Location • Location • Location
Is that the most important word in real estate? No doubt, location drives everything – price, demand and lifestyle.
But there is another word that drives our market and it is demographics; in just five years, the number of U.S. millionaire owner households quadrupled, increasing by a massive 446% from 2017 to 2022. And here’s the kicker: Baby Boomers aren’t dominating this ultra-exclusive club anymore. In fact, in 23 of the 30 largest metros, Gen X boasts the highest share of super-wealthy owners.
Santa Barbara/Montecito ranks 13th with 12,300 millionaires, 82 centi-millionaires, and 6 billionaires. Indeed, I would have to say the number one thing that drives sales in our market are demographics, Baby Boomers, Gen Xers and Millennials are crashing into each other and competing for the same properties. Or Baby Boomers are funding real estate for Gen Xers and Millennials. Either way, it bodes well for a continued strong luxury market in Montecito.
Now for last week’s stats. In the last week of May there were 7 New Listings, 4 Closed Sales and 4 Pending Sales. This is on par with what we have been seeing lately, however the New Listings jumped up slightly. There was one off-market sale last week, 1569 E Valley Road, which sold for $9,000,000. An interesting note about this sale is that it previously sold in May 2020 for $11,250,000, which is 25% higher than its latest sale price.
We know of several new listings coming on the market soon – reach out if you would like more details.
What Happened in Montecito Last Week?
May 26th – June 1st
7 NEW LISTINGS
4 CLOSED SALES
4 PENDING SALES
weekly spotlight
☀️ WELCOME TO JUNE ☀️
June 5 – World Environment Day • A day meant to raise environmental awareness across the globe.
June 14 – Flag Day (U.S.) • Be sure to raise the flag! Learn about the U.S. Flag Code, which provides guidelines for displaying the American flag properly.
June 16 – Father’s Day ♥️
June 19 – Juneteenth (also known as Freedom Day or Emancipation Day) • On this day in 1865, Union General Gordon Granger read the Emancipation Proclamation aloud in Galveston, Texas, effectively liberating enslaved people in the state, which had thus far been beyond control of the Union Army. You can celebrate the occasion in Santa Barbara in the Funk Zone on June 15, more information can be found here.
June 20 – Summer Solstice ☀️• Which heralds the start of summer in the Northern Hemisphere. It’s the day with the most hours of daylight and in Santa Barbara it is one of the most vibrant and exciting weekends of celebration. Take a look at the weekend of events here.
June 28 – Anniversary of the 1969 Stonewall Riots • A watershed moment for LGBT rights in the United States.
That sums it up for last week!
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