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How's The Market?

Last week’s headlines were telling us the housing industry is suffering because, nationally, the median home sales price is down. Here is some context.

  • Year over year basis median home sales price dropped by 0.2%

  • Median home price does not represent appreciation - it's the middle of all homes sold, and, because there was more activity/ sales in lower priced ranges the number fell

  • Actual appreciation is up 8.4% year over year according FHFA and 5.8% according to Case Shiller

A few facts about the national market:

  • Homes remained on the market on average for 34 days

  • 57% of homes were on the market for less than 30 days

  • First time home buyers accounted for 27% of sales, down from 31%

  • Cash buyers accounted for 28% of sales, down from 29%

  • Investors made up 18% of sales, up from 16%

  • Investors made up roughly one of every five transactions, they clearly are seeing the opportunity in housing right now

Now for the local recap. Montecito had 5 New Listings last week, the most we have seen in quite some time. There were 6 Closed Sales, 2 of which were over $1OM. Although we may feel a little slow down due to Spring Break and Tax Season, overall the market remains steady.


What happened in Montecito Last Week?

March 19th - March 25th



231 RAMETTO ROAD

A single level, charming Montecito fixer with ample opportunity. Offered at $2,950,000


1930 JELINDA DRIVE

Sophisticated modern farmhouse located in the exclusive Ennisbrook enclave. Offered at $10,000,000


290 OAK GROVE DRIVE

Recently remodeled 1959 mid-century ranch house set on 1 acre. Offered at $3,950,000







Below are quick links to luxury listings (+$2M), around town:




Below is our weekly Montecito Market Summary.







 

That sums it up for last week!

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