Montecito Market Report (Q4 2024)

MONTECITO MARKET REPORT

BOSQUE

Real Estate and Style

VILLA CASCINA

MONTE ARROYO ESTATE

Representation by Nancy Kogevinas

List Price: $37.5M

The MARKET

Q4 2024 reflected a shifting market dynamic in Montecito as buyers and sellers adapted to evolving conditions. While total sales volume and transaction activity slowed compared to earlier quarters, the ultra-luxury segment continued to demonstrate exceptional strength , highlighting the resilience of high-value properties.

The $20M+ market led the way in 2024 , with 11 transactions throughout the year, representing a dramatic eightfold increase compared to 2023.

Noteworthy sales included record-breaking properties like 2781 Padaro Lane ($96M) and 2779/77/73 Padaro Lane ($65M) , underscoring continued demand for premier estates.

Beyond the strength of its real estate market, Montecito is also evolving as a premier destination with an array of new commercial developments that enhance its appeal and lifestyle offerings. The highly anticipated opening of The Post, a vibrant retail and dining center, promises to become a focal point for the community. In Upper Village, the arrival of Restoration Hardware introduces a sophisticated blend of luxury home design and café-style experiences, while Coast Village Road is seeing renewed energy with additions like Clark’s Oyster Bar and Bar Lou, elevating the dining and

social scene. Meanwhile, the Rosewood Miramar Resort’s approved retail expansion further solidifies Montecito’s role as a hub of luxury and leisure. These developments not only enhance the local experience but also amplify Montecito’s draw for buyers seeking a dynamic, world-class lifestyle.

Amid ongoing challenges such as elevated interest rates and limited inventory , buyers across price points continue to make strategic moves. The average sales price in 2024 was $7.9M, up 16% from $6.8M in 2023, reflecting robust growth and a strong market performance.

The Montecito market remains strong, with sustained demand for luxury properties , vibrant new developments , and a promising outlook for 2025. Three $20M+ deals have already closed this year in 2025 (two of which were off-market), highlighting ongoing demand. Though the long term impact of recent LA fires remains uncertain, what is clear is that rental demand has surged , and we have already seen homes being purchased by evacuees seeking stability and safety within our community.

MONTECITO

MARKET INSIGHT Q4 2024 (OCT 1 - DEC 31)

$206,465,238

TOTAL SALES VOLUME IN Q4 DOWN 29.53% FROM Q3

TOTAL TRANSACTIONS IN Q4 DOWN 12.82% FROM Q3 34

AVERAGE SALES PRICE IN Q4 DOWN 3.13% FROM Q4 2023 $6.2M

78

AVERAGE DAYS ON MARKET IN Q4 UP 37% FROM Q3

QUARTERLY 2024

Q4 Q3 Q2 Q1

$206M+ IN SALES VOLUME | 34 TRANSACTIONS

$293M+ IN SALES VOLUME | 39 TRANSACTIONS

$366M+ IN SALES VOLUME | 45 TRANSACTIONS

$305M+ IN SALES VOLUME | 40 TRANSACTIONS

TOTAL MONTECITO SALES

By Price Point and Year

THE DATA SHOWN ILLUSTRATES THE TOTAL SALES QUANTITY FOR A RANGE OF PRICE TIERS WITHIN THE MONTECITO REAL ESTATE MARKET DURING 2022-2024

MARKET HIGHLIGHTS

DECREASE IN THE TOTAL NUMBER OF SALES ACROSS ALL PRICE POINTS FROM 2023 TO 2024 2%

INCREASE IN THE TOTAL SALES VOLUME ACROSS ALL PRICE POINTS FROM 2023 TO 2024 14%

INCREASE IN THE AVERAGE SALES PRICE FROM 2023 TO 2024 16%

$20M+ ULTRA LUXURY MARKET

Representation by Nancy Kogevinas

Price: $34.5M

LUXURY MARKET

$20M+

In 2024, Montecito’s ultra-luxury market saw significant growth, with 11 sales exceeding $20 million, up from just three in 2023. Highlighting this trend was the record-setting $96 million sale at 2781 Padaro Lane, reflecting strong demand for premier properties. This surge underscores Montecito’s appeal as a top destination for luxury living.

$20M+ SALES IN 2024

$96,000,000 2781 PADARO LANE

$65,000,000 2779/77/73 PADARO LANE

$36,800,000 875/885 PARK LANE

$32,000,000 319 SAN YSIDRO ROAD (SOLD TWICE)

$30,250,000 1104 CHANNEL DRIVE

$30,242,500 595 PICACHO LANE

$28,400,000 771 GARDEN LANE

$25,124,500 777 ROMERO CANYON ROAD

$21,500,000 3345 PADARO LANE

$21,010,000 1581 SOUTH JAMESON LANE

THE MARKET On

Worth Looking At

602

Parra Grande Lane

REPRESENTED BY AMANDA LEE

VIEW LISTING

1050

Cold Springs Road

REPRESENTED BY OLESYA THYNE

VIEW LISTING

888

Lilac Drive

REPRESENTED BY RISKIN PARTNERS

VIEW LISTING

356 Woodley Road

REPRESENTED BY ROBERT KEMP

VIEW LISTING

2925

Sycamore Canyon Road

REPRESENTED BY CRISTAL CLARKE

VIEW LISTING

840

Riven Rock Road

REPRESENTED BY DANIELLE DARIN

VIEW LISTING

VIEW ALL Montecito Listings

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