Q2 2021 - Montecito Market Newsletter
It’s no longer news that real estate sales and prices are defying gravity. It feels like the “spike” is starting to level off in many areas though.
The second quarter of 2021 had approximately 124 sales, which is nearly double Q2 2020 and even up from Q1 2021. Off-market sales continue to pop up especially in the Hedgerows neighborhood where property prices are still climbing. Despite the high number of sales, last month we saw something we have not seen for quite some time - there were more sales in June 2020 than in June 2021 in Montecito. The freight train of 2021 seemed like it would never slow down, but there was a noticeable shift in June as sales began to slow. Only time will tell if this shift will continue — historically low inventory and summer vacation traveling are combining to take the spotlight off of real estate for the first time in over a year.
Q2 2021 - Montecito Sales
There was an impressive 124 sales in the second quarter of 2021.
Q1 2021 sales are 11.7% higher than the Q1 2021. Many of the homes are selling with all cash offers at full price or over asking.
Stay tuned to see how Q3 2021 unfolds.