Nationwide Real Estate Trends
February left us with 5 reasons to celebrate.
- Seller Participation
Encouragingly, more sellers are stepping into the 2024 housing market. Both newly listed homes and the active inventory have seen a significant increase, offering home shoppers more options as we approach the traditionally busy spring homebuying season. - Pricing Trends
Homes continue to sell quickly with the median listing price experiencing a slight increase of 0.4% compared to the same period last year. - Listings Surge
Newly listed homes have surged by 11.9% from a year ago, marking the 18th consecutive week of outpacing year-ago levels. This influx of new listings provides vital options for home shoppers, addressing specific must-have lists. - Market Activity
Active inventory has risen by 17.8% compared to last year, offering today's home shoppers a more abundant selection. Despite this increase, inventory levels remain nearly 40% lower than pre-2017 levels. - Market Velocity
Homes are spending less time on the market, with a four-day decrease compared to last year. This trend, observed for 21 consecutive weeks, indicates a continued brisk pace of transactions, fueled by both demand and limited supply.
Neighborhood Market Update
Montecito
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NEW LISTINGS: 20
PENDING: 11
PRICE CHANGES: 6
SOLD: 16
Hope Ranch
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NEW LISTINGS: 2
PENDING: 0
PRICE CHANGE: 0
SOLD: 0
Santa Barbara
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NEW LISTINGS: 52
PENDING: 40
PRICE CHANGES: 17
SOLD: 39
Carp/Summerland
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NEW LISTINGS: 8
PENDING: 12
PRICE CHANGES: 3
SOLD: 10
Featured Property
WORLD CLASS DON NULTY MEDITERRANEAN ESTATE
LISTING PRICE: $ 11,950,000
Nestled in the heart of Montecito, this gated and private residence embodies timeless Mediterranean charm, boasting meticulous craftsmanship and a warm, inviting atmosphere. Designed by renowned architect Don Nulty, AIA, this hidden gem offers a seamless blend of understated luxury and thoughtful functionality, ideal for both formal gatherings and relaxed everyday living.
The inviting sunken living room hosts a woodburning fireplace with antique Italian surround and flanking large French windows. Imported Italian mantelpieces grace the fireplaces, adding an elegant touch with serene views of the picturesque mountains and lush grounds. French doors open to the covered terrace, embracing the cherished indoor-outdoor lifestyle of the area. A blend of refined materials including limestone, hardwood, and terra cotta floors complement exquisite walnut custom cabinetry adorn most spaces.
Flowing seamlessly from the living room, a grand double archway leads to the formal dining room. Here, French doors unveil a charming pergola-covered terrace, perfect for enjoying alfresco dining experiences.
The lavishly appointed kitchen, with its plethora of high-end appliances and amenities, including a versatile center island and a convenient butler’s pantry, offers a haven for both home cooks and catering professionals alike. Featuring seamless access to the living, dining, and family rooms, as well as the hallway and a charming Dutch door leading to the terrace, this kitchen is a culinary enthusiast’s dream.
This luxury property offers the perfect space to live the coveted Santa Barbara lifestyle, where luxury, comfort, and natural beauty intertwine seamlessly. From the grand motor court to the verdant backyard, the sprawling one-acre expanse of lush landscaping and outdoor features harmonize seamlessly. Multiple levels of flagstone-paved terraces await, each offering its own unique charm - from a cozy fireplace and built-in radiant heaters to a tranquil pergola-shaded area and a sun-kissed space surrounding the glistening pool and in-pool spa.
For those considering buying, selling, or investing in real estate in this area, I'm here to assist you every step of the way. Feel free to contact me at (805) 886-9378 or via email at Cristal@montecito-estate.com to schedule a complimentary consultation. Stay ahead of market trends with my next market update. Let's make your real estate goals a reality.
Of Related Interest:
- Cristal Clarke Recognized Once Again By Leading Industry Publication
- Selling a Montecito Home: A Few Things to Consider
- What Makes Santa Barbara One of the Best Places to Live