DECEMBER MARKET UPDATE
Montecito's allure is reignited during this season, gently reminding us of its cherished attributes: the laidback lifestyle, unhurried pace, and the mild climate that gifts us with the most breathtaking sunsets. Embracing this tranquil atmosphere, we rediscover why we're captivated by Montecito's charm.
As the holiday season settles in, the real estate market has embraced a normalized pace, at prices that have stabilized. There continues to be more demand than there is supply but as we go into the new year and next Spring, we look forward to introducing a bit more inventory to the market.
Montecito
The number of sales in Montecito doubled from last November, and was roughly on par with the amount of activity over the few months. Median Price (at $5.025M), while up almost 20% from one year ago, was down slightly from the $6M+ levels we've witnessed over several months during 2023. The highest priced sale this November was for $12M at 1492 E Mountain Dr.
Santa Barbara
Sales activity in Santa Barbara was down from the past few months but even with November 2022. Median Price (at $1.8M), was up 4% year-on-year, but similar to Montecito, somewhat softer than levels seen during periods of 2023, albeit anchored by the sale of 1409 Shoreline Dr for $8.5M.
Hope Ranch
There was one sale in Hope Ranch in November, 942 Via Fruteria for $4.6M. This was a Riskin Partners listing we sold with multiple offers, over asking.
Carpinteria
With only four sales, Carp saw the lowest number of monthly sales since April 2020. Median Price (at $1.35M) was up 25% from November 2022, but is also somewhat skewed due to the limited number of transactions.
Summerland
There was one sale in Summerland in November, 130 Montecito Ranch Lane for $13M.
