For Santa Barbara Real Estate in the Montecito Real Estate area there are currently 130 Home Estates for sale. It’s been a brisk year in Montecito with prices definitely trending upward. The highest priced listing is $47,000,000 and the lowest is $1,175,000. This gives us a robust Median List price of $3,775,000. Homes in that price range generally take longer to sell so it’s not unusual to see an Average Market Time of 139 days.
As of March 15 there were 15 properties in Escrow. The Highest Priced property was listed at $7,950,000 and the lowest priced home was at $875,000. So amazingly it is possible to live in Montecito for below $1 Million. Even so, the Median List price for the homes that are in escrow was $2,795,000 and the days, but the days on the Average Market time dipped to a zippy 57 days.
Through the middle of March 26 properties had closed escrow. The highest priced property was $21 Million and the lowest priced home came in at $1,229,000. When you put all that together it means that the Average Priced property in Montecito for ’08 was $5,299,461 which is just an amazing number. The sellers had to way 134 days, but hey I’d wait a lot longer than that for that kind of money.
For Montecito Real Estate in the Santa Barbara area Condominiums there are currently 14 condos on the market. The highest priced condo is listed at $5,900,000 and the lowest priced one is at $745,000. Even with the $745,000 condo this gives us an Average List price for the 14 of $2,214,496 with an Average Market Time of 104 days.
Only 1 condo is currently in escrow in Montecito. The list price of that one condo is $2,450,000 and it was on the market for 126.
For Sales through March 15 there have been only 2. The highest priced sale was $1,750,000 and the lowest priced sale was $1,360,000 give us an Average Sales price of $1,555,000. So at this point the Montecito Condo market is definitely quiet and currently not showing much movement.
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