For the Santa Barbara Real Estate area of Montecito Real Estate for the first 4 months of 09 there have been 29 sales compared to 55 last year. While this is a sizable gap it appears to be moving closer together. The gap will be maintained at least for a while because there have currently been 34 homes go pending this year compared to 60 last year. The difference in the median sales price for the area is also maintaining its distance for the foreseeable future. Last year that number was $3.62 million and this year its $2.36 million. The average sales price is even wider standing at over $2 million. The huge surge in listings looks like its slowed somewhat with the current inventory standing at 206 with a median list price of $3.79 million and an average list price of $6.48 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first four months for the condo market there has been only 1 sale for $679,000. Last year at this time there had been 4 sales with a median sales price of $2.1 million. This level of activity appears to about where were going to stay at least for a while because currently there has been only 1 open escrow for the area compared to last year when there were 5 with a median list price of $1.55 million. The inventory of condos continues to grow however and currently is at 26 with a median list price of $1.75 million and an average list price of $1,791,034.