quarterly market update
JULY – SEPTEMBER 2023
OVER $10 MILLION
There were 5 Closed Sales over $10M in Q3 2023. That is nearly a 50% drop from Q2 2023. The highest sale of Q3 2023 was an all cash sale, 1741 Glen Oaks Drive, which closed for $18.5M.
$5-$10 MILLION
There were 15 Closed Sales between $5-10M in Q3 2023, that is a 21% decrease in closed sales compared to Q2 2023. There were 4 off market sales between $5-$10M. Some special properties are still selling for over the list price, like 487 Monarch Lane (pictured right), which sold for $700k over asking price in just 10 days.
UP to $5 MILLION
Representing 52% of all Q3 2023 sales in Montecito, there were 22 homes that sold in Montecito below $5M. This has been a hot price point for Montecito lately; 81 Depot Road (pictured left) sold for $100k over the asking price in just 21 days
montecito stats
a note from nancy
Transition and uncertainty are on everyone’s minds as we enter the 4th Quarter. The luxury residential market has experienced some deceleration, although if recent history is any guide, the Montecito market will continue to attract buyers no matter what is happening in the world of finance, politics or the environment.
There is a wave of exciting commercial developments that are shaping Montecito’s future. Some of the most visible community projects include the Rosewood Miramar expansion, the Restoration Hardware restaurant in the Upper Village, and a revamp of the bird refuge below the Lower Village. These ventures promise to inject vitality and versatility into our charming town and love it or hate it, progress and expansion are coming.
As these projects and others come to fruition, Montecito will continue to cement itself as a world class community and destination which will play out in a positive way for our housing market. Stay tuned for more updates on these and other exciting developments!
Now for the stats.
There were 42 closed sales in the third quarter of 2023, this is just 2% below 2022 which had 43 sales in the Q3. The big news is that the Average Sales Price which was $5,894,769, was down by 25% compared to Q3 2022. The highest sale we saw was 1741 Glen Oaks Drive for $18.5M, which sold for 93% of its last list price and was on the market for 40 days. One of the sales that stood out was 487 Monarch Lane – this charming 3 bedroom Ennisbrook Casita sold in 10 days for $700,000 over asking price, reminding us that demand continues to outstrip supply for certain segments of the market.
The Montecito market is driven by demographics far more than by what is happening in the larger economy. Although we are in a period of transition today, the Montecito lifestyle continues to be in high demand among baby boomers with money to spend and the main obstacle to sales is a lack of homes that meet the lifestyles of today’s buyers.
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