Sales Activity:
Montecito saw 12 sales in October, a 14% decrease from both September 2024 and October 2023.
Year-to-date (YTD) sales totaled 136, a 5% drop compared to the same period last year.
Median Sale Price:
October’s median sale price was $5,477,683, down 16% from September and 14% from October 2023.
Despite this, the YTD median sale price increased by 5.7%, rising from $5,148,275 in 2023 to $5,443,223 in 2024.
Sales Volume:
YTD sales volume reached $1,009,754,254, a 13% increase from $894,139,679 in 2023.
Cash Transactions:
50% of October sales were cash transactions.
Days on Market:
The average cumulative days on market (CDOM) for 2024 is 79 days, a 60% increase from 2023’s 49 days.
Summary:
The Montecito market has seen a slowdown in sales volume and a temporary dip in October prices, but year-to-date performance remains strong. High-value transactions continue to drive overall stability, with affluent buyers sustaining demand in the luxury segment.
