Montecito Market Update: March 2020

Unpredictable, disconcerting, boredom, stressful- it’s all part of our new normal! The word in Montecito is that deals are still happening and escrows are mostly staying together, although some with time extensions and moderate price adjustments. This has definitely been our experience with 5 of 6 escrows on track to close or closed in the last 2 weeks. Across the broader Montecito market, there were 16 cancelled listings and 14 properties were withdrawn in the month of March - this is higher than previous months (February: 10 cancelled and 2 withdrawn). After the initial shock and confusion surrounding the coronavirus threat, we are seeing a nation and world making admirable adjustments to stay productive while distancing. In our world of Santa Barbara real estate, the pace is beginning to pick back up and buyers and sellers are looking and listing; making plans for a future that, now more than ever, involves a home that is a sanctuary. Stay healthy everyone!

Montecito Market Update: March 2020