Weekly Market Snapshot
Looking back, July of last year began a pivotal shift in Montecito real estate, with an influx of buyers there was a staggering 52 closed sales. July 2021, though still busy, highlighted the anomaly that was 2020 - sales dropped by more than 50%, as there were only 24 closed sales in July of this year. However, when comparing luxury sales - last July had only 11 sales over $5M, while July 2021 saw 13 sales over $5M, with the highest being just over $17M. We have felt the momentum shift, emphasizing the importance and need for not only new listings, but new listings that are priced accurately.
What happened in Montecito Last Week?
July 25th - July 31st
Pending sales were down for the first time in two weeks.
New listings were up 50% last week
FUN FACT: Currently the most expensive property for sale in Montecito is 670 Hot Springs Road, listed at a staggering $74M.
Newly Listed at $2,865,000