Through the middle of December 07 for Montecito Real Estate weve seen 175 Home Estate/PUDs close escrow. This number is exactly 10 properties ahead of where we were in 06. This interesting part of this number is that along with an increase in sales weve also seen an increase in the Median Sales price from $2,690,000 in 06 to $2,900,000 in 07. The Original List Price to Sales Price ratio is almost exactly where it was last year. In 07 it has been 90.78% and in 06 its been 90.86%. The Days on the Market for the homes that sold in 07 stands at 103 and in 06 it was 98. The market for the upper end properties has continued to expand but has slowed slightly from 06. With both the Median Sales price and Numbers of Sales increasing Montecito is still a very good place to buy a house..
For Condominiums in Montecito Real Estate there have been 24 sales in 07 as opposed to 21 for the same time period last year. The Median Sales price for 07 is $1,225,000 compared to the $1,655,000 number of 06. This is a fairly large drop in the Median Sales price and is only counter balanced by the increased numbers of sales. The Original List Price to Sales Price ratio o 89.64% for 07 shows a willingness on the part of sellers to deal more aggressively on the price compared to the 92.29% mark of 06. The Days on the Market is only 3 higher for 07 as opposed to 06 which means sales are taking about as long as they did last year.
Check Out Montecito Real Estate on Squidoo