For the Santa Barbara Real Estate area of Montecito Real Estate for the first 3 months of ’08 there have been 35 sales with a median sold price of $3,850,000 and an average sold price of $4,908,600 that compares to the ’07 numbers in the Single Family Home market when 45 homes closed escrow with a median sold price of $2,800,000 and an average sold price of $3,637,555. For ’07 84 homes came on the market with a median asking price of $3,325,000 and an average asking price of $5,106,498. During that same period for ’08 91 new listings came on the market with a median list price of $3,495,000 and an average list price of $4,803,703. So far in ’08 we’ve seen 38 Home Estates go into escrow, 16 get withdrawn from the market, 32 listings cancelled and 34 expired with only 24 coming back on the market. This compares to the same period in ’07 when for that same period 50 properties went into escrow, 10 were withdrawn from the market, 18 listings cancelled, 33 expired and 23 came back on the market. Currently there are 135 homes for sale in the area with a median list price of $4,000,000 and an average list price of $6,281,251.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first three months of ’08 3 condos have closed escrow with a median sales price of $1,750,000 and average sales price of $1,853,333. This compares to ’07 in the Condo market when 10 condos closed escrow with a median sold price of $1,500,000 and an average sold price of $1,666,000.
So far in ’08 9 new listings have come on the market with a median list price of $1,895,000 and an average list price of $1,926,666. This compares to ’07 for the Montecito condo market when 13 condos came on the market with a median asking price of $1,369,000 and an average asking price of $1,627,461. For ’08 so far 3 condos have gone pending, 0 have been withdrawn from the market, 2 listings canceled and 6 expired with only 1 returning to the market. This compares to that same that same period in ’07 when 7 properties went into escrow, 2 were withdrawn from the market, 2 listings cancelled, 5 expired and 0 came back on the market. Currently there are 14 condos for sale in the area with a median list price of $1,895,000 and an average list price of $2,222,785.