The year 2007 started off exactly where we began 2006 for the Santa Barbara Real Estate area of East of State St’s Home Estate/PUD market. In February we jumped up 25% but March saw a decline by 32%. April, May and June all saw increases of 4%, 166% and 8% respectively. July fell back slightly by 5% and the slide deepened in August falling to 23%. September continued the trend by falling 50%. Despite the reduced number of units in July, August and September the overall sales numbers are still up for the 2007 compared to 2006. The Median Sales price however is another story. January through June saw a decline in every month ranging from a 29% down to a low of a 1% drop. But interestingly enough while the sales declined in July-September the Median Sales price began to surge. It went up 4% in July, 11% in August and 24% in September.
On the condo side for the Santa Barbara Real Estateare of East of State St it’s a little different. January and February were ahead 50% and 66% respectively. Then March and April fell 11% and 18% respectively. But May and June surged forward with increases of 25% and 100%, and in the months of August and September sales numbers slid by 50% and 40%. Overall there have been more sales in 2007 compared to 2006 even though it’s not been consistent throughout the year. The Median Sales price also moved around quite about. In January it was up by 2% then down in February 22%, down in March 1% and down in April 6%. Then May and June surged forward posting gains of 29% and 26%. July also posted a gain but a much more modes 2%. But September saw a huge 50% drop. Overall we’ve seen about a 6-7% decline in the Median Sales price of Condos for the year.