Montecito Real Estate Market Snapshot
Last week economists at Fannie Mae predicted that home sales next year will fall to the lowest levels since 2008, before rebounding and helping lead the country out of a brief recession. But the strength of the rebound could be subdued, in large part because so many homeowners will be reluctant to give up the low rates on their existing mortgages leading to the lock-in effect, which creates a disincentive for existing homeowners to put their home on the market.
Montecito saw only 2 NEW LISTINGS last week, both under $3,000,000, and 2 PENDED SALES:
487 Hot Springs is a new fixer-upper offered at $2,900,000. The property is one acre with two houses, located at the end of a private lane in the heart of Montecito.
1355 Plaza de Sonadores is the latest listing within the beach-front gated community of Bonnymede. This ground level 1 bedroom, 1 bathroom is offered at $1,895,000, which at 717 square feet, is priced at $2,642/sqft.
29 Seaview Drive, adjoining Bonnymede in Montecito Shores, this property pended after spending 87 days on the market at $3,175,000 - the increased list price after one week on the market at $2,995,000.
1439 Irvine Lane pended after spending 123 days on the market and a price reduction from the original listed price of $13,500,000 to $12,200,000.
What happened in Montecito Last Week?
November 20th - November 26th
THERE ARE 35 ACTIVE LISTINGS IN MONTECITO, and below are quick links to luxury listings (+$2M), around town:
MARKET STATS
While Fannie Mae economists expect home sales to rebound in 2024, they project national home prices will continue to give up some of the meteoric gains seen during the pandemic. The latest projection is for annual home price appreciation to drop into the single digits during the last three months of 2022, and turn slightly negative during the second quarter of 2023 and remain there through 2024.
AND NOW FOR A LITTLE FUN FACT: Cyber Monday 2022 is expected to top $11 billion in sales. We’ll be joining the fray (!), but will also be giving today as well - check out Montecito Journal’s own Giving List for a curated guide to the philanthropic community of Santa Barbara - http://www.thegivinglist.com/
