Montecito Market Report | November 2022
A Dynamic Market
We are experiencing an interesting moment in Montecito & Hope Ranch real estate. While there continues to be demand, buyers are becoming more discriminating than we’ve seen since before mid-2020, when the market started its unprecedented rise. Inventory remains low due to the combination of the holiday season and homeowners who refinanced with low rates (the “lock-in effect”) deciding to stay put.
The Fed is signaling less aggressive rate hikes than in the past 6 months. We will see how the economic data informs their decision at their next meeting on December 13. Prognosticators such as economists at Fannie Mae predict home sales will drop considerably in early-mid 2023 and then recover towards the end of the year. Real estate markets are hyper-local so we will see how things play out here in our highly desirable area.
We study and analyze local and national data daily. In this continuously evolving market, it’s vitally important to work with a seasoned expert to guide your sale or purchase of property in Montecito, Hope Ranch, and the Santa Barbara area.
Please contact us if you’d like further insight, or if you are interested in discussing selling or purchasing a home in our idyllic enclave. All calls will be kept confidential.
Have a fantastic holiday season.