The Montecito real estate market has been red hot and shows no signs of slowing down. Riskin Partners sold more than $600M in 2020, our strongest year on record yet.

**Montecito real estate saw a 66% increase in sales in 2020 vs 2019.**

**93108 saw 301 sales transacted in the MLS in 2020 vs 181 in 2019.**
VIEW 2020 SALES IN THE MLS
VIEW 2019 SALES IN THE MLS

South County sales increased 9% in 2020 vs 2019.

From Carpinteria to Goleta, there were 2,168 total recorded sales in 2020 compared to 1,985 in 2019.
VIEW REPORT

We anticipated a slowdown or exhale around the holidays, but it never came. So far, 2021 has been in lockstep with the mania of 2020, and our team has been very grateful for the ride. Sellers have been too, with prices appreciating approximately 20-30%. Instead of a traditional market report, we wanted to compile the top four questions we have received from clients, architects, builders, friends, and even our spouses about the market.

QUESTION #1: WHERE IS THE MARKET GOING?

Some have speculated that once the vaccine rolls out, or fears of COVID ease, there will be a mass exodus out of Montecito and to urban burrows. This is a bigger, harder question to answer. There will certainly be a segment of the market who miss 9/10pm dinner reservations, high heels, and the energy of a big city who will leave Montecito when COVID is "over".

However, the market (stocks and real estate!) remains very strong. The more people who come here, the more the "secret" gets out. There are also many who have always had their eye on Montecito or already had a vacation home here. People's relationship with place - be it work or home - has shifted during the pandemic and we believe that will be a lasting change for many. Many families who would love to raise kids here but couldn't due to proximity to their office now have the ability to work remotely or just go in once a week. Others have examined priorities and decided that living life at a slower pace, in a beautiful environment is more valuable than ever. The proximity to bigger cities has not changed, and many are realizing that the perfect balance between access to amenities a city has to offer balanced with ease of lifestyle is the ideal way to live. Many of the buyers we’re seeing today are switching from Montecito being a secondary/vacation home to being a primary residence. It could be that the shift for those is that their second homes are in the cities, rather than here.

This is a long-winded way to say, we can't know what will happen in the future, but that said, we feel confident about Montecito's future.

QUESTION #2: WHAT IS TRENDING?

While it was already a trend pre-COVID, the demand for move-in-ready homes with a current look and feel has risen dramatically. Market data is a reflection of that as well. Recently remodeled or newer construction with the right look is selling very quickly, sometimes before it even hits the market or within mere hours on the market, and often-times with multiple offers.
Walkability is important. We’re seeing that evidenced by a recent demand for the Hedgerow neighborhood, as well as the neighborhoods near the beach and Lower and Upper Villages.
If a property has not been recently remodeled or newly constructed, but has a light bright look and feel with current furnishings in place, it sells faster and for more money than those with a more dated look overall. This was the case in the pre-Covid market as well, but it’s even stronger now.
Pools! They’re back and in demand. We believe that’s partly because people are spending more time at home right now, and private clubs are not always open. We used to tell clients that adding a pool is a fairly easy thing for a buyer to do. What’s odd is that, while that’s true, over the past 12 months, and even several months before the pandemic, we have seen buyers choose properties because they already had a pool. This trend may change in a post pandemic world, but for now it’s one that’s here to stay.

5Living+room+main.jpg — New Construction

QUESTION #3: ARE HOME PRICES APPRECIATING SIGNIFICANTLY AND GENERATING MULTIPLE OFFERS?

Yes! In recent months, homes have been receiving multiple offers, closing at record speed, and transacting over the asking price - a trend not typical of the luxury secondary home market.