Weekly Market Snapshot
The action was back last week, with 10 new listings, 8 pending sales and 10 closed sales! Five of the 10 closed sales went for asking price or above. The demand for all price points remain with new listings coming on between $2.5M-$17.5M. No matter how you look at it, the demand in Montecito remains high. As you can see below, transactions in April 2021 were up 193% compared to 2019 and 2020 and the average and median price skyrocketed this year by 108% and 107% respectively. Historically we are heading into the busiest time of the year for real estate - we say bring it on!
*Graphs from Fidelity National Title Group Santa Barbara
What happened in Montecito Last Week?
May 16th - May 22nd
Pending sales were up more than triple last week.
New listings were up by 66% last week.
2069 China Flat Road had a $1M price reduction to $8.5M
FUN FACT: There have been 8 sales above $10M so far this month, meanwhile in 2020 there was only 1 sale above $10M for the entire month of May.
Newly Listed at $11,950,000
A surprise awaits - tropical gardens, unique architecture and panoramic ocean and mountain views are just the beginning at this exquisite Balinese estate. Renowned architect, Tom Meaney, designed a residence of timeless appeal with emphasis on light, space and detail, standing today as one of Montecito’s most vibrant properties. Combining intimacy with grand scale and lavish home amenities, this 5 bedroom/ 5.5 bathroom home with spacious guest house, offers something for everyone. Each room takes on a personality of its own with colorful accents, soaring ceilings, and exquisite one-of-a-kind finishes - offering an unrivaled architectural and design journey throughout. The living room invites the splendor of the outdoors inside with French doors opening up to the sparkling infinity pool, back patio and meadow of tall grasses, all with heart-stopping views of the Pacific.