The Santa Barbara estate market and the Montecito real estate market are remarkably different!
In the Santa Barbara real estate market, the median sales price is up 6%. It currently stands at $1,002,000. It was $945,000 this time last year. The number of sales in Santa Barbara is off 6.2% and new listings are up 8.4%
In the Montecito real estate market, the median sales price is down 25% and currently is $2,400,000. This time last year, Montecito’s median sales price was $3,200,000. The number of homes sold in Montecito is off 37.2%. New listings in Montecito are off 20.6%.
Economist, Dr Mark Schniepp says “over the next 2 years, expect a surge of construction workers, construction materials, and construction trucks in and about the Montecito area. The replacement and repair activity will significantly increase the value of homes and the neighborhoods in which they are located. The entire Montecito community will benefit along the way.”
Call or text Wendy Gragg at 805.453.3371 for information or assistance.