How’s the Montecito Real Estate Market?

“You are only one decision away from a totally different life.”

– Wilfred A. Peterson

Recent economic data may signal that hope is on the horizon for mortgage rates. Which means that even in the luxury market and for cash buyers, the market will start to pick up as borrowing costs go down. We are already seeing a significant uptick in new listings and the good ones that are fairly priced are selling quickly. The most active price range in Montecito is the $5M – $10M range.

Inflation Trends

Interest Rates

After 2 years of higher interest rates, inflation is almost where the FED wants it (2%) and if history is any guide, we may be poised for the market to pick up steam after the election.

Payroll growth continues to slow

Job Creation

The Fed monitors monthly job creation, seeking a consistent slowdown before adjusting the Federal Funds Rate. Fewer new jobs are being created indicating a cooling yet strong economy, which is their goal.

Unemployment Rate

Unemployment

Though unemployment is currently low, the rate is rising slowly. The Fed wants this rise to continue before cutting the Federal Funds Rate, as it would curb spending and control inflation.


What Happened in Montecito Last Week?

August 4th – August 10th

4 New Listings

1 Off Market Sale

2175 Boundary Drive, SANTA BARBARA, CA 93108

7 Pending Sales


weekly spotlight

$355k Price Reduction

Endless Vacation…and Income Too!

355 DANIELSON ROAD, MONTECITO, CA

1355 Danielson Road | Montecito

Newly Priced at $5,295,000

Click Here for More Property Details


That sums it up for last week!

Click here to view more of our current featured listing

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