For Santa Barbara Real Estate’s West of State St area the Median Scales price for the first 3 months of the year for Home and Estates/PUDs was $1,000,000 and for January through March 2006 it was $1,055,000. This is a 5.3% rise from year to year. Looking at the Median List price for 2007 it’s been $1,099,000 as compared to the 2006 Median List price of $1,189,000. This is a 7.6% difference year over year.
The gap between the current Median Sales price of $1,000,000 and the current Median List price for the entire inventory of $1,099,000 is $99,000. This means that the gap between the two prices is 9.1%. This is a very interesting number because the List Price is above the Sold Price telling me that the Prices could possible continue to rise throughout the first part of the year.
The fact to keep in mind is that for the West of State St areas there were only 51 properties sold so all the numbers are going to move around quite a bit. The Average Days on the Market, which is the time from when the properties were listed and when they went into escrow for those 51, was 86 days.
For Santa Barbara Real Estate’s West of State St area for the 1st quarter of the year for Condos the Median Sales price was $640,000. This can be compared to the 2006 figure of $675,000. The gap between the current Median Sales price of $640,000 and the current Median List price for the entire inventory of $687,500 is $47,500. The Median List price for 2007 is $687,500 compared to the Median List price for 2006, which was $675,000.
The gap between the Median Sales price of $640,000 and the Median List price $687,500 therefore is 7.4%.