For the Home Estate/PUD market in Montecito Real Estate the numbers of sales is drawing closer to the numbers for 07. Through the first 9 months 121 Homes have closed escrow with a median sales price of $3.4 million compared to last year when 146 homes had closed escrow with a median sales price of $2.9 million. The average sales price however continues to soar and is up to $4.65 million for 08 compared to $3.64 million in 07. The properties entering escrow are keeping pace with the homes closing escrow. In 07 at this time 144 properties had entered escrow with a median list price of $3.19 million and this year 121 homes have begun the buying process with a median list price of $3.19 million. So as the numbers of sales and escrows increase the median list price starts to come down. As of the end of September there were 151 Home Estate/PUDs available for purchase in Montecito with a median list price of $4.19 million and an average list price of an amazing $7.45.
Looking at the condo market for Montecito Real Estate its a different story. So far this year only 14 condos have closed escrow compared to last year when 21 had homes had sold. But as the sales fall the median sales prices goes up. This year the median sales price is $1.3 million and last year it was $1.25 million. The average sales price however is reversed with 08 showing up with a $1.5 million mark and 07 peaking out at $1.7 million. The numbers of homes going into escrow is taking a surge right now so the sales figures might start looking better. Throughout 07 there were 16 escrows to this time period and in 08 there have been 14. The median list price on those 16 condos in 07 was $$1.295 and in 08 the median list price is $1.399. Right now there are 19 condos available for purchase in Montecito with a median list price of $1.749 and an average list price of $1.752.