For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures for 09 show us 69 sales through August 14 which is down from 99 for the same period in 08. The median sales price has dropped from $3.5 million in 09 to the current level of $2.34 million for a 33% decline.
The gap which is the difference between the median sales price and the median list price is 35% with a $3.6 million median list and a $2.34 million median sold price. This compared to 08 when the gap was just 2% with a $3.6 million list and a $3.5 million median sales price.
For the condo market in Montecito Real Estate theres been just 3 sales for the year compared to 11 last year and the median sales price has fallen from about $1.6 million down to $715,000 for a 54% decline.
The gap between the median sales price and median list price is also huge this year with a $1.7 median list price and that $715,000 median sold price giving us a 58% gap. This compares to last year when the gap was just 10% with a $1.75 median list and a $1.6 median list price.