Maureen McDermut's 2017 Year in Review
This year has brought unprecedented challenges to our precious community. We’ve all shared in the heartbreak and miraculous stories that have unfolded over the last few months. Through it all we have remained resilient and hopeful; we’ve seen this tight knit community band together under national spotlight. It has reminded us all of what makes Montecito so special and unique.
Low inventory continues to create a healthy demand driving up higher than average pricing for homes. Montecito remains a highly coveted area that despite recent events is poised to continue to thrive in the real estate market. The average sales price has increased over $120,000 just this year. The average sold to list ratio moved from 94.67% to 89.5%. Days on Market (DOM) averaged 146 days, this is an increase from 2016 which was 96 days. The highest home sale in 2017 was $15,925,000; whereas in 2016 it was $28,850,000. Total sales this year were at 226, a bump from the previous year of 216 total sales.
As the market continues to evolve I am excited to represent a new selection of properties. I am honored to be a part of this community and would welcome the opportunity to discuss your property goals and offer a free market analysis.