Montecito Real Estate Market Snapshot
Updated: Sep 29, 2022
We are all feeling a shift, but what does it mean? A reaction to interest rates, stock market volatility, inflation, vacations and graduations? A little of all of it. We are currently selling fewer homes primarily because there are fewer homes available. The real headline is that prices are at an all time high and although we don’t expect to see double digit appreciation continue, there is no indication that prices are falling. With 3 of the 4 new listings that went into escrow last week averaging just 7 days on the market - it doesn't feel like a slowdown as long as the property is priced right!
What happened in Montecito Last Week?
June 5th - June 11th
FUN FACT: 1284 Spring Road was in a challenging location with the Highway 101 Exit Ramp on one side, backed up to the Freeway on the other side and Railroad Tracks 1 block away, yet, it sold for $100,000 above asking at $3,050,000 (!)
3923 Laguna Blanca Drive | Hope Ranch