For the Santa Barbara Real Estate area of Montecito Real Estate for the first seven months of 08 compared to 07 shows us that sales are down about 22% which means that the numbers of sales are continuing to drop at this time. But while sales continue to fall the median sales price continues to rise when compared to 07 and currently its up about 28%. The average sales price is even higher coming in at 35% above the 07 numbers. Looking at the homes that have gone into escrow we see that the numbers are starting to come up when compared to 07. Were now at about 18% down from where we were last year compared to the 22% decline in sales. But while the numbers of sales are rising the median list price for those pending properties is up only 6.3% from 07. I would definitely trade an increase in the numbers of sales to such a meteoric rise in the median sales price, but thats just me.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first seven month of 08 there have only been 11 sales of condominiums compared to 19 for the same period in 07. This decline of about 42% is offset by a rise in the median sales price of about 7%. The average sales price on the other hand has actually dropped by less than 1%. The only really good news for the condo market is that the numbers of pending listings has gotten closer to the 07 numbers. The current numbers of listings that have gone into escrow for 08 is only about 20% down from the 07 level and interestingly the median list price for those condos in escrow in 08 is about 20% above the median list of 07.