For the Santa Barbara Real Estate area of West of State St area the Median Sales price for Home Estate/PUDs for the period of Jan. 1 to Apr. 15 this year is $924,500. This is a decline of about $80,000 from last year. The gap between the Median List price and the Median Sales price is about $225,000 and at this time last year the gap was only $68,000.
With the widening gap of Sales Price to List Price the sales have dropped from 60 last year to just 32 this year. As the sales dropped by about half the inventory has increased by about 20%. Currently we’ve got 119 Home Estate/PUDs that have come on the market this year compared to the 101 that were on last year at this time. Usually when you have more of something the price drops, but on the West Side last year the Median List price was $1,075,000 and this year it’s $1,149,000.
With the rise in price has also come a lengthening in the Days on the Market. Last year it took an average of 78 days to get an accepted offer, this year it has taken 96. The only statistic which has remained the same year over year is the Sales Price to Original List Price ratio. In ’08 it’s been 90.75% and in ’07 it was 90.34%.
For the Santa Barbara Real Estate area of West of State St area for the same period in the Condo market we’ve also seen a decline in the numbers of sales. Last year at this time we had 23 condos close and this year there have been 14. With the decline in the numbers of sales the Median Sales price has also dropped by about $100,000. In ’07 the Median Sales price was $640,000 and this year it is $546,250.
Like Home Estates the Sales Price to Original List price ratio has been relatively constant. This year it has been 90.89% and last year it was 92%. On the bright side the Days on the Market has gone down substantially from 96 in ’07 to 78 in ’08.
The number that really jumps out at me is the gap between the Median Sales price of $546,250 and the Median List price of $698,000. This $150,000 difference is a huge gulf that I’m not sure will be closed at any time in the near future.
The condo market remains in the doldrums and I’m not sure what it’s going to take to get it moving again in 2008.
Posted by gandlwoods at April 22, 2008 07:32 AM