MONTECITO — AUTUMN IN WINE COUNTRY
Welcome to Montecito in Santa Barbara County where Southern California’s luxury real estate pairs perfectly with natural beauty. Many flock to this coastal paradise to enjoy reprieve from the city and to sip Santa Barbara’s locally made reds and whites.
However, for some, one visit isn’t enough. That’s why Montecito’s luxury real estate market, tucked alongside the Santa Ynez Mountains, is a popular subject for luxury buyers looking to call this picturesque haven home. Join us in exploring the market with Compass agent Susan Pate of the Morehart Group.
The Montecito marketplace remains steady, and in favor of sellers. Inventory is low, and properties that are priced correctly are being sold in multiple offers. For homes that aren’t moving as quickly, slight price reductions are bringing in offers. According to a recent report the median list price is $4,450,000 with the market action index hovering around 29. This is an increase over last month's market action index of 27
Montecito is the kind of place where community is everything and everyone is a friendly neighbor, no matter who they are. “I have had the fun opportunity to represent many listings that celebrities have purchased, toured or otherwise inquired about,” Susan shared. So much of the luxury market in this region is defined by industry elites looking to enjoy the privacy and lifestyle that Montecito offers. “We also have an amazing span of professional athletes who have lived here, do live here, and want to live here for our year-round golf weather.”
What else are buyers looking for? Space, fresh air, and ocean views. With low inventory, it is key for buyers to work with an agent who has their pulse on all opportunities on and off the market. Susan doesn’t anticipate a major shift in inventory now through the 2020 holiday season making it a potentially advantageous time to put homes on the market to meet buyer demand.
