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Q1 2021 - Montecito Market Newsletter

Heading into the second quarter of 2021 we are all left wondering, what is going to happen?

It feels as though we are in a real estate gridlock and it’s not just in Montecito. The first quarter of 2021 was hot, sales were up nearly 270% from Q1 2019 and 105% from Q1 2020, as there were a total of 111 sales in Montecito in Q1 2021. Houses have been selling at a break-neck pace since July 2020, however in the last two weeks the tides have turned. We have worked our way through nearly all the inventory and transitioned from this seemingly endless hot streak to new territory where there is an overabundance of buyers chasing a dwindling number of properties. Although there are still some amazing properties available that have yet to be scooped up, like 296 Las Entradas Drive, but these days buyers and agents are digging deeper through multiple channels to unlock the doors to their new home.

Q1 2021 - Montecito Sales

There was an impressive 111 sales in the first quarter of 2021.

Q1 2021 sales are 105% higher than the Q1 2020. Many of the homes are selling for full price or over asking price.

We were expecting the momentum of 2020 to carry through to 2021 and we were not disappointed. Stay tuned to see how 2021 continues to unfold.

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