Quarterly Montecito Market Update
Sales Data used up until 04/07/23 * Information is deemed to be reliable, but not guaranteed. "There is nothing permanent except change.” - Heraclitus Today we find ourselves in a changing market where sellers are less willing to list their homes and buyers are faced with interest rates that we haven’t seen in well over a decade! Still, we have had a busy first quarter of 2023, with many highs, some lows and a few surprises for the real estate market. The number of off market sales and showings are on the rise along with all cash transactions and record prices for turn-key, new or newer homes especially if they have views. We expect these trends to continue as more and more buyers want to make Santa Barbara and Montecito a destination for primary and second homes.
Of the 33 closed sales in the first quarter, 20 of the sales were on the market for less than 30 days or sold off-market. And, no matter the market, timing always plays a major role in Montecito sales: 308 Ennisbrook Drive sold off market in January for $21M. This landmark one bedroom Ennisbrook home (plus 3 bed guest house) has traded hands five times since 2015 (twice to the same owners). 590 Freehaven Drive languished on the market for almost 6 months last year without selling. Last month the right buyer came along and paid the full asking price of $5.1M. 2255 Ortega Ranch struggled on the market for over 6 months and even reduced the price $1M without finding a buyer - then in February the right buyer came along and the property sold for just over $9.3M. 1027 Cima Linda was another stunning property that was on the market for almost a year at just under $14M (started at $15.9M); after a break, a new lower price and stunning staging, this ocean view estate sold with multiple offers for $12.1M. We are always on the hunt for properties and have the resources, knowledge and connections to uncover your dream home. And having been a realtor for 27 years, we know how to weather the cycles and get results for sellers in all markets.