In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the numbers of total listings is just 11% ahead of where it was last year but the numbers of new listings is only 6% ahead of the ’07 pace. But with all the increase in the inventory the numbers of escrows is down by 38% and the sales are down a whopping 52%. As you might guess this decrease in sales also gives us a 52% drop in the overall sold volume but amazingly the average sales price is almost exactly where it was last year at this time.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the overall listings are up by about 8% but the new listings have only risen by 7%. Just like with condos this rise in the inventory has seen a decline in the numbers of escrows by 23% and a fall in the numbers of sales by 21% when you look at the numbers year over year. But the Montecito miracle is at work and a decline in sales is overshadowed by a huge rise in both the average and median sales price. The average sales price is up by 33% to an amazing $4.6 million and the median sales price is up to about $3.5 million.
For the PUD market in Montecito Real Estate there is almost no activity at all. 4 PUDs have been active this year compared to 1 last year and those same 4 properties are new listings compared to 0 last year. The under contact numbers are the same with 1 each year as are the sold numbers with 1 each year. The sold volume is up by about 6% as is the average sales price.