Santa Barbara Real Estate’s area of Montecito Real Estate for Home Estate/PUDs for the middle of August to the middle of September shows us that there were 18 sales as opposed to 15. The median sales price is also up from $2,200,000 in June to $3,564,859. The average days on the market has increased from 72 two months ago to 99 currently. The only fly in the ointment is that in June there were 18 properties that entered escrow and currently there are 12. At least part of this can be attributed to seasonal activity. The inventory is down slightly from 124 in June and currently it’s 113. The Median Listing price of that inventory is up very slightly. Two months ago $3,585,000 and currently it’s $3,695,000.
Montecito Real Estate Condominiums in the Santa Barbara Real estate is basically what it’s been all year. In June there were 3 closings and currently there were 2. The Median Sales price of the condos has come down dramatically. In June it was $1,800,000 and in September it’s $950,000. When you’re only dealing with 2 sales the numbers can be greatly skewed so I don’t think this is a trend, just an anomaly. The inventory is up however with 12 condos currently available as opposed 9 2 months ago. Also up is the Median Listing price of the currently available properties. Right now it’s $1,474,000 and in June it was $1,099,000.
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