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Q3 2021 - Montecito Market Newsletter

The story of 2021 has been all about less and less inventory leading to rising prices. Heading into the holiday season we don’t see that scenario changing with continued strong buyer demand and historically low listings, further extending the robust seller’s market.

The third quarter of 2021 had approximately 90 sales, which is 36% less than Q3 2020 and nearly 27% less than the second quarter of this year which had 124 total sales. Of the 90 sales last quarter, 63 (75%) of them were on the market for less than 30 days before selling. If you rewind to before the real estate spike in 2020, Q3 2019 had approximately 57 sales and only 21 of them (37%) were on the market for less than 30 days. With the 4th quarter upon us, it feels like the typical “holiday slow-down” in new listings will keep buyers competing and prices rising. Maybe now is the time to consider listing your property!

Q3 2021 - Montecito Sales

There was 90 sales in the third quarter of 2021.

Q3 2021 sales are 27.4% lower than the Q2 2021, though many of the homes are still selling quickly with all cash offers.

Stay tuned to see how the year ends.