Market ReportMontecito Sales Q2
Letter From Trey Evans
Dear Clients and Community Members,
We hope you and your families have stayed safe during this difficult time. The global pandemic has dramatically impacted how we all live, work, and interact with each other. All of us spending more time at home where we live has become increasingly important. We felt it would be a good time to look at how this has affected the real estate market on both a national and local level. Nationally, pending home sales rose 44.3% as we moved from April to May of 2020 and we have seen a rise in the search for million-dollar homes by 7.3%.
Locally, we have seen increased demands across all sectors, specifically the Montecito market. Inventory has remained low, and demand is remarkably high. We have noticed an influx of interested buyers form major metropolitan areas, mainly driven by individuals from San Francisco and Los Angeles looking for second homes or a permanent move. For these individuals, a return to normal in the short term has become less of a reality. Many companies are signaling that remote work will last through 2020, and there is wide speculation that this or a hybrid could become the new norm. The decreasing need to live near your place of work and an increase in time spent at home has created a desire for consumers to be somewhere that offers unmatched quality of life. Santa Barbara offers a coveted lifestyle due to its lower density population, close-knit community and incredible outside resources in the beaches, mountains, and parks. For these reasons, it is no surprise that Montecito has become one of the most desirable places of refuge.
We anticipate that inventory will remain low, and demand will stay high through 2020. If you're considering selling your property, now could be the optimal time. Evans Realty + Investments is a boutique brokerage firm that puts its clients first. Contact us today to learn more about our unique digital marketing strategies, "prepare your home" project management services, COVID safe virtual transactions, or receive a confidential market and home analysis. We strive to offer each of our clients a tailored experience, providing the utmost care and discretion.