How's the Market?
Things are selling!
Some may or may not be in the MLS just yet, but there is no doubt 2024 is off to a great start.
UNDER $5M
All the closed sales last week were under $5M (see below)
There have been a total of 4 residential sales under $5M so far this year
Three more listings under $5M went pending last week
In Carpinteria there was an off market sale at Rincon Point for $4M
$5M - $10M
There have been a total of 5 sales between $5M -$10M so far this year
Just one new listing between $5M-$10M last week
17 total active listings in this price point
$10M+
It has been busy for luxury sales in Montecito
2 New Listings came on the luxury market last week
There are 3 new Pending Sales over $10M
303 Meadowbrook Drive ($10.2M) has been listed for over 455 days and has had 5 price reductions - it seems the right buyer may have finally come along
109 Rametto Road ($17.5M) a magnificent Montecito estate that was only on the market for 9 days before going into escrow - stay tuned for more
777 Romero Canyon Road ($25M) is a Spanish Colonial Revival Hacienda that has stunning ocean views and went into escrow after 48 days on market, which is quick for this price point
There have not been any closed sales over $10M so far this year, but we expect that to change soon
In general, the Montecito real estate market is active, with New Listings, Pending Sales, and Closed Sales across all price ranges. The high-end luxury and under $5 million price points appear to be particularly active at the moment, but we will monitor how it unfolds throughout the year. If you want additional behind-the-scenes scoop, feel free to reach out.
What Happened in Montecito Last Week?
January 14th - January 20th
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