February 2023 Real Estate Market Update
Many experts say the market will be less buoyant than it was in 2021 or 2022. And while today's real estate conditions are completely different than they were the last couple years, personally, I don’t think we will see large swings in evaluations any time soon. The one caveat is that a property is priced in accordance with current market conditions, which makes it even more important to work with a seasoned real estate agent. Some properties in and around Santa Barbara are still experiencing multiple offers, especially those priced below $5M and even more so with those priced under $4M.
So, to answer the question of price drops in 2023, I say don’t expect dramatic downward price trends until buyer demand eases and supply levels increase. But do expect to see continued price changes as the market finds its new equilibrium.
In my latest video, I share more insight into the current real estate market, as well as the future, in Santa Barbara and our surrounding communities.
Neighborhood Market Update
NEW LISTINGS: 17
PRICE CHANGES: 11
NEW LISTINGS: 2
PRICE CHANGES: 1
NEW LISTINGS: 47
PRICE CHANGES: 49
NEW LISTINGS: 7
PRICE CHANGES: 7
Bella Vista Estate
120 MONTECITO RANCH LANE, SUMMERLAND CA
Offered at $70,000,000
Stunning San Ysidro-Style Farmhouse
723 VIA MANANA, MONTECITO CA
Now Offered at $5,450,000
This stunning San Ysidro-style farmhouse is situated on a quiet cul-de-sac featuring a 1963 mid-century modern layout with its open floor plan. Sitting on approximately 1 acre, the new owners will appreciate the sizeable oak-shaded garden with ocean views. You'll find cozy and contemporary interiors inside this gorgeous and spacious two-story home. An impressive fireplace and numerous built-in bookcases anchor the living room. The gourmet kitchen, remodeled in 2010, features granite counters and stainless-steel appliances. An intimate and comfortable dining room features classic exposed open beam ceilings and stunning skylights, creating a warm and welcoming ambiance for intimate gatherings. There are primary suites on each level. With its 4 bedrooms and 3.5 baths, an artist studio, and beautiful gardens, this home is truly an exceptional offering.
If you’re considering making a move, please call me at (805) 886-9378 or send me an email at Cristal@montecito-estate.com for a complimentary consultation. Meantime, stay apprised of local, regional and national real estate trends with my next market update.