STATE OF THE MARKET
Q2 2024 marked a standout quarter for Montecito real estate , showcasing notable growth and activity. The average sales price rose by 7%, and the median sales price increased by 10% compared to Q1 2024. Despite these price hikes, the average days on market remained stable at 84 days per sale. Additionally, the average price per square foot of all sales reached $1,909.
The ultra-luxury market (properties valued over $10 million) was particularly robust in Q2, with 10 sales surpassing the $10 million mark and 4 sales exceeding $20 million. The highest sale was an impressive $32 million.
Comparing Q2 2024 to Q2 2023 , the market saw a significant surge in activity. Sales volume skyrocketed by 182%, leaping from $133 million in Q2 2023 to $375 million in Q2 2024. The number of transactions also increased dramatically, up by 125% from 20 sales in Q2 2023 to 45 sales in Q2 2024. The ultra-luxury segment was unprecedented, with 10 sales over $9 million and four sales exceeding $20 million.
As we move into Q3 , the market is experiencing a notable rise in inventory and a slowdown in sales. This can be attributed to buyers being on summer vacation and adopting a more cautious approach to purchasing. The market is dynamic and changes weekly, so stay tuned for our upcoming market updates.
MONTECITO
Q1
Q2 2024 | APRIL 1 - JUNE 30 MARKET INSIGHTS 45 TOTAL TRANSACTIONS IN Q2 ↑ 16% COMPARED TO Q1 2024 2023
TOTAL SALES VOLUME IN Q2 ↑ 26% COMPARED TO Q1 Q4 Q3 Q2 $375M+
$287M+ IN SALES VOLUME | 37 TRANSACTIONS
$197M+ IN SALES VOLUME | 30 TRANSACTIONS
$267M+ IN SALES VOLUME | 38 TRANSACTIONS
$133+M IN SALES VOLUME | 20 TRANSACTIONS
$8,338,478 AVERAGE SALES PRICE (↑7%)
$4,845,000 MEDIAN SALES PRICE (↑10%)
84 AVERAGE DAYS ON MARKET (↓2%)
$1,909 AVERAGE PRICE PER SQFT (↑1%)
THE Q2 REAL ESTATE MARKET IN MONTECITO EXPERIENCED SIGNIFICANT RISE IN ACTIVITY THIS YEAR COMPARED TO Q2 LAST YEAR, SHOWING A STAGGERING $182% INCREASE IN SALES VOLUME FROM $133M OF VOLUME SOLD IN Q2 2023 TO $375M OF VOLUME SOLD IN Q2 2024.
THE NUMBER OF TRANSACTIONS ALSO JUMPED 125% FROM 20 SALES IN Q2 2023 TO 45 SALES IN Q2 2024.
THE ULTRA-LUXURY ($20MILLION+) MARKET WAS PARTICULARLY STRONG, WITH TEN SALES OVER $9 MILLION AND FOUR SALES EXCEEDING $20 MILLION , THE HIGHEST BEING $32 MILLION.
$32M HIGHEST PRICED SALE IN Q2: 319 SAN YSIDRO ROAD
This 1919 estate sold in June 2023 for $22.5 million. 4 months later in October 2023 it hit the market again, asking $46.5 million. It eventually sold off-market for $32 million on February 15, 2024.
HOPE RANCH
Q2 2024 | APRIL 1 - JUNE 30 MARKET INSIGHTS 7
Q1
TOTAL SALES VOLUME IN Q2 ↑190% COMPARED TO Q1 Q4 Q3 Q2 $41M+
TOTAL TRANSACTIONS IN Q2 ↑250% COMPARED TO Q1
$14M+ IN SALES VOLUME | 2 TRANSACTIONS
$22M+ IN SALES VOLUME | 4 TRANSACTIONS
$28M+ IN SALES VOLUME | 5 TRANSACTIONS
$43M+ IN SALES VOLUME | 4 TRANSACTIONS
$5,861,946 AVERAGE SALES PRICE (↓17%)
$4,937,500 MEDIAN SALES PRICE (↓30%)
145 AVERAGE DAYS ON MARKET (↑91%)
$1,375 AVERAGE PRICE PER SQFT (↓14%)
HOPE RANCH SALES ACTIVITY REMAINED STEADY IN Q2 2024 COMPARED TO Q2 2023WITH A SLIGHT DECREASE (6%) IN THE TOTAL SALES VOLUME FROM $44M IN Q2 2023 TO $41M IN Q2 2024.
THE NUMBER OF TRANSACTIONS ROSE 75% FROM 4 SALES IN Q2 2023 TO 7 SALES IN Q2 2024.
$8M
HIGHEST PRICED SALE IN Q2: 4040 MARINA DRIVE
After spending 210 days on the market in 2023, originally listed at $9,475,000 in May and dropping to $8,995,000, this ocean-view Mediterranean eventually sold off-market for $8,000,000 on April 5, 2024.
2024 YTD | MONTECITO + HOPE RANCH TOTAL $20M+ TRANSACTIONS IN 2024 YTD
RECENT
THREE Q2 SALES IN MONTECITO’S
1839 EAST MOUNTAIN DRIVE
Seller Representation • Offered at $8,350,000
1845 EAST MOUNTAIN
Seller Representation •
• Offered at $8,950,000
Representation • Offered at $8,300,000
COMING SOON IN OJAI
10.5 ACRES +/- | 4 BEDS | 3.5 BATHS
Details Upon Request
1920’S RIVIERA RETREAT
1.37 ACRES +/- | 2 SEPARATE VILLS | 2 BEDS | 2 BATHS VIEW LISTING
Offered at $2,750,000 | 15 Loma Media Road, Santa Barbara
BLACK OPAL RANCH
21 ACRES +/- | 7 EXISTING STRUCTURES
$10,995,000 | 1835 Santa Monica Road, Carpinteria
VIEW LISTING
THE PRIVATE MARKET
Through our extensive network of clients and top tier agents/brokers we have a collection of curated off-market opportunities accessible exclusively through The Ebbin Group.
Clients who buy and sell through our firm in the private market can expect discreet oneto-one service and client confidentiality.
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White-glove client service, innovative marketing and branding strategies, superior local market expertise and record-breaking sales make The Ebbin Group one of the top-producing and most recognized names in Santa Barbara, Montecito, and Ojai real estate. With a proprietary listing management and marketing analytics system, we provide best-in-class service and a multifaceted, competitive advantage in selling luxury properties.
HYPER-TARGETED SALES OUTREACH
Proprietary wealth-mapping technology provides us a database of comprehensive dossiers on the world’s high-net-worth individuals, with demographic details such as age, net worth, business, interests and affiliations. This data enables strategic, direct outreach to the most qualified luxury prospects whose personal interests and lifestyle preferences align with a property’s unique characteristics.
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Other firms may claim to offer concierge service but at The Ebbin Group we deliver beyond our competition by offering our clients a gateway to an entire real estate lifestyle ecosystem. With “insider” access and relationships, we provide our clients valuable recommendations and introductions to sought-after interior designers, architects, contractors, and a multitude of other service providers.
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A recognized leader in luxury real estate in the exclusive areas of Montecito, Hope Ranch, Santa Barbara, Carpinteria, and Ojai. Our expertise in market trends, contract negotiation, architecture & design, strategic investments, and access to off-market properties provides our clients with invaluable insight and a distinct advantage in achieving their real estate objectives
The Ebbin Group is THE dream team. Since representing us both as buyers and sellers, I can honestly say their genius on both sides of a real estate transaction is supreme. They are negotiators that know when to hit the gas pedal and when to tap the brakes. Excellence requires character, integrity, nuance, and experience. There is no one better.” - One Of Many Satisfied Clients
