For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures for ’09 are 21 vs. ’08 when there were 41 sales. This is almost a 50% drop in activity. The median sales price also dropped but not quite as far. It went from $3.8 million last year to $2.5 million this year for a 34.3% decline.
Looking at the gap numbers comparing median list price to median sales price for ’09 we see a $4.295 median list price and a $2.5 million median sold price which gives us almost a 42% gap. Whereas last year at this time the median list price was $3.75 million with a $3.8 median sold price for a positive 1.4% gap.
For the condo market in Montecito Real Estate there is no median sales price because there have been no sales. Last year there were 3 sales at this time a $1.75 million median sales price. Since we have no sales we have no gap this year but last year it was just 2.7%.