For the Home Estate/PUD market in Montecito Real Estate there have been about 15% fewer sales this year but what sold went for a substantial amount of money. Unlike all the other districts in the area the Montecito median sales price went up 10% and the average sales price soared by almost 17%. These figures have come down from where they were earlier in the year but in this economy I think most people would accept a 10% rise in the value of their house. The numbers of new properties that came on the market went up by about 20%+ this year with the median list price rising about $600,000. The sales price to original list price ratio of about 90% is higher than most other areas but with these prices the sellers gave up a lot from what they hoped to get. Currently there are 150 Home Estate/PUDs available for purchase in Montecito with a median list price of about $4.5 million and an average list price of about $7.5 million.
Looking at the condo market for Montecito Real Estate there have been about 30% fewer sales this year but even so the median sales price if up by more than $100,000. At least part of the reason that sales were down is because about 15% fewer condos came on the market and the prices asked for those condos was almost $200,000 above what was asked in ’07. Right now there are just 13 condos available in Montecito with a median list price of almost $2 million and an average list price of about $2.1 million. It still costs a lot of money to buy you way into Montecito whether you want a cozy little condo or a palacial estate.