For the Home Estate/PUD market in Montecito Real Estate earlier in the year sales were about 30% below the 08 mark but about the middle of the year sales came up comparatively and we finished the year with about 15% fewer sales. The median sales price for the first part of 09 was about $1.2 million below where it was for the equivalent period in 08 but as the year reached the halfway mark the numbers started getting a little closer together. As we finish 09 the median sales price is about $800,000 below where it was last year currently hovering around $2.375 million which is a decline of roughly 25% year over year. The opened escrows are a lot closer together however lagging 08 by 8% and the median list price for those homes in escrow is also closer together than the sold properties. Looking at the whole year the median list price is about $450,000 down from 08. Right now there are 160 Home Estate/PUDs available for purchase in Montecito with a median list price of just under $4 million.
Looking at the condo market for Montecito Real Estate there have been over 40% fewer sales in 09 compared to 08. We finished the year with just 10 condos closing escrow compared to 17 last year. The median sales price also dropped dramatically from about $1.38 million in 08 to $1,060,000 in 09. There are sign of life in Montecito however when you look at the pending sales. In 08 at this time there were 15 with a median list price of $1.55 million and in 09 there were 13 escrows opened but with a median list price of below $1 million. Right now there are just 14 condos available for purchase in Montecito with a median list price of just under $1.4 million.