Q1 2024 Market Update - Montecito and Santa Barbara Real Estate Newsletter
Curiosity – it’s what drives me! Every day I look at luxury real estate and I wonder - why that price, why that countertop, why that buyer?
Being curious is how we find deals, get information, solve problems, tell stories and create magic. In today’s very fast paced, AI driven, push a button world, a curious mind brings clarity, understanding and perspective. It’s also just more fun to hear, look and experience what others have to say and what they believe. For me, curiosity is also about collaboration and opens doors and leads to happy endings. Real estate is a team sport, and the curious, creative, and collective efforts of all the players — escrow and title officers, buyers, sellers, inspectors, designers, fellow agents, and so many others, all collaborating together — are what drive success.
Q1 2024 OVERVIEW
• Total of 41 sales
• Average Sales price of $7,600,963
• Q1 2023: 33 sales and an Average Sales price of $5,860,855
• 4 Off Market Sales
• 20 sales below $5M
• 25 homes sold in less than 30 days on the market
LUXURY MARKET ($10 M+)
• The high end market continues to be particularly active in Montecito
• 6 sales exceeding $14.5M
• 3 of the 6 sales surpassed $25M
• 821 Buena Vista Avenue sold off market for $14.75M
• 875/885 Park Lane was the highest sale, closing at $36.8M
• We have several buyers actively searching in this price range
LOOKING INTO Q2 2024
• Montecito’s luxury market shows no sign of slowing as we move into Q2
• April has already had 4 sales over $10M, including 595 Picacho Lane for $30,242,500
• The significance of pocket listings and who you know remains essential
We are always on the hunt for properties and have the resources, knowledge and connections to uncover your dream home. Having been a realtor for over 27 years, we know how to get the best results for our buyers and sellers in all markets.
849 Ashley Road • Montecito • Offered at $13,400,000
In the verdant splendor of Montecito, a reimagined Spanish Colonial estate offers tranquility wrapped in style. Set on a serene private acre, this 6 bedroom/5 bathroom compound embodies luxury and a sense of place, blending seamlessly with the outdoors — a hallmark of the Montecito lifestyle. The exteriors of this estate are bathed in blue sky and sunlight and surrounded by a lush tapestry of fruit trees, oaks and olives. The landscape is complemented by an outdoor shower and a cedar hot tub positioned intentionally to offer views of the majestic Santa Ynez Mountains and the magnificent Montecito Creek. Here you will find the ultimate retreat.
