Montecito Market Report | January 2023
Despite continual demand, January showed buyers starting to exhibit more selective and discerning behavior. The number of transactions decreased in both Montecito and Hope Ranch as compared to 2022 more likely due to the lack of inventory than anything else but in my experience as well as my colleagues, the market seemed to take a more prudent turn. But like most markets these days, things sometimes change on a dime. In the past week or so, we’ve seen an increase in inventory with impressive properties hitting the market, receiving multiple offers, and getting into escrow quickly. More on that in the coming weeks as we find out what price these properties ended up selling for and whether the rise in inventory is a solid trend or just a coincidental blip.
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