For Santa Barbara Real Estate’s Hope Ranch Real Estatearea the Median Sales price for Home Estate/PUD market shows us 7 sales so far for the year compared to 8 for last year. The Median Sales prices are also rather close. In ’08 it’s been $2,259,080 and in ’07 it was $2,627,500.
The sellers have been likely to reduce their price in ’08 as we’ve seen a 90.77% Sales Price to Original List price ratio compared to the ’07 number of 93.62%. The good news for ’08 is the Days on the Market have been dramatically reduced from 137 last year to just 78 this year. There’s about a $300,000 gap between the Median List price and the Median Sales price but with a $2.25 million Median Sales price but this translates to only about 15%.
The inventory has remained constant when looking at the Year over Year numbers. In ’07 there had been 20 homes on the market and in ’08 there have been 18. Basically at this time the Hope Ranch Home Estate market is stable making really no movement up or down for price, inventory and median sales price.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.