Well, here we are — it’s MAY! And looking at the data, our luxury market in Montecito and throughout Santa Barbara and Hope Ranch is thriving, for the “right” property.
Interest rates have not come down and despite all the predictions that they are going to come down, I’ll believe it when I see it. Having said that, the “all cash” buying baby boomers are crashing headfirst into the mortgage wielding millennials and driving demand across all neighborhoods. Experts from S&PCore Logic Case-Shiller along with Goldman Sachs, Redfin and all those who track prices and sales are predicting that residential real estate sales and prices will continue to go up over the next 5 years.
My view is that we are one of a select group of highly desirable destination communities and with overall wealth increasing among a select few, the desire for the Central Coast lifestyle will continue to fuel a robust real estate market.
HERE’S THE APRIL MARKET UPDATE
MONTECITO & CARPINTERIA • $10 Million +
- There are 27 Active Listings, 5 more than the 22 Active Listings in March including 7 New Listings.
- There are 4 Pending Sales, 1 which was on the market for less than a month.
- There were 4 Closed Sales last month, 2 sold off market.
MONTECITO & CARPINTERIA • $4 – $10 Million
- There are 36 Active Listings which is 5 more than the 31 Active Listings in March.
- There were 14 New Listings in this price range.
- 6 Pending Sales, 2 of which were New Listings.
- It was a busy month with 10 Closed Sales in April, all sold for less than their asking price except for the 1 off market sale.
SANTA BARBARA & HOPE RANCH • $10 Million +
- There are 10 Active Listings, including 2 New Listings.
- There were 0 Pending Sales.
- There were 0 Closed Sales in this price range last month.
SANTA BARBARA & HOPE RANCH • $4 – $10 Million
- There are 17 Active Listings and 9 New Listings in this price range
- 4 Pending Sales, 3 of which are New Listings.
- There were 9 Closed Sales in April, 5 of which were on the market for less than 1 week.
What Happened in Montecito Last Week?
April 28th – May 4th
9 NEW LISTINGS
2 CLOSED SALES
3 PENDING SALES
weekly spotlight
As summer approaches ☀️, we’re excited to showcase this feature in the May/June issue of Santa Barbara Life and Style Magazine. Explore the breathtaking elegance of 1781 Glen Oaks Drive — positioned on 3.22 immaculately landscaped acres, this property exemplifies the pinnacle of intricate design and luxurious living. Join us in celebrating this stunning highlight in Santa Barbara’s premier lifestyle magazine. READ MORE HERE…
