Through the middle of November 07 for Carpinteria Real Estate/Summerland Real Estate weve seen 58 Home Estate/PUDs close escrow. This is about 20% ahead of the 49 we saw close in 06. To get those numbers however we have seen a substantial drop in the Median Sales price from $1,240,000 in 06 to $1,060,000 in 07. The interesting part of those two numbers is that in 06 the Sales Price to Original List Price radio was 84.39% and in 07 its 94.05%. This means in 07 Realtors have been doing a better job of pricing the listings which is witnessed by the 6% difference between the original asking price and the property sold price. The Days on the Market for the homes that sold in 07 stands at 103 and in 06 it was 99. The escrow period for both years is also very close with only one day separating. I believe the market has responded correctly and show a substantial drop in the Median Sales price which is reflected in the increased number of sales for Carpinteria/Summerland.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate there have been 50 sales in 07 as opposed to 40 for the same time period last year. The Median Sales price for 07 is $549,500 compared to the $575,000 number of 06. This drop in the Median Sales price while not as dramatic as that of Home Estates is still substantial and is the reason that sales have increased year over year. The Original List Price to Sales Price ratio or 92.03 is larger than the Home Estate number of 94.05 which means there has been about an 8% decrease between the price people wanted and what they settled for. The Days on the Market is about 20 higher for 07 as opposed to 06. This means it took about 3 weeks longer to go into escrow this year when compared to last year.