“If opportunity doesn’t knock, build a door.”
- Milton Berle
Is now the time to move or sit tight and update? Either way, the most important thing is to love where you live and maybe a little renovation or redecorating will be just the spark that makes everything fall into place. So, whether you are looking to sell your house, or it has been on the market a little too long, perhaps NOW is the time to invest in upgrading your living room windows, dress up your powder room with an accent wall or replace a few of those kitchen appliances you have been dreaming of. Whether you hire someone to get the job done for you, or you take to the world of TikTok how-to videos and tackle it yourself, this summer might just be the perfect opportunity to refresh before re-listing.
Now for the stats...
Montecito had a total of 25 sales in May 2023, with an average sales price of $5,655,660. The number of sales is more than double what we saw in April and is up significantly compared to 2022 (16); however it is down significantly from 2021 (49). The highest sale was 1045 Cold Springs Road, which sold in late 2020 for $4,795,000 and after a stunning renovation by Marc Appleton, just sold for $15,900,000 - a whopping 231% increase. There were 13 all cash deals last month in Montecito, which is up dramatically from the 3 we saw in April.
We are noticing an uptick in inventory throughout Montecito, which is good news for all the pent up demand that still exists and well-priced and great properties are going quickly. If you want inside information on Montecito and Santa Barbara real estate don’t hesitate to reach out.