From 1/1/09 to 2/19/09 in Montecito Real Estate for the Home Estate/PUD market there were 7 sales with a median sales price of $2.5 million. This compares to ’08 when there were 17 sales and the median sales price was $4.2 million. There’s an even bigger gulf with the average sales price which resided last year at about $5.9 million compared to this year when it rests at about $2.4 million. The average days on the market for Montecito Home Estate/PUDs are 112 and when you add on another 42 days for escrow time it’s taking about 156 days to get a Montecito Home sold.
For Condominiums for the same time period in Montecito Real Estate nothing has sold this year and last year there was just 1 sale with a selling price of $1.75 million. At least starting off this year it still looks tough for the Montecito Condo market.
Posted by gandlwoods at February 27, 2009 08:38 AM