Montecito CA Real Estate
3rd Quarter 2017 Update
Montecito has been up and down in 2017 with regards to real estate. The pulse of the market has shifted from being very strong at times, to then being really slow for long periods as well. What we have been seeing in 2017 is that the demand for entry level homes in Montecito ($2-5 Million), continues to be relatively strong. Many buyers are especially looking for the $2 to $3.5 Million price point that sits in a good location/neighborhood in which they can then put their own remodel touches into it. The other buyer demand we are seeing a lot of is the $3.5 to $5.5 Million done up home with a modest foot print (2500-4000 sqft). If a home fits into one of these 2 parameters and is priced well, there seem to always be buyers out there.
One big shift that has been playing out in the last 2 years and is still continuing today, is the lack of demand for the larger grand estates and estates north of $7 million. There is a lack of demand (be it locals or out of town buyers) for the 2-5 acres, 7,000 to 12,000 sqft estates…that are priced north of $7 Million. Less and less people seem to be out looking for these larger homes with tons of maintenance, landscaping etc. The one exception to this is still ocean front property where demand will most likely never wane if the property is priced right.
Here are some quick stats for Montecito as reported in the MLS here year to date in 2017.
- Right now we currently have 64 Active Listings north of $5 Million
- Right now we currently have 42 Active Listings north of $7 Million (this is a lot)
- Right now we currently have 18 Active Listings north of $15 Million
- Year to date there have been 170 sales ranging in price from $775,000 (Fairway Condo) to $15.9 Million (985 Hot Springs)
- Year to date there have only been 4 sales over $8 million
- The lowest priced single family home was $916,000 for a small fixer on 1284 East Valley Road
- 51% of all sales year to date in Montecito have been $3 Million and below, 94% of all sales have been $7 Million and below
- There are currently 158 Active Listings in Montecito
- 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.