From 1/1/09 to 8/20/09 in Montecito Real Estate for the Home Estate/PUD market there have been 73 sales compared to 101 last year with the median sales price falling from $3.5 million in ’08 to $2.4 million for ’09. The average has fallen from $4.8 million last year to $3.5 million and the average days on the market have risen to 114. Adding in the average escrow time of 33 days you get a total marketing time of 137 days on average
For Condominiums for the same time period in Montecito Real Estate there have been 3 sales this year compared to 12 last year with the median sales price falling down by half from about $1.5 million last year to just $715,000 this year. The average has also declined from about $1.7 million last year to $948,000 this year. The average days on the market for those 3 sales is 195 and when you add in the average escrow time of 36 days you get a total marketing time of 231 days on average.