Real Estate Market Update for the luxury markets Starting with Montecito. This week we are covering the year-to-date stats versus the monthly data to get a little different perspective of what’s going on in the market year over year.

ctive listings in Montecito have decreased by 9%. Closings are down by 27%, and median sale price for properties in Montecito has experienced a 1% increase, from 2022 to $5,300,000 in 2023. The sale price to list price ratio has decreased by 4%, from 100% in 2022 to 96% in 2023 and the median days on the market for Montecito properties is about the same at 43 days in 2023.

Now, turning our attention to Hope Ranch. Active listings have increased by 5% and closings have seen a 30% drop. The median sale price has dipped by 22%, going from $7,600,000 in 2022 to $5,922,305 in 2023. The sale price to list price ratio has decreased from 101% in 2022 to 96% in 2023 and the median days on the market have increased from 32 days in 2022 to 62 days in 2023.

Come back next week to get the latest on the Summerland/Carpinteria area.