Montecito Real Estate Market Snapshot
December is here and 2022 is now officially in its final stretch. It’s been a surprising year, and not always in the best of ways…but, now we are looking forward to celebrating the season, showing gratitude and continuing to share all the real estate news.
Last week continued to be quiet with only 1 new listing (2025 Creekside Road - 2.49 acre land listing in the gated Montecito Valley Ranch), and no pending or closed sales.
What happened in Montecito Last Week?
November 27th - December 3rd
THERE ARE ONLY 31 ACTIVE LISTINGS IN MONTECITO, and below are quick links to luxury listings (+$2M), around town:
Economic news was mixed this week. While the prices of goods and services seem to be softening, hiring remains stronger than expected. Regardless, interest rates continue to trend down– the yield on the 10-Year Treasury dropping from 4.22% to 3.50% in the last three weeks. As a result, jumbo mortgage rates are now nearing 5.0%, and may soon dip into the 4’s. Two upcoming inflationary reports and the Fed’s year-end meeting will likely determine whether the downward trend continues. Market expectations currently anticipate another Fed rate hike of 0.50%, but the inflationary data between now and then may influence their decision and impact the direction of rates into the new year.
LAST WEEK IN MONTECITO