Montecito Real Estate Market Snapshot
Updated: Sep 29, 2022
In an exciting turn of events, we had 8 New Listings come to the Montecito Market last week. After only 5 New Listings in the last 25 days this provided the market boost needed as eager Buyers sprang into action around these most talked about properties:
491 Pimiento Lane, offered at $10,750,000, was purchased last year and underwent an extensive renovation resulting in a spectacular showpiece for indoor-outdoor living just steps from the Upper Village. A new swimming pool, plunge pool, guest house conversion to an ADU, and luxurious contemporary finishings is just the start
2035 Creekside Road, offered at $10,900,000, is hidden behind the very private Montecito Valley Ranch estates with 2.73 aces and a sprawling 6 bedrooms, 9 bathrooms between the main residence and guest house.
1255 Mesa Road, offered at $5,900,000, is nestled in the Lower Village on one of Montecito’s favorite streets. A charming San Ysidro Ranch cottage is located in the Coastal Zone and priced at nearly $2,400/square foot (!).
With dwindling inventory, and 15 Closed Sales this month to date (August saw 16 Closed Sales total), we rounded out the week with No Pended Sales and only 1 Closed Sale, a pocket listing at 175 Miramar Ave. for $6,900,000. This sold for 20% more than it did just 11 months ago, after 33 days on market for $5,700,000.
Still, Seller’s have the edge in Montecito, as our market continues to reflect high demand and low-inventory. Although the frenzy of 2021 may be over, homes are still going fast right now, and for high values if priced right. Instead of trying to predict where the market will be a few months from now, why not take advantage of where our market is today? If you’ve had even an inkling about selling, let’s talk.
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What happened in Montecito Last Week?
September 18th - September 24th
According to AEI Housing Center, higher interest rates have contributed to a deceleration of month-over-month home price appreciation, which dropped 1.6% year-over-year in August 2022. Meaning home prices are still going up, but at a slower rate than last year.