How's The Market?
Last week in Montecito there were 3 New Listings, 4 Closed Sales and 2 new Pending Sales. 751 Buena Vista Drive closed for $17.5M, which is the largest sale we have seen so far in 2023.
Inventory is slowly creeping up in Montecito, nationally there is only a 2.9 month supply of homes which is considered tight inventory, as a 4.6 month supply is considered normal. However, 29% of that inventory is currently under contract - this speaks to the high demand - 25% of inventory being under contract is considered a "normal market.”
In Montecito there are currently 11 pending sales, which is 26% of all listings in Montecito (31 Active Listings + 11 Pending Sales = 42 Total Listings) - demonstrating a higher than average demand. Finally, homes that are priced well are still moving quickly. Nationally homes remained on the market an average of 33 days, up from 26 days, but they are still moving fast. 54% of homes were on the market for less than 30 days.
What happened in Montecito Last Week?
February 19th - February 25th
790 AYALA LANE
Refined simplicity, mountain views and contemporary design are the hallmarks of this recently renovated home in Montecito. Located at the end of a quiet lane, bright, airy spaces and meandering, oak tree laden grounds envelop you in a sense of peace and tranquility. Offered at $6,200,000
269 OAK ROAD
Opportunity calls at this charming 1930s home. Offering tremendous versatility and upside potential, the two bedroom main house is outfitted with original wood flooring and generous living spaces. Offered at $3,500,000
1903 COYOTE CIRCLE
Single level Mediterranean home situated on a private cul-de-sac just minutes to the upper village, lower village, and Santa Barbara. Offered at $3,750,000
Below are quick links to luxury listings (+$2M), around town:
Montecito (31 Active Listings - Up 3 from Previous Week)
Below is our weekly Montecito Market Summary.