Montecito Real Estate Statistical Update – Sept 30 2014. The Montecito real estate market, like the Santa Barbara real estate market has delivered double digit median sales price gains. The Montecito median sales price is up 14.6% over this time last year. The Santa Barbara median sales price is up 14.8% over this same time. The Montecito median sales price currently stands at $2,750,000. Last year the Montecito median sales price was $2,400,000. The Montecito median sales price is considerably higher than the Santa Barbara median sales price. The Santa Barbara median sales price is currently $890,000. This time last year, the Santa Barbara median sales price was $775,000. Most of the luxury real estate is located in Montecito which is the predominant contributor to this vast median sales price differential.
The Montecito real estate market has experienced a lack of newly listed homes for sale. The number of Montecito homes listed for sale is down 7.3% over this time last year. This has had an impact on the Montecito homes sold which is down 16.9% over this time last year. The double digit gains in Montecito median sales price and the double digit losses in the number of Montecito homes sold go hand in hand. Its supply and demand.
The Montecito real estate market, like the Santa Barbara real estate market has experienced most of its activity at the lower end of the price segment. There is great opportunity in the Montecito luxury real estate segment where there is plentiful supply and several motivated sellers. Click MONTECITO LUXURY REAL ESTATE to view Montecito luxury homes matching your specific needs. You can also click DREAM HOME FINDER to set up automatic emails of new Montecito listings and Montecito price reductions matching your preferences.
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