For the Santa Barbara Real Estate area of Montecito Real Estate for the first seven months of 08 compared to 07 in the Home Estate/PUD the numbers of sales is down about 24% from last and seems to be holding at that number. But both the median and average sales prices have shown a huge surge. The median sales price is up almost 30% and the average sales price has risen even further and is up by about 34%. The numbers of pending sales is starting to rise but is still about 18% back of where it was last year at this time but as the numbers rise the rise in the median list price of those properties comes down dramatically to about 3% above the 07 median list price. There have been substantially more new listings on the market this year going from 224 in 07 up to the current 254. Usually when you have more of something the price falls but not in Montecito. For the new properties coming on the market this year the median list price is up almost 22%. Currently there are 157 Home Estate/PUDs on the market in Montecito with a median list price of $4,950,000 which is about 19% above the median sales price. Which proves that no matter how high the median sales price climbs folks would always like more for their properties?
For the Montecito Real Estate Condo market weve seen only 13 condos change hands all year which is about 32% behind the numbers of sales that occurred last year. The good news is that this is a lot closer than its been all year. Even though the numbers of units is down substantially the median sales price is down only about 6% and the average sales price has fallen about 9%. The numbers of condos that have gone into escrow continues to inch closer and is now about 20% down from where it was at this time last year. The good news for sellers with condos in escrow is that this year the median list price for those condos that went into escrow is about 19% above the median list price last year. Right now there are 21 condos available for purchase in Montecito with a median list price of $1,749,000 which is about 21% above the median sales price for the area.