“Price is what you pay. Value is what you get.”
– Warren Buffett
The real estate market in Montecito and Santa Barbara continues to mirror the national trend of rising home values. Nationally, the median price per square foot has surged by 52.7% since 2019.
In Montecito, recent figures reveal a significant upswing. Over the past six months, the highest price per square foot reached an impressive $6,232. Out of 44 sales in the second quarter, ten were over $10M and four were over $20M; approximately 37% of second quarter sales were over $2,000 per square foot. Comparing these numbers to 2019 highlights substantial growth. Four years ago, just 23.75% of sales were over $1,000 per square foot, and only 8.75% surpassed $2,000.
Q2 2024 Overview
- Q2 2024: 44 sales and an Average Sales Price of $8,341,625
- Q2 2023: 54 sales and an Average Sales Price of $6,562,264
- Q2 2024 Average Sales Price is up 27.1% compared to Q2 2023
- 6 Off market sales
- 23 Sales below $5M
- 15 Homes sold in less than 30 days on the market
LUXURY MARKET ($10M+)
- This quarter, the luxury market was extraordinarily active
- 10 Sales exceeding $10M
- 4 Sales surpassed $20M
- 319 San Ysidro Road was the highest sale, closing off market for $32,000,000
- We still have several buyers actively searching in this price range
LOOKING INTO Q3 2024
- Montecito and Santa Barbara real estate continue to be outstanding investments
- California ranks second in the U.S. for home price appreciation over both 5-year and 10-year periods
- We anticipate this trend of appreciation to continue through the end of the year and beyond
results matter
rancho rincon
8560 Ocean View Road | Ventura | $3,950,000
Welcome to Rancho Rincon, a pristine expanse where inspiration meets the horizon. Spanning over 44 acres of untouched beauty and overlooking Rincon Point, known as “the Queen of the Coast,” this private, gated parcel straddles the border of Santa Barbara and Ventura. It offers a rare opportunity to create your personal paradise in this legendary location. Imagine your retreat designed by Anacapa Architecture, harmoniously blending with the tranquility of nature. Wake up, check the surf, and live the dream.
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