Weekly Market Snapshot
The economy is still booming, unemployment remains low and the demand for homes continue to rise in Montecito and nationwide - people have extra cash and they want to invest it in real estate. This desire to acquire real estate is keeping house inventory low and buyer demand strong. We are definitely still noticing this trend in Montecito and Santa Barbara, special properties are getting scooped up quickly with only a few days on the market, like 311 Meadowbrook Drive.
Closely associated to the strong buyer demand is the home appreciation. According to the latest Home Price Index from CoreLogic, home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months. Although experts believe appreciation will begin to slow, it’s clear that home values will still continue to appreciate next year.
What happened in Montecito Last Week?
November 7th - November 13th
Pending sales were down last week.
New listings bumped up last week.
FUN FACT: Currently there are a total of 20 pending sales in Montecito.