Santa Barbara Real Estate’s areas of Montecito Real Estate for Home Estate/PUDs the numbers of sales for the period we’re looking at is 13 compared to last year at this time when the number was 16. This approximately 20% decline in the numbers of sales is counter balanced by the 35% rise in the median sales price and the 42% rise in the average sales price. Unfortunately along with the rise in prices in Montecito there’s a rise in the days on the market which went from 126 in ’07 to 184 in ’08. The really good news for the period we’re discussing is the number of pending properties which went from 6 in ’07 to 18 in ’08. But the first chink in the armor may be appearing because of the properties that went pending in ’08 the median list price was $2,690,000 and in ’07 that number was $5,495,000. Right now we have 153 Home Estate/PUDs available for purchase in Montecito with a median list price of $4,450,000 and an average list price of a whopping $7,303,124. Currently the day on the market for the inventory is 137.
For the Condo market in Montecito Real Estate the sales are up by one this year for the period we’re talking about. But the median sales price has dropped from $950,000 in ’07 to $740,000 in ’08. The average sales price is a lot closer together however showing up at $950,000 last year compared to $925,000 this year. The pending sales are exactly where they were last year but interestingly the properties entering escrow this year have a median list price of $1,399,000 compared to the ’07 number of $950,000. Right now there are 21 condos available for purchase in Montecito with a median list price of $1,749,000 and an average list price of $1,884,666. The current days on the market for the inventory stand at 111 days.