Is Montecito, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Montecito is a buyer's market

Buyer's
Market

Difference Since June 2023

At the same time last year, Montecito was a Seller's Market.

Key Takeaway

Montecito is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Montecito, CA

How much do homes in Montecito, CA cost?

Median Sold Price

$5,225,000

$1,777/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$175,000(+3.5%)

Key Takeaway

Homes in Montecito have sold for 3.5% more than they did a year ago.

Summary: The median home sold price in Montecito was $5,225,000 in June 2024, up 3.5% from last year, and the median price per square foot was $1,777.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $1.8M-
N/A
2 $3.2M$3.3M
+4.3%
3 $4.3M$4.3M
0.0%
4 $5.2M$4.8M
-8.3%
5+ $8.0M$8.4M
+4.8%

Summary: Montecito housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.3%, 3 bedroom homes did not change, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes increased by 4.8%.

Median Sold Price Compared To Nearby Neighborhoods

Lower Village Montecito
+6.6%
Montecito
+3.5%

Housing Supply in Montecito, CA

How many homes are available in Montecito, CA?

Number of Homes For Sale

May 2024Jun 2024CHANGE
89101+13.5%

Summary: The Montecito real estate market had 101 homes for sale in June 2024, a 13.5% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 22
0.0%
2 69
+50.0%
3 2125
+19.0%
4 3338
+15.2%
5+ 2727
0.0%

Summary: The Montecito housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 19%, 4 bedroom homes increased by 15.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

May 2024Jun 2024CHANGE
1412-14.3%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Montecito, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in Montecito in June 2024, down by 14.3% month-over-month. Of the 12 sold homes, 75% were sold under asking, 8% were sold at asking, and 17% were sold over asking.

Days on Market for Montecito, CA

How long does it take to sell a home in Montecito, CA?

Average Sale Time

Jun 2023Jun 2024CHANGE
28 Days52 Days+81.9%

Summary: Homes in Montecito had an average of 52 days on market in Jun 2024, up by 81.9% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Montecito are selling fast, if you're buying plan to act quickly.

Summary: During June 2024, 12 homes were sold in Montecito; 58% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 26 Days Ago

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