As always, in order to get a full understanding of the real estate market, it's important to go beyond just the number of new listings and sales.
In Q3, Montecito was a mix of strength, caution, decisiveness, and impulsivity.
This quarter, a number of homes received multiple offers. The majority of these listings were priced in the $6M - $8M range, single-level, had views, were new construction or remodeled with "today's look and feel," and priced well or had a recent price reduction which repositioned them among their competition. There are three P's of real estate: price, property, and presentation. When they are all in alignment, buyers step up! Click below to see some of the listings that received multiple offers; some have closed, some are still pending, and some are back on the market looking for the right new owner.
Q3 saw some strong sales for sellers and equally strong sales for buyers.
At first glance, these discrepancies might appear to signal that there wasn't a trend in Q3 pricing. Quite the contrary: the extreme sales represent transactions of convenience.
Occasionally a well-timed offer will resonate with sellers who ultimately find real value in moving on. Conversely, when the "right" property comes on, some buyers see value in acting with strength to secure their ideal home. Montecito is a community with a great deal of elective real estate deals and many Q3 sales reflect this enviable discretion.
What's on tap?
In September, more listings got under contract than during any September in the last decade. We anticipate that will translate into a strong fourth quarter for the Montecito market as Q4 started with 12 closings in the first two weeks!
Stay tuned for a Q4 update and Year in Review in early January.
There were 54 sales in Montecito during the third quarter, 33% of which happened within the first 30 days of coming on the MLS. None of these properties reduced their price during their time on the market, and one-third of these quick sales closed at or above their asking price.
hope ranch market
During the third quarter, 11 properties closed in Hope Ranch which was up from 9 sales in 2018's third quarter. Last year, Q3 had two Hope Ranch properties closed over $10M whereas this year, Q3's the highest sale was $7,995,000. Despite the lack of ultra-high end sales in Q3, Hope Ranch still had some strong closings; most notably 4200 Marina Drive which closed for $4.650,000 and Riskin Partners' sale at 4163 Marina Drive which closed for $6,625,000.