For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through July 17 has been $3,625,000 and the average sales price has risen to $4,788,858. The rise in median is about 25% and the average is about 32%. In contrast the numbers of sales is down from 114 at this time last year to 87 this year for a decline of about 24%. This fall in the numbers of sales is interesting because the numbers of properties available is up almost 20%.
The gap report for Montecito Home Estate/PUDs is almost non-existent. The Median List Price in ’08 has been $3,850,000 compared to the sales price of $3,625,000. The fascinating thing about Montecito is that it seems to defy gravity. More properties are available but fewer have sold. And when there is more of something prices normally fall. But in Montecito the sales price has risen markedly.
For Santa Barbara Real Estate’s Montecito Real Estate condo market there have been just 9 sales so far this year. This is a drop of more than 50% which again contrasts with the fact that there are more units available this year. At this time last year there were 14 condos available and currently there are 27. Other than the numbers of units sold all the rest of the numbers are up, the median sales price is up 7%, the average sales price is up 5% and the median list price is up a whopping 50%.
The gap report for Montecito condos is actually a little larger than the Home Estate gap. Currently the difference between what I call askin’ and gittin’ is about 10%.