Real Estate Inventory is Up

by Mark Ashton Hunt

This week it’s all about the Montecito market, and I don’t mean the Upper Village grocery store. I’m talking about the Montecito real estate market.

After months of low-housing inventory and lower, post-pandemic sales volume (OK, make that a year or so), we are finally seeing a restocking of the available homes for sale in the Multiple Listing Service (MLS) in Montecito’s 93108. At the same time, numerous closed sales in the past two weeks have moved much of March and April’s lower-to-mid-priced inventory into the sold or pending category, and we are seeing many new listings hit the market each week.

To illustrate this point with stats, Montecito had 28+/- homes and condos for sale to choose from in mid-April in the MLS, and it had been that way for many months. Now in mid-May, we have 44 homes and condos available across all price ranges – a 50% increase in available housing inventory.

On the recently sold side of things, in April there were only 10 sales recorded in the MLS in Montecito’s 93108, down from average years, where we would normally see a dozen or more closed escrows during April.

Of significant note here is that four of those 10 sales in April were more than $10 million. Forty percent – that is news. May has already seen nine closed escrows in the MLS as of May 11, all less than $10 million, which is more in line with our normal market activity in the area.

So, if you plan to be one of the lucky few to buy a home in Montecito this month, here are four options in a variety of sizes, styles, locations, and prices from which to choose:

2946 Hidden Valley Lane – $5,700,000

This renovated Andy Neumann

Spanish Estate rests on a private, gated, and fenced 3-acre lot that boasts a long private driveway, off-street parking, ocean and mountain views, all in a private setting. Features include a grand living room with a fireplace and wood-beamed ceilings, a large island kitchen with high-end appliances, formal dining and breakfast rooms, a library with built-in shelving and ocean views, and an oversized infinity pool surrounded by both covered and uncovered patios.

The primary bedroom suite includes a spacious sitting area, walk-in closet, and luxurious open-concept bathroom. Two additional bedrooms, one with an en-suite bathroom, provide privacy and comfort. Embrace the indoor/outdoor lifestyle this entertainment-friendly home offers and be surrounded by nature just a few blocks up the hill from East Valley Road.

865 Romero Canyon Road – $7,995,000

Welcome to this 2.81-acre Montecito property that includes an authentic East Coast farmhouse of almost 6,000 square feet, surrounded by stunning oak trees and manicured landscaping. This six-bedroom, six-and-a-half-bathroom home is within the Montecito Union School District and features gracious living spaces, providing a perfect place to gather and entertain friends and family. Large windows throughout the home frame the oaks and mountain views, and let in natural light. Step outside into a rustic wonderland, where meandering walking trails lead you through