Over & Under $7 in Montecito… Million That Is

Greetings and Happy June Gloom. Hopefully by the time this is published we will be seeing the sun before the late afternoon, but I suppose any sun in June is cause for celebration. Cheers to it being almost Solstice and time for the busy Montecito Summer.

For my stat happy audience, I’m delighted to report that January through the end of April were strong months in both volume and median prices. There were multiple sales over $10M, a few over $20M and solid sales in the $5 to $10M range as well. May 2025 delivered 13 closings in the MLS, and three of those were over $10M. Interestingly, there were also 13 closed escrows in Montecito in May of 2024, but not as many sales over $10,000,000. That highest priced segment of our market continues to be strong.

Much of what enters the market each month – whether high end and done, or a property with all the bells and whistles on the right street and priced well – moves quickly in all price ranges. A property that languishes a bit on the market is not to be faulted or suspected of being mis-priced. Value being in the eye of the buyer, we can simply acknowledge that many homes are yet for sale, including the one that will ultimately prove the buyer’s perfect match. Many homes on the market have been there  for 40 days or more. Surprisingly, as hot as the market is in terms of historic sales volume and prices, more than a third of all listings have been on the market for more than 100 days – and most of those have had a price reduction or two along the way.

As for prices overall, Montecito is now a market where half of all sales are above $7,000,000 and the other half below, (give or take, based on a six-month average of sales). To put this in perspective for new readers or new residents of the 93108, in 2019, half of all sales were below $3,000,000 and the rest above, with the occasional sale over $10M. Now, just six years later, there is nothing under a million in the 93108, only rarely is there a listing (condo or cottage) under $2M and sales over $10M are commonplace each month.

As of today, June 1, 2025, here is the breakdown of what is available on the market in Montecito’s 93108. I’ve additionally included what is pending in escrow (not counting those in escrow yet not reported) and what sold in what price ranges in May of this year.

Multiple Listing Service (MLS) data as of June 1, 2025:

13 Closed Escrows in May 2025

• 3 properties over $10mil (high of $11,000,000 on upper Hot Springs, listed well higher, sold quickly)
• 4 properties – $7 to $10M
• 5 properties – $4 to $7M
• 1 property – under $4M
• More than half of all sales in the 93108 in May were over $7,000,000.

In Escrow

• 3 properties over $10M
• 3 properties $7 to $10M
• 3 properties $4 to $7M
• 4 properties Under $4M
• Nearly half of all homes in escrow in the MLS in Montecito are listed over $7mil.

On Market

• 25 properties over $10M
• 25 properties $7 to $10M
• 28 properties $4 to $7M
• 11 properties Under $4M
• Well more than half of all homes on the market are priced over $7,000,000.

That said, selling prices may vary. These are asking prices. Many homes in the $7s may sell in the $6s for instance, and many homes in the $4s may sell in the $3s, etc. 

I will keep my eye on this in the coming months.

June sales started slow in the first five days with just one closed escrow, but it was a doozie, $16,800,000 for an amazing home on Picacho Lane. Though the sales price was a few million below asking price, this was still a solid sales price when compared to other Picacho and top street estate listings.

If you are still looking for your home in paradise, here are four properties that have been on the market more than a month that I think offer great value for the price. Whether you like the style or location or bedroom count or this or that – is more an individual choice or opinion. What is not up for dispute is the value of living in and owning a home in Montecito. Do you… Got Montecito? If not, let me help you find the right property. And if you are a homeowner and considering selling, contact me directly for a no-commitment-required price evaluation of your home. And please, as always, keep Montecito Friendly.

1940 N. Jameson Lane, Unit A – $1,680,000

Currently the lowest priced listing in Montecito, this light and bright, three-bedroom, two full bathroom condo is located in the gated enclave of Villa De Montecito near Sheffield Drive and within the Montecito Union School District. This desirable end unit has soaring ceilings, large windows, a private patio and an open floorplan with a primary suite on the main level. There are two bedrooms on the upper level, one that could be an office with a nice patio overlooking the pool and open space. 

A prime location near the beach, schools, dining, and shopping in Montecito and Summerland adds to the value of this development. Additionally, there is a common area pool, spa, clubhouse, grassy grounds, guest parking, and your own designated two-car covered parking spaces. 

240 Hot Springs Road – $3,995,000

This stylish, single-level cottage is set behind a cheerful blue gate on nearly half an acre in the Montecito Union School District. The home features sunlit interiors with hardwood floors, a wood-burning fireplace and a lot of amenities for under $4,000,000. The kitchen offers marble countertops, dual Viking range, and custom cabinetry. This home’s two bedrooms and two bathrooms make for a cozily elegant retreat with room to grow. 

Outside, enjoy a private sports court, level grassy yard, fire pit, Santa Maria style BBQ, fruit trees and al fresco dining areas. There is a two-car garage and off-street parking for guests, all just a few blocks from the beach, the Montecito Club, and the shopping and dining on Coast Village Road.

1152 Hill Road – $7,895,000 

Just a short block from Butterfly Beach on the ocean side of the 101, step inside this home and guest house to discover turn-key interiors with wide-plank, beach-friendly floors, accent lighting, marble fireplaces, wood-beamed ceilings, custom crown moldings and a carefully designed kitchen with Café gas range. The primary suite offers a marble fireplace, coffered ceiling, and direct access to an intimate outdoor sitting area. The detached guest bungalow provides thoughtfully updated additional spaces. 

Outside, curated landscaping and ambient lighting create a peaceful and private retreat with a stone fountain, built-in BBQ, fire pit, outdoor shower, grassy yard areas and secure fencing. This beach area compound offers over 2,500 square feet of living space and includes a total of four bedrooms and four bathrooms with dual living potential and a two-car garage, all within the Montecito Union School District. 

1366 Oak Creek Canyon Road – $13,500,000

Set on over six private acres in the heart of Montecito’s Golden Quadrangle, above the intersection at East Mountain Drive and Picacho Lane, this Spanish hacienda captures the essence of classic-yet-elevated California living. Sweeping ocean & mountain views, the sprawling level yard and pool take center stage in this extraordinary estate in gated and exclusive Oak Creek Canyon. Designed to embrace its incredible setting, the home offers romantic architectural details, exquisite formal rooms, a stunning primary suite with dual baths & closets, and sweeping ocean and mountain views from nearly every room. 

With over 8,000 square feet of living space between the main home and the very private guest house, there is room to roam and find your favorite space and view. Enjoy the grassy yard, fruit trees, gated drive, parking for guests, pool terrace, and picturesque gardens, all within the desirable Montecito Union School District.