The average home price in Montecito this year is $7,586,209 — a 21% increase from 2023, where the average price was $6.28M. It’s a big jump not only from last year but also from 2022, which had an average price of $6.49M, and even 2021 ($5.7M). We’re seeing the same trend with the median price, which has climbed 9% from $5M last year to $5.45M this year.
The two highest sales in Montecito for Q3 were off market – 771 Garden Lane ($28.4M) and 416 Meadowbrook Drive ($16,780,500), with six sales overall surpassing $10M. In comparison, Q3 of 2023 also had six sales above $10M, keeping this year’s high-end activity on a similar track.
Overall, the story is the demand for Montecito’s luxury market remains steady, and the properties that are selling are achieving impressive prices. What is notable is that there is a fair amount of available inventory and I believe that buyers have an opportunity to make some good deals on those properties, which, once they sell may bring our averages down somewhat. Stay tuned for our Q3 Montecito Market Update coming soon!
What Happened in Montecito Last Week?
October 6th – October 12th
6 New Listings
3 Closed Sales
2 Pending Sales
weekly spotlight
Newly Priced in Montecito
817 Knapp Drive | $3,725,000
A canvas of possibilities, this 3-bedroom home offers an ideal blend of comfort, charm, and opportunity—ready for you to make it your own.
1362 Plaza Pacifica | $1,995,000
Start your full time vacation here! Privately located on the beach side of Montecito’s prestigious oceanfront Bonnymede development, this welcoming 1 bedroom, 1 ½ bathroom ground floor unit is your new getaway to call home.
