Montecito Market Report | Q4 2024

Q4 2024 MONTECITO MARKET REPORT

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MONTECITO Real Estate and Style

VILLA CASCINA Representation by Eric Haskell & Amanda Lee List Price: $33.5M VIEW LISTING

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Co nt e

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The Market 7 Q4 2024 Market Data 8 Total Sales Breakdown 10

Market Highlights 12 Ultra-Luxury Market 14 Ad 100 List Curated Picks 18

MONTE ARROYO ESTATE Representation by Nancy Kogevinas List Price: $37.5M VIEW LISTING

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.

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.

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.

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.

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

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.

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MONTECITO MARKET INSIGHT Q4 2024 (OCT 1 - DEC 31)

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$206,465,238

$6.2M

TOTA L SA LE S VOLUME I N Q4 DOW N 2 9.5 3 % F R OM Q3

AVE RAG E SALE S PRICE IN Q4 D OWN 3.1 3% FROM Q4 2 023

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TOTA L T R A N SAC TI ONS I N Q4 DOW N 1 2 .8 2 % F R OM Q3

AVE RAG E DAYS ON MARKE T IN Q 4 U P 37% FROM Q3

2024

QUARTERLY 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

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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 2022-2 024

62

20 22

10

59

20 23

$10-20M 59

20 24

# OF SALE S

# OF SALE S

$5-10M

23

24

23

2 022

2 023

2 024

5 20 22

2 20 23

$30M+

4 20 24

# OF SALE S

# OF SALE S

$20-30M

4 2 022

7 1 2 023

2024

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MARKET HIGHLIGHTS 2% DECRE ASE I N T HE TOTA L N U M B ER O F SA L ES ACRO SS A LL PR I CE P O IN TS F R O M 2 02 3 TO 2024

14% IN CRE ASE I N T HE TOTA L SA L ES VO LU M E ACRO SS A LL PR I CE P O IN TS F R O M 2 02 3 TO 2024

16% IN CRE ASE I N T HE AV ER AG E SA L ES PR I C E FRO M 20 23 TO 20 2 4

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CHIC SEASIDE RETREAT Representation by Riskin Partners Estate Group List Price: $39.995M VIEW LISTING

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$20M+

ULTRA LUXURY MARKET

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VILLA ON THE SAND Representation by Nancy Kogevinas List Price: $34.5M VIEW LISTING

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11 9

5

20 20

3 20 21

2 022

2 023

# O F SALE S

$20M+ ULTRA LUXURY MARKET 16

TOTAL $20M+ SALES

2 024

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 2 7 8 1 PA D A R O L A N E $65,000,000 2 7 7 9 / 7 7 / 7 3 PA D A R O L A N E $36,800,000 8 7 5 / 8 8 5 PA R K L A N E $32,000,000 3 1 9 S A N Y S I D R O R O A D ( S O L D T W I C E ) $30,250,000 1 1 0 4 C H A N N E L D R I V E $30,242,500 5 9 5 P I C A C H O L A N E $28,400,000 7 7 1 G A R D E N L A N E $25,124,500 7 7 7 R O M E R O C A N YO N R O A D $21,500,000 3 3 4 5 PA D A R O L A N E $21,010,000 1 5 8 1 S O U T H J A M E S O N L A N E

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On

THE MARKET Worth Looking At

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602 Parra Grande Lane REPRESENTED BY AMANDA LEE VIEW LISTING

888 Lilac Drive REPRESENTED BY RISKIN PARTNERS VIEW LISTING

1050 Cold Springs Road REPRESENTED BY OLESYA THYNE VIEW LISTING

356 Woodley Road REPRESENTED BY ROBERT KEMP VIEW LISTING

840 Riven Rock Road REPRESENTED BY DANIELLE DARIN VIEW LISTING

2925 Sycamore Canyon Road REPRESENTED BY CRISTAL CLARKE VIEW LISTING

VIEW ALL

Montecito Listings VIEW HERE

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ARCHITECTURAL DIGEST 100 LIST 2025 Get to know the esteemed creatives, taste setters, and innovators who make up the AD100, the definitive list of today’s top talents in interior decoration, architecture, and landscape design. Find a curated list of our favorite interior design honorees on the following page.

VIEW THE LIST

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Interior Designers Clements Design Jake Arnold Axel Vervoordt Jeremiah Brent Atelier AM Studio Shamshiri Vincenzo De Cotiis Studio Giancarlo Valle Brigette Romanek Studio Mellone Jane Hallworth Kelly Behun

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Clements

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Jake Arnold

Jeremiah Brent

Atelier AM

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All information provided in this report is based on data sourced from the Santa Barbara MLS and is subject to potential inaccuracies. While every effort has been made to ensure the accuracy of the data, it is not guaranteed and should be independently verified. Additionally, we strive to ensure that all images and media used in this report are shared with proper permissions and credit to the rightful owners. However, we do not claim explicit knowledge of ownership for every photo or media used. If any content has been used without appropriate permission or credit, please contact us, and we will promptly provide proper attribution or remove the content as needed.