Properties at the higher-end of the market, price points over $5M, are experiencing a similar level of activity. This segment of the market is experiencing the same lack of inventory. It's not uncommon to see multi-million dollar properties go under contract quickly, with multiple offers, and very short escrows.
The bulk of South County sales in this price range are located primarily in Montecito and Hope Ranch. Hope Ranch being the smaller market, with approximately 700 homes.
Montecito median sales price is up 46% in two years. In Hope Ranch it's up 58%; with fewer sales, an inordinate sale or two can dramatically skew things.