Montecito Median Price Has Dropped Dramatically

What's going on in the Montecito, California market? Stats show that the sales volume is down almost 60% from this time last year, with the bulk of the sales happening in the $1-2M group, entry level for Montecito. Last year the Median price was $3.6MM, today is is approximately $2.3MM, a decrease of 36%. The sales in the condo market have been almost non-existent, with sales volume down almost 77% from last year, median price falling from $1.6MM to under $900K. This last stat is a hard one to figure, with so few sales, and most in the low end fueled by bankruptcy and distressed sales. Best buys - contact me and I will let you know what I think for each price range. There are some fabulous estate opportunitites right now; cash is king, as they say, or the real ability to qualify for and actually fund a loan! And the schools and large acreages in Montecito are still highly-sought.

Recent sales (2nd quarter 2009) shown on my MLS web site: http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/run_public_link.html&public_link_tech_id=ot9mvh7s01z&s=9&id=1&cid=1

Detail:

$1MM to $2MM

1930 N. Jameson - $679,000

1550 N. Jameson $975,000

271 E. Mountain - $1,000,000

1345 Santa Clara - $1,075,000

601 Alston Rd. $1,167,250

1850 Eucalyptus Hill Rd - $1,200,000

1012 Fairway - $1,230,000

502 Hodges - $1,250,000

145 Santo Tomas - $1,475,000

1123 Cima Linda - $1,500,000

250 Bonnie Lane - $1,587,400

244 Hot Springs - $1,600,000

970 Lilac - $1,925,000

909 Camino Viejo - $1,960,000

572 Stone Meadow Lane - $1,975,000\

$2MM to $4MM

485 Monarch - $2,250,000

308 Calle Hermosa - $2,325,000

75 La Vuelta - $2,340,000

20 S. Sierra Vista - $2,360,000

823 Summit - $2,550,000

530 McLean - $2,755,000

1950 Boundary - $2,875,000

555 Eastgate - $2,925,000

2117 Forge - $2,950,000

2123 Forge - $3,000,000

549 Hodges - $3,000,000

817 Hot Sptings - $3,600,000

Above $3MM

330 Malaga - $5,550,000

735 Fuera - $7,600,000

1631 Posilipo - $8,300,000

Rockbridge - $25,279,165

For information on any properties in Montecito, or the South Santa Barbara area, please call me!