Riskin Partners Presents: A Real Estate Market Update & 2026 Outlook

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Happy New Year! As we step into 2026, we’d like to share a few reflections on Montecito real estate and the forces that shaped 2025.

Overall, the market remained exceptionally strong. While the pandemic initially accelerated demand, that momentum has proven durable. We’re grateful to share that 2025 marked our second-best year on record, with more than $700 million in closed sales. This strength was driven by sustained buyer demand alongside a meaningful stabilization in pricing—an encouraging combination for long-term market health.

770 Via Manana, sold in 2025 after going into escrow in just five days at its full asking price of $9,950,000.
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Montecito pricing has clearly found its footing. Homes that once represented the entry point at $2.5 to $3 million are now beginning closer to $4.5 to $5 million. At the upper end, the market has also redefined itself. What was once considered high-end at $10 million has shifted decisively to $20 million-plus range, and that segment played a significant role in driving 2025’s performance.

1134 Hill Road, sold in 2025 after entering escrow in three days with multiple offers and closing above its $4,995,000 asking price.
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Last year, Montecito saw a record 12 sales above $20 million, surpassing the previous high of eight sales set in 2024 and 2021. The year concluded with the highest residential sale ever recorded in Montecito: 700 Picacho Lane, which sold for $60 million after receiving multiple offers shortly after coming to market. These results reinforce a consistent theme—buyers continue to prioritize move-in-ready homes with a strong indoor-outdoor flow, mature gardens, and a turnkey lifestyle. Properties requiring more work tend to take longer to sell and often transact at adjusted values.

700 Picacho Lane sold in 2025 with multiple offers, closing exactly three months from listing to close.
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Inventory in our community remains extremely limited, while demand continues to outpace supply. Montecito’s enduring appeal lies in its ease of living, natural beauty, and remarkable flexibility—it can feel vibrant, quiet, social, or serene, depending entirely on how you choose to experience it.

790 Buena Vista, known as Greystone, a 1927 estate by George Washington Smith, sold in 2025.
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With its remarkable natural beauty combined with new restaurants and shops, award-winning schools, and unparalleled access to outdoor recreation, Montecito continues to attract young families and buyers from across California and beyond.

As we look ahead, we’re optimistic about 2026 and the opportunities it may present. If you have questions about the market, are considering a move, or simply want to better understand your position in today’s landscape, we would be honored to be part of the conversation.

Wishing you a big and bright 2026!

Riskin Partners
Dina, Robert, Sarah, and Jasmine

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Sponsored by Riskin Partners Estate Group (DRE# 01954177) of Village Properties.