For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Scales price for the first month of the year for Home and Estates/PUDs was $2,080,000 and for January 2007 it was $6,900,000. This is a 330% rise from year to year. The thing to be remembered her is these numbers represent only one sale in ’07 and 2 in ’08. Looking at the Median List price for 2008 it’s been $2,598,000 as compared to the 2007 Median List price of $2,995,000. This is a 14% difference year over year.
The gap between the current Median Sales price of $2,080,000 and the current Median List price for the entire inventory of $2,598,000 is $518,000. This means that the gap between the two prices is about 25%.
The fact to keep in mind is that for the Hope Ranch areas there were only 2 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 2, was 114 days.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area for the 1st month of the year for Condos there was no activity.