For the Santa Barbara Real Estate area of Montecito Real Estate for the first eight months of ’09 compared to ’08 shows us sales at about 30% behind where they were last year currently standing at 76 and the median sales price has fallen about $1.2 million down to the currently number of $2.375 million. The average sales price is also down by about $1.3 million to the current level of $3.4 million. Things may be looking up however because the numbers of escrows that have opened is only 20% behind where it was last year with 88 homes that have started the buying process this year and the median list price for those homes is down $300,000 to $2.9 million instead of down by $1.2 million. Right now there are 220 Homes Estate/PUDs available for purchase in Montecito with a median list of about $3.6 million and an average list price of $5.9 million.
For the Santa Barbara Real Estate area of Montecito Real Estate for the first eight month of ’09 there have only been 2 sales with a median sold price of $1.06 million. This compares to ’08 when there were 13 sales with a median sales price of $1.38 million. The numbers of open escrows is also down from 12 last year to 3 this year with the median list price falling from $1.55 million down to $795,000. The sales price to original list price ratio is in the high 70s meaning that the sellers have given up about 22% of what they would have liked to have gotten for their properties.