August 2022 | Montecito Market Report

September 16, 2022

Montecito Market Report | August 2022

The Montecito market showed a slight cooling in August. Comparatively speaking, the number of transactions has decreased significantly since last August though this is likely due to a lack of inventory. The increase of median days on the market is negligible in terms of historic statistics but is significant, nonetheless. Sixteen days on the market is still a sign of high buyer demand but also signals the days of frenzied buying are waning. The slight uptick in the median sale price may not provide a significant data point considering the small number of transactions. Properties that are well priced are still selling quickly, while others priced above market value are sitting. Low inventory is the key to maintaining a seller’s market as demand for housing in our desirable hamlet continues. The Fed is signaling another interest rate hike in the near future. We will see how this will impact our market.

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