For the Santa Barbara Real Estate are of Montecito Real Estate through July there were 111 sales and currently there have been 141. This average has been remarkably stable throughout the year with about 15 properties closing escrow every month. Both the Median and Average sales prices have also stayed remarkably stable throughout those periods with only a few thousand dollars separating the two months. Also tracking at the same level has been the Sales Price to Original List Price which been at about 91.5% all year. This means that if a property was listed for $1,000,000 that the sale price was $915,000. And to finish the Home Estate section out the Days on the Market have been exactly the same for the entire year at 103. A remarkably display of consistency.
On the Montecito Real Estate Condominium side of the ledger we see that Condo sales have slowed rather dramatically. For the first 7 months there were 19 condos that closed escrow and for the past two months we’ve seen only 2 added to that number. With the slow down of Condos there has been a slight decline in the Median sales to $1,700,238 from $1,779,210. Also the average sales price has fallen from $1,475,000 two months to the current $1,250,000. Likewise the Days on the Market have slowed slightly by a total of 6 days. At least part of the slow down in Montecito Condos is the dramatic sales rate we saw earlier in the year. The inventory is not that large so a slowing was inevitable. But even with the slowing the Median Sale price has remained rather constant.
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