Midway through August and Montecito’s real estate market continues to tell a story of consistency and luxury sales.
Average Prices Hold Strong
As of the end of July, YTD transactions in Montecito saw a slight increase with 88 single family residence sales compared to 87 in 2023. Despite this modest increase in sales volume, Montecito’s market strength is evident in the average sale price, which has risen to $8,362,770—up nearly 24% from last year’s $6,612,863. This emphasizes a demand for high-end properties, even in a more measured market.
Off-Market Influence
Off-market transactions continue to be a key driver in the market, particularly for the high-end. In July, 3 of the 11 sales closed off market (27%), including the highest sale of the month, 771 Garden Lane, which closed for $28,400,000. So far this month 2 of the 4 closed sales have sold off market, underscoring the discreet yet powerful role these transactions continue to play in our market.
With the start of the school year bringing new energy to Montecito, I expect to see the number of sales start to tick up and the average sales price to remain strong.
What Happened in Montecito Last Week?
August 11th – August 17th
4 New Listings
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- 145 Olive Mill Lane, SANTA BARBARA, CA 93108
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- 150 Coronada Circle, SANTA BARBARA, CA 93108
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- 109 Olive Mill Road, MONTECITO, CA 93108
3 Closed Sales
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- 2128 Birnam Wood Drive, MONTECITO, CA 93108
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- 2039 Boundary Drive, SANTA BARBARA, CA 93108
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- 501 Hodges Lane, MONTECITO, CA 93108
3 Pending Sales
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- 651 Romero Canyon Road, MONTECITO, CA 93108
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- 1385 Plaza Pacifica, SANTA BARBARA, CA 93108
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- 1130 E Mountain Drive, SANTA BARBARA, CA 9310
weekly spotlight
Carpinteria’s Next Hot Spot
700 Linden Avenue
700 Linden is one of the most anticipated developments in downtown Carpinteria. This 30,000-square-foot space, just seven blocks from the beach, brings together top local restaurants and retailers around a lush courtyard. With free parking and a prime location, it’s set to become a must-visit spot on the Central Coast.
