As we enter Q4 2024, the luxury real estate market continues to evolve. With inventory in Montecito and Santa Barbara at a four-year high, buyers have more options than in recent years, and sellers are showing increased flexibility in negotiations, opening up new opportunities.
In Q3 2024, the average sales price rose 13% year-over-year, with six sales exceeding $10M and strong off-market activity. Despite potential short-term market shifts due to the upcoming election, Montecito’s luxury sector remains robust, often viewed as a stable investment during times of political change.
Q3 2024 Overview
- Q3 2024: 40 sales and an Average Sales Price of $6,661,718
- Q3 2023: 42 sales and an Average Sales Price of $5,894,679
- Q3 2024 Average Sales Price is up 13% compared to Q3 2023
- 11 Off market sales (27.5% of all the Q3 sales)
- 15 Sales below $5M
- 19 Homes sold in less than 30 days on the market
- 59 Average Cumulative Days on Market
LUXURY MARKET ($10M+)
- This quarter, the luxury market remained steady
- 6 Sales exceeded $10M
- 4 Luxury sales were off market
- 1 Sale surpassed $20M
- 771 Garden Lane was the highest sale, closing off market for $28,400,000
- The two highest sales for Q3 were off market
LOOKING INTO Q4 2024
- • As anticipated, both the average and median sales price in Montecito continue to rise
- Off market sales remain prominent for all price ranges, especially the luxury market
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ENDLESS OPPORTUNITY
2889 HIDDEN VALLEY LANE | $2,550,000
Situated on a tranquil lane in Montecito, this 1.68-acre parcel presents a rare opportunity to design a dream estate, with architectural plans by Mosaic Architecture ready to inspire your vision. Framed by expansive ocean and mountain views, this property blends natural beauty with limitless possibilities. Picture yourself in a serene Montecito retreat, complete with a sparkling pool overlooking the ocean and outdoor dining embraced by stunning mountain vistas.
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