For Santa Barbara Real Estate’s Montecito Real Estate area the Median Sales price through February 12th has been $2.5 million with 7 sales. This compares to ’08 when there were twice as many sales and the median sales price was $4.35 million. A 42.5% drop in the median sales price and a 50% drop in the numbers of sales is definitely something catches your attention.
As big as the median sales price and numbers of sales are the gap ratio is even bigger. In ’08 the difference between the median sold and median list numbers was a positive 25% meaning that the sales price was actually above the list price. In ’09 those numbers are totally reversed with the median list price standing at $4.4 million and the median sales price coming in at $2.5 million for a 94.3% gap.
For the condo market in Montecito Real Estate there is no median sales price because there have been no sales. Last year there was 1 sale at this time for $1.75 million. Since we have no sales we have no gap this year but last year it was a razor thin 1.7%.