Only three months ago, the current real estate market did not seem possible. 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 on the Mesa. 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.
Mesa 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.
Mesa Market Report
Last year mid-January, there were 36 Mesa homes for sale; this year there are 18. Because there are few lower priced homes, we have a supply problem. The consolation prize are the 4 condos for sale under $700,000. If you really want a house, the lowest price done is $1.2M.
Only 7 houses total are available for less than $3.4 M. This lack of lower priced choices will make buyers more aggressive as they try to locate and purchase a Mesa home.
For those with a bigger budget, I have several homes over $4 M. The highest priced Mesa listing is $14.5 M for the old “Mike Love Place,” with 5 houses on 2.5 bluff-top acres next to the Mesa Lane staircase.
My phone is ringing from buyers hoping I can direct them to new listings, especially houses under $1.5 M. Do you happen to have such a home to sell?
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
Client Talk…
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