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 May 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

$5,400,000

$1,785/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$600,000(+12.5%)

Key Takeaway

Homes in Montecito have sold for 12.5% more than they did a year ago.

Summary: The median home sold price in Montecito was $5,400,000 in May 2024, up 12.5% from last year, and the median price per square foot was $1,785.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $1.8M-
N/A
2 $3.0M$3.4M
+15.8%
3 $3.6M$4.5M
+23.8%
4 $5.1M$5.1M
+1.1%
5+ $8.1M$8.3M
+1.5%

Summary: Montecito housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 15.8%, 3 bedroom homes increased by 23.8%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes increased by 1.5%.

Median Sold Price Compared To Nearby Neighborhoods

Upper Village Montecito
+113.2%
Montecito
+12.5%
Lower Village Montecito
+10.8%

Housing Supply in Montecito, CA

How many homes are available in Montecito, CA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
9095+5.6%

Summary: The Montecito real estate market had 95 homes for sale in May 2024, a 5.6% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 12
+100.0%
2 97
-22.2%
3 2323
0.0%
4 3234
+6.3%
5+ 2529
+16.0%

Summary: The Montecito housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 22.2%, 3 bedroom homes remained the same, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 16%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1911-42.1%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

1 Home Was 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. 63.6% of homes here sold below asking price last month.

Summary: A total of 11 homes were sold or pending in Montecito in May 2024, down by 42.1% month-over-month. Of the 11 sold homes, 64% were sold under asking, 27% were sold at asking, and 9% 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

May 2023May 2024CHANGE
59 Days79 Days+34.6%

Summary: Homes in Montecito had an average of 79 days on market in May 2024, up by 34.6% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Montecito has remained consistent over time.

Summary: During May 2024, 11 homes were sold in Montecito; 27% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 27% 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 18 Days Ago

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