In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total number of properties available is down by about 9% with the numbers of new condos down by 19%. This fall in the inventory gives us an even deeper cut in the numbers of condos going into escrow. That number is down by 33% with the numbers of condos closing escrow down by 46%. That 46% is also the amount that the overall sold volume has declined but whats interesting is the average sales price is actually up by about $12,000 for the year.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of available properties has gone up by 14% and the numbers of new listings is up by 16%. Unfortunately while the inventory is going up the numbers of homes going into escrow has gone down by 20% but the numbers of sold properties has only fallen by 18%. Despite this fall in the numbers of units sold the overall sold volume is almost exactly what it was last year due to the rise in the average sold price of 21%.
For the PUD market in Montecito Real Estate there have been 3 listings this year compared to 1 last year and there have been 3 new listings compared to 0 last year. Both years saw 1 PUD go into escrow and 1 PUD sold. But the sold volume has risen by 6% because obviously the average sold price rose 6%.