How's the Market?
Updated: Jan 29, 2023
Last week was B-u-s-y, with a capital “B” ! There were 9 offers on the new Hedgerows' listing on Santa Rosa and showings all across town are way up with buyers out in force after all the rain. Despite the dramatic headlines, as we review the data and local stats, we are still seeing plenty of demand and optimism. Last week in Montecito there were 2 New Listings, 4 Closed Sales and 2 Pending Sales - all indications are that the trend will continue.
Playful, spirited, timeless and modern, this 2.4 acre Montecito estate is a classic. Seven bedroom suites plus a private guest house and pool cabana offer something for everyone. Offered at $15,500,000
A world-class remodel, the exceptional design and amenities are on full display at this 6 bedroom, ocean view Montecito estate. Offered at $19,950,000.
Below are quick links to luxury listings (+$2M), around town:
Montecito (27 Active Listings)
A bit more data:
Based on the key economic variables and comparing today’s climate to our last recession, predictions are that we are likely to have a very mild recession with little impact on the housing market:
Also, as far as home prices go, Montecito prices were up 15% on average last year. It’s possible that month-over-month price depreciation, which began in the summer, may already be behind us – and even those numbers didn’t show significant declines on the national level. Over the last four months that have been published (July - October) the data shows home price depreciation peaked in August. This data coincides with what we are seeing locally with demand for properties remaining strong and consistent.
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