Q3 2022 | Montecito Market Report

October 7, 2022

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.

Contact us to discuss the current market or anything else real estate related.

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