Santa Barbara Real Estate’s areas of Montecito Real Estate for Home Estate/PUDs the numbers of sales continue to lag the ’07 numbers by about 20%. In ’08 we’ve seen 17 homes close escrow and in ’08 that number was 21. The Median Sales Price on the other hand is shooting for the stars. In ’08 it’s up to $4,500,000 whereas in ’07 it was a paltry $2,775,000. The Days on the Market is roughly the same showing 129 for ’08 versus 116 for ’07. But the worrisome number to me is the Pending Listings for 4/23 to 5/23. In ’07 38 homes went into escrow and in ’08 that number dipped to 28. Montecito has definitely been leading the way for the area so hopefully the numbers of sales will start to catch up to the skyrocketing Median Sales Price.
Montecito Real Estate Condominiums in the Santa Barbara Real estate has really been in the doldrums since last November. But for the period we’re talking about it has started to come back. In ’07 we saw 4 sales and in ’08 we’ve seen 3. Again with such small numbers it’s difficult to get a real trend but these numbers are encouraging. The Median Sales Price has taken a big leap from the ’07 number of $897,500 to the current $1,381,500. But the days on the market has also taken a big leap. Last year it took 41 days to get an accepted offer this year it’s up to 102 days. The sales trend looks like it’s going to continue because in ’07 we saw 3 condos go into escrow and in ’08 for the same time period the number is 2. 2 may not sound like much but when you’ve only had 4 sales since November that amounts to a 50% increase.