Highs and Lows of Recent Sales
Let’s dive into this month’s real estate market highlights, starting with the highest and lowest sales:
Highest Sale:
The priciest property sold this August was 4280 Via Esperanza in Hope Ranch, closing at $12,000,000. This sale underscores the continued strength of the luxury market and buyer appetite for premier estates. Hope Ranch has had an 86% increase in sales activity over the last year.
Lowest Sale:
On the other end of the spectrum, the lowest sale was a condo at 380 Moreton Bay Lane in Goleta, which closed at $620,000. These condos are for 55+.
Fun Fact: Montecito’s lowest sale was $2.75M for an off-market condo, proving that even the entry-level in Montecito sits firmly in the luxury tier.
Sales Trends and Cash Transactions
August saw 112 total sales, a slight dip(3%) compared to last year. Breaking this down:
Single-Family Residences (SFR): 88 sales, up 12% YTD.
Condos: 24 sales, up 3% YTD.
Cash transactions: 36% of August’s closings were cash, just below the YTD average of 38% but still significant compared to most markets.
Days on Market and Median Sales Prices
One of the bigger trends of 2025 is longer days on market.
Single-Family Residences (SFR): 67 days on average.
Condos: 46 days on average.
August Median Sales Prices
Single-Family Residences (SFR): $2,237,000, up 6% compared to August 2024.
Condos: $884,950, down 9% year-over-year compared to August 2024.
YTD Median Sales Price:
Single-Family Residences (SFR): $2,365,000, up 8%.
Condos: $1,049,000 up 8%
Neighborhood Spotlights
Carpinteria:
Carpinteria had 7 single-family closings in August, averaging $2.2M and 3 condo closings averaging $752K. Year-to-date, single-family sales are up 52% with median prices up 8% to $1.98M, proving this market is more active than ever. Fun fact: the building that housed Rincon Surf Shop sold this month and so did the Best Western on Carpinteria Avenue, signaling confidence in the area’s growth and investment potential.
Summerland:
Summerland was quiet in August with no closings. Year-to-date, there have been 8 single-family sales, up 14% from last year and with a median sales price just above $2M. There have been three condo sales with a median of $1.825M.
Montecito:
Montecito continues to set the tone for the luxury market with 10 single-family closings averaging $6.9M and 2 condo closings averaging $3.4M. Year-to-date, Montecito has seen 127 single-family sales, a 27% increase over last year with a 10% rise in median price. The condo market is booming, with more than double the sales compared to 2024 and a 17% increase in average price.
Inventory Trends
Inventory currently sits at 2.93 months of supply, still below the 6-month benchmark of a balanced market but higher than what we’ve seen in the last 4 years. Buyers have more breathing room, but well-presented and well-priced homes are still moving quickly.
What This Means for Buyers and Sellers
For Buyers:
This market rewards preparation. Inventory has ticked up, but it doesn’t feel like a surplus. If you’re shopping for the classic 3-bed, 2-bath, 1,500–2,000 sq. ft. home, you’re still in the competition zone. The data shows longer days on market alongside a rising median sales price, which tells me: move quickly when the right home appears, but give yourself breathing room on terms. We don’t need seven-day contingencies anymore. Its reasonable to give yourself more time during the escrow process.
For Sellers:
The market remains in your favor, but strategy is everything. Homes that are priced and presented well continue to attract strong interest and achieve competitive results. Sellers holding on to outdated “hot market” expectations or skipping preparation are sitting longer, making price cuts, and negotiating down. On average, homes are closing within 97% of asking price- proof that the wrong approach will catch up to you.
Whether you’re considering buying, selling, or simply staying informed, understanding these trends is critical. Reach out if you’d like a tailored strategy for your home or neighborhood.
