In the last few years, with regards to real estate here in Montecito CA., I believe we have seen a solid fundamental shift in what is “desired” in the high end market. I have had many conversations with numerous realtors that I trust over the last few years. Most all of us are on the same page with understanding that there has been a big shift in what buyers are now looking for. Additionally, it is not a matter of economics, just a matter of wants and tastes.
“Gone” are the days of people wanting $10 Million plus, 8,000 to 14,000 sqft. homes, set on 2-4 acres with long driveways, guest homes, tennis courts, expansive lawns etc. Nowadays we are seeing many affluent people wanting “smaller” homes more in the 2800-4000 sqft. range. Be it a primary residence or second/third home, buyers have scaled back a lot with regards to size and in the end…upkeep.
In 2016, the vast majority, 68% of homes sold in Montecito were in the $2 to $4 million price range.
In 2016, 20% of homes sold in Montecito were in the $4 to $6 million price range.
Thus, 88% of all homes sold here in Montecito in 2016 were under $6 million.
As of February, 2017, there are 62 listings in Santa Barbara, Montecito, Hope Ranch and Carpinteria listed at $6 million or more. Of these 62 listings in the MLS, ONLY 1 is showing as pending sale. The rest are still reported as active.
- Santa Barbara Market Statistics
- Real Estate & Homes For Sale in Montecito Union School District
- Real Estate & Homes For Sale in Cold Spring School District
Search: The Santa Barbara Area MLS
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 our wonderful town, please don’t hesitate to contact Kevin Schmidtchen at Berkshire Hathaway Home Services.
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.