end of year recap
As we slip-slide into 2024 and look back on 2023, December was decidedly slower and quieter for real estate. Although the Fed signaled lower rates for next year, the election typically sidelines buyers with uncertainty and that coupled with evolving return-to-office dynamics are likely to impact real estate decisions. Below are the high points:
NOVEMBER OVERVIEW
- Montecito had 14 sales with an average sales price of $5,275,179.
- Median sales price was $5,025,000 – the highest median we have ever seen for November and nearly $1M higher than November 2022.
- 50% of the sales were all cash.
- 3 off market sales, which included a condo in Montecito Shores ($2.65M), a 2 bedroom hilltop home ($3.475M) and a Birnam Wood French country estate ($8.1M).
LUXURY MARKET ($10M+)
- There were 4 luxury sales this quarter.
- 550 Freehaven Drive was the highest sale, which closed for $20,350,000.
- 2170 Ortega Ranch Lane sold for $14,100,000 at $1,456 per square foot.
- 1492 E Mountain Drive sold for $12M in November. This property was originally listed in August for $18M, then after 2 months they reduced the price to $15M; after the price reduction the property went into escrow about 2.5 weeks later, closing at $2,681 per square foot for a fixer!
- 930 Knollwood Drive closed for $11,500,000 in December after less than 30 days on the market and 10.5% below the asking price of $12.85M.
LOOKING INTO 2024
Montecito IS HAPPENING! Although it’s hard to see some of the “old school” features replaced with new (like the round-abouts!), we are learning to adjust and embrace the progress. One thing that never changes is the lifestyle, community spirit and beauty of Santa Barbara. We have world class resorts, the Santa Barbara Bowl, Granada Theater, UCSB and Westmont, Santa Barbara Polo Club, vineyards, restaurants and beaches, hiking and cycling…the list is unmatched.
I am looking forward to seeing a lot of you next year and beyond and sharing all that our Southern California paradise offers us.
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