The Montecito real estate market has had an interesting few months, with the latest update showing a significant jump in inventory. As of the end of July, there were 65 homes on the market, a notable increase from the previous month and more than any other month in the last 2 ½ years. This rise in inventory could be attributed to a number of factors, including new properties entering the market, increased seller confidence, and shifting market trends.

Despite the uptick in inventory, the number of sales in Montecito during the month of July still remained relatively low, with only 13 homes sold. However, these properties did not sit on the market for long, selling within 47 days on average at 93% of the list price. This suggests that while there may be more options available to buyers, those properties that do hit the market are still highly sought after.

The median sale price for Montecito homes in July was $6,125,000, which is slightly lower than the previous month but significantly higher than the same time period last year. This price point reflects the luxury market in this area, where homes are often expansive and offer numerous amenities and high-end finishes.

Moving over to Hope Ranch, the neighboring area, we can see a similar trend of rising inventory. With 14 homes on the market, inventory has been steadily increasing over the last few months. However, there was only one property sold in Hope Ranch during July, and it was sold off-market for $4,930,000. With the market in flux, sellers may be opting for off-market sales to avoid fluctuations in list prices and competition with other properties.