How's The Market?
We ended April with a bang (and a lot of FOG) - 8 New Listings, 4 Closed Sales and 4 Pending Sales. The New Listings included everything from a $2.9M seaside condo to a $14.9M heirloom double property on Olive Road. Two of the new listings were re-listed, perhaps hoping a new debut would give a buyer a different perspective.
Nationwide we are seeing a sort of stabilization of the real estate market, although lack of inventory continues to be the headline.
“The lack of housing inventory is a major constraint to rising sales,” Lawrence Yun, NAR’s chief economist, said in a statement. “Multiple offers are still occurring on about a third of all listings, and 28% of homes are selling above list price. Limited housing supply is simply not meeting demand nationally.”
In Montecito the number of sales are down almost 50% year over year, although, as we have been saying for quite some time, prices are remaining strong.
What happened in Montecito Last Week?
April 23rd - April 29th
645 & 675 OLIVE ROAD
Designed by noted Santa Barbara architect Windsor Soule, this 2.7 acre heirloom property has been updated over the years while keeping the spirit and integrity of the original 1929 architecture. Offered at $14,990,000
1530 MIRAMAR LANE
First time ever on market! Miramar Lane is a sweet private street in the coveted Hedgerow neighborhood. Offered at $4,295,000
675 OLIVE ROAD
Totally renovated, the 2 bedroom/ 2 bathroom cottage is set on 1.34 acres and includes a bocce court, fruit orchard and unlimited possibilities. Offered at $4,995,000
Below are quick links to luxury listings (+$2M), around town:
Montecito (41 Active Listings - Up 6 from Previous Week)
Below is our weekly Montecito Market Summary.
645 & 675 Olive Road
$14,990,000
Two Separate Parcels • Total Square Footage: 7,146 +/- Sq. Ft. • Total Acreage: 2.7 Acres 645 Olive Road: 4 Beds/ 7 Baths (5 Full + 2 Half) • 5,242 +/- Sq. Ft. (Source: Public Records) • 1.37 Acres • Pool 675 Olive Road: 2 Beds/ 2 Baths • 1,904 +/- Sq. Ft. (Source: Public Records) • 1.34 Acres • Bocce Court
