I am pleased to report that the productive pace of sales in the Riviera/Eucalyptus Hill/El Cielito neighborhoods that we witnessed in the first quarter of 2024 has not let up.  The level of inventory, number of sales and median price essentially mirrored the first quarter numbers resulting in a total of 40 sales and a median price of $3,075,000 which is a 5% increase from 2023.

 

The Santa Barbra luxury real estate market picked up some steam in the second quarter after being quiet for several months.  There were two additional sales in the $6 million plus category which both sold quickly including one that generated multiple offers and got bid up in price.  The overall pace of the market continues to be driven by demand exceeding supply, especially for desirable properties that have been recently renovated.   Twelve of the 40 sales in the first 6 months of the year were multiple offer situations in which the final sale price far exceeded the original list price.  As reported previously, the most extreme example of the demand for a well priced quality Riviera home is one that came on the market for $3.9 million and closed escrow within 30 days at $4,950,000!

 

As we look forward to the second half of the year, I expect the Santa Barbara real estate market to proceed at a healthy pace and hopefully produce even more sales if the inventory continues to climb.  In my 36 years of selling homes in Santa Barbara I have witnessed and strongly believe that the late summer and fall months are the best time to sell your home.  Many potential buyers are distracted in the early summer due to being in vacation mode.  Additionally, while our temperate climate is fairly consistent throughout the year, August through November are the premium months for perfect weather and unfiltered views.  Do not hesitate to reach out to me for a consultation or with any real estate related questions.