Ready, set, go — the market has shifted.
Since the early part of the pandemic (summer 2020!) the market has favored sellers and prices and appreciation have reflected that. For the last year or so macro data has been mostly flat, although anecdotally there have been some surprises and outliers, both high and low. Now we are seeing a transition towards a buyer’s market and although it’s not a huge shift, it is significant and more pronounced at higher prices.
In August, Montecito saw:
- 50% of properties listed between $5M – $10M had a price reduction in August
- Average price of $5.99M (19% increase from compared to August 2023)
- Median price of $5.67M. (73% increase from compared to August 2023)
Overall prices continue to bump up compared to last year, although now we’re noticing signs of softening in buyer demand, and prices are adjusting to meet this change in demand.
FOR BUYERS who have been waiting on the sidelines, this may be the moment to act. With prices adjusting to the shift in the market and slightly less competition, many sellers are agreeing to more favorable prices and terms than previously.
FOR SELLERS in this shifting market, where buyers have more options, pricing your home strategically is essential. Compelling pricing captures attention early and prevents your property from sitting on the market as competition increases.
What Happened in Montecito Last Week?
September 8th – September 14th
5 New Listings
3 Closed Sales
4 Pending Sales
weekly spotlight
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