In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available for the year is down by 4% but the numbers of new listings is surging ahead at 66%. Unfortunately those new listings have led to no new escrows and we’re still waiting for our first sale of a Montecito condo for ’09. But then again ’08 only had 1 escrow and 1 sale at this time.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of listings is up by 38% and the numbers of new listings is up by 41%. With that entire inventory you’d think there were be a lot of new escrows. Well, escrows are down by 13% and sales are down by 46%. But the biggest decline is in the average sales price which went from $6.7 last year to $2.4 this year.
For the PUD market in Montecito Real Estate there have been just 2 listings this year but that’s 1 ahead of last year. The new listings are the same at 1 and 1 for both years but all the rest of the numbers are 0s. We had no escrows and no sales for either year.