For the Santa Barbara Real Estate area of Montecito Real Estate for the first 5 months of ’08 for Home Estate/PUDs we’ve seen 72 sales compared to 92 for the same period in ’07. But the downturn in the numbers of sales there has been a dramatic rise in both the average and median sales price. The median has risen almost a million dollars and the average is over a million dollars. The numbers of homes going into escrow has not fallen by as much as the numbers of homes that have closed escrow so hopefully those homes that entered escrow will complete the sales price and bring up that number. Most of the other numbers are very similar with Days on the Market currently at 106 compared to 107 and new listings at 152 compared to the ’07 number of 153.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first five months for the condo market we have had 7 sales compared to 16 for the same time period last year. This is actually a big rise from where we were at the end of April. Those 3 condo sales in May almost doubled the output of the previous 6 months. Just like with Home Estates both the average and median sales price is up from ’07 topping out at $1,175,000 for the Median and $,005,921 for the Average. Similarly to Home Estates the Days on the Market are very close with 107 in ’07 and 112 in ’08 and the number of new listings is very close with 20 in ’08 and 19 in ’07.