For Condos in the Santa Barbara Real Estatearea of East of State the overall numbers of condos available for sale is down by 7% and the numbers of new listings is down by 13%. The real declining numbers however are the escrows which have fallen by 50% and the sold condos which are down by 53%. At this point in the year only 15 condos have closed escrow for the entire East Side. This lack activity is despite the falling average sales price which has dropped by 9% for the year. This 9% drop gives us a sales price of $819,467 which is still a substantial amount of money for a condo and represents only a 3% drop in the sales price to last price ratio. The East Side area condo market has been hit most dramatically and its not clear at this point what it will take to get it moving again.
The Home Estate market for the East of State St area of Santa Barbara Real Estateshow us an inventory which is up by 11% but new listings are down by 2%. But numbers of escrows which is down by 40% is slightly better than the condo market and the numbers of closed escrow which is down 39% is definitely better than the condo market. Interestingly enough the average sales price is only off 2% year over. At this time the sellers of both condos and home estates are holding to their prices which currently mean that sales and escrows will remain down.