Updated: May 25, 2022
Summer is coming; graduations, vacations, distractions — is there a slowdown looming or is it just our usual seasonality? My phone and emails are still burning up with buyers and I am seeing more demand than supply for Montecito properties. However, there are a lot of questions on buyers’ minds about how rising interest rates, the stock market retraction and how inflation will impact housing, so I expect to see prices begin to level out. Historically, real estate has always been a strong hedge against inflation and rising interest rates – during these periods, real estate, especially luxury properties like we sell in Montecito, tend to keep up or pass the rate of inflation. Despite the uncertainty, we are still seeing strong activity and sales.
What happened in Montecito Last Week?
May 15th – May 21st
3 NEW LISTINGS
4 LISTINGS WENT INTO ESCROW
2 CLOSED SALES
1 PRICE CHANGE
FUN FACT: Montecito saw 24 closed sales in April this year – this is a significant drop compared to the 44 sales in April of 2021.
800 Hot Springs Road | Offered at $8,950,000
Take another look at this light, airy and exceptionally comfortable contemporary Montecito residence.
That sums it up for last week!
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