Montecito Real Estate Update - Pulse of The Market $2.5 to $4 Million
As the overall market prices have fallen in the last 2 years, the heart of the Montecito Real Estate market is once again around the $2 to $4 million price point. Currently I am working with 4 sets of clients that are looking in this price range and so I thought I would give a quick update as to where it feels that we are at. In a quick word...slow. Year to date there have only been 15 sales in this price point from $2.5 to $4 million. Currently there are 60 listings on the market in this price range. A little bit of math and we are sitting at 4 years of inventory in this price point. This is not good!! With this said, there are many buyers out there and many buyers are writing good market price offers on these homes...but sellers are still unwilling (or unable) to come down in price. The only way this market will be fixed is a handful of major price cuts from these sellers...simple as that. The buyers are very educated and good agents are letting their clients know that most of these listings are overpriced. I currently have 2 sets of clients that have written very good offers in this price range in the last 2 weeks and we are simply waiting to see if the seller will come down and accept the offers. My fear for these sellers is that if they do not sell now, they are staring at only lower offers in the coming weeks. The numbers usually do not lie and 4 years of inventory is too much. Contrary to this, we are seeing a fair amount of activity and sales in the $5 million and above price point here in Montecito. View: Montecito Real Estate Listings $ 1 - $5 Million View: Montecito Real Estate Listings $ 5 Million and Above Further Reading:
- Sotheby's Int'l Realty - Santa Barbara and Montecito
- Is My Realtor a Santa Barbara Neighborhood Specialist?
- Articles on Luxury Real Estate
- Articles on The Oceanfront Areas
- Articles for Foreign Buyers/Sellers
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty. 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. Subscribe to Receive Personal Listings of Santa Barbara Real Estate Search The Santa Barbara Area MLS