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SANTA BARBARA REAL ESTATE MARKET UPDATE: OCTOBER 2024

November 18, 2024

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In October, the housing market showed promising signs for homebuyers. Active listings reached levels not seen since 2019, providing some long-awaited relief after two years of intense competition and escalating prices. Realtor.com reports that the number of homes actively for sale surged by 29.2% compared to last year, marking the twelfth consecutive month of inventory growth. This increase brings the highest count of available homes since December 2019, a positive shift for buyers looking for more options.

Top Montecito real estate agent Cristal Clarke sitting at a desk and on the phone in front of her laptop.

Inventory Reaches Pre-Pandemic Highs

This growth in listings is part of a trend offering more choice and breathing room for buyers across the country. In fact, the total number of unsold homes, including those under contract, rose by 22.5% from last year, indicating that sellers are re-entering the market after a period of caution. While inventory continues to improve, it remains 21.1% lower than typical pre-pandemic levels (2017-2019 averages). This is, however, an improvement from last month’s 23.2% gap.

A More Balanced Environment

With active listings reaching pre-pandemic highs, sellers saw more competition than in previous years, marking a shift toward a more balanced market. While this increased inventory can temper price growth, homes in desirable locations like Santa Barbara and price ranges continue to attract serious buyers.

Pricing competitively and preparing properties to stand out became increasingly important in this more balanced market. Well-staged, properly priced homes in popular neighborhoods continued to attract interest, while others spent longer on the market as buyers gained more choice and negotiation power.

Happy Holidays for Both Sellers and Buyers

As we approach the holiday season, sellers may see even more balance or a slight seasonal dip in activity, which underscores the importance of strategic pricing and marketing. For those contemplating a sale, it’s still a good market, though sellers may need to be more flexible and prepared to make adjustments to align with evolving buyer expectations.

Neighborhood Market Update

The courtyard and surrounding facade of a Spanish Colonial Revival style home, lighted at dusk, with white stucco and red tiled roof in Montecito.

Montecito
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NEW LISTINGS: 21
PENDING: 16
PRICE CHANGES: 25
SOLD: 14

A two-story home with a high peaked roof, surrounded by lawn and lush landscaping, with a kidney-shaped pool in the foreground and blue sky and ocean in the background.

Hope Ranch
______

NEW LISTINGS: 3
PENDING: 1
PRICE CHANGE: 2
SOLD: 1

A traditionally styled single-story Mediterranean home behind a low white stucco wall, and complemented by palm and cypress trees.

Santa Barbara
______

NEW LISTINGS: 135
PENDING: 16
PRICE CHANGES: 67
SOLD: 99

A portion of a Spanish Colonial Revival-style home with lush landscaping in the fireground and hills and blue sky in the background.

Carp/Summerland
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NEW LISTINGS: 15
PENDING: 14
PRICE CHANGES: 15
SOLD: 23

Featured Property

A sprawling one-story luxury home set surrounded by lawn, lush landscaping, and mature trees.

Mountain Vistas and Golf Course Views in Montecito’s Birnam Woods
Listing Price: $ 8,700,000

Above the 7th fairway of the prestigious Birnam Wood Golf Club, this exquisite Montecito estate offers a stunning panorama of the Santa Ynez Mountains. Spanning two spacious lots within the guard-gated Birnam Wood community, the property is a private sanctuary framed by majestic oaks and sycamores, creating a tranquil retreat that defines upscale Montecito living.

A luxury home's well-furnished great room with an open beam cathedral ceiling, large triple window, stone fireplace, and bookshelves filled with books.

This home, which has been impeccably maintained and thoughtfully updated over the years, is on the market for the first time. Inside, you’ll find a seamless blend of formal elegance and relaxed luxury, from the oak floors to the cathedral, tray, and cove vaulted ceilings, which add an airy, refined feel. Expansive windows, French doors, and a grand fireplace with a dramatic marble surround set a tone of timeless sophistication, making each room ideal for both intimate gatherings and grand entertaining.

A large, well-equipped kitchen with wide plank wood floor, a vaulted open beam ceiling, and a center island,

The spacious kitchen, with its wide-plank oak floors, vaulted open-beam ceiling, and inviting breakfast area opening to the terrace, serves as the heart of the home and is perfect for hosting family and friends. The primary and guest suites provide a calming refuge with a serene ambiance, natural light, and terrace access.

A large brick patio with upscale outdoor furniture and lush landscaping in the background.

The grounds are a natural masterpiece, with winding walking paths, vibrant gardens, and lush lawns framed by towering trees that provide shade and beauty. Enjoy the curated rose and vegetable gardens, expansive rear terrace, and wooded hillside views, which offer a connection to nature’s beauty.

Open double doors of an upscale home foyer with a beautiful Turkish-style rug, looking out to the verdant landscape.

This secluded retreat feels worlds away yet is conveniently close to the exclusive amenities of Birnam Wood Golf Club and the high-end shopping and dining of Montecito’s Upper Village and Coast Village Road.


With more homes coming on the market, my exclusive listings continue to feature the best of.

Montecito’s premier properties For a personalized, complimentary consultation about your real estate needs, contact me at (805) 886-9378 or via email at Cristal@montecito-estate.com. In the meantime, you can keep up with the real estate market by exploring my blog posts, which cover both local and national trends.


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Client Reviews

“It was an emotional experience selling our mother’s home in Montecito that we all loved so much but Cristal made the process easier on our whole family by guiding us through the transaction every step of the way. She knows the market so well and everything she recommended was on point including the asking price, painting, and staging the home, which looked beautiful and helped the buyer envision her new home. We sold it the first day it hit the market with an offer above asking! Cristal did an incredible job communicating with us and the buyer to ensure that the transaction would run smoothly. We highly recommend using Cristal, she was a pleasure to work with! ”

- J & A

“Cristal is a pleasure to work with! Her knowledge of the local real estate market coupled with her amazing listening skills resulted in her showing us an array of homes that were all excellent choices. Her low-pressure patient attitude made us feel extremely comfortable with the whole process. I cannot recommend her highly enough.”

- M.F.

“Cristal Clarke is #1 in her field - and you don't become #1 by luck. Cristal works harder, and longer, and with more charm and patience than any real estate agent I have ever worked with in the past; her calendar has no weekend, her days have no clocks, her only concern is selling your property as soon as possible and for the best price on the market. Am I a fan? You bet!”

- P.B.

“We have used Cristal now several times and cannot express how grateful we are for her expertise, dedication, and unwavering support throughout the entire home-buying process. Cristal is knowledgeable, patient and attentive. Her attention to detail is remarkable, and she consistently went above and beyond to provide us with all the information and resources we needed to make informed decisions. Cristal is a skillful negotiator and advocate. She can navigate complex negotiations with professionalism and grace and felt like a true partner to us in the home-buying process. Cristal has a genuine passion for real estate and a deep commitment to her clients' satisfaction. I cannot speak highly enough of Cristal and her exceptional service. She is a true expert in her field and her dedication to excellence, combined with unwavering support is the reason we choose to work with her for all our real estate buying needs.”

- T.C.

“Cristal is a top-notch realtor who sold my home before it ever went on the market. I had two competing offers that enabled me to get top dollar for my home. Not only is Cristal superb but her team is extraordinary. I cannot say enough about Cristal and her team. They are simply phenomenal, the consummate professionals, who took care of every possible detail, making the sale and transition period, smooth from our end. They are also lovely, caring people, who knew all the right professionals, to get the job done. Thank you, everyone!”

- D.R.

“I could list lots of cool adjectives to describe Cristal. All good by the way. But, that is not why I or anyone should hire Cristal. My reason for hiring her, which proved to be correct, is very simple. She got the job done. And, she does it time and time again and with zero issues. And, that is why she is one of the top agents in the country. End of subject. ”

- M.A.

“Working with Cristal was a complete pleasure. Cristal was extremely patient with us as we evaluated nearly 2 dozen homes over a span of 2 years. Her knowledge of the market is unmatched. Cristal provided us with exceptional counsel as we evaluated opportunities and negotiated pricing. The closing process was handled thoroughly and efficiently. We could not be happier with our purchase and even more happy to now call Cristal our friend.”

- D.K.

“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