Santa Barbara Real Estate’s area of Montecito Real Estate for Home Estate/PUDs for the middle of September to the middle of October shows us that there were 12 sales as opposed to 18 the previous 30 days. The median sales price is also almost exactly the same with $2,795,000 in September to the current $2,775,000. The average days on the market has decreased from 92 two months ago to 86 currently. But the really good news is that in September there were 8 properties that entered escrow and currently there are 13. The inventory is up slightly from 111 in September and currently it’s 114. The Median Listing price of that inventory is down, two months ago $4,200,000 and currently its $3,600,000.
Montecito Real Estate Condominiums in the Santa Barbara Real estate has changed. In September there were 2 closings and currently there are 0. The Median Sales price of the condos has come down dramatically. In September it was $1,900,000 and in October it’s $0. 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 exactly where it was two months ago, with 15 condos currently available then and now. The Median Listing price of the currently available properties is down however. Right now it’s $1,449,000 and in September it was $1,825,000.
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