Weekly Market Snapshot
Like most industries, residential real estate has a seasonality to it. Historically, the number of buyers and listings for sale significantly increase in the spring and remains strong throughout the summer. Once fall sets in, the number of buyers and sellers typically drops off.
Last year, however, that seasonality didn’t happen. As the story goes, last year Montecito and cities nationwide saw a dramatic increase in home sales during the fall and winter months over previous years. The only thing that held the market back was the extremely limited supply of homes for sale. Last week in Montecito we saw a surge in closed sales and new listings. The latest Showing Index from ShowingTime, which tracks the average number of monthly showings on available homes, indicates buyer activity was slightly lower than at the same time last year but much higher than any of the three previous years, suggesting buyer demand remains strong. If you are looking to make your move this winter there are still great properties to buy!
What happened in Montecito Last Week?
November 14th - November 20th
Closed sales doubled last week!
New listings are up again.
FUN FACT: At this point in November 2020 there had been 29 sales in Montecito; this year there have been 15 sales so far this month - a nearly 50% decrease.