2024 Year-End Market Report: Montecito & Hope Ranch

MONTECITO

2024 Year-in-Review:

Montecito’s 2024 real estate market saw significant growth compared to 2023, with the average sales price rising by 18% to $7.18M, the median sales price increasing slightly to $5.4M, and total sales volume reaching $1.17B, a 15% year-over-year increase, despite a slight dip in the number of transactions. Notably, average days on market extended from 48 to 84 days, average price per square foot rose to $1,874, and off-market sales nearly tripled from 8 to 23.

Q4 Insights:

In Q4 2024, Montecito experienced notable growth compared to Q4 2023, with total sales volume rising 7.9% to $239.45 million and the number of transactions increasing by 7.9% to 41 sales. The median sales price climbed 7% to $5,292,000, while the average sales price held steady with a slight 0.005% increase to $5,840,286. Despite this growth, properties spent 22% longer on the market, averaging 109 days, and off-market sales nearly doubled, jumping 83% from 6 to 11 transactions throughout the year.

HOPE RANCH

2024 Year-in-Review:

The Hope Ranch market softened in 2024 compared to 2023, with total sales volume falling 27.2% to $106.42M and the number of transactions declining 15% to 17 sales. The average sales price decreased 10.2% to $6,316,867, while the median sales price grew 6.6% to $6,116,500. Properties spent 60.4% longer on the market, averaging 150.8 days, while off-market sales held steady at three each year.

Q4 Insights:

In Q4 2024, Hope Ranch’s real estate market experienced a 33.5% decline in total sales volume to $15.25million compared to $22.94million in Q4 2023, with the number of sales dropping from four to three transactions. The median sales price edged up 4.8% to $5.35 million, while the average sales price fell 11.4% to $5.08 million. Properties spent 44% longer on the market, with average days on market rising from 42 to 60.5 days, while the number of off-market sales remained unchanged at one each year.

Read the full report here:

The market is dynamic and changes weekly, so stay tuned for our upcoming market updates.