Q2 2024 | Montecito & Hope Ranch Market Report
Q2 2024 marked a standout quarter for Montecito real estate, showcasing notable growth and activity. The average sales price rose by 7%, and the median sales price increased by 10% compared to Q1 2024. Despite these price hikes, the average days on market remained stable at 84 days per sale. Additionally, the average price per square foot of all sales reached $1,909.
The ultra-luxury market (properties valued over $10 million) was particularly robust in Q2, with 10 sales surpassing the $10 million mark and 4 sales exceeding $20 million. The highest sale was an impressive $32 million.
Comparing Q2 2024 to Q2 2023, the market saw a significant surge in activity. Sales volume skyrocketed by 182%, leaping from $133 million in Q2 2023 to $375 million in Q2 2024. The number of transactions also increased dramatically, up by 125% from 20 sales in Q2 2023 to 45 sales in Q2 2024. The ultra-luxury segment was unprecedented, with 10 sales over $9 million and four sales exceeding $20 million.
As we move into Q3, the market is experiencing a notable rise in inventory and a slowdown in sales. This can be attributed to buyers being on summer vacation and adopting a more cautious approach to purchasing.
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The market is dynamic and changes weekly, so stay tuned for our upcoming market updates.