Montecito Real Estate Market Snapshot
Last week was a bit of a sleeper in Montecito, probably due to Buyers and Sellers alike preparing for the Holiday this week. Having said that— property tax bills were sent out, so here’s a gentle reminder to check your statement. I have many clients who bought a house in 2022 and when they checked the amount they saw that they were billed at the older rate. Remember, the homeowner is responsible for ensuring the right amount is paid, so avoid a penalty by checking first! (Also consult with your tax professional for all matters related to your taxes.)
Montecito had only 1 New Listing (it was a land listing at 465 C Hot Springs Road for $975,000) and 1 Price Reduction (a coastal property at 940 Channel Drive just reduced their price from $6,495,000 to $5,999,999 after 161 days on the market) and there were no pended sales or closings.
BUYER ALERT ! I’ve received a heads up from several Sellers who are ready to receive an offer -- let me know if you're interested in a Beach House on Miramar, a vintage Hedgerow Charmer, a Sprawling Estate with rooms for all your visiting guests, a Fixer with big ocean views or a single-level Mediterranean on the golf course.
What happened in Montecito Last Week?
November 13th - November 19th
Today, there are 36 ACTIVE LISTINGS in Montecito. Look no further for quick links to view luxury listings (+$2,000,000) in:
MARKET STATS Montecito continues to debunk the national norm with well-priced properties still receiving multiple offers and selling quickly. The price per sqft is still on the rise averaging at $1,880/sqft and the median price in Montecito has jumped by nearly $2M year-over-year (October 2021, the median price was $4.4M and today is $6.4M).