Looking at
Montecito Real
Estate from where we are in this first week of November 2005
compared to where we were at the same time in 2004 we see some
interesting numbers. The number of total Active Listings, those
on the market right now is down from 480 in '04 to 422 today for
a decrease of -12%. Also the number of new listings that came on
the market this year is down from 356 last year to 299 in '05
for a decrease of 16%.
The number of properties that are currently in escrow is 22
which means we'll be pushing past the number of sold properties
compared to the number for '04. Looking at the number properties
that have closed escrow this year we are slightly behind where
we were in '04. In '04 there were 197 properties that had closed
escrow and today there are only 196 properties that have closed.
So for Montecito Real Estate we are almost exactly at the same
place in '05 as compared to '04 for the number of sold listings
but it looks like we're going to be ahead of where we were last
year very shortly.
The good news for those living in Montecito is that the Average
Sales price of those properties which have closed is up 6% for
the year. The sold prices have gone from $3,009 million in '04
to $3.208 million today. So prices continue to escalate but not
quite at the rate of other areas in Santa Barbara.
The highest priced home that has closed escrow this year is a
$27.5 million dollar home that has 8 Bedrooms and 10 Baths. The
least expensive home that has closed escrow this year is $1.195
millions dollars and has 3 Bedrooms and 2 Baths.
Some other homes that have closed escrow this year include: * A
$9.9 million dollar home with 6 Bedrooms and 8 Bathrooms. * A 3
Bedroom 6 Bath home for $8.75 million * A $5.9 million dollar
home with 8 Bedrooms and 6 Baths * And a 3 Bedroom 4 Bath home
for $4.3 million
Right now the highest price home for sale in Montecito is listed
for $24.9 million and features over 4 acres of grounds and a 6
Bedroom 11 Bath home. The least expensive home currently listed
is $1.35 and has 2 Bedrooms and 2 Baths.
Some other homes currently on the market include: * A $21.5
million dollar home with 6 Bedrooms and 9.5 Baths * A 6 Bedroom
9 Bath home for $18.9 * A $15 million dollar home with 3
Bedrooms and 3 Baths * And a 4 Bedroom 6 Bath home $12.5 million
About the author:
Gary Woods is a Realtor in Santa Barbara California and is the
trainer for the Santa Barbara Association of Realtors
