Montecito November 2024 Market Stats

November 2024 Highlights:

• Number of transactions:

  • November 2024: 13 transactions recorded.
  • October 2024: 15 transactions (-13.3% month-over-month).
  • November 2023: 14 transactions (-7% year-over-year)​​.

• Prices:

  • Average Price:
    • November 2024: $6,339,231.
      • Up 0.7% from October 2024 ($6,295,000).
      • Up 20% from November 2023 ($5,275,179).
  • Median Price:
    • November 2024: $5,300,000.
      • Down 1.85% from October 2024 ($5,400,000).
      • Up 5% from November 2023 ($5,025,000).

Year-to-Date (YTD) 2024:

• Average Price: $7,329,961 (+17% compared to YTD 2023).
• Median Price: $5,455,365.

Insight: Continued growth reflects a strong luxury market​​.

Historical Context (2003–2024):

• Long-Term Trends:
  • The average price in Montecito has seen a substantial increase from $2.1M in 2003 to $7.3M in YTD 2024, driven by luxury market resilience and broader economic factors.
  • Interest Rates: Current rates (6.8%) are higher than historical lows, yet demand for high-end properties remains stable​​.

Summary of Month-to-Month and Year-over-Year Trends:

• Month-to-Month (October to November 2024):
  • A slight drop in sales volume (-13.3%) with stable average prices (+0.7%) suggests a seasonal shift rather than a market slowdown.
• Year-over-Year (November 2024 vs. November 2023):
  • A 20% increase in average prices and a 5% rise in median prices showcase robust growth, even as transaction volume edged down slightly.