As we head into the fall, here’s a little recap of the latest market data both locally on the Central Coast and throughout the US.
Nationally, the real estate market is a story of inches – no dramatic plunges or skyrockets.
- Recently inventory has increased to 3.7%, which gives us a 3.3 month supply of homes (a balanced market is 6 months inventory, so we still have a long way to go which should keep prices rising).
- The number of home sales dropped 2.2% in July, which is not a massive change.
Nationally the number of sales was down, but in the West we saw a 2.7% increase. - Home prices are still on the rise and inventory is slowly creeping up.
- Interest rates are high, but people still need to move, downsize, upsize—there will always be reasons to buy and sell – and buyers seem to be adjusting to the “new normal” of higher interest rates.
Locally our inventory is on the rise as we get closer to the end of summer and off market deals are still a hot commodity. Patience, creativity, and knowledge go a long way and we continue to see deals coming together in all price ranges.
What Happened in Montecito Last Week?
August 20th – August 26th
4 NEW LISTINGS
2 CLOSED SALES
6 PENDING SALES
weekly spotlight
Where summer lives on…
Style, elegance and comfort take center stage in this Bonnymede 2 bedroom, 2 ½ bathroom townhouse. Only moments from the sand and a short distance to Coast Village Road, the Coral Casino Club and the Rosewood Miramar Beach Resort, this residence opens the door to the best of both seaside and village living.
That sums it up for last week!
Click here to view more of our current featured listings.
