In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the numbers of total listings is exactly where it was last year at this time when we saw 33. The numbers of new listings is down slightly however by about 16%. Even though the list numbers are close the numbers of escrows and sales is not. Escrows are down by a whopping 63%. At this time there have been only 4 escrows this year and so far only 3 of those escrows has closed. Because of the huge surge of activity last year this means that currently the numbers of sales is down by 80%. The amazing number is that even though the sales are almost non-existent the average sales price is up by 11% rising to $1.85 million dollar.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the overall listings are up only slightly by 1%. But the numbers of new listings is down slightly by 4%. So with the numbers of listings basically at a wash numbers of escrows has declined by 21% and the numbers of sold properties is down by 23%. But just like with condos in Montecito the properties that have sold have pushed the average sales price up. The average sales price has risen by an astounding 29%. Home prices in Montecito continue to rise for both Home Estates and Condos.
Posted by gandlwoods at April 27, 2008 07:55 AM