Montecito Real Estate Market Snapshot
Updated: Nov 20, 2022
Outside the temperature might be cooling, but the market continues to show healthy signs of heating up. Debunking national norms, Buyers are circling and desirable listings are finding their way to the market at a steady pace. It’s sweater weather, daylight savings time has ended and fall is in full swing!
Last week in Montecito we saw 4 NEW LISTINGS, 4 PENDED SALES and 1 CLOSED SALE with 2 PRICE REDUCTIONS.
Of the 4 ‘New Listings’, 2 Listings were re-lists at reduced prices:
1530 Willina Lane, held on and off market over the last 5 months after selling in April for $5,400,000, is now offered for $5,850,000; a $150,000 decrease from its previously listed price of $5,995,000 in August.
1 Miramar Ave was re-listed at nearly 17% less than its original list price of $15,500,000, and is back on the market at $12,900,000.
The surest sign of Buyer’s increased activity was clear in the number of listings that went into escrow or sold last week after a long time on the market…
840 Toro Canyon Road has pended after 361 days on market
502 Picacho Lane has pended after a cumulative 190 days on market
3299 Padaro Lane has pended after 128 says on market
2222 E Valley Road has pended after 61 days on market
And, 465 Hot Springs, known as the Monte Arroyo Estate on 6.72 acres closed for $11,500,000 after spending 184 days on market.
Inventory remained at 36 ACTIVE LISTINGS in Montecito, and to check out the scene across Santa Barbara, click below for luxury listings across the county (+$2M):