Buckle Up… The Spring Market Has Arrived
Eight properties went into escrow this past week, including two over $10M, a meaningful surge after several weeks of only 3–5 pending sales each week.
Across the board, we’re seeing a clear acceleration in buyer activity.
Closings are definitely on the rise too. Six sales closed last week, including an off-market transaction on Summit Lane and three properties that sold in under 25 days. That’s up from three closings the week prior, and just one the week before that.
Even with a noticeable uptick in new listings (and more coming as we write this), total available inventory remains below pre-COVID levels. Active listings are still trailing historical averages for this time of year (72 active listings in Montecito), particularly in the $5M–$15M segment where demand is currently most concentrated.
Compared to prior years:
• Pending sales are now tracking closer to 2021–2022 spring levels than 2023’s softer pace
• Week-over-week growth in escrows is outpacing the same period last year
• Average days on market are shrinking
It’s not your imagination, the weather is heating up earlier than usual and so is the market☀️
What Happened in Montecito Last Week?
March 15th – March 21st
weekly spotlight
The Spirit of Montecito
Designed by nature. Perfected in Montecito.
Beneath a canopy of mature oaks on a gated acre, this Montecito residence rests easily within its surroundings — grounded, welcoming, and quietly connected to the landscape that defines Montecito. 2135 Veloz Drive is designed for effortless single-level living, the residence balances relaxed California style with an easy connection to the outdoors.