For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through June 13 has been $3.6 million with the average about 1 million higher for the 75 sales. Back in ’07 for the same period there were 96 sales but both the median and average numbers were about $1 million lower.
Throughout the period we’ve seen about 20 more listings come on the market this y ear as opposed to last year and the interesting part of that information is that despite the average median numbers skyrocketing ’07 median list price was only about $400,000 lower than the current number.
As far as the gap report is concerned this year the difference between the list and sale prices is only about $200,000, whereas last year the difference was about $600,000. The really interesting part about the figure this year to me is that there are more listings available which defies the old axiom of “when there is more of something the price falls.”
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 June only 9 condos have closed escrow compared to 16 last year. The interesting part of that number is that the inventory is more than doubled this year so just like with Home Estates it’s intriguing to see that both the average and median sale prices are higher. Again, when we have more of something the price is supposed to go up not down.
The only number that looks correct for the condo market is the gap report. Currently the difference between what the sellers want and the buyers are willing to pay is about $169,000, whereas last year the gap was only about $94,000. Ah well, things are always a little different in Montecito.