Through the middle of February ’08 for Montecito Real Estate we’ve seen 16 Home Estate/PUDs close escrow. This number is 4 fewer than were sold in ’07 at this time. The interesting part of this number is that despite the decrease in the numbers of sales we see a dramatic increase in both the Median and Average Sales Prices. The Median for ’08 has been $4,192,500 as opposed to the ’07 figure of $2,756,250. The Average for ’08 has been $5,935,750 as opposed to the ’07 number of $3,892,325. The Original List Price to Sales Price ratio is almost exactly where it was last year. In ’08 it has been 93.54% and in ’07 it was 93.5%. The Days on the Market for the homes that sold in ‘08 stands at 152 and in ’07 it was 123. The market for the upper end properties has continued to expand as far as the Median and Average Prices are concerned even though the numbers of units has decreased.
For Condominiums in Montecito Real Estate there has been 1 sale in ’08 as opposed to 7 for the same time period last year. The Median Sales price for ’08 is $1,750,000 compared to the $1,525,000 number of ’07. The Original List Price to Sales Price ratio of 97.22% for ’08 is dramatically above the 79.91% mark of ‘07. The Days on the Market for ’08 is a miniscule 24 as opposed to the ’07 number of 136.
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