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SANTA BARBARA REAL ESTATE MARKET UPDATE: JANUARY 2023

February 20, 2023

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January 2023 real estate sales in Santa Barbara and throughout the nation continue to transition to a new normal following a record 120 months of price gains last year. This transition has the industry resetting itself in a buyer-friendly direction. I don’t mean to imply we’re anywhere near a true-blue buyers market, but things are getting back to pre-pandemic normal. That being said, homeownership rates have actually surged amid rampant inflation, rising mortgage rates, and other deterrents— proof that tenacious homebuyers who stick with it do eventually prevail.

The Seller’s Market Continues in Santa Barbara

View of the Pacific Ocean at sunset from a walkway with large rocks and colorful pink flowers

To be clear, it’s still a seller’s market in California, and Santa Barbara specifically, with home prices staying strong. Even so, sellers need to adjust their expectations. While our limited inventory continues to drive prices, fewer properties are selling above the asking price, and homes are staying on the market longer. Buyers need to adjust their expectations, too, due to the tight inventory, which is expected to continue to drive prices.

Neighborhood Market Update

A large red tiled roof Montecito estate, with sprawling lawn and landscaping in the foreground and mountains in the background

Montecito
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NEW LISTINGS: 6
PENDING: 4
PRICE CHANGES: 2
SOLD: 11

A dramatic bluff top ocean view Hope Ranch Estate surrounded by green trees and grass with a blue and pink sky in the background

Hope Ranch
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NEW LISTINGS: 2
PENDING: 3
PRICE CHANGES: 1
SOLD: 1

A two-level contemporary home in Santa Barbara that sits on a bluff overlooking the city with the ocean in the background.

Santa Barbara
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NEW LISTINGS: 19
PENDING: 30
PRICE CHANGES: 5
SOLD: 30

A classic California style contemporary home with a kidney shaped pool in the foreground and the ocean in the distance.

Carp/Summerland
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NEW LISTINGS: 2
PENDING: 6
PRICE CHANGES: 0
SOLD: 5

Just Listed

A large multi-level estate home in Montecito with stark white walls and red tile roof, with its beautifully manicured grounds in the foreground.

World-Class Ocean View Montecito Estate
999 ROMERO CANYON, MONTECITO CA

Offered at $19,950,000

Rarely do homes like this hit the market. This is your chance to own this rare and ultra-private estate since this is the first time it has hit the market. Perched on more than 2.4 impressive acres featuring breathtaking ocean views from nearly every room, the stunning property has undergone a world-class remodel utilizing the very finest design elements and materials imaginable.

Property Spotlight

A 1920s era Craftsman style Montecito beach home with expansive lawn, multiple palm trees, and a set of white Adirondack chairs in the foreground

Rare Iconic Miramar Beach Estate
1 MIRAMAR AVENUE, MONTECITO CA

Offered at $10,950,000

One look and you’ll understand why this iconic Miramar beach estate, restored and updated, is, nonetheless, one of the first distinctive retreats on California's Central Coast. Located just steps from Miramar Beach in Montecito, the property is surrounded by mature tropical gardens, including Canary Island palms and sprawling lawns. Lovingly and impeccably remodeled, this remarkable residence is rich with character and charm.

My Full Portfolio of Fine Homes For Sale


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