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SANTA BARBARA REAL ESTATE MARKET UPDATE: AUGUST 2022

September 23, 2022

 
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August saw real estate sales in Santa Barbara and throughout the nation cool as market conditions began to enter a new phase. This new phase centers on the recent 0.75% interest rate hikes, creating a long-term concern as we wait to see if the Federal Reserve’s monetary policies continue to drag and pull the market along with it. However, for now, pricing remains steady, and inventory remains tight.

Locally, total sales in August were down by 41% compared to August 2021, with 97 single-family homes and 36 condos sold in Santa Barbara South County. Among those, cash sales were king, representing 44% of market transactions. Compared to last year's period, average sale prices for single-family homes in the area rose by 7%, and the medium sales price rose 34%. Locally, we saw 742 sales, a decrease of 33% compared to last year, while the average and median sales price rose 11% in 2021 and 17% in 2022.

To be clear, California is still a seller's market, with home prices strong. However, listings are staying on the market longer for the first time in two years. As a result, sellers need to adjust their expectations with the realization that fewer properties are selling above the asking price. And moving forward, inventory is expected to remain tight, which will continue to drive prices. Still, buyers can take their time before making a decision.

As predicted in my last Santa Barbara real estate market update, August showed an increase in consumer confidence despite three months of decline. Most likely, consumer insecurity relating to household spending power will influence large ticket items as inflation erodes spending power. However, real estate investments make an excellent hedge on inflation, creating a classic double-edged sword scenario.

More Insight

In my latest video, I share more insight into the current real estate market and the future in Santa Barbara and our surrounding communities.

Neighborhood Market Update

A sparkling blue poolwith pavers surrounding it and a blue sky with fluffy white clouds above.
A picture of a Santa Barbara home overlooking the ocean with a fire pit in the foreground
Palm Trees frame a beautiful sunset over the ocean
a sparling front lawn of a Hope Ranch estate at desk with lights in all the windows

Featured Listing

A home right on the beach with waves lapping the shore
1 MIRAMAR AVENUE, MONTECITO CA - Offered at $15,500,000

My Full Portfolio of Fine Homes For Sale

Stunning New Rental

A srunning estate for rent from a birds eye view with a sparkling pool, a tennis court and lovely trees.
SYCAMORE CANYON ROAD, MONTECITO, CA - Offered at $70,000/monthly


A Collection of My Recent Sales

Sun setting behind a stunning Montecito home
3568 TORO CANYON PARK ROAD, CARPINTERIA, CA - Offered at $19,995,000 | Represented Seller
A red tiled roof estate in Santa Barbara
1209 CIMA LINDA LANE, SANTA BARBARA CA - Offered at $7,395,000 | Represented Seller and Buyer
A classic California Contemporary style home that just sold in Santa Barbara with a unique tree in the front yard
684 LADERA LANE, SANTA BARBARA CA - Offered at $5,000,000 | Represented Buyer
Foothill Farms: a historic Ojai Estate
1104 FOOTHILL LANE, OJAI, CA - Offered at $4,995,000 | Represented Seller



If you’re considering making a move, please call me at (805) 886-9378 or send me an email at Cristal@montecito-estate.com for a complimentary consultation. Meantime, stay apprised of local, regional and national real estate trends with my next market update.



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Client Reviews

“Cristal Clarke has conducted numerous real estate transactions for me beginning 13 years ago with the purchase of a Lemon Ranch. She has handled both large and small purchases and sales with equal dedication. As a negotiator, you can’t find anyone better. Her transactions are always conducted in the most appropriate and professional manner. Cristal has considerable knowledge of the Santa Barbara market.”

- S.N. Decker Ph.D.

“Living in Europe, we were to say the least, unaccustomed to the nuances of Real Estate acquisition in California and Cristal steered us through the process with absolute professionalism and personal attention to detail at every turn. Her in-depth knowledge of the market place combined with enthusiasm and drive was the only reason we secured the property of our dreams and will be forever grateful. If you are looking for personal discrete and private representation of the highest quality we suggest you look no further than Cristal Clarke.”

- Johan and Paula van den Berg

“Cristal is very straightforward, cheerful, helpful, professional and trustworthy….we felt very lucky to work with her.”

- John and Lacey Williams

“After considering our many choices, we are grateful it was Cristal Clarke of Sotheby’s International who represented the sale of our Montecito cottage. We are familiar with Cristal’s reputation of hard work and dedication to clients, but it was her attention to detail that made our experience so positive. She offered suggestions for staging the property, worked in harmony with potential buyers and was even able to secure back up offers. The sale of our cottage was completed much sooner than we expected, due in great part to Cristal’s professional skills and support. We highly recommend Cristal as a first choice for anyone needing representation with real estate.”

- Michael & Nancy Lee

“Our experience in working with Cristal Clarke resulted in the successful and discrete acquisition of a property which was not yet on the open market. Her knowledge of the Montecito/Santa Barbara area and vast expertise blended with her passion for real estate and architecture, provided us with the very highest level of professionalism and personalized services. Cristal exhibited a rare combination of excellent communications, attention to detail, creativity and patience.”

- Richard and Catherine Frinier

“Cristal really breaks the mold. She knows every nook and cranny of this real estate market, understands value, and follows up on everything, all the time. She was incredibly patient with our two year quest to find the perfect house. Every house hunting trip from across the country was well planned, and our time was never wasted. On top of her professionalism and expertise, she is delightful to spend time with. We are thrilled with the home we purchased, and grateful to Cristal for so wisely advising us through this process, right through to the close and beyond.”

- Laurie Siegel

“We met Cristal first in the course of renting a winter home (for three years), then buying a house using her as our agent. She was amazingly good at listening to our wants and showing us homes that fit our needs. Her mastery of the paperwork was perfect. Most importantly, there was never a situation where we doubted her straightforwardness or integrity. If we do another real estate transaction in Montecito (which I doubt, we’re happy with what we purchased), without question we’d use Cristal again.”

- Ken Saffir

“Susan and I just want to thank you for your efforts in the sale of our home. You are really quite amazing. Your competence, persistence, optimism and humor made the entire process effortless. Every problem that arose, you somehow fixed; any obstacle, you overcame. We have bought and sold many homes. It has never been such a painless and enjoyable process!”

- Michael & Susan Marquart

“A little something about “our” realtor, Cristal Clarke. My wife and I came to Santa Barbara about fifteen years ago looking for a seasonal home from which to enjoy the weather and amenities of the central coast. Being in the real estate business myself I was familiar with agents and brokers so entered the market with open eyes. We “flipped” a few houses in the early years, dealing with various agents and finally ended up in Montecito. That’s when good fortune put us together with Cristal. To say we were impressed is to put it mildly. Cristal really knows the market. She is familiar with the area, its history and trends. When we have questions about a particular property she either has the answers immediately or gets back to us by phone or email. There is no waiting or wondering with Cristal. She is an agent who is “on top of it.” Her recommendations as to price points, contractors, inspectors and title agents have proven to be exceptional, showing great insight and the highest professional standards. We consider ourselves exceedingly fortunate to say that Cristal Clarke is our realtor and would recommend her services to any serious buyer or seller.”

- Rob & Judi Kelch