Montecito Market Report | Q4 2022
A Decelerating Market
The Montecito market continues to decelerate from the feverish pace of the past two years. The stalemate of low inventory combined with continual demand is keeping prices elevated though buyers are becoming more prudent and less impulsive. Whether or not a recession is in our future and how the Fed will respond remains to be seen. If we do enter into one, and if the stock market continues on its current course, we may start to see more properties hit the market. On the contrary, many homeowners refinanced at low rates over the past couple of years which may dissuade them from selling. One thing we do know is that the next six months are going to be interesting.
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 to discuss any of your real estate needs.