One way to track current activity is to not only look at recent months closed sales, but to look at what is in escrow at that moment, and compare a property to another property. Sometimes escrow does not complete it’s process and the parties start over, termed “Falling out of escrow” but ultimately escrow is the path to home ownership and by looking at what is in escrow, one can view the properties that have been most recently put under contract.
While the last few weeks have seen a number of new properties hit the market, there has also been a flurry of sales (with many of those new listings), which is keeping current inventory in some cases “stale” and also overall at very low levels.
One property hit the market a week ago today (lovely remodeled 4bd, 3.5ba home with collapsing doors leading to stone patios), and this home went into escrow within 48 hours.
That I know of, at this moment, there are 10 homes in escrow in Montecito, in the $2 million to $3 million range (A solid and desirable Montecito price range). These would be recent transactions with anxious owners looking to get into their new homes during the Summer months in our magical little beach town. There are 11 homes in Montecito in escrow in the $1 to $2 million range and just under a dozen homes over $3 million in escrow as well.
To view my best buy selection of properties on the market right now in Montecito, please visit my website www.MontecitoBestBuys.com.
Here are a few examples of homes that I had selected as Best Buys in the past few weeks, that are in escrow right now (meaning you likely missed your chance):
Stay tuned for more Montecito Best Buy updates from Mark Ashton Hunt and look for my Real Estate column in the Montecito Journal.