Through the middle of February ’08 for Carpinteria Real Estate/ Summerland Real Estate there have been 5 Home Estate/PUDs properties sell. This is 2 fewer than we saw for the same period in ’07. The Median Sales price has dropped significantly in ’08 to $946,125 from $1,615,000 in 07. To get the $946,125 number for ’08 we saw the Original List Price to Sales Price ratio drop to 88.5% compared to the 98.4% ratio for ’07. The dramatic drop in the Median Sales Price is more reflective of sales focusing not in the more exact areas of Carpinteria/Summerland like Padaro and Sandyland Cove. The Days on the Market for the homes that sold in ‘08 stands at 60 and in ’07 it was 58.
For Condominiums in Carpinteria Real Estate/ Summerland Real Estate there have been 2 sales in ’02 as opposed to 2 sales for the same time period last year. The Median Sales price for ’08 is $372,500 compared to the $515,000 number of ’07. 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 of 89.34% for ’08 compared to 72.54 for ’07. The Days on the market is substantially less than it was in ’07 when it was 239. Currently it is 139. This not an insignificant number but a whole lot less than 239.
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