How's The Market?
Spring has arrived with blue skies, sunshine and finally, no rain in sight!
Montecito welcomed 4 New Listings last week. One of the most notable new listings was 808 San Ysidro Lane, a newly remodeled French Country home offered at $18,500,000 that last sold in 2020 for $5,596,500. There were 4 Closed Sales, two of which were off market sales (142 Coronada Circle and 590 Freehaven Drive). Currently there are 7 Pending Sales in Montecito so we expect to see a steady number of closings this April - although make no mistake, the number of sales year over year is down drastically and there is still very strong demand for homes, keeping prices strong.
Nationally the current market resembles past periods of high inflation and high rates - be it in 1979, 1980 or 1990, which caused the market to slow, but did not ruin it. Both interest rates and inflation were considerably higher during those periods and there was plenty of housing inventory, unlike now. INFLATION 1965 - 2022
INTEREST RATES 1970 - 2022
We have similar pressures today although in different magnitudes and the take away is that with such limited inventory, we expect home prices to continue to appreciate despite inflation and interest rates and demand to remain strong from baby boomers and millennials both in peak moving years.
What happened in Montecito Last Week?
March 26th - April 1st
808 SAN YSIDRO LANE
This modern 6 bedroom/ 7 bathroom French Country remodel meets you with an unmatched playful elegance. Offered at $18,500,000
935 ARCADY ROAD
This lovely Montecito 4 bedroom/ 3 bathroom property, situated on a majestic hilltop, showcases incredible views of the ocean, coastline, and mountains. Offered at $6,275,000
434 NICHOLAS LANE
Meticulously remodeled 4 bedroom/ 4 bathroom organic modern farmhouse in sought after Eucalyptus Hill neighborhood of Montecito. Offered at $4,750,000
Below are quick links to luxury listings (+$2M), around town:
Montecito (32 Active Listings - The Same from Previous Week)
Below is our weekly Montecito Market Summary.