According to the National Association of Realtors, homes sales over $1 million jumped over 50% in November 2012, compared to 2011. It is believed that many sellers wanted to close prior to rumored capital gains hikes and the 3.8% Medicare surtax. Some sellers reportedly lowered prices for buyers who could close before the end of the year.
Some markets nationwide have reported a slump in inventory this month after the rush of sales at the end of last year. Even though the new year has come and gone, experts predict low mortgage rates to continue to draw more buyers, while foreign buyers will continue to consider U.S. real estate. In Montecito, high-end inventory remains healthy and very well priced.