From 1/1/09 to 7/9/09 in Montecito Real Estate for the Home Estate/PUD market there have been 53 sales compared to 85 in 08 for the same period. With the sales falling the median sales price has also come down to the current number of $2.34 million from the 09 number of $3.625 million. The days on the market has stayed rather constant for both years. In 09 its taken 100 days on average to get an accepted offer and last year it took 106. When you add in the 35 day average escrow time the total marketing time for 09 comes to 135 days.
For Condominiums for the same time period in Montecito Real Estate there has been only 1 sale for $679,000 compared to 9 last year with a median sales price of about $1.6 million. It took 274 days to get an accepted offer on that 1 sale and when you add in the 63 day escrow period you get 337 days of total marketing or almost a year to get that condo closed.
Posted by gandlwoods at July 13, 2009 09:36 AM