For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through December 17 is $3.2 million with 142 sales compared to last year when it was $2.9 million with 175 sales. This translates to about a 10% rise in the median sales price but about a 20% decline in the numbers of units sold.
The difference between the median list price and the median sold price is a lot closer together than some of the areas. Currently in Montecito the difference is about 20% while last year the gap was about 12%. The rise in the median sales price this year has spurred sellers into pushing their asking price ever higher which accounts for the widening in the gap ratio.
For the condo market in Montecito Real Estate the median sales price for ’08 has been about $1.4 million with 17 sales while last year the median sales price was $1.225 million on 24 sales. This translates to about a 13% rise in the median sales price but about a 30% decline in the numbers of units sold.
The gap report for Montecito is a lot closer together. Last year we had a median list price of $1.55 million with a median sales price of $1.225 which gave us a 21% gap and this year we have a $1.95 million list price with a median sales price of $1,381,500 for a 29.2% gap. Again the rise in the median sales price for Montecito has pushed the sellers into asking more and more for their properties which has widened out the gap.