For the Santa Barbara Real Estate area of Montecito Real Estate
for the first 6 months of 08 there have been 83 sales compared to 106 at this time last year. This drop in the numbers of sales is not reflected in the sales price of those 83 homes. The median sold price has zoomed up to about $3.5 million compared to $2.9 million last year and the average has gone up to about $4.5 million from about $3.7 million last year. This surge in price may be leveling off however because of the listings which are currently in escrow. Right the median list price is about $3.2 million and last year it was at the same number. What is continuing is the approximately 20% fall in the numbers of sales. Last year there were 105 properties that went into escrow and this year that number is 87. Right now there are 141 home estate/PUDs available for purchase in Montecito with a median list price of about $4 million and an average list price of about $6.4 million.
For the Santa Barbara Real Estate area of Montecito Real Estate
for the first six months there have been 9 sales compared to last year at this when the number was 18. This 50% gap actually represents a surge in activity because for the first 4 months there were only 4 condo sales. Even though the numbers of sales is reduced both the median and average sales price is moving up. Currently the median sales price is about $1.6 million compared to last years number of $1.36 million and the average sales price this year is about $1.85 compared to last year when it was about $1.75 million. Through the first six months of 07 there were 13 condos that went into escrow compared to this year when there have been 9. The median list price for those properties is holding at about the level weve seen for the year coming in at about a +$300,000. Currently there are 14 condos available in Montecito with a median list price of $1.4 million and an average list price of $1.9 million.