Montecito Market Update: January, 2019
Montecito saw 11 sales in January, 2019 with 5 cash sales, 4 off-market sales, an average sales price of $4,817,136 (up 59% from last year) and a median sales price of $2,400,000 (down 20% from last year). The highest sale was 2955 East Valley Road which sold for $27,000,000 after being on the market for 18 months. Listed by Compass, the 8-acre property was originally offered at $35,000,000. Another significant sale was 640 Stonehouse Lane, which was originally listed at $6,195,000 by Berkshire Hathaway HomeServices and sold for $5,579,500 after 129 days on market. The French Country manor sits on just over an acre off East Valley Road. Of the 7 on-market sales, 6 were sold by Berkshire Hathaway HomeServices (either on the listing side, selling side, or both!). For more information on the Montecito market, contact us at (805) 450-6233 or Nancy@Kogevinas.com -- we'd love to hear from you!