slightly more sales in the $5M+ range (14 vs. 13), which tells us demand at the high end is still there. The median sales price edged down as well, from $2.95 million in January to about $2.65 million.
Here's a quick snapshot of what February brought:
- Homes sold: 74
- Total sold volume: $239.8M
- Median sold price: $2,652,500
- Average sold price: $3,240,017
- Sale-to-list price ratio: 98.45% (a strong sign of price stability)
Inventory Trends and Market Activity
- New listings: about 115 homes came on the market in February
- Pending sales: about 70 homes went under contract, totaling roughly $245M in list price
- Active listings: about 225 homes at the end of February, with an average asking price of about $7.6M
Buyers are still active, particularly in the $2M to $5M range, and a healthy sale-to-list ratio of over 98% shows that well-priced homes are selling close to asking.
LA Fire Displacement Reaches the South Coast
Interestingly, some of the new buyer activity is coming from areas affected by January's Los Angeles wildfires. A few high-end sales were driven by those displaced and looking for new permanent homes. That said, the majority of the movement is still coming from locals, especially those shifting within the region for lifestyle changes or downsizing.
This movement has also made an impact on the rental market, with demand increasing due to short-term displacement from fire-affected areas. We're seeing faster lease-ups and price pressure on luxury and mid-tier rentals alike.
February 2025 Market Snapshot
- Most Expensive Home Sold: $9,900,000 (848 Rockbridge Rd, Montecito)
- Least Expensive Home Sold: $930,000 (1508 De La Vina St, Santa Barbara)
- Median Price Home Sold: $2,652,500
- Average Price Home Sold: $3,240,017
- Average Cumulative Days on Market: 50 days
As always, I'm happy to dig into any specific data points or trends for next month's update. Just drop me a line if there's something you're curious about. Wishing you a fantastic (and hopefully sunny soon!) week ahead.
Cheers!
Curtis Swan II
(805) 607-9709
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