Where is the Montecito real estate market as we approach the last few months of 2011? A quick glance back throughout the year with regards to real estate in Montecito has shown up and down changes almost monthly. Some months the market feels very strong, other weeks there seems to be a lull etc. As I talk and share with many agents currently about their buyers and where they are at, their thoughts seem to also change monthly with some high end clients on hold while others don’t know where else they would put their money these days except to buy real estate.
With all that said, sales have continued to happen and most all homes that are priced well and at market are getting offers.
Here is a quick check of where Montecito Real Estate was for the 3rd quarter.
Closed Sales in the Montecito Area
- During the 3rd quarter, Montecito had approximately 55 Closed sales of single family homes and town homes / condos. The lowest priced sale naturally was a town home located at 1932 North Jameson Lane that sold for $533,000. The lowest single family home sale recorded was an older small cottage located directly on East Valley Road that closed for $825,000.
- The highest recorded sale was an ocean front “fixer” located at 1473 Edgecliff Lane that closed in 1 day for $10,750,000. This is once again a representation across all price points that if a home is priced well, there are buyers waiting.
- The majority of all sales in Montecito seem to now be between the $1 and $3 million price point. Whereas $3-5 million was the heart of all sales only 3 years ago, the “average home” in Montecito now seems to be selling somewhere in the $1.5 to $3 million price point.
Current Active Homes for Sale in Montecito
- Currently as of November 1st, 2011, there are approximately 235 homes available for sale or pending sale in the Montecito area. The lowest priced available home is once again a town home located on North Jameson whereas the lowest single family homes available are priced mainly between $850,000 and $1.2 million.
- Currently there are 15 active homes for sale priced above $15 million in Montecito.
Montecito is located a few minutes southeast of Santa Barbara and is essentially one of the 2 very high end neighborhoods here in Santa Barbara.
- Montecito 2010 Year End Sales Stats
- Santa Barbara 2010 Year End Sales Stats
- Santa Barbara Ocean Front Areas
- Santa Barbara Luxury Real Estate
- Most Significant Montecito Luxury Real Estate Sales 2011…so far
Search: The Santa Barbara Area MLS
Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
For more information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in the Santa Barbara area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.