For Santa Barbara Real Estate in the Montecito Real Estate area there are currently 138 Home Estate/PUDs on the market. The inventory continues to edge forward because of the about 20% drop in the numbers of sales from ’07. While the sales are down the prices continue to rise. The average listing in Montecito is about $6.5 million with the top price showing up at $47 million. But you can get a deal in Montecito with the low, low price of $1.1 million. The Median List price however is just under $4 million. Those 138 homes have been on the market an average 129 days.
Currently there are 18 Home Estates in escrow in Montecito with an average price of about $3.4 million. The most expensive Home in escrow is listed just below $9 million and least expensive home just below $1 million at $995,000. Those properties currently in escrow took 117 days to get there.
As we close in on the middle of the year 79 Home Estates have closed escrow with an average sales price of more than $4.5 million. The most expensive property topped the charts at $21 million and the least expensive Home went out at $900,000. These numbers give us a Median Sales Price of $3,625,000 and an Average Market Time of 106 days.
For Montecito Real Estate in the Santa Barbara area Condominiums there are currently17 available with an Average List Price of $1,850,823. Zooming up the charts the most expensive Condo is listed for just under $6 million and the least expensive condo can be snapped up for just $745,000. These numbers gives us a Median List Price for the 17 available properties of $1,749,000 and an average market time of 95 days.
Currently there are no Condos in escrow in Montecito. So the news is short and not so sweet.
For the first 6 months of the year 9 condos have changed hands. Those 9 brought an average sales price of $1,869,050. The most expensive condo which was down close to the Biltmore sold for $4.3 million and the least expensive property closed for the low, low price of $799,950. From the top to the bottom the Median Sales Price is $1,580,000 and it took 92 days to complete the sales process.