In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the numbers of listings for all of 07 is down by 10% and the numbers of new listings is down by 11%. The good news is despite this drop off in product to purchase the buyers have about doubled the numbers of units sold. Last year at this time the number was 15 and right now its at 28 for an 86% increase. The Average Sales price has not seen such a dramatic rise however even though it is up. Last year it was $1,650,233 and now its $1,690,357 for a modes 2% gain.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the overall numbers of units for sale is up by a mere 1% but the numbers of new listings is down by 4%. Despite this fall in the numbers of properties to purchase we see an 8% rise in the numbers of escrow and an even more robust 15% rise in the numbers of sales. With this increased number of sales we see a slight decline of 4% in the Average Sales price. Last year it was $3,849,195 and currently its $3,672,674.
In the Santa Barbara Real Estate area of Montecito Real Estate for the Planned Unit Development Market the numbers of units to sell is off dramatically. Last year there were 6 total properties on the market for the year and this year there has been only one. And for 07 there were no new listings. The tally shows us 5 in 06 compared to 0 for 07. Because of this lack of inventory the escrows are also off dramatically. Last year there were 4 and this year there has been only 1 for a 75% decline. Also the sales are off with 3 for 06 compared to 1 for 07. The only bright spot in all this is that the sales price for that one property was $2,325,000 compared to the Average Sales price for 06 of $1,850,000.
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