SANTA BARBARA REAL ESTATE MARKET REVIEW: APRIL 2022

The Unprecedented Edition

The word “unprecedented” has become ubiquitous when describing the real estate market in Santa Barbara and across the nation as buyers continue to buy and sellers continue to sell. The market is not quite as frenetic as last spring and summer, but this is still an excellent time to list your home and buy that dream home you’ve always wanted.

On the economic front, inflation continues to be a significant concern, causing the Federal Reserve to raise interest rates in an attempt to slow down the economy. This affects the stock market and is starting to work its way into real estate. For now, there is so much pent-up buyer demand that we are not yet seeing the result, but everyone’s asking what higher interest rates and our continued lack of inventory mean as we move forward. While I can’t predict the future, I can use my years of experience and knowledge to help Santa Barbara homeowners think critically about what choice is best for them.

National Stats

Over the last month, the median listing price grew by 14.7 percent. This marked the 20th week of double-digit gains for the typical asking price, and homes spent seven days less on the market than they did last year. New listings – a measure of sellers putting homes up for sale – were up 3% above a year ago, while active inventory is down 3% from a year ago. Still, experts predict that buyer demand will far outweigh the impact of rising interest rates.

Local Stats

When we look at recent market activity locally, we see that Montecito continued its trend of having negative inventory levels with more homes sold and under contract than came onto the market. We’re seeing the same trend in Santa Barbara, with 42 pending sales, 43 closed sales, and only 53 new listings. The story is the same in Hope Ranch, while Summerland and Carpinteria areas broke even. As we all know, tight or negative inventory levels create pressure on the market, driving prices. However, there is some hope on the horizon as price changes in all market segments have shown improvements.

More Insight

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

My New Listings

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Rocks and sand on the on the beach with a beautiful blue sky

Beautiful Sand Point Beach House[/caption]

My April Sales

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Stairway to home surrounded by beautiful greenery and roses

I represented the buyer for this beauty on El Rancho Road in Montecito[/caption]

Will increased interest rates decrease buyer demand, or will buyer demand persist and continue to drive prices up? These things remain to be seen, making it imperative that you talk with your real estate advisor to make educated decisions regarding your real estate needs. I’d be honored to work with you. Call me at (805) 886-9378 or email Cristal@montecito-estate.com to arrange a personalized, complimentary consultation. In the meantime, stay apprised of national and Santa Barbara real estate market 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