Only three months ago, the current real estate update seemed impossible. The most anticipated market downturn in a decade seemed poised to begin. Now, an economic dip seems more than a year or two into the future.
The stock market is sending “growth and wealth” signals and real estate buyers are shopping in all price ranges. Multiple offers, rarely seen in the past two years, are reappearing, including in the Montecito. Prepare for a warming market!
Most people who plan to sell in order to purchase another home are finding this to be the perfect time for this tricky maneuver. In a market this hot, selling is faster, and buying is simpler and easier with lower interest rates. If good market conditions get you thinking about moving, I’ve completed over 750 local sales. You can put my expertise to work for you.
Montecito Real Estate Update – It’s Getting Hotter
The start of the year is usually one of the best indicators for how the year is going to go and this year began with accelerating sales. From December 1, 2019 to January 18, 2020, South Coast house sales were strong with 171 sold. A year ago there were only 140 sales. House sales were up 22 percent as the market rounded into 2020.
The strongest market upticks were Montecito and the Mesa. The larger Montecito market grew from 20 to 29 sales – up 45 percent. The smaller Mesa market grew from 6 sales to 9 – up 50 percent. These two markets are the middle and upper ends of the market, which bodes well for the entire South Coast market.
Montecito Market Report
As we start 2020, Montecito sellers are feeling more at ease. Twenty seven percent more people recently put their Montecito homes on the market when compared to pre – debris flow times.
Buyers are also feeling more at ease. With our second heavy rainy season in a row, it is obvious that buyers are feeling more secure and are willing to buy and move ahead.
As unusual as it seems, the rising number of homes for sale has led to a rising number of homes selling. If you venture into the higher end L.A. market, you will find a shortage of homes for sale. That lack of homes is constricting their market’s growth.
Montecito is enjoying both rising prices and more homes available for sale. That is a good combination. I expect the inventory in Montecito to attract people from Los Angeles who are shopping for a home.
There are currently 114 houses and 19 condos available for sale in Montecito. Let me help you find the best one to become your new home. If you want to discuss how this market affects your real estate plans, please call me at 805-451-9300. I only work with a select number of people at any one time and I’d be pleased to consult with you when you need good representation.
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