Montecito Real Estate Market Snapshot
Closing out the month and the first full week of Fall, Montecito had 2 New Listings, and 3 Closed Sales (not including those off market sales that haven’t been recorded yet - contact me for those details!)
656 Orchard Lane, just listed and is the least expensive single-family home for sale in the Montecito Union School district. At $2,895,000, this cozy 3 bedroom, 2 bathroom cottage is nicely positioned up Orchard, priced at $1,611/square foot.
Quickly going into escrow after pre-listing at a higher price, 1123 Camino Viejo debuted for $4,285,000 offering mountain views, single level living and a nicely landscaped garden just under one acre.
All 3 Closed Sales this week were between $2.85M and $5.55M and sold in less than 26 days on the market. Homes in Montecito priced under $6,000,000 remain scarce and despite rising interest rates and the overall economy, demand from buyers remains strong.
105 Coronada Circle closed after just 9 days on the market at $105,000 over it's asking price
950 Arcady Road closed after only 17 days on the market at $215,000 under is asking price
145 Olive Mill Lane closed after 26 days on market at asking for $5,550,000
In other Montecito Market news…
1255 Mesa Road - A Lower Village San Ysidro Cottage, after 10 days on market, reduced its price by $450K, to $5,450,000 - this property sold last year for $4.4M.
251 E Mountain - Big ocean views on 3+ acres, this special property has reduced its price 7% after 41 days on the market, and now is offered at $5,975,000.
If you’re looking for something under $3M in the Montecito Coastal Zone, I just heard of something coming soon you won’t want to miss.
Call or text me today for more details!
What happened in Montecito Last Week?
September 25th - October 1st
The West Coast was the only region to record an increase in pending sales, rising 1.4 percent to 71, but was down 31.3 percent from August 2021. “The direction of mortgage rates – upward or downward – is the prime mover for home buying, and decade-high rates have deeply cut into contract signings,” NAR Chief Economist Lawrence Yun. said in a statement. “If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize.” —Ben Verde
