Since the devastating mudslide on January 9th of this year the Montecito real estate market has struggled as one might expect. From the time of the unfortunate event until now there have been declines in just about every category when compared to the same period last year. The number of homes listed has dropped 41%, the number under contract has dropped 53%, the number sold has dropped 38% and the median price has dropped 3%. Clean up from the mudslide is still under way in which afterward there are likely to be more homes listed for sale. Interestingly, the not so far away luxury community of Hope Ranch, west of Santa Barbara has seen a large increase in the number of homes under contract since the incident. A 200% increase to be exact. It stands to reason that many Montecito residents have or are considering Hope Ranch as a safer luxury community to relocate to.
The Santa Barbara real estate market has shown much less impact since the neighboring Montecito mudslide event. The number of homes newly listed since January 9th is up 27%, number under contract down only 3% and median price up 33% due to the popularity of the higher price ranges.
In addition to local events there are many outside factors expected to make an impact on the Santa Barbara real estate market this year. The general well-being of the economy, stock market, and how high interest rates rise are on the top of the list. We look forward to keeping you informed of the most up-to-date and relevant developments throughout 2018 and look forward to your comments and inquiries.