Polls to Properties: Will The Election Impact the Montecito Market?
Unprecedented! Unpredictable! Historic! This 2024 Presidential election is definitely, like so much else in today’s AI, social media, every opinion is news world, keeping us engaged, mystified and perplexed. For a Baby Boomer like me, it is, in a word, baffling how we got here. Elections always have a fair amount of uncertainty, and real estate does not like uncertainty. We are seeing fewer showings and sales this summer, (which is partly seasonal) and now with Biden dropping out, it’s anybody’s guess how this will play out.
Here’s some interesting historical data on more typical election years and real estate:
Typically, home sales slow in November of election years but quickly bounce back and rise the following year.
U.S. Annual Existing Home Sales
Prices generally follow the trend of what’s already happening in the market. They usually keep climbing, even in election years.
U.S. Annual Median Sales Price
And mortgage rates typically come down slightly from July to November.
Price Changes of Recent Election Years
Historically, presidential elections have only a small and temporary impact on the housing market.
All this mirrors our luxury Montecito and Santa Barbara markets — although a very wise mentor told me years ago, watch out for the thing you are not thinking of — that’s what will get you!
Last week we saw 2 New Listings, 2 Closed Sales and 1 Pending Sale. The luxury market continues to remain strong with both New Listings priced between $26M-$60M. A single-level Hedgerow fixer closed for $1.2M over asking while a charming vintage Spanish fixer closed for $1.4M under asking.
What Happened in Montecito Last Week?
July 14th – July 20th
weekly spotlight
2 Income producing vacation homes in the heart of Montecito
A Montecito pied-à-terre, unbeatable guest house or serene office escape, these Montecito duplexes offer a versatile destination for your family and friends with income potential!
