Montecito Real Estate for '05 through October

 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

 Gary Woods

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