some like it hot
The Montecito market remains incredibly robust and highly desirable. Demand has not waned and we are at an all time low for inventory.
This has resulted in a significant increase in pricing. In some cases, we have seen an increase of 30% over pre-pandemic pricing. The timing of a buyers’ path to purchase has shortened significantly as have listings’ days on market. If buyers aren’t ready to act quickly when a property becomes available, it is likely that they will miss the opportunity to make an offer before someone else snaps up the home. Lots of owners are exploring the idea of selling but the big dilemma for them is where will they go after closing.
Year to date, Montecito has sold 93% more properties than in 2020 and the average number of properties for sale has decreased by 17%.
Montecito sales 2021 v 2020
# of Montecito Properties for sale
FAMILY MATTERS
We have seen a significant demographic shift since the pandemic. The biggest change has been the increase in young families making Montecito their primary residence. Between January and July of 2020 vs. the same time period in 2021, Riskin Partners saw a 160% increase in the number of families with children buying homes in Montecito. There are still many locals, empty nesters and second/third home buyers in our market, but the biggest shift has been the addition of young families to our community. We are seeing families primarily from all up and down the West Coast (Los Angeles, San Francisco, Seattle, etc), but also from other areas of the country as well. The consistent themes we hear are that people are prioritizing quality of life in the forms of being in nature, personal outdoor spaces, beautiful weather, lack of traffic, good schools, and distancing themselves from the hustle and stresses of larger city life. Coupled with so many companies allowing people to work remotely, Montecito is an incredibly attractive choice. Montecito is a wonderful small town that has all of the amenities of a larger city and we are thrilled to welcome our new residents.
buckle up
If 2020 is any indication of what is to come, Q3 could be the busiest quarter yet. With continued demand and such low supply, it is very possible that prices will continue to rise as the buyer’s market remains competitive.