Market Update: Santa Barbara & Montecito, CA

Looking at the latest luxury real estate market report for the areas of Santa Barbara and Montecito California, it is evident that the number of days on market has decreased since the last quarter.

According to the latest statistics provided by Compass, inventory rates have increased throughout Santa Barbara by 1.07%, but have decreased throughout Montecito by 2.54%. And while the median list price has decreased within the more urban Santa Barbara by 2.78%, Montecito has in fact seen a slight pricing increase over the last few months.

As COVID-19 pandemic restrictions continue recent real estate trends have seen city dwellers looking for a bit more space. Reflected in the above statistics, while Santa Barbara is experiencing increasing housing inventory and lowered median prices, Montecito is seeing less available inventory entering the market as well as increasing prices.

Whether you’re buying or selling, the global marketplace for luxury real estate is always changing. We have analyzed the latest reports in luxury real estate to keep you up to date on current market trends in your area. This week’s Luxury Market Update for Santa Barbara & Montecito, CA has been provided by Suzanne Perkins, Compass RE.