Santa Barbara Real Estate’s area of Montecito Real Estate for the Home Estate/PUD market there were 11 sales for the period of March 24 to April 24. This compares to last year when there were 20 sales for that time period. The median sales price went from $3.1 million in ’08 to the current $2.35 million which is actually closer together than it has been for the rest of the year. The pending properties are starting to get closer together also with 10 homes currently in escrow compared to 16 at this time last year. But the median list price for those properties in escrow is moving farther apart. In ’08 the median list price was $3.795 million and this year it’s $2.175 million. One of the reasons that sales price are coming down is the inventory is still expanding. For the time period we’re discussing 37 new listings appeared with a median list price of $3.2 million compared to last year when there were 32 with a median list price of $3.895 million. Right now there are 208 Home Estate/PUDs available for purchase with a median list price of $3.775 million.
For the Condo market in Montecito Real Estate there was 1 sale this year which is the same number that was posted last year. But this year that condo sold for $679,000 and last year it went out at $4.3 million. Currently there are no condos in escrow whereas last year there were 2 in escrow with a median list price of $1.35 million. There are 3 new listings this year with a median list price of $1.475 million compared to 4 last year with a median list price of $1.35 million. Right now there are 25 condos available in Montecito with a median list price of $1.75 million.