In the ever-changing and evolving real estate market of the South County, it is crucial for potential buyers to have a good grasp of its past and present state to make well-informed decisions about their future moves in the market. This update offers valuable insights into the market's recent performance, particularly in Montecito and Hope Ranch.

The affluent community of Montecito and Hope Ranch have shown strong market conditions in the past few years, with February 2023 being no exception.

In Montecito, the median sales price for February 2023 was $5,086,000 – an increase of 18% compared to February 2022. This impressive growth is due to high demand and low inventory; while 8 properties sold during the month, there were only 13 properties on the market at any given time. On average, these homes were selling 4% under their list price and doing so within just 13 days – a sign that buyers are eager to take advantage of this desirable area.

Hope Ranch also experienced steady growth over the same period, with a median sales price of $7,250,000 – 10% higher than in February 2022. Despite a longer time-on-market (94 days) compared to Montecito’s 13 days, 3 homes still sold during the month, and these buyers got a 5% discount on their purchase price. Similarly to Montecito, inventory is drastically low in Hope Ranch with 9 homes currently on the market – significantly lower than the “normal” 25 listings that would be available on a regular market.

Overall, both communities have proven incredibly resilient despite the economic uncertainty caused by COVID-19 restrictions. With prices continuing to rise and inventory staying low across both locations, they will appear to be desirable areas for potential homebuyers looking for luxury living in Santa Barbara County.