As we move further into 2025, the Montecito and Santa Barbara real estate markets continue to show dynamic shifts. From rising sales activity to evolving price trends, here's a comprehensive look at the latest market data.
Montecito Market Overview
The Montecito market has experienced a significant uptick in activity this year. As of February 2025:
- Total Sales YTD: 46 transactions, a notable increase from the 2024 YTD figure of 29 .
- Median Sales Price: $5,877,634, reflecting a 19% increase from last year .
- Days on Market (CDOM): The average days on market have risen to 87, compared to 73 in 2024 .
- Total Sales Volume: $697.6 million YTD, signaling strong market momentum .
Luxury Market Breakdown
- Homes priced above $10M accounted for 8 sales YTD.
- The $6M-$10M range saw 11 transactions.
- The $4M-$6M range also recorded 11 sales, highlighting a consistent demand in the luxury segment .
Santa Barbara Market Insights
The broader Santa Barbara market remains resilient, with steady sales and increasing property values:
- Total Sales YTD: 200 transactions, reflecting a 15% increase from 2024 .
- Median Sales Price: $2,767,500, a 20% increase year-over-year .
- Market Inventory: The months of supply stands at 2.68, up from 2.05 in February 2024, indicating a more balanced market .
- Percentage of Homes Selling Above List Price: 31% of transactions closed above asking price, underscoring continued competition .
Santa Barbara Luxury Market
- The $6M-$10M price range saw a 360% increase in sales volume YTD.
- Homes priced between $2M-$4M saw a 518% increase in transaction volume .
- All-Cash Transactions: Represent 41% of sales, showing strong investor and high-net-worth buyer activity .
Condo & Single-Family Home Performance
- Montecito Condos: The median price stands at $2,519,440, slightly lower than 2024.
- Santa Barbara Condos: The median price rose to $1,205,000, up 33% from last year .
- Single-Family Homes: In Montecito, the median price increased 19% to $5.88M, while in Santa Barbara, it climbed 20% to $2.77M .
Key Takeaways
- Market Strength: Sales volume is rising across Montecito and Santa Barbara, especially in the luxury sector.
- Price Growth: Both median and average prices are increasing, suggesting continued demand.
- Shifting Inventory: While the market remains competitive, a growing months-of-supply metric suggests a slight shift towards a more balanced market.
- Cash Buyers Continue to Dominate: High-net-worth individuals and investors remain active, making up a significant portion of transactions.
Looking Ahead
As we move further into 2025, expect continued demand, especially in the luxury and high-end segments. Whether you’re considering buying or selling in Montecito or Santa Barbara, the current market presents unique opportunities.
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