In the Montecito Real Estate area of Santa Barbara Real Estate for the Condo Market the total numbers of properties available through August 5 is exactly where it was last year at this time with 47. The new listings are up 10% to 32. But there have been only 3 escrows opened this year compared to 11 last year with just 2 sales compared to 11 last year. To add insult to injury average sales price has fallen 39% to $1,064,500.
In the Single Family Home market for the Santa Barbara Real Estate area of Montecito Real Estate the total number of listings is up by 20% to 462 with the numbers of new listings up by 11% to 103. Unfortunately even though the inventory is up the escrows have fallen by 15% to 87 and the sales are down 30% to the current level of72. The average sales price is also down by 37% to just below $3 million.
For the PUD market in Montecito there have been just 4 listings this year which is 1 more than we had last year. There have been just 3 new listings for both years and only 1 escrow opened in both years with 1 sale rung up last year for about $2.5 million and 0 so far this year.