Q1 2024 | Montecito & Hope Ranch Luxury Market Report

#1

COMPASS TEAM IN SANTA BARBARA, MONTECITO, AND OJAI IN SALES VOLUME

$63.25M

REPRESENTED THE HIGHEST PRICED SALE IN MONTECITO HISTORY

$18M

REPRESENTED THE HIGHEST PRICED SALE IN OJAI HISTORY

$90M

OVER $90M IN SALES, ACTIVE LISTING INVENTORY, AND IN ESCROW IN Q1 2024

STATE OF THE MARKET

Q1 2024 saw a rise in activity with buyers who’ve been waiting on the sidelines entering the market. With no certainty that interest rates will drop significantly and prices remaining elevated due to continued low inventory, buyers are opting to enter the market rather than wait.

The $10M+ market is experiencing a surge in activity with a 100% increase in the total number of closed transactions in Q1 2024 compared to Q4 2023. Five transactions above $20M have closed year-to-date in 2024, already surpassing the total number of $20M+ transactions in all 2023, with an additional two listings priced at above $20M currently under contract to close.

In Q1 2024, our team has represented over $90M in sales, active listing inventory, and under contract volume.

We anticipate a strong market throughout 2024. Continue reading for an in-depth breakdown of what is occurring in the Montecito and Hope Ranch markets.

Q1 2024 (JAN 1 - MAR 31) | MARKET INSIGHT

$287,664,500

TOTAL SALES VOLUME IN Q1

Q1

37

TOTAL TRANSACTIONS IN Q1 2024 2023 2023 2023

$287M+ IN SALES VOLUME | 37 TRANSACTIONS

$197M+ IN SALES VOLUME | 30 TRANSACTIONS

$267M+ IN SALES VOLUME | 38 TRANSACTIONS

$5.4M MEDIAN SALES PRICE

76 AVERAGE DAYS ON MARKET

$7.774M AVERAGE SALES PRICE

$323M+ IN SALES VOLUME | 48 TRANSACTIONS

$36.8M HIGHEST PRICED SALE IN Q1 UNDISCLOSED, MONTECITO

In Q1 2024, Montecito total transaction quantity increased by 23%, compared to Q4 2023, from 30 to 37. Total sales volume increased by 45.7%, from $197M to $287M.

THE DATA SHOWN ILLUSTRATES THE TOTAL SALES QUANTITY FOR A RANGE OF PRICE TIERS WITHIN THE MONTECITO REAL ESTATE MARKET DURING Q1 2024

In Q1 2024, a total of 5 transactions closed above $10M, 3 of which closed at above $20M. At time of writing (April 4, 4 days into Q2) an additional 3 transactions have closed at above $10M. Additionally, 2 listings priced at above $20M are currently under contract to close. Both the data as well as what we are experiencing first hand in terms of buyer demand indicate rising strength in the $10M+ market of Montecito.

HOPE RANCH

Q1 2024 (JAN 1 - MAR 31) | MARKET INSIGHT

$14,118,700

TOTAL SALES VOLUME IN Q1

Q1

Q4

Q3

Q2

2

TOTAL TRANSACTIONS IN Q1 2024 2023 2023 2023

$14M+ IN SALES VOLUME | 2 TRANSACTIONS

$22M+ IN SALES VOLUME | 4 TRANSACTIONS

$28M+ IN SALES VOLUME | 5 TRANSACTIONS

$7.059M MEDIAN SALES PRICE

76 AVERAGE DAYS ON MARKET

$7.059M AVERAGE SALES PRICE

$43M+ IN SALES VOLUME | 4 TRANSACTIONS

$7.5M

HIGHEST PRICED SALE IN Q1

4161 CRECIENTE DRIVE

In Q4 2023, Hope Ranch total transaction quantity decreased by 100% compared to Q4 2023, from 4 to 2. Total sales volume fell by 36.4%, from $22M to $14M.

THE DATA SHOWN ILLUSTRATES THE TOTAL SALES QUANTITY FOR A RANGE OF PRICE TIERS WITHIN THE HOPE RANCH REAL ESTATE MARKET DURING Q1 2024

In Q1 2024, no transactions closed above $10M. There are about a quarter of the number of homes in Hope Ranch as there are in Montecito and with few properties availble for sale, it is normal for no transactions to close above $10M in a given quarter for Hope Ranch.

$20M+ MARKET

5 transactions above $20M have closed year-to-date in 2024, already surpassing the total number of $20M+ transactions in all of 2023, with an additional 2 listings priced at above $20M currently under contratct to close. We anticipate a strong ultra luxury market for this year.

GROUP ACTIVITY

SOLD | UNDISCLOSED ADDRESS, MONTECITO

$36,800,000

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.

THE EBBIN GROUP EDGE

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.

A FULL SUITE OF CREATIVE TOUCHPO INTS

With dynamic property films, architectural and lifestyle photography, and targeted print and digital material, we ensure that your offering gains maximized exposure and engages the most qualified demographic. Digital advertising affords unparalleled precision in tracking and measurement. Facilitating meticulous evaluation of advertising effectiveness, our data-driven approach allows for continuous refinement of targeting, messaging, and creative design to culminate the most effective advertising campaign.

TAILORED MARKETING APPROACH

With an in-house dedicated marketing team, we tailor our marketing programs unique to each listing, utilizing compelling and artful creative that sets your property apart and appeals to its most precise demographic. With online marketing expertise and a substantial advertising budget, we leave no stone unturned, tirelessly target marketing to potential purchasers of your home.

WHITE GLOVE CONCI ERGE SERVICE

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.

WORK WITH US THE EBBIN GROUP

A recognized leader in luxury real estate in the exclusive areas of Montecito, Hope Ranch, Santa Barbara, Carpinteria, and Ojai. Our expertise in market data & 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

THEEBBINGROUP.COM

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