For Condos in the Santa Barbara Real Estate area of East of State the number of properties available is down about 9% from where it was in ’07 and the new listings is down even further at 16%. The real stark numbers however are the numbers of escrow for condos which are down 52% and the numbers of sales is down a whopping 63%. The average sales price has fallen by 10% which means the sellers are willing to deal but obviously the buyers haven’t heard the right numbers yet in significant proportions.
The Home Estate market for the East of State St area of Santa Barbara Real Estate the inventory is about where it was at this time last year showing a small 6% rise, but the new listings are down by 6%. As far as the numbers of homes that have entered escrow the numbers are twice as good as the ones for condos but that still leaves escrows down 27%. The numbers of sales is down even further at 38% so things have definitely been slow on the East Side of Santa Barbara. Even though the sales and escrows are way down the Average Sales Price is only down 4% standing at $1,257,342 currently.
For the PUD Market the Total Active listings is up 200% and the numbers of New Listings is up 100%. Before you get too excited we’re talking about 3 total listings last year and 9 this year and 2 new listings last year and 4 this year. The PUDs that have gone into escrow is that same for both years standing at 1 a piece but the number of sold PUDs is up this year with 1 as opposed to 0 last year.