Montecito Real Estate in Review

According to the Santa Barbara Multiple Listing Service there were 192 sales in Montecito in 2016 down from 195 sales in 2015, with over half of those selling for under $3,000,000. Here’s the breakdown: 11 sales under one million. 57 sales between $1,000,000 and $2,000,000. 47 sales between $2,000,000 and $3,000,000.  23 sales between $3,000,000 and $4,000,000.  20 sales between $4,000,000 and $5,000,000. 22 sales between $5,000,000 and $7,000,000. 9 sales between $7,000,000 and $10,000. And, 4 sales over $10,000,000.

In the neighborhoods east and west of State Street in Santa Barbara (that includes the Upper East, the upper and lower Riviera, Foothills, and the Mesa) in the $2,000,000 to $5,000,000 price range 97 homes sold in 2016. Only 3 homes sold above $5,000,000 according to the Santa Barbara MLS. In Hope Ranch in the $2,000,000 to $5,000,000 price range, there were 10 sales. Above $5,000,000 in Hope Ranch there were 6 sales.

Some of the data here might prove to be plus or minus what has been shared here from the Santa Barbara MLS. Why? Sometimes agents will try to place their listing in an area such as Montecito or Hope Ranch when in all actuality they are not. Right now, priced for sale in Montecito on the Santa Barbara MLS are property in France and Solvang. The last time I ran a search for homes for sale in Hope Ranch 10 of the 35 homes listed for sale were not in Hope Ranch. I hope the Santa Barbara Association of Realtors considers addressing this issue, and hence why this data might not be as accurate as it could be.