Montecito Real Estate Market Snapshot
Updated: Sep 29, 2022
Last week was steady, duplicating much of what we saw the week prior, with 3 New Listings and 3 Pended Sales. Although, behind the scenes, we are hearing from several escrow companies that they are seeing a noticeable uptick in new escrows in all price ranges, it’s likely those haven’t been reported yet! Here are the back stories on last week’s deals:
723 Via Manana, beautifully located at the end of a quiet lane and nestled comfortably beneath countless oak trees, is rumored to already be entertaining multiple offers;
290 Sheffield Drive, a Tuscan inspired-villa off of Sheffield Drive across from Ennisbrook’s main gates is already in escrow after just 4 days on market; and,
1027 Cima Linda Lane accepted an offer after 205 days on market and a $2M price reduction.
The market slowed slightly in closings (3 Closed Sales) with 3 properties responding to growing days on market (3 Price Reductions). There was:
544 Santa Rosa Lane, which closed for $3,940,000, just $55K shy of their last listed price of $3,995,000;
525 Hot Springs, a 2 acre lot in the Golden Quadrangle closed after spending 15 months on the market, resulting in the highest Montecito land sale since March of this year; and,
2211 Lillie Ave. sold for $3,250,000, a 41% premium since last selling in May 2022 for $2,300,000
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What happened in Montecito Last Week?
August 21st - August 27th
In four of the last six recessions, home prices actually appreciated, only falling during the early 90s and the housing crash in 2008. Mortgage rates, though, declined during each of the previous recessions.