Santa Barbara and Ventura County Real Estate Market Update May 2024
Rise in Spring inventory
The intersection of insurance challenges and the affordability crisis in California's coastal communities paints a daunting picture for homeowners and potential buyers. While the storm clouds gather, there remains hope in proactive collaboration and innovative solutions. As we forge ahead into 2024, it is our collective responsibility to ensure that the dream of coastal living remains a viable and accessible reality for all.
In the realm of effective communication, understanding love languages isn't just reserved for romantic relationships—it's a game-changer in professional settings too. This month, we're thrilled to shine the spotlight on Sara Caputo from Sara Caputo Consulting, whose expertise has revolutionized the way our team operates.
Sara's impact on our business cannot be overstated. Through her insightful analysis, she delved into our team dynamics, unraveling the intricacies of our efficiency and communication patterns. Her approach went beyond the surface, helping us decode each other's personality traits, communication styles, and yes, love languages.
The results were transformative. Armed with a deeper understanding of how we each prefer to give and receive appreciation, communicate ideas, and tackle challenges, our team became a well-oiled machine. Tasks were executed more smoothly, misunderstandings became a thing of the past, and a sense of camaraderie flourished.
But Sara's expertise isn't limited to the workplace. Whether you're navigating the complexities of a team environment or seeking to enhance communication within your personal relationships, her services come highly recommended. After all, the principles of effective communication transcend boundaries—they're the cornerstone of any thriving connection.
If you're ready to unlock the power of understanding and connection, we urge you to explore what Sara Caputo Consulting has to offer. Visit www.saracaputoconsulting.com and embark on a journey towards more meaningful, fulfilling relationships—both personally and professionally.
As the curtain fell on 2023, the real estate tapestry in Ventura and the enchanting city of Santa Barbara revealed a tale of resilience, adjustments, and market nuances. As we step into 2024, these insights serve as a compass for those navigating the real estate waters, offering a glimpse into the opportunities that lie ahead in these vibrant coastal communities.
Another year together!
1. In the anticipation of the year ahead, the real estate market in 2024 is forecasted to witness a 4-7% appreciation in home values, as suggested by The National Association of Realtors.
2. The current administration is expected to exert pressure on the Federal Reserve and banks to lower mortgage rates starting in Spring, a move aimed at bolstering the economy in the lead-up to the election. This pattern, common across different administrations, has been my observation over the last decade as a Realtor.
3. The market is currently warm and is projected to intensify during Spring and Summer before cooling down by the end of September. Following this, buyers typically tend to remain on the sidelines until after the election.
4. Mortgage rates, on average, are reported to be in the mid 6% range.
5. The optimal time to sell this year is from NOW to August, the optimal time to start the preparation process would be NOW.
6. If you need help getting your home ready – call us. We have resources for you.
Caitlin Hensel, the newly appointed principal at Hayes Commercial Group, makes history as the first female partner in the firm's legacy. With a background in business and a trailblazing spirit, she's not only a top-performing agent but also a catalyst for positive change in Santa Barbara County's commercial brokerage landscape. Recognized for her achievements, Caitlin is a testament to breaking barriers and setting new standards in the industry.
Are you contemplating selling your property with tenants in place? While the mantra "never sell real estate" echoes in the investment world, it's essential to consider if this advice aligns with your unique situation. If you purchased or refinanced in 2021 and find yourself in the enviable position of being able to rent out your house for double the mortgage payment, you may be hesitant to part ways with your investment. However, navigating a sale with tenants involves challenges, including limited showing times, timing issues, and the personalized nature of occupied spaces. Read on to explore the potential pitfalls and gain valuable insights for making an informed decision about selling real estate with tenants
Wrapping up quarter one- despite all of the volatility of the rates one thing is consistent- lack of inventory.
In South Santa Barbara County this year Q1 160 sold with a median of $2,055,000 compared to last year 262 sold with a median of $2,251,000. This means sales are down 38%.
In North Ventura County Ojai through Camarillo Q1 this year 450 sold with a median of $966,996 compared to 655 sold with a median of $825,000 demonstrating the rapidly rising prices catching up to neighboring coastal counties.
DATA BY CITY
LTS = List to Sold Price Ratio
Santa Barbara
74 sold
$1,997,000 median list price
$2,010,000 median sold price
26 avg days on market
98.99% LTS
Goleta
45 sold
$1,325,000 median list price
$1,400,000 median sold price
17 avg days on market
101% LTS
Montecito
24 sold
$5,385,000 median list price
$5,100,000 median sold price
41 avg days on market
96.64% LTS
Carpinteria/Summerland
17 sold
$2,549,000 median list price
$2,529,150 median sold price
18 avg days on market
100%. LTS
Hope Ranch
7 sold
$7,750,000 median list price
$7,250,000 median sold price
81 avg days on market
92.44% LTS
Ventura
123 sold
$831,000 median list price
$845,000 median sold price
52 avg days on market
99.23% LTS
Oxnard
130 sold
$707,500 median list price
$706,000 median sold price
43 avg days on market
99.64% LTS
Camarillo
133 sold
$759,900 median list price
$760,000 median sold price
35 avg days on market
99% LTS
Ojai
38 sold
$1,198,500 median list price
$1,225,000 median sold price
43 avg days on market
98.31% LTS
Santa Paula
18 sold
$634,990 median list price
$629,995 median sold price
70 avg days on market
99.54% LTS
Santa Barbara
Magic at the Paseo Nuevo
From November 25 – December 24, Santa will be at Paseo Nuevo waiting to hear wishlists and pose for photos. No reservations are required. Santa returns to his cottage in Center Court this year next to the jolly ol’ Christmas Tree! Don't forget to bring your wish list to share with Santa. Friendly family pets are welcome too! Pet Nights are December 6, 13, 20; 5pm to closing.
NIGHTLY SNOW FALL 5:30 - 6:40pm. INFO LINK
Zoo Lights
See the Zoo in a whole new light at the first-ever ZooLights! Enjoy this immersive holiday experience featuring thousands of handcrafted silk-covered lanterns aglow with more than 50,000 LED bulbs.
36th Annual Holiday Parade of Lights at the Harbor
Sun, Dec 11, 11 AM – 9 PM
The theme for this year’s event is “Deck the Hulls” where you can expect a day full of festivities:
12:00 PM – Winter Wonderland on the City Pier in Santa Barbara Harbor with holiday elves, 10 tons of snow, and holiday music. It is rumored Santa may make an appearance!
4:00 PM – The Human-Powered category competition begins with dozens of standup paddlers and kayakers dressed in festive attire who will loop Stearns Wharf spreading holiday cheer
5:00 PM – Holiday tree lighting ceremony will be held on the shoreward finger of Stearns Wharf next to the Sea Center
5:30 PM – Around 30 illuminated watercraft will light up the night as they make their way from Ledbetter Beach down the coast to the Cabrillo Arts Pavilion, then back along the coast to Stearns Wharf
The parade will be capped off by a brief fireworks show. Best viewing locations for the boat parade and fireworks include Stearns Wharf, the breakwater, West Beach, and East Beach.
VENTURA
Santa Paddle & Winter Wonderland Market Place Dec 11 at Ventura Harbor
Ventura Boat Rentals
HO! HO! Seaside holiday! Head to the Harbor early on Saturday, December 10th at 11:00am for the Santa Paddle – a sure bet for holiday fun on the waterfront. Santa trades his reindeer for a paddle board and visitors can join him on his journey through the marina by renting a kayak, stand-up paddle board, or character pedal boats from Ventura Boat Rentals to join the fun. Everyone is invited to dress festively in the spirit of the season in red and white Santa’s elves, and of course Santa Hats! Arrive early to secure your rental needs.
Following the Santa Paddle, enjoy the Winter Wonderland & Holiday Marketplace in Ventura Harbor Village from Noon -3 pm. Shop for the holidays and support local! Visit with Santa & Mrs. Claus and live reindeer. Dine by the sea & grab seasonal sweet treats!
Parade of Lights “Out of this World”
Friday, December 16 & Saturday, December 17
4pm & beyond – Kids Rides & Carnival Games on the Village lawn
5:30pm - Faux Snowfall, Photos with LED Performers Twinkle and Shine along the Harbor Village Promenade
6:30pm – Boat Parade Begins (two laps throughout Ventura Harbor)
8pm – Fireworks (weather pending) - look Northwest for best viewing
DOWNTOWN VENTURA
Rocks and Drams
Missed out on the Miracle in the Funk Zone? Go Visit our friends at Rocks and Drams for a holiday atmosphere and their festive drink selection.
Vendor’s Market at the Portside
Shop Small for Gifts this year or just go to enjoy the many food and goodie vendors. Saturday December 12/17 at the Portside 1196 Portside Dr, Ventura, CA 93001
Snow N Glow : Family Holiday at Ventura County
Snow tubing for All Ages, Sip on Hot Cocoa while looking at the 1 Million glow lights or rent an igloo for the ultimate experience.
https://www.snownglow.com/
Oxnard
Holidays at the Collection at Riverpark
Photos with Santa, Letters with Santa, a Gingerbread scavenger hunt and more! Don’t forget to get a festive drink @ Raggamuffin if you stop by
Carpinteria
Holiday Wreath Workshop is happening on Saturday, December 03, 2022 at 11:00AM PST at Porch with tickets starting at $125.00
Learn the best techniques to create and design the perfect seasonal wreath using fresh seasonal greenery. All materials will be provided, but we encourage you to bring something foraged to share if you are inclined. This is a super fun event that will get you in the holiday spirit and ignite your creative flow.
See More Info
Montecito
The Stone House Restaurant at San Ysidro Ranch
One of our favorite places to experience holiday magic is at the Stonehouse.
Book your Reservation
The Rosewood MiraMar Hotel
Another place you can’t go wrong for holiday cheer. Miramar is bringing the spirit of the season to Montecito this year. Enjoy the holidays at the resort with mouth-watering menus, awe-inspiring entertainment, and beautifully bespoke experiences. And—in true Miramar manner—each holiday celebration features spectacular service and impeccable attention to detail at every turn. Don’t miss the magic of Miramar, from Thanksgiving through New Year’s Day.
Seasonal Spa Treatments at Sense, A Rosewood Spa, Now through Dec. 31, 2022
Delightful holiday-inspired treatments will be offered now through December at Sense, A Rosewood Spa at Rosewood Miramar Beach. Treatments range from the OSEA Mint & Rosemary Holiday Facial, designed to refresh and reinvigorate the skin, to the Cranberry Woods Manicure & Pedicure, whose festive aromas and nourishing nail care bring forth a holiday celebration.
Ojai
Breakfast with Santa at the FarmHouse Ojai Valley Inn
Santa Claus is making a special trip from the North Pole to Ojai for a memorable morning of family fun. Enjoy a delicious breakfast buffet, mingle with Mrs. Claus, share your wish list with Santa, and meet his reindeer! $95 per person, $50 for children age 12 and younger. Pricing includes a keepsake photo with Santa. Tax and gratuity not included.
Book Now
Winter Solstice Ceremony
A Winter Solstice Ceremony Presented By Meditation Mount with Julia Berkeley on Wednesday, December 21st, at Meditation Mount.
Camarillo
Camarillo Old Town Glow + Tree Lighting
Camarillo Old Town GLOW 3rd Annual! Holiday drinks, festive lights, live music, giveaways, and MORE. Come GLOW with us!
See More
Christmas at the Ranch
Give your family the gift of a beautifully unique Christmas experience by visiting Camarillo’s very-own historic landmark, magically transformed for the holiday season. Join the Camarillo Ranch Foundation for a special historic home tour of Adolfo Camarillo’s 1892 Queen Anne Victorian Mansion plus the 1905 Red Barn transformed into Santa’s Workshop. Learn about Camarillo family Christmas traditions as you step back in time with visions of by-gone eras. The Camarillo Ranch Foundation Presents: Christmas at the Ranch with Santa
See More
We are so grateful to be nominated this year for Best Real Estate team!
You have to vote for 20 categories for your vote to count so we made a list of a few of our local favorites!
HOUSING
Interior Design Company - MN Studio Interiors
Real Estate Company - Compass
Real Estate Team- Kat Hitchcock and Associates
Moving Company - MoveGreen
Garden and Landscaping- AllScape
Solar - Brighten
Carpet Cleaning - Castros
Tile Shop- Tile Co
SPORTING
Camp Ground - El Capitan State Beach
Bicycle Shop- Bicycle Bobs
Place to get Athletic Shoes- Deckers
Golf Course- Glen Annie
Hiking Trail- Inspiration Point
LOOKING GOOD
Barber Shop- Richie’s Barber Shop
Tanning - Honey’s
Day Spa / Medical Spa - Evolutions
Clothing- Dylan Star
EATING
Health Food Store and Gourmet Grocer- Lazy Acres
Fish Market- Kanaloa
Ice Cream- McConnells
Chocolate - Chocolats Du Calibressan
Bakery- Alessia
Doughnuts- Hook and Press
Cupcakery- Crushcakes
Sunday Brunch - Boathouse
Salad Bar- Savoy
Noodle Bar/ Thai Restaurant - Empty Bowl
Sandwich Place- South Coast Deli
Tacos- Mony’s
DRINKING
Coffee House- Lighthouse
Happy Hour - La Playa Azul
Wine Bar - Satellite SB
Wine Shop - Renegade Wines
OUT N ABOUT
Funk Zone Spot - Shalhoobs
Family Fun Spot - The Santa Barbara Zoo
ROMANCE
Limo Service- Luxe Transportation
LITTLE CREATURES
Daycare Facilities- Learning Den
Pediatrician- Dr. Santacrose
Pet Clinic- St Francis
Dog Trainer- K9 Solutions
LIVING WELL
Gift Shop - Santa Barbara Company
Orthodontist- Ferris
Bank - American Riviera Bank
FOR THE ADVENTUROUS COUPLE
Take a hike on the San Ysidro trail, take in the views and nature with your bae and at the end of the trail hop on over to San Ysidro Ranches - Plow and Angel for a romantic cocktail.
Fun fact: This is one of Matt and Kat’s favorite memories.
FOR THE COUPLE WHO WANTS TO GET OUT
SANTA BARBARA One of our favorites Satellite SB is having a “My Cheugy Valentine” event LIVE music and a four course vegan meal and wine pairing, 5:30 - 8:30
VENTURA Turn up the heat- end the night with food and cocktails at ROCKS and DRAMS. They will be releasing a new menu launch for the occasion.Check their instagram for their latest updates.
Fun fact: This is Kylie and Nate’s go to for date night.
CAMARILLO Institution Ale is having a beer and cupcake pairing with Camarillo Cupcakes. Beer and cupcakes? Count me in. TICKETS HERE
FOR THE COUPLE WHO WANTS TO STAY IN
SANTA BARBARA Snuggle up with the whole fam, order in delivery for Satelite SB charcuterie board, your favorite bottle of wine (or two) and don’t forget grammy’s brownie. Netflix and CHILL!
VENTURA Perfect if you can’t get a sitter. Order coordination by Casanova’s movie night basket complete with movie rental, popcorn, theatre favorite sweets and a Topper’s pizza.
Text Devyn to order +1 (805) 233-1216
FOR THE REAL ROMANTICS
Valentines Picnic for Two 💕
Centerpiece Floral Bouquet (yours to keep) from @femmelunedesigns
Custom Sugar Cookies from @a.maries_cookiesandcrafts
Rugs + Blankets
Picnic Table (low to ground)
Two High-Back Chairs (low to ground)
Glasses/Utensils/Plates/Napkins
Beach Umbrella
Vintage Style Bluetooth Speaker
Water + Ice + Ice Bucket
Decanters Available (BYOB)
Also Included for Brunch:
Orange Juice + Sweet Tea
Brunch Box
Also included for Happy Hour
Lemonade + Sweet Tea
Charcuterie Box
Set-up + Breakdown = relax and enjoy your time with your partner
** last day to reserve spot: 2/8 **
Text Devyn to order +1 (805) 233-1216