For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures for ’09 44 vs. 76 for the same period in ’08. This is a decline of about 40% which is actually closer than it’s been all year. The median sales price is also inching closer together standing currently at $2.3 million compared to $3.7 million last year for a decline of about 38%.
What isn’t shrinking this year is the gap between median sales price and median list price. Right now that gap is -41% with a median list price of $3.9 million and a median sold price of $2.3 million. Whereas last year the gape was a miniscule -1.3% with a median list price of $3.75 million and a median sold price of $3.7 million.
For the condo market in Montecito Real Estate there’s only been 1 sale for $679,000 this year compared to last year when there were 9 sales with a median sales price of about $1.6 million. So if you’re keeping score that’s a drop of almost 90% in sales and 57% in the median sales price.
The gap is equally as cavernous with the median list price this year at $1.6 million and the sale at $679,000 giving us almost a -60% gap. Compared to last year when there was a $1.75 million gap and a $1.6 million sales figure giving us about a -10% gap.