Despite all the chatter about a softening market, we are still experiencing high demand and deals are coming together both on and off the market with very short market times for good properties that are well priced. Even though we have seen a decrease in sales volume and median home price across the board, we continue to see strong demand and interest in the limited inventory that is available. Properties that did not sell last year are coming back on the market and selling quickly without a price adjustment.
Not only are prices holding, but the average days on the market for properties has dropped from over two months in 2018 to under one month this year.
Last week in Montecito there were 5 new listings, all of which appeal to different types of buyers and a variety of price points. There was 1 off-market sale and the 1 pending sale was 445 Pimiento Lane, which had only been on the market for 3 days before going into escrow.
Heading into Valentine’s Day – I leave you with a bit of inspiration and love…
“I have found that if you love life, life will love you back.” – Arthur Rubinstein
What happened in Montecito Last Week?
February 5th – February 11th
2005 BIRNAM WOOD DRIVE
A Birnam Wood classic – the gracious 3 bedroom/3.5 bathroom residence possesses enviable details and radiates sophistication Offered at $7,950,000
445 PIMIENTO LANE
Down a private lane in the heart of Montecito, sits this stylish California cottage with peaks of the ocean and mountains. Offered at $6,395,000
126 LOUREYRO ROAD
A Coastal Zone compound with exceptional rental income. Stylish and comfortable, no corner is left unattended, maximizing the potential of this quintessential 100+ year old oasis located in the Coastal Zone. Offered at $4,995,000
1 CLOSED SALE
Below are quick links to luxury listings (+$2M), around town:
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Montecito (32 Active Listings – +5 from Previous Week)
Below is our weekly Montecito Market Summary.
