2023 Mid-Year At-A-Glance
The average and median sale prices for single-family residences were down year-to-date compared to the first half of 2022 by -5% and -7.7% respectively. And new listings were down by -25%. This, of course, continued to put downward pressure on sales which were off by 31.7%. Inventory is slightly up this month at 2 months and 20 days compared to 2 months on 6/23/23.
Montecito’s average and median sales prices were also off by -4.7% and -2% respectively. And while new listings were up 7%, sales were down -27% YTD. The market vacillates between a balanced and a seller’s market hovering around 7-8 months of inventory at any given time. There is currently nothing available for sale in Montecito under $3.2M.
The condo market faired similarly to the markets mentioned above with the average and median sale prices down -2.9% and -4% YTD. New condo listings were also down -28% causing sales to drop by -34%. It’s worth noting that Days on Market this year, however, were up 107% from 14 to 29 days. In other words, it took twice as long for condos to sell YTD than the same time last year. We’ll be keeping our eyes on this to see if this turns into a trend. And inventory has inched upward slightly to 2 months compared to 1 month and 11 days for the same time last month.
If you’re looking to buy, the name of the game is proper planning and preparation. A purchase can be made, but it will take a thoughtful and assertive strategy. And for those of you sellers who will be looking for a new home, this transition can be done. Again, it just takes the right strategy. If you’d like to explore the prospects of making a move, let’s discuss whether a complimentary visioning session might be right for you.
