For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price for time period for Jan. 1 through Apr. 15 shows us 26 Home Estate/PUD sales for ’08 compared to 24 for ’07. But with the numbers of sales rising for this year the Median Sales price has declined. In ’08 so far it’s been $782,500 compared to the ’07 number of $852,000.
The really interesting number to me is the Sales Price to Original List price ratio. For ’08 it’s been 94.32% compared to the ’07 number of 95.27%. What this tells me is that the sellers are coming closer to the right number from the beginning of the listing instead of doing the traditional method of bringing it on higher then reducing the price as time goes on.
The hot market right now particularly in Goleta is $600,000 to $800,000. This figure brings a lot more people into the market place that have previously been priced out of the market. The gap between Sales Price and List Price is a lot closer in Goleta. Currently the Median List Price is $839,000 and the Median Sold Price is $782,500.
The inventory numbers for both years are also a lot closer than we’ve seen in other districts. Last year there were 53 Home Estates on the market in the area and this year there are 60. The only number that has changed substantially is Days on the Market. Last year that number was 62 and currently it is at 91.
For Santa Barbara Real Estate’s Goleta Real Estate South area for the condo market the numbers are also close. In ’07 there were 23 sales and in ’08 we’ve seen 21. Interestingly enough the Median Sales Price is up ’08 to a $615,000 compared to the ’07 number of $560,000.
With the Median Sales price and numbers of sales close so is the gap between sales price and list price. The Median List price for the area is $589,900 compared to the $615,000 median sales number. This approximately $25,000 difference is well within the 91.88% sales price to original list price ratio.
Also unlike the other districts the inventory is up only slightly from 44 condos available last year at this time to the 50 that are currently on the market. And the really good news is that the average days on the market have shrunk from the ’07 number of 88 to the current level of 72.
Hopefully the Goleta South area condo market is pointing the way to recovery for the condo market in the rest of the area.