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How's the Montecito Real Estate Market?

Is summer a good time to sell?



Although we often notice that June marks the beginning of a slowdown in the number of showings and sales due to graduations, vacations, and other distractions, the prices, at least nationwide, tell a different story.


Nationwide, homes listed in the first two weeks of June sold for 2.3% more nationwide.

In Montecito, there are currently 63 homes for sale and 11 homes in escrow. So far this month there have been 8 closed sales, 4 of which were over $5M. At this point in May last year, there had been 21 closed sales in Montecito (almost three times as many as this year), with 11 sold over $5M and 2 over $10M.


The current inventory and sales data suggest that this summer could indeed be a strategic time to list your home.




What Happened in Montecito Last Week?

May 19th - May 25th








 

New Plans for the Rosewood Miramar Beach Resort


Rosewood Miramar Resort owner Rick Caruso has officially applied to expand the hotel, planning 26 units of employee housing, eight luxury apartments, and up to 12 boutique shops on existing parking lots. The detailed site plan will be available for public viewing next week.


Click here to read more.



 


That sums it up for last week!

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