For the Home Estate/PUD market in Montecito Real Estate the numbers of sales down by 17% which is actually closer to the ’07 number that we’ve seen all year. While the sales are down the median sales price is up by 18% which is down from about 25% earlier in the year and the average sales price is up 25% which is down from about 35% earlier in the year. The numbers of escrow is down 19% and interestingly enough the median list price of those homes is down by about 3%. Currently there are 154 Home Estate/PUDs available in the Montecito area and those Homes have a median list price of $4,450,000 and an average list price of $7,619,368.
Looking at the condo market for Montecito Real Estate there are about 28% fewer sales this year compared to ’07 but the median sales price is up by about $8,000. The average sales price is also very close and is about $50,000 below the average sales price last year. The Condos entering escrow by about 22% but the median list price of those condos entering escrow this year is up by 8%. Right now there are 15 condos available in Montecito with a median list price of $1.585 million and an average list price of $1,604,200.