May 07, 2008

West of State St for the first 4 Months of ’08 for Santa Barbara Real Estate

For the Santa Barbara Real Estate area of West of State St for the first 4 months of ’08 for Home Estate/PUDs we’ve had 44 sales in ’07 for the same period that number was 66. With the decline in sales we’ve also seen a drop in the median sales price from $1,027,000 to the current $932,000. While the Median Sales Price has dropped the Days on the Market have gotten longer. In ’07 it took 79 to get an accepted offer for ’08 it has taken 86. The gap between this year and last is not as pronounced for properties entering escrow. In ’08 we’ve seen 57 homes go into escrow and for ’07 that number was 70. The Median List Price for those houses is also closer together. For ’08 that number has been $999,000 and in ’07 it was $1,035,000. Coming on the market the numbers are also very close together. In ’07 110 new homes came on the market and for ’08 it’s been 113. The median list price for this year as opposed to last year is wider however. In ’07 new homes came on the market at a $1,149,000 level and in ’08 it’s been $999,000.

For the Santa Barbara Real Estate area of West of State St for the first four months of ’08 for the condo market we’ve seen 16 sales and in ’07 there were 25 for the same period. The difference between the Median Sales Price for both years also has been substantial. In ’08 the Median Sales Price has been $546,250 and in ’07 it was $640,000. Interestingly enough the Days on the Market has been substantially lower for ’08. This year that number has been 71 as opposed to last year when it was 101. The condos that have gone into escrow is way down from last year also. In ’08 we’ve seen only 15 condos go pending and in ’07 at this time that number was 29. Last year the condos that went pending had a Median List Price of $659,000 and this year the number has been $525,000. The number of new listings is quite close together however. In ’07 we saw 58 condos come on the market and in ’08 there have been 59. The Median List Price is a lot closer together than the Median Sold Price. In ’08 the Median List Price has been $629,000 and the Median Sold Price was $679,000.

Posted by gandlwoods at May 7, 2008 07:52 AM