For Santa Barbara Real Estate’s Goleta Real Estate North area the Median Sales price for the period of Jan. 1 through Apr. 15 for Home Estate/PUDs has been $797,500 compared to the ’08 number of $920,000. The numbers of sales is off slightly from 42 last year to 36 this year.
The gap between the Median List price of $1,029,999 and the Median Sales price of $797,500 is almost cavernous. A difference of about $250,000 on a sales price of about $800,000 is big. This gap is more telling than the 90.4% difference between the Sales Price to Original List Price ratio.
What’s very interesting to me is that the inventory is actually below where it was last year. In ’08 we’ve got 93 Home Estates on the compared to the ’07 number of 96. The days on the market is also down this year with sellers getting an accepted offer in 77 days compared to 85 days for last year.
Hopefully Goleta North is leading the way for the recovery of the area’s Home Estate market. The interesting part of the phenomenon is that with Home prices declining people who were interested in buying a Condo are now looking at purchasing a House instead.
For Santa Barbara Real Estate’s Goleta Real Estate North area for the condo market in ’08 has seen only 7 sales compared to the ’07 number of 15. Accompanying the drop in the numbers of sales we also see a decline in the Median Sales price down to $470,000 for the year so far. This compared to the figure of $550,000 for the same time period in ’07.
The number that is very close to that posted last year is the number of listings available. In ’08 on April 15 there were 32 condos on the market and in ’07 there were 31. The difference is in the median list price for those two periods. Last year that figure was $549,000 and this year that number is $505,000.
The Days on the Market have declined this year however. Currently it has taken 63 days for the sellers to get an accepted offer compared to the 74 days it took last year.
The gap between the Sales Price to List Price is pretty close at this time. The Median List Price is currently $505,000 compared to the Median Sold Price of $470,000. These numbers are very good for people looking at purchasing a condo. We’ll have to see however whether they are now at a level which will spur sales. Or, if they have to come down further to get the ball rolling.