March 2022 Market Update
Each month we ask ourselves, “Can inventory really continue to stay this low?” And, without fail, the market responds, “Yes!”
With 0.78 months of inventory in the month of February, if nothing else goes on the market, we’ll have nothing left to sell in just 3 weeks. And, with interest rates likely to rise, buyers are more eager than ever to find the right home as soon as possible. We’ve said it before: with demand like this, prices have nowhere to go but up.
In fact, we recently sold 1395 Virginia Road in coastal Montecito for $5,200,000. Just a year and a half ago, we sold the exact same property for $3,300,000. That’s nearly a $2,000,000 increase in value! In 2021, the median sales price in Montecito homes increased by 33%. In just a slightly longer time frame, this particular property’s value increased by 57%. That is a huge difference that we can attribute in part to the market value increasing in those extra months and in part to Zia Group’s innovative marketing plan.
What does all this mean for you? Well, at Zia Group, we are doubling our efforts to find homes for our buyers. Are you in the market to buy and looking for an agent who is fully prepared to dedicate everything to help you find your next home? Give us a call so we can share all our team will do to help you achieve your real estate goals even in this tough market.
If you own a home and have even remotely considered selling your home, or are just curious to know what your home could be worth in a market like this one, reach out to us for a complimentary home valuation and consultation. As the team working with more buyers and sellers in the Santa Barbara area, we have unique insight into the market, beyond just what the numbers say. We’d be happy to equip you with that proprietary knowledge so that you can make an informed decision about your home. As always, and even in this difficult market, we promise to be neutral advisors. If the circumstances or price aren’t right for you, we still believe it is fully worth our time and effort to provide you with accurate information so that you can make the best decision for you at this moment in time.
South Santa Barbara County Single Family Homes for March 2022
Including annual change | See definition of terms