How's the Market?
Last week our company hosted a two day event for Luxury Agents at the spectacular Ojai Valley Inn. It was focused on the most current industry trends and insights shared among the top producing agents in Southern California. I was reminded anew of what a valuable partner Berkshire Hathaway is for all of our clients. The company provided us with the latest resources for Artificial Intelligence, Property Branding, Advertising, Marketing and invaluable historical and forward looking stats and reliable market information to ensure that our properties stand out and our clients are always “in the know."
The one message that came across loud and clear - the market has some challenges ahead. The combination of interest rates higher than we have seen in two decades, record low inventory of homes for sale and global uneasiness are all contributing to a market slow down. Having said that, people still move, life changes happen. Today we are adjusting and although the pace of sales is much slower, the prices are still very good, just not what they were 12-18 months ago. That was evident last week in Montecito:
There were 7 New Listings, and three of them were above $20M. Last week we did not see any closed sales; however, so far this month there have been 11 sales. Although there is no doubt that the market is slowing, so far this month there has been a 57% increase in sales compared to this point in October last year (7 sales). A good reminder that the Montecito market continues to outpace the broader real estate market.
What Happened in Montecito Last Week?
October 15th - October 21st
NO CLOSED SALES
👻 HALLOWEEN EVENTS & ACTIVITIES 🎃
Santa Barbara Ghost Tours - Santa Barbara Ghost Tours offers a variety of exciting, informative and entertaining ghost tours in some of the beautiful neighborhoods in Santa Barbara.
Boo at the Zoo - A Santa Barbara classic, this fun zoo event features trick-or-treating, Zoo Train rides, a hay bale maze, creepy-crawly animal encounters, mad science experiments, bounce houses, dancing, and more!
Thriller 2023 -Oct. 29 at 2 p.m. - Join World Dance for Humanity at the Santa Barbara Courthouse Sunken Gardens for a free, family-friendly thrills and chills daytime dance fest.