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
La Macarena
Imagined as an Andalusian village by renowned architect Mary McLaughlin Craig, the property commands a premier location with ocean views near Montecito’s Upper Village. The estate has been thoughtfully restored, expanded and refined preserving its timeless whitewashed walls and authentic tile roofs, unfolding across brick courtyards, terraces and exquisitely landscaped grounds as a village-like compound that embraces the sweeping vistas and romance of Montecito.