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 9 compared to last year when there were 11 sales. The decline in sales has also brought a decline in the surge in the median sales price. While it is still up it is up from $2.3 million last year to $2.5 million this year. The sales price to original list price ratio has fallen down to 83% for the area and the numbers of pending properties went from 13 last October to 10 this October posting a $2.9 million median list price last year compared to $2.15 this year. Right now there are 161 Home Estate/PUDs available for purchase in Montecito with a median list price of $4.195 million and an average list price of $7.34 million.
For the Condo market in Montecito Real Estate the sales are exactly where they were last year. In October ’08 we had 1 sale with a sales price of $3.3 million and in October ’07 there was 1 sale with a sales price of $1.269 million. Sales Price to Original List price ratio for that 1 sale this year was 76% however meaning that seller would have liked to have seen about 25% more money coming through the door. The good news is that it took only 22 days to get an accepted offer compared to last year when it took 140 days. The drought looks like it will continue in the Montecito Condo market because no properties went into escrow compared to last year when there were 2. Currently there are 17 condos available in Montecito with a median list price of $1.675 million and an average sales price of $1.631 million.