For Santa Barbara Real Estate East of State St for Single Family Homes there were 12 sales for 4/23 to 5/23. Whereas in 07 for the same period there were 22 sales meaning that the drought for the area appears to be continuing. Also the gap between the 07 Median Sales Price of $1,206,000 compared to the 08 number of $1,009,750 is widening. But on the upside the numbers of pending sales is up for 08 where we see 24 homes that have gone into escrow compared to the 07 number of 18. Hopefully this surge in the number of escrows means that the East Side area will start to perform more favorably.
For Condominiums in the East of State St area of Santa Barbara Real Estate there was only 1 sale for 4/23 to 5/23 in 08 compared to 14 for the same period in 07. With only 1 sale its difficult to talk about a Median Sales price but here goes anyway. In 08 the sale closed at $625,000 whereas in 07 the Median Sales Price was $873,500. The numbers of pending listings for the period in 08 was 7 versus the 07 number of 14. This means that the condo market for the East Side of Santa Barbara appears to be holding right where it has been for all of 08. Its just been a tough year for the East Side and particularly for condos.