In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market has 11% more active listings this year and 4% more new listings. But that’s the end of the good news because the numbers of condos that have entered escrow has dropped by 50% and the numbers of sales has fallen even further by 68%. The Montecito condo market got off to a very slow start in ’08 but has started to move forward so I expect these escrow and sales number to start moving upward. Interestingly enough the Average Sales Price for Montecito condos has risen by 16% up to a $2,006,908 mark.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito the numbers of active listings is almost exactly where it was last year and the numbers of new listings is down by 4%. This very slight increase in inventory is tempered by the decline in numbers of Homes that have entered escrow. Pending homes are down by 15% and the numbers of sold Homes is down by 19%. But while the numbers of sales is down the Average Sales Price has gone through the roof up 35% to $4,080,471.
For PUDs in Montecito Real Estate there hasn’t been much activity. Last year there was 1 active listing and in ’08 we’ve seen 3. Those 3 listings came on the market this year and last year at this time there were 0. For both years there have been 1 escrow and 1 sale but this year we see that the Average Sales Price has risen by 6% to $2,476,500.
Posted by gandlwoods at June 3, 2008 07:46 AM