In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available for the year slid down by 8% with the numbers of new listings declining by 17%. With the inventory down you would expect the numbers of escrows to be down but the fall is rather dramatic dropping by 34% and the numbers of sold condos down even further at 37%. The overall sold volume is down by 35% but amazingly the average sales price is up by 3%.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estatethe total number of listings is up by almost 20% and the numbers of new listings is up even farther. But despite there being more homes to sell the numbers of escrows fell by 16% and the numbers of sold properties fell even more by 18%. With almost a 20% drop in the numbers of sold properties you’d think the overall sold volume would be down a bunch but this is Montecito where it’s only down by 4%. Even more amazing is the average sales price which has risen by 16%.
For the PUD market in Montecito Real Estate there have been just 5 listings this year but that’s 4 more than last year. There were also 5 new listings compared to 0 for last year. But with all this increased inventory we got just on more escrows which was added up to 2 and the numbers of sales was exactly where it was last year at 1. Even so that gave us a 6% rise in the overall sold volume and a 6% rise in the average sales price.