Montecito Market Report | Q3 2022
While we continue to see somewhat of a softening in the Montecito market, the demand for correctly priced houses continues. The unrelenting lack of an inventory of good houses is the headline as proven by an almost 50% decrease from Q3 2021 in the number of transactions in a market where buyers are still clamoring to own property in our idyllic enclave. In my opinion, the increase in average days on market is due to a handful of overpriced houses that languish on the market.
It’s still a great time to sell as long as the property is priced correctly and it’s also becoming a better time to buy than in the past couple of years. Could we be seeing a trend towards market equilibrium? It may be too early to tell but we are seeing this occur in larger luxury markets so we may not be too far behind.
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