For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through April 15 ‘08 is up dramatically for the Home Estate/PUD market from last year. Currently that number stands at $3,801,250 compared to the ’07 number of $2,800,000. The sales are off about 25% however with 44 this year compared to 59 last year at this time. The comparison of the Media Sales Price of $3.8 million is right in line with the current Median List price of $3.89 Million so there is no gap for the Home Estate/PUD market.
But while the numbers of sales is down by about 25% the numbers of listings is up by about 25%. Currently there have been 166 homes listed for ’08 compared to 133 for ’07. Also in ’07 the Median List price was $3.49 Million which gave us a pretty healthy gap between the Sales Prices and List Prices.
The only number which is exactly the same as last year is the Days on the Market. For both years it took an average of 106 days to get an accepted price of an offered listing. In ’08 despite the fact that the sales are down from ’07 Montecito is leading the way in the Santa Barbara market.
For Santa Barbara Real Estate’s Montecito Real Estate area for the time from the first of the year until April 15 the condo market has not performed in ’08. As of the middle of April only 3 condos have closed escrow which means that a total of 4 have closed since last November. The Median Sales price for those 3 is up substantially from last year when the number was $1,475,000. Currently the median sales price stands at $1,750,000 with the average sales price even higher at $1,853,333.
For ’08 despite the lack of production there is no gap between the Median List price of $1,780,000 and the Median Sales price $1,750,000. Interestingly enough in ’07 the Median Sold price was actually $200,000 above the Median asking price $1,275,000.
Just like Home Estates the condo inventory is up for ’08. So far this year we’ve seen 22 condos come on the market compared to the 15 of last year. I think the condo market will start to pick up in Montecito because of the closeness of the Median List and Median Sales prices. Also, there are some good values on the market for people with the ability to act.