For the Santa Barbara area of Carpinteria Real Estate/ Summerland Real Estate for the condo there are about 13% more listings than there were in ’07. Even more dramatic is the increase in new listings where we see 26% more this year. These increases contrast markedly to the decline in properties that have gone into escrow. This number is down by 33% and the sold condos are down even farther at -38%. To add insult to injury the average sales price is down by 17% for the year. So, even though the sellers have come down dramatically in their price the numbers of sales have not come risen. This is basic economics. If there is more of something then the price falls.
For Home Estates in Carpinteria Real Estate/ Summerland Real Estate the total numbers of listings is also up by 10%. But the numbers of new listings that came on the market this year is down by 14%. The listings that have gone into escrow are down also by about 13%. But the numbers of homes that have closed escrow is down by a more dramatic 37%. The average sales price is difficult to gauge because of a number of very large sales early in ’07. At this point last year the Average Sales Price was $4.6 million and currently it’s $2.4 which is still a huge number. But nevertheless that’s a 47% decline. The decline in the numbers of sales may be somewhat short time because of the substantial numbers of properties that have entered escrow. Presumably these homes in escrow haven’t closed yet.