For the Santa Barbara Real Estate area of Montecito Real Estate for the first 5 months of ’09 for Home Estate/PUDs we’ve seen 38 sales compared to 73 last year. For all of ’09 we’ve been at about half the production we saw last year. The median sales price has also come in significantly lower than last year and has been about $1.3 million below last year’s figure of $3.7 million. This lack of production is accentuated because the inventory for Montecito has gone up significantly with the median list price dropping about $400,000 to $3.3 million. The pending listings have risen in the last couple of months currently standing at 52 but last year at this time that number was 74. The median list price on those pending is about $1 million below where it was year. Right now there are 205 Home Estate/PUDs available for purchase in Montecito with a median list price of $3.7 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first five months for the condo market we have had 7 sales in ’08 compared to 1 in ’09. Last year the median sales price was $1.75 million and this year the 1 sale was for $679,000. Despite the lack of activity the numbers of new listings is up by 4but the median list price is down $120,000 to $1,475 million. There has been only 1 escrow open this year compared to 7 last year. The median list price last year was $1.595 million and this year the list price was $729,000. Right now there are 23 condos available for purchase in Montecito with a median list price of $1.695 million.