The Good News! Montecito median prices are up 5 percent in the past six months. The mix of what is selling in Montecito is chang- ing. Fewer homes under $4M are available, while houses $6 to $10M are growing in popularity, and properties above $15M are having their moment.
Prices have risen, but Montecito what kind of market is heading our way? We are seeing an increase in inventory. The South Coast currently has 210 homes for sale.
This is the most inventory since late 2020, nearly double the 120 homes a year ago. Price reductions are becoming more common, and market- ing times are increas- ing, nearly doubling in Montecito. There aren’t even enough agents to hold all of the weekend open houses.
The 5 percent change in Montecito’s median price understates this change, if you have the right home. With both excel- lent location and condition, you get premium pric- ing. Even fixers with a good location are selling well.
Closer to the ocean, Hedgerow homes, with lower insurance and Airbnb capability, are in high demand. My last Hedgerow listing had 8 offers. In the foothills above Montecito, fire danger concerns and high insurance costs are giving buyers pause.
This market is highly sensitive to pricing. With each call the agent and the owner know that the home is popular and primed for a sale. Fewer calls mean a price reduction is likely. There’s little in between these 2 outcomes.
Like the well-dressed dancer at the party, you are hoping your home will be asked to dance. Wrong shoes, wrong clothes, or worst of all—full Wallflower mode—means that the Realtor and the Seller should have been better prepared before going to the dance. Helping homes in wallflower condition get ready for the party is part of my expertise. Call if you would like to have a private discussion about marketing your property.
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