what was the value decline year to date for houses in montecito california 93108

Hi Divine Flow-

Unfortunately I seriously disagree with Whitney and Vince and their reports that Montecito is down 23.5% year over year.  I understand their information is generated with a Zillow Market Report, but local statistics tell a far different story. 

As a local broker I'm looking directly at MLS reporting and our information is VERY different.  Here's are the actual numbers in 2009 versus 2010 (and please note today is December 10 so we still have 21 days for the sales volume and numbers to exceed 2009's and they will.):

Montecito Condos (note there aren't many available):
Number Sold 2009:  11    Number Sold 2010:  24
Sold Volume 2009:  $12,169,000  Sold Volume 2010:  $27,205,078
Ave Sale Price '09:  $1,106,273    Ave Sale Price '10:  $1,133,545
Median Sale Price 09:  $945,000 Median Sale Price '10:  $1,062,500

Montecito Single Family Homes and Estates:
Number Sold 2009:  143  Number Sold 2010:  140
Sold Volume 2009:  $492,534,075   Sold Volume 2010:  $490,584,144
Ave Sale Price '09:  $3,444,294    Ave Sale Price '10:  $3,504,172
Median Sale Price 09:  $2,340,000  Median Sale Price '10:  $2,387,500

Clearly our average AND median sale prices have INCREASED in 2010.  Please note that a percentage of sales (10%-15%) typically occurs outside of the MLS that is not included.  This would push the statistics higher, but wouldn't significantly affect average or median prices.  Additionally, one should reference the Case-Shiller Index to understand that national and California price trends have been generally upward, not downward.  While Santa Barbara and Montecito are too small to be tracked, larger California cities such as San Francisco, Los Angeles and San Diego are studied.  Please note that each of these bottomed out between March 2009 and May 2009 and have trended upward since.

Have prices dropped from the peak?  Absolutely!  There are some great deals on the market right now.  While a number of Montecito sellers don't have to sell and have retained high asking prices, properties as a whole are down to 2003 price levels.  The key is finding motivation and it's there in many cases.

I hope this straightens things out and illustrates why it's so important to consult experienced brokers with local knowledge.  Please do not hesitate to contact me if you have any questions.

Best regards,

Jon

Jon Perkins
Estates Director, Coastal Properties
Lic. #01157712
(805) 284-3660 direct
jon@theluxurycoast.com
www.theluxurycoast.com

Whitney from Zillow. Yes, according to Zillow's Real Estate Market Reports home values in the 93108 zip code are down 23.5% YOY.

FYI, Zillow also reports on other metrics, such as the % of homes sold for a loss, the % of homes with a price reductions, % of homes foreclosed, etc. You can view all these metrics on the Local Info tab, under the orange "home values" column.

http://www.zillow.com/local-info/CA-93108-home-value/r_97130/

A lot...

For any zip code, click the LOCAL INFO tab, enter the zip in the box, unselect any zip codes you do not want to see...

http://www.zillow.com/local-info/CA-93108-home-value/r_97130/

-23.5% in the last 12 months. But this is typical for this price range in California, and elsewhere. Median price is 2.0m where it was 3.0m in mid 2008. Trend is still pointing down.....

Hello

It is hard to give an exact % decline since there is such a wide range of price values in Montecito and only so many sell at certain price points.  The low end in Montecito for Condos is around $700K and the low end for single family homes is around $1.1 million.  The average single family home falls around the $2 to $4 million price point and then the high end is up in the $15 to $25 million.

Prices have fallen starting in August 2008 and have fallen on average around 30-40%.  I would say from the start of the year we are down around 5-10% and feel relatively stable right now in much of the area.

Hope this helps.  Please let me know if I can further be of help.

take care
kevin schmidtchen -Sotheby's int'l Realty
805-689-6877
www.SantaBarbaraRealEstateVoice.com