The real estate market across the nation has seen significant changes over the past few years, and Montecito and Santa Barbara are no exceptions. Nationally, the median price per square foot has surged by an impressive 52.7 percent since 2019, according to Realtor.com. This broad trend sets the stage for understanding the dynamics in our local markets.
In Montecito, the past six months have showcased some interesting numbers. The highest price per square foot reached a staggering $6,232. To put this into perspective, 53 out of the 76 sales (69.7%) since the beginning of the year have sold for prices over $1,200 per square foot. Even more striking, 24 of these sales (31%) were at prices exceeding $2,000 per square foot. Only a single sale dipped below the $1,000 per square foot mark.
Comparing these figures to the same period in 2019 highlights the extraordinary growth in the market. Four years ago, only 19 out of 80 sales (23.75%) in Montecito were over $1,000 per square foot. Sales exceeding $2,000 per square foot were even rarer, with only 7 transactions (8.75%) crossing this threshold.
This surge in home values has had a ripple effect on the market, encouraging more sellers to enter the fray. Nationally, over the past seven months, we’ve seen a 32.5 percent increase in the number of homes for sale year over year. This influx of inventory is a direct response to the rising home values, as sellers seek to capitalize on the favorable market conditions.
What Happened in Montecito Last Week?
June 2nd – June 8th
7 NEW LISTINGS
4 CLOSED SALES
1 PENDING SALE
weekly spotlight
SPOTLIGHT DESIGNER
Xorin Balbes | XORIN HOMES
Xorin Balbes, an unparalleled innovator in the realm of home design, stands as a beacon of creativity and excellence. His visionary approach redefines the very essence of living spaces, pushing boundaries and setting new standards in Los Angeles, Montecito and Santa Barbara. With a portfolio that mesmerizes, Balbes is the epitome of unrivaled design expertise.
Carefully curated and renovated, the Monte Arroyo Estate, c. 1910, is Balbes’ 55th renovation in California and embodies the essence of Montecito’s rebirth. Starting his career in Los Angeles, Xorin quickly gained a high-profile celebrity following and has been celebrated for over 30 years for his innovative approach and remarkable restorations of architecturally significant properties. His visionary designs and development approach redefine living spaces, turning them into soulspaces – spaces that allow the soul to take flight while at the same time being grounded in peace, allowing you to truly be home. (SoulSpace – written by Balbes, explores soulful living and was published by New World Library in 2015.) He has been inspiring clients to “come home” to their true selves through living in environments that are filled with beauty and profound inspiration. Xorin and his extraordinary team at XORIN HOMES reimagined the Monte Arroyo Estate with this philosophy, blending the character of this classic Montecito estate with a fresh, innovative design that captures 21st century luxury.
Artfully blending old-world character with modern amenities, Balbes’ work on Monte Arroyo Estate not only highlights the property’s timeless beauty but also showcases his signature style and dedication to excellence.
