Through the middle of December 07 for Carpinteria Real Estate/Summerland Real Estate there have been 62 Home Estate/PUDs properties sell. This is exactly the same numbers of sales we saw on December 20 06. The Median Sales price has dropped significantly in 07 to $1,010,000 from $1,245,000 in 06. To get the $1,245,000 number for 06 we saw the Original List Price to Sales Price ratio drop to 85% compared to the 93.66% ratio for 07. Because of the dramatic drop in the Median Sales price I think higher ratio for 07 shows that sellers are starting to take a stand as far as price reductions are concerned. The Days on the Market for the homes that sold in 07 stands at 109 and in 06 it was 99. Were definitely experiencing a market correction in the Carpinteria/Summerland area with a substantial drop in the Median Sales price.
For Condominiums in Carpinteria Real Estate/Summerland Real Estate there have been 54 sales in 07 as opposed to 48 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 is a substantial drop in the Median Sales price and is certainly a contributing factor for the increased year over year sales. The Original List Price to Sales Price ratio or 91.93% for 07 compared to 93.28% for 06. It takes about 20 more days in 07 to get a condo in escrow as opposed to 06 which translates out to almost 3 more weeks a seller has to wait.