For the Santa Barbara Real Estate area of Montecito Real Estate for the first 6 months of 09 there have been about 50 sales which approximately 41% below where we were last year at this time. This picture could be getting better however because the numbers of pending properties is only about a third below where we were last year. Accompanying the reduced amount of activity for sales is a decline in the median sales price which is down to about $2.35 million for the area for about a 35% drop from 08. The median list price for properties in escrow is also down to about $2.695 million from $3.385 million last year for a decline of about 20%. What definitely isnt down in Montecito is the numbers of Home Estate/PUDs that are on the market. The inventory is up over 30% and currently has over 200 properties available with a median list price of $3.695 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first six months there has been only 1 sale for $679,000. This compares to last year when there had been 9 sales with a median sales price of about $1.6 million. The drought for Montecito Condos will continue because there has been only 1 opened escrow this year compared to 9 last year. Meanwhile the available condos continue to stack up with 25 properties available for purchase with a median sales price of about $1.6 million and average days on the market of 142.