In January, Montecito, California, saw a surge in home sales, with 25 properties sold, despite national real estate struggles due to high mortgage rates. Mark Ashton Hunt reports that this included six sales exceeding $10 million, marking a stark increase from previous years when such high-value sales were rare. The sales trends indicate a resilience in the luxury real estate market of Montecito, possibly influenced by its celebrity status and exclusive nature, suggesting a disconnect from broader market challenges.
"Basically, this is unheard of in one month, especially a January," wrote Hunt. "Just six years or so ago, you would only see six sales over $10M in a whole year, not in one month."
Hunt stressed that those were not 'fire sales,' either literally or figuratively. The home sales were unrelated to the devastating wildfires that scorched Los Angeles County in January, and the properties were not sold at bargain-basement prices.
According to the veteran agent, six of the Montecito properties were sold for more than $10 million, among them four that went for $20 million or higher.
Hunt told Realtor.com that according to his records, in January of the previous year, there were just 12 closings, and no homes were sold over $10 million.
Collection
[
|
...
]