For Santa Barbara Real Montecito Real Estate area for the Home Estate/PUD market the sales figures through October 9th are down about 20% from 125 in ’08 to 100 currently. The median sales price has fallen 25% from $3.34 million to $2.5 million.
The gap between the median list price of $3.7 million and the median sales price of $2.5 million is 32% for ’09 and ’08 it was just 10% with a $3.7 million median list price compared to a $3.334 million median sold price.
For the condo market in Montecito Real Estate through October 9th there have been 4 sales compared to 15 last year. This is a 74% drop in sales while the median sales price has fallen about 50% from $1.38 million in ’08 to about $700,000 this year.
The gap between the median list price of $1.65 million and the median sales price of $700,000 is 58% for ’09 while in ’08 it was 19% with a median list price of $1.7 million and a median sold price of $1.38 million.