"Momentum breeds motivation." – Susan Gale
Steady, strong and moving, May brought continued momentum to Montecito’s real estate market.
Fourteen homes sold last month, up from 11 in May 2024. The average sales price was $6,993,440, holding close to last May’s $7,085,989. More notably, the median sales price rose to $7,071,586, a solid increase over the $5,550,000 median a year ago - pointing to a resilient market and sustained buyer confidence.
Here are a few of last month’s highlights:
HIGHEST SALE
976 Hot Springs Road was the highest sale last month at $11,000,000, although that is down significantly from the $16.5M asking price! With expansive ocean views and timeless architecture, this, no doubt, was a great buy!
LOWEST SALE
921 El Rancho Road closed at $3,650,000, just over asking. While just outside the Cold Spring School district, its secluded setting, layered with natural textures and a sense of escape, drew in strong interest.
HOT SALE
155 Santa Isabel Lane stood out, selling $1.2M over asking price in just 9 days. Multiple offers and quick action made this a standout success, continued proof that well-priced, well-presented homes are moving fast.
And if you're curious to see all 14, you can view the full list HERE.
What Happened in Montecito Last Week?
May 25th – May 31st
weekly spotlight
The Polo Residences
The long-anticipated Santa Barbara Polo Residences have officially hit the market. This new enclave blends contemporary design with relaxed coastal living, just steps from the Santa Barbara Polo & Racquet Club.
Development Overview:
- Total Homes: 40 residences, comprising 25 single-family homes and 15 townhomes
- Design: Homes feature 3 to 4 bedrooms, ranging from approximately 2,500 to 4,000 square feet, with open floor plans and coastal modern farmhouse architecture
- Amenities: Each residence is equipped with high-end Sub-Zero and Wolf appliances, and offers seamless indoor-outdoor living spaces
- Community Features: The development includes a central pond, bio-retention areas, and a public trail easement along the east side, aligning with the Toro Canyon Community Trails Plan
Current Listings:
120 Polo Way
A 4-bedroom, 4.5-bathroom single-family home listed at $5,425,000
For those interested in exploring this new addition to the Santa Barbara coastline feel free to reach out!
