Santa Barbara Area Real Estate Market Update – February 2025
As we wrap up February 2025, let's jump into the market insights across Santa Barbara, from Goleta to Carpinteria. Homes that were priced right in popular neighborhoods moved fast this month - especially in Goleta and the Mesa, where some listings were scooped up within days. On the luxury side, Montecito and Hope Ranch continued to lead the pack, with multiple homes selling for over $5M. Price per square foot is also climbing, especially in the Mesa and Montecito, where high-end properties are landing anywhere between $1,200 and $2,000 per square foot. One big factor keeping prices up across the board is the low inventory - there just aren't a lot of new listings hitting the market, which is keeping competition strong even in the slower pockets!
Now let's really dive into the data...
Montecito
- Average Sales Price: $4,994,830 (NOTE* a lot of homes needing work sold in the month of February)
- Average Days on Market: 39 days
- Notable Sales: Highest sale in Montecito this month was an Eucalyptus Hill that closed at $8,287,500 after 191 days on the market.
- Key Takeaway: Montecito’s luxury segment is thriving, with strong buyer interest in estates with privacy and ocean views
Hope Ranch
- Average Sales Price: $6,786,667
- Average Days on Market: 136 days
- Notable Sales: A house on Lago Drive closed for $7,570,000 after nearly six months on the market (Hot tip, this is coming back on the market!)
- Key Takeaway: Hope Ranch might have longer days on market, but homes with luxury amenities (pools, views, additional structures) are gaining traction
Santa Barbara Proper (i.e Mesa, San Roque, Upper East, Eastside & Westside)
- Average Sales Price: $3,028,820
- Average Days on Market: 37 days
- Notable Sales: A home on Braemar Drive near Hendry's Beach closed for $4,950,000. One of my favorite properties with a horse facility and arena, pool & spa and close to the ocean!
- Key Takeaway: Santa Barbara saw high demand for homes with ocean views and the Mesa area is still red hot!
Carpinteria & Summerland
- Average Sales Price: $1,515,000
- Average Days on Market: 55 days
- Key Takeaway: Inventory is limited in this charming neighborhood, keeping demand high and prices stable
Goleta
- Average Sales Price: $1,905,095
- Average Days on Market: 18 days
- Notable Sales: A property out in Hollister Ranch closed for $5,750,000
- Key Takeaway: The Goleta market saw strong activity this month... many properties closed above asking, particularly in desirable neighborhoods.
What does this mean for me as a Buyer?
If you’re on the home hunt, especially in Santa Barbara, be ready to move fast when you find something you love. Homes that are priced well are getting snapped up quickly. In the higher-end markets like Montecito and Hope Ranch, you’ll have more time to make decisions since luxury homes tend to sit a bit longer — but I wouldn't expect huge discounts. With inventory staying slim, sellers aren’t feeling much pressure to negotiate. Whether you’re buying your first home or a luxury estate, being prepared (pre-approval in hand and ready to act) is key!
What does this mean for me as a Seller?
It’s still very much your market in most areas.. demand is strong and inventory is low. If your home is priced well and shows nicely, chances are you’ll get solid interest right away. For high-end sellers in Montecito or Hope Ranch, the buyer pool is smaller, so patience is key, but the good news is there are still serious buyers out there willing to pay top dollar for the right property. Across the board, limited inventory works in your favor, helping to keep prices high and giving you the upper hand when it comes to negotiations.
Don't hesitate to reach out with any questions!
