For Santa Barbara Real Estate East of State St area the Median Scales price for the first month of the year for Home and Estates/PUDs was $1,195,000 and for January 2007 it was $969,833. This is about a 20% decline from year to year. Looking at the Median List price for 200 it’s been $1,489,000 as compared to the 2007 Median List price of $1,395,000. This is about a 6.5% difference year over year.
The gap between the current Median Sales price of $1,195,000 and the current Median List price for the entire inventory of $1,489,000 is $294,000. This means that the gap between the two prices is 13%.
The fact to keep in mind is that for the East of State St areas there were only 7 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 7, was 68 days.
For Santa Barbara Real Estate East of State St area for the 1st month of the year for Condos the Median Sales price was $729,000. This can be compared to the 2007 figure of $787,000. The gap between the current Median Sales price of $729,000 and the current Median List price for the entire inventory of $990,000 is over $260,000. The Median List price for 2008 is $990,000 compared to the Median List price for 2007, which was $775,000.
The gap between the Median Sales price of $729,000 and the Median List price $990,000 therefore is about 36%.