Lately, there has been a lot of speculation about the housing market, but let us help you keep things in perspective. Looking at the history of home prices since 1941 to today, home values have increased 73 years, decreased 7 and been flat only one. Now, that is a pretty good record, one that you would not want to bet against.
For Montecito specifically, the Median Sales Price may be lower than 2022, but so far it is still higher than other recent years (see below). In the past, the majority of years where home prices plummeted was during the housing bubble, where there was wild speculation, not enough buyer demand, and a glut of supply. Things are much different in today’s market.
What happened in Montecito Last Week?
1045 COLD SPRINGS ROAD
After an extensive renovation by Marc Appleton, this reimagined 5 bedroom/6 bathroom estate is a beautiful balance of sophistication and ease. Offered at $16,900,000
166 BUTTERFLY LANE
Welcome to this classic 1920’s Spanish Colonial gem, where every space deserves a moment of pause. Offered at $6,195,000
1330 PLAZA PACIFICA
An ultra-luxurious 2 bedroom/2.5 bathroom town home, that is spacious and modern accented by ocean views within the beachfront gated community of Bonnymede. Offered at $3,950,000
Luxury Listings
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Montecito (31 Active Listings – Down 2 from Previous Week)
a bit more data
Below is our weekly Montecito Market Summary.
Property Story
2930 Bramadero Road | Los Olivos
Private Valley Estate • Custom Built-in 1998 • Lot Size: 19.3 Acres
4 Bedrooms/ 3.5 Bathrooms • Mountain and Pastoral Views • 4 Large Pastures
Central Santa Ynez Wine Country Location
Celebrate the rural pleasures of fresh air, sunlight, open spaces and rolling hillsides at this Kentucky Style Ranch. Tradition, craftsmanship and style are the hallmarks of this Evans Jones designed, custom-built Santa Ynez Valley estate in the community of Rancho Cuerno Largo. Situated in the wine country’s coveted town of Los Olivos on over 19 acres, the property features panoramic mountain, valley, and pastoral views, all just moments from the shops, restaurants and tasting rooms of Los Olivos.
That sums it up for last week!
